Iambic Therapeutics, a San Diego-based cancer drug developer that uses AI and machine learning to discover drugs, raised US$150 million in a US initial public offering priced at US$16 per share, the midpoint of its marketed range. The company said its shares are expected to begin trading Thursday on Nasdaq under the ticker IAM.

At the offer price, Iambic was valued at about US$758 million, below the maximum US$806 million valuation it targeted in its IPO marketing.

Iambic said it will use the proceeds to advance three early-stage cancer drug candidates. Existing shareholders include Nvidia and ARK Investment Management.

ARK and Duquesne Family Office said they were interested in buying up to US$60 million of shares in the offering, in aggregate.

Iambic had earlier aimed to raise US$135 million.

For the six months ended June 30, 2026, Iambic reported a net loss of US$50.1 million on revenue of US$12.8 million.

🔗 Source: Bloomberg