Nvidia’s AI Play Gets a Biotech Twist as Iambic Files for IPO
Synopsis
Iambic Therapeutics filed for a Nasdaq IPO after raising $461.8 million. The company reported $2.9 million collaboration revenue, a $48.4 million net loss and $427.3 million in cash, while its lead cancer programme remains in Phase 1/1b trials.
Drug developer Iambic Therapeutics, backed by Nvidia, has pushed forward its plans to go public in the United States with an IPO under the ticker IAM on the Nasdaq, said a report.
The San Diego-based biotech will be issuing new shares, although the offering wasn't priced or the number of shares to be offered. The underwriters are J.P. Morgan, Jefferies, BofA Securities, and Citigroup.
Iambic IPO Filing Sets Out Latest Financials
Iambic Therapeutics IPO filing reports a $2.9 million increase in collaboration revenue, over $208,000 for the six months that ended in June 2026, from the same time a year earlier.
Research and development expenses were $48.3 million, and Iambic reported a $48.4 million net loss for the period. Its cash, cash equivalents and short-term investments stood at $427.3 million at June 30.
In 2025, Iambic reported a net loss of $73.1 million, which included $3.4 million for collaboration revenue, and a loss of $46.4 million in 2024, without any collaboration revenue reported. The company said that its collaboration revenue for 2025 is for its partnership with AbbVie.
Since its inception in 2019, Iambic has attracted about $461.8 million in investment from both technology and healthcare investors. It has Nvidia and Qatar Investment Authority among its supporters, along with Catalio, Nexus Ventures and Coatue Management.
AI Drug Development Meets a Busier Biotech IPO Market
The Iambic Therapeutics IPO follows a surge in US biotech stocks going public this year. In the first half, IQVIA saw 13 biotech IPOs on the US exchanges, bringing the total for all of 2025 to 11.
The market is picking out though, with 12 out of the 13 companies having programmes in Phase 2 or later, and Iambic's lead candidate IAM1363 is still in a Phase 1/1b trial in solid tumours with HER2 testing positive, IQVIA said.
Iambic was originally established as Entos in 2019, and is developing drug candidates through AI based systems. It said on September 21 that it had reached a multi-year agreement with AbbVie, and as well has deals with Takeda, Bayer, Lundbeck, Revolution Medicines and Jazz Pharmaceuticals.
The Iambic Therapeutics IPO is another AI-related firm to join the US biotech sector, with its registration statement going through the IPO process and coming to final terms.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
