NVIDIA-Backed Iambic Therapeutics Files for IPO

San Diego-based AI drug discovery company Iambic Therapeutics has filed for an initial public offering (IPO) and plans to list its common stock on the Nasdaq under the ticker symbol “IAM.”

Iambic disclosed the proposed listing in a registration statement filed with the US Securities and Exchange Commission (SEC). The company has not yet disclosed the number of shares to be offered or the expected price range.

Iambic combines artificial intelligence with automated chemistry and biology experimentation for drug discovery and development. The company said it intends to use the net proceeds from the IPO primarily to advance the clinical development of its drug candidates IAM1363, IAM217 and IAM-C1.

IAM1363 is an oral HER2 inhibitor currently being evaluated in a Phase 1/1b clinical trial for patients with HER2-altered solid tumors. IAM217 is being developed for ovarian cancer, triple-negative breast cancer and other solid tumors, while IAM-C1 is designed to inhibit CDK2 and CDK4 enzymes involved in cancer cell growth.

According to the SEC filing, Iambic also expects the proceeds to provide additional working capital and support other general corporate purposes. The company said it could use a portion of the funds for potential acquisitions or investments in businesses, products, services or technologies, although it currently has no material acquisition or investment commitments.

Iambic has raised approximately $461.8 million from investors since its founding, including a $100 million funding round last year. Its investors include NVIDIA, Q Healthcare Holding, a subsidiary of the Qatar Investment Authority, Catalio Capital Management, Nexus Venture Partners and Coatue Management.

NVIDIA held approximately 9.6 million Iambic shares before the proposed offering and also serves as a strategic technology collaborator.

The proposed IPO comes amid increased public-market activity among technology and healthcare companies. Smart ring maker Oura recently launched its IPO, offering 50 million shares at $40 to $44 per share, while AI companies OpenAI and Anthropic have also taken steps toward potential public listings through confidential SEC filings.

Iambic’s IPO timing, offering size and valuation have not yet been disclosed.

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