Clinical-stage cancer drug developer and technology company Iambic Therapeutics Inc. raised $150 million in its U.S. IPO, pricing shares at the midpoint of its marketed range.
According to a Wednesday statement, the company, which counts Nvidia (NVDA.US) as a shareholder, sold about 9.38 million shares at $16 each. Earlier filings showed Iambic had set a price range of $15 to $17 per share. Based on the IPO price, the San Diego-based company has a market value of $758 million, calculated on the number of shares outstanding listed in the filings.
The filings show that Iambic uses AI and machine learning to help discover new therapies. The company will use the IPO proceeds to advance three early-stage cancer drug candidates.
ARK Investment Management, which has invested in Iambic, as well as billionaire Stanley Druckenmiller's Duquesne Family Office, have indicated an interest in subscribing for up to $60 million of shares combined in the offering.
The oncology-focused company is positioned to ride investor enthusiasm for the potential of AI to accelerate biological discovery. The filings show the company is collaborating with AbbVie (ABBV.US) to accelerate AI-enabled drug discovery in immunology, neuroscience and oncology, and has established partnerships with pharmaceutical companies including Takeda Pharmaceutical and H. Lundbeck A/S.
Iambic's partners also include Nvidia and AI cloud services company Lambda Inc. Earlier filings showed that for the six months ended June 30, 2026, the pharmaceutical company posted a net loss of $50.1 million and revenue of $12.8 million, compared with a net loss of $33.2 million and revenue of $3.9 million in the same period a year earlier.
Since its founding in 2019, Iambic has raised $461.8 million from investors in the technology and healthcare sectors. The filings show that Catalio Capital Management's stake is expected to fall to 8.9% from 11% after the offering, while Nexus Venture Partners will hold 6.8%, down from 8.5% previously.
The filings show that Nvidia participated in multiple rounds of Iambic's convertible preferred stock financing. The offering was led by JPMorgan, Jefferies, Bank of America and Citigroup. The company is expected to list on the Nasdaq Global Select Market on Thursday under the ticker symbol IAM.