Iambic Therapeutics is aiming for a $135 million IPO in net proceeds as the AI biotech looks to fund the clinical development of its lead cancer drug.
San Diego-based Iambic already disclosed its intention last month to go public, but is now attaching some figures to those plans. The idea is to offer 9.4 million shares priced between $15 and $17 apiece, according to a Securities and Exchange Commission filing Thursday.
Assuming the final price falls in the middle of this range, the offering is expected to generate approximately $150 million in gross proceeds, leaving Iambic with $135 million after expenses. Net proceeds could rise to $155.9 million if underwriters fully exercise their option to buy an additional 1.4 million shares at the same price.
Iambic explained in this morning’s filing that it expects to spend $75 million on IAM1363. The oral, brain-penetrant, small-molecule HER2 inhibitor is currently undergoing a phase 1 study in patients with advanced HER2-altered solid tumors, and Iambic also wants to use that cash to launch phase 2 and phase 3 studies.
Another $15 million has been earmarked to take IAM217 into the clinic. The brain-penetrant allosteric inhibitor of KIF18A is being targeted at ovarian cancer, triple-negative breast cancer and other solid tumors.
A further $15 million will be used to kick off a phase 1 study of IAM-C1, a selective dual inhibitor of CDK2 and CDK4 being aimed at breast cancer and CCNE1-amplified cancers.
Then there’s $20 million earmarked for Iambic’s “molecular superintelligence platform,” which will include training new versions of its AI models, Enchant and NeuralPLexer.
In addition to the anticipated IPO funds, Iambic already had $207.9 million in the bank at the end of June. If the IPO goes to plan, the biotech said this morning that it expects to be able to fund its plans through the end of 2028.
Iambic was founded in 2019 by its CEO, Tom Miller, Ph.D., and its chief technology officer, Fred Manby, Ph.D. Miller was a Caltech professor with a focus on the confluence of AI and biology, while Manby spent much of his academic career exploring the application of AI to small-molecule drug discovery at the University of Bristol in the U.K.
Iambic has never had a problem fundraising, with a $53 million series A in 2021 followed by a $100 million series B in 2023 and a similarly sized round in November 2025.
It’s not only investors who have been attracted by Iambic’s software and drug discovery assets. The likes of Revolution Medicines, Jazz Pharmaceuticals, Lundbeck, Nvidia and Bayer have all penned partnerships with Iambic, while AbbVie got on board last month.
In February, Takeda inked a multiyear deal to access the biotech’s broad suite of drug discovery platforms, including its generative model NeuralPLexer, for up to $1.7 billion in biobucks, with an initial focus on oncology, gastrointestinal and inflammation indications.
The deal's financial potential made it one of the largest AI drug discovery deals to date. But Miller told Fierce at the time that the company only collaborates when it feels a potential agreement will make its own pipeline stronger.
The biotech currently has 171 full-time employees, according to today’s filing.
Iambic is joining a bumper year for biotech IPOs, which has included record-breaking listings from the likes of Parabilis Medicines and Kailera Therapeutics. Iambic’s detailed IPO plans came days after Eli Lilly-backed TRex Bio and hypertension-focused Retension Pharmaceuticals said they were aiming for IPOs of $111 million and $33.8 million, respectively.
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