Iambic Therapeutics, a biotech that has won favour not just with investors but has also garnered support from pharma companies, is aiming for a $135m initial public offering (IPO) to fund clinical development of its AI-powered oncology pipeline.
Adding financial flavour to its initial listing plans announced last month, Iambic is offering 9.4 million shares priced between $15 and $17 apiece. If the offering falls in the middle of this range, the biotech will raise $135m following deductions. This value could swell to $155.9m if underwriters exercise their option to purchase an additional 1.4 million shares. The biotech is listing on the Nasdaq Global Select Market under the symbol “IAM”.
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Iambic’s cancer approach is based in its “superintelligence platform”. The biotech aims to disrupt legacy R&D paradigms by unifying the drug discovery and development cycles. Its models include algorithms that predict preclinical and clinical properties, biomolecular structure sampling, and compound testing workflows.
Once the IPO is complete, Iambic will direct $75m of proceeds to its lead candidate IAM1363, an oral, pan-mutant, and brain-penetrant small molecule inhibitor of human epidermal growth factor receptor 2 (HER2). The company believes IAM1363 could have clinical use across HER2-driven solid tumour indications, including HER2-positive breast cancer, HER2-positive gastroesophageal adenocarcinoma (GEA), HER2-amplified non-small cell lung cancer (NSCLC), and HER2-mutant NSCLC.
As of September 2026, it is in an ongoing, open-label, multi-centre Phase I/Ib basket clinical trial in patients with advanced HER2-altered solid tumours. The funds will be used to complete the Phase I trial and start mid- and late-stage studies with the drug. Iambic said it hopes to begin a registrational trial in 2027.
Around $15m will go towards taking IAM217, a KIF18A inhibitor, into the clinic. The same amount will also fund Phase I development of IAM-C1, which targets CDK2/4. Both candidates are being investigated in types of breast cancer, amongst other oncological indications.
A final $20m will allow Iambic to continue developing its AI platform, with any remaining proceeds reserved for operational uses.
Iambic was founded in 2019 by Tom Miller and Fred Manby. The former was a professor at Caltech whose team published over 140 papers on theoretical and computational methods for molecular processes, while Manby investigated the application of AI in drug discovery at the UK’s University of Bristol. Miller now serves as Iambic’s CEO, with Manby as chief technology officer.
The IPO marks a successful exit for the company that has seldom struggled for financing. A $53m Series A in 2021 was followed by a $100m Series B in 2023. A Series C round over $100m in late 2025 capped strong early capital for the biotech.
Meanwhile, NVIDIA and pharma companies such as AbbVie, Bayer, and Jazz Pharmaceuticals have all inked partnerships with the cancer biotech. In February this year, Takeda inked a drug discovery deal with the company worth up to $1.7bn.
Biotech IPO flurry
The day after Iambic revealed its price, Eli Lilly-backed TRex Bio and hypertension-focused Retension Pharmaceuticals raised $116.7m and $45m in IPOs. The listings continue an impressive year for biotech IPOs.
The biotech sector has been one of the best-performing IPO markets this year despite macroeconomic pressures from tariffs and geopolitical events in the Middle East. This year has seen two record-breaking biotech IPOs, reflecting the welcoming landscape that exists in the sector. In April, obesity biotech Kailera Therapeutics conducted a $625m IPO, the largest of its kind for a biotech at the time. However, Kailera did not hold this record for long, as cancer therapy developer Parabilis Medicines closed a $670m IPO just two months later to advance its helical peptides.
A reminder of uncertain market conditions came in September, when smart ring maker Oura postponed its US IPO. The company delayed its listing, which would have seen a raise of around $2.2bn, because of macroeconomic headwinds.
