TLDR
- Nvidia and Qatar’s sovereign wealth fund-backed Iambic Therapeutics has filed for a US IPO on Nasdaq under the ticker “IAM”
- The AI drug discovery company plans to raise up to $100 million to advance cancer drug candidates
- Its lead drug IAM1363 is an oral HER2 inhibitor in early-stage trials for solid tumors
- Iambic has raised $461.8 million since its 2019 founding and has partnerships with AbbVie, Takeda, and others
- Biotech IPOs are outperforming in 2026, with five of the year’s top IPOs all coming from the sector
Iambic Therapeutics, an AI-powered drug discovery company backed by Nvidia and Qatar’s sovereign wealth fund, filed for a US initial public offering on Monday. The San Diego-based biotech plans to list on the Nasdaq under the ticker “IAM.”
Iambic Therapeutics, a clinical-stage life sciences and technology firm that counts Nvidia as a shareholder, filed for a US IPO https://t.co/dqLV60vQma
— Bloomberg (@business) September 21, 2026
Renaissance Capital reported a proposed deal size of up to $100 million. The company did not disclose a share price range in its filing.
What Iambic Does
Founded in 2019 under the name Entos, Iambic uses artificial intelligence alongside automated chemistry and biology tools to discover small-molecule drugs. Its focus is on treating solid tumors.
Its lead drug candidate, IAM1363, is an experimental oral HER2 inhibitor. It is currently in a Phase 1/1b early-stage trial targeting solid tumors including breast cancer.
Two other programs, IAM217 and IAM-C1, remain in preclinical development. The company plans to use IPO proceeds to advance all three candidates through clinical trials.
Iambic has raised roughly $461.8 million from investors since its founding. Backers include Nvidia, the Qatar Investment Authority, Catalio, Nexus Ventures, and Coatue Management.
On the same day as its filing, Iambic announced a multi-year collaboration with AbbVie to speed up AI-driven discovery of small molecule therapies. The company also has existing partnerships with Takeda, Lundbeck, Revolution Medicines, Jazz Pharmaceuticals, and Bayer.
J.P. Morgan, Jefferies, BofA Securities, and Citigroup are serving as underwriters for the offering.
Biotech IPOs Are Having a Strong Year
Iambic is not alone in filing this fall. Drug developers Retension Pharmaceuticals and TRex Bio also filed for US IPOs on Friday. ADARx Pharmaceuticals launched its roadshow on the same day Iambic filed.
Biotech listings have held up well in 2026 despite a difficult broader IPO market. Uncertainty around the Iran war, rising bond yields, and interest rate hikes have weighed on many sectors.
Matt Kennedy, senior strategist at Renaissance Capital, said all five of the year’s best-performing IPOs with deal sizes above $50 million are biotechs. He pointed to drug advancement and merger and acquisition activity as key drivers.
Analysts say biotech IPOs have remained largely insulated from broader market pressures. A wave of acquisitions by large drugmakers has helped support confidence in the sector.
Iambic’s filing adds to what is shaping up to be an active fall biotech listing window.
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