AI drug-discovery company Iambic sets $150 million IPO at $16 a share for Nasdaq debut

Iambic Therapeutics, a drug developer that combines artificial intelligence with automated laboratory experiments, priced its initial public offering at $16.00 a share, according to its prospectus filed on October 15.

The offering

The company is selling 9,375,000 shares of common stock, for $150 million at the offering price. After underwriting discounts of $1.12 a share, or $10.5 million, the proceeds to Iambic are $139.5 million before expenses. The underwriters, led by J.P. Morgan with Jefferies, BofA Securities and Citigroup, have a 30-day option to buy up to 1,406,250 more shares. The shares are approved for listing on the Nasdaq Global Select Market under the symbol "IAM," and delivery is expected on or about October 16. The prospectus is dated October 14.

ARK Investment Management LLC, "one of our existing investors," and Duquesne Family Office LLC "have expressed an indication of interest to purchase up to an aggregate of $60.0 million in shares" at the offering price, the prospectus says. Such indications are not binding.

The company

Iambic describes itself as "a technology and clinical-stage life sciences company" that integrates "proprietary, large-scale artificial intelligence (AI) with automated, scalable chemistry and biology experimentation," an approach it calls "molecular superintelligence." Its most advanced program, IAM1363, is "an oral, highly selective, pan-mutant, and brain-penetrant small molecule inhibitor" of HER2. As of September 2026 it was in an open-label Phase 1/1b trial in patients with advanced HER2-altered solid tumors, and the company anticipates starting a registrational trial "as early as 2027, subject to regulatory feedback."

It has collaboration agreements with AbbVie, Takeda and Lundbeck, and partnerships with NVIDIA, Lambda, Revolution Medicines, Jazz Pharmaceuticals and Bayer.

The financials

Iambic reported a net loss of $77.3 million in 2025, up from $47.9 million in 2024, and $50.1 million in the six months ended June 30, 2026, compared with $33.2 million a year earlier. It had cash and cash equivalents of $207.9 million at June 30, 2026, and says that cash plus the net proceeds will fund operations "into or through the fourth quarter of 2028." The company is an "emerging growth company" and a "smaller reporting company" under US securities law.