Iambic Therapeutics

Biotech · AI Drug Discovery

IPO

Iambic Therapeutics prices IPO targeting up to $806M valuation

The Nvidia-backed drugmaker is betting investors will value its cancer pipeline, not just its AI platform.

• Iambic Therapeutics is marketing about 9.38 million shares at $15-$17 each in its US IPO, aiming to raise up to $159.4 million and reach a valuation of up to $805.8 million, with shares set to list on Nasdaq under ticker IAM.
• Founded in 2019 as Entos, San Diego-based Iambic uses an AI drug-discovery platform to develop small-molecule cancer treatments and has partnerships with AbbVie and Takeda Pharmaceutical.
• Investment firms ARK Investment Management and Duquesne Family Office have indicated interest in buying about $60 million worth of shares, roughly a third of the maximum raise.
• At the $16 midpoint price, Iambic expects net proceeds of about $135 million, which combined with existing cash should fund operations through the end of 2028.
• The listing arrives in a fall IPO market hit by delays from rising Treasury yields and volatility, with biotech emerging as one of the few sectors still drawing investor interest.
• Iambic's debut tests whether public investors will price AI drug-discovery companies on clinical pipeline progress rather than the AI narrative alone.