Iambic Therapeutics’ IPO came in dead on target, bringing in $150 million for the AI biotech to fuel the clinical development of its oncology pipeline.
San Diego-based Iambic matched its stated goal of selling 9.4 million shares priced at $16 million. The offering is set to bring in $150 million in gross proceeds—although this could rise by around $22.5 million if underwriters fully take up their option to buy an additional 1.4 million shares at the same price.
The company’s stock is set to start trading on the Nasdaq on Thursday morning under the ticker symbol “IAM.”
Iambic has already said that $75 million of the proceeds is expected to go toward 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 reserved to launch a phase 1 study of IAM-C1, a selective dual inhibitor of CDK2 and CDK4 being aimed at breast cancer and CCNE1-amplified cancers.
The aim is also to spend an additional $20 million on Iambic’s “molecular superintelligence platform,” which will include training new versions of its AI models, Enchant and NeuralPLexer.
Iambic already had $207.9 million in the bank at the end of June. If the IPO goes to plan, the biotech previously said 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 recent regulatory filings.
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 listing comes a week after Eli Lilly-backed TRex Bio and hypertension-focused Retension went public with IPOs of $116.7 million and $45 million, respectively.