Iambic Therapeutics targets $135m Nasdaq listing to advance AI oncology pipeline

Iambic Therapeutics has set a price range for its initial public offering, aiming to raise approximately $135m to fund the clinical development of its artificial intelligence-driven oncology portfolio. The biotechnology company, which has secured backing from major pharmaceutical firms and technology giants, is offering 9.4 million shares at a price between $15 and $17 each. If the offering is priced at the midpoint of this range, the company will raise $135m after deductions. The total proceeds could increase to $155.9m if underwriters exercise their option to purchase an additional 1.4 million shares. Iambic will list on the Nasdaq Global Select Market under the ticker symbol IAM.

The company’s therapeutic strategy relies on a proprietary superintelligence platform designed to integrate drug discovery and development cycles. This approach utilises algorithms to predict preclinical and clinical properties, sample biomolecular structures, and manage compound testing workflows. Following the completion of the IPO, Iambic intends to allocate $75m of the proceeds to its lead candidate, IAM1363. This is an oral, pan-mutant, brain-penetrant small molecule inhibitor of human epidermal growth factor receptor 2, or HER2. The company believes IAM1363 has potential clinical applications across various HER2-driven solid tumour indications, including HER2-positive breast cancer, HER2-positive gastroesophageal adenocarcinoma, and HER2-amplified or mutant non-small cell lung cancer.

As of September 2026, IAM1363 is undergoing an open-label, multi-centre Phase I/Ib basket clinical trial in patients with advanced HER2-altered solid tumours. The raised capital will be used to complete the Phase I trial and initiate mid- and late-stage studies. Iambic has stated its intention to begin a registrational trial in 2027. An additional $15m will be directed towards taking IAM217, a KIF18A inhibitor, into the clinic, while a further $15m will fund Phase I development of IAM-C1, which targets CDK2/4. Both of these candidates are being investigated in breast cancer and other oncological indications. A final allocation of $20m will support the continued development of the company’s AI platform, with any remaining proceeds reserved for general operational uses.

Founded in 2019 by Tom Miller and Fred Manby, Iambic has maintained a strong financial trajectory. Miller, formerly a professor at Caltech, serves as chief executive officer, while Manby, who previously researched AI in drug discovery at the University of Bristol, is chief technology officer. The company has previously secured significant private funding, including a $53m Series A in 2021, a $100m Series B in 2023, and a Series C round exceeding $100m in late 2025. Strategic partnerships have been established with NVIDIA, AbbVie, Bayer, and Jazz Pharmaceuticals. In February of this year, Takeda signed a drug discovery agreement with Iambic worth up to $1.7bn.

The listing occurs during a period of strong performance for biotechnology initial public offerings, despite broader macroeconomic pressures from tariffs and geopolitical events in the Middle East. This year has featured two record-breaking biotech IPOs, including a $625m raise by Kailera Therapeutics in April and a subsequent $670m listing by Parabilis Medicines. Other recent listings include TRex Bio and Retension Pharmaceuticals, which raised $116.7m and $45m respectively, following Iambic’s price announcement.