Nvidia-backed AI cancer drug company Iambic (IAM.US) listed on Nasdaq: IPO priced at mid-range, raising 150 millions USD

Iambic Therapeutics Inc., a technology company and clinical-stage cancer drug developer, raised 150 million USD in its US IPO, with the offering price set at the midpoint of its price range.

According to a statement on Wednesday, the company, which lists NVIDIA (NVDA.US) as a shareholder, issued approximately 9.38 million shares at 16 USD per share. Previous filings indicated that Iambic's price range was between 15 and 17 USD per share.

Based on the IPO offering price and the number of shares listed in the filings, the San Diego-based company's market capitalization is 758 million USD.

Filings show that Iambic uses AI and machine learning to help discover new therapies. The company will use IPO proceeds to advance three early-stage cancer drug candidate projects.

ARK Investment Management, which has invested in Iambic, as well as the Duquesne Family Office of billionaire Stanley Druckenmiller, have expressed interest in subscribing for up to 60 million USD worth of shares in this offering.

This company, which focuses on oncology, is expected to benefit from investor enthusiasm about the potential of AI to accelerate discoveries in biology.

Filings show that the company collaborates with AbbVie (ABBV.US) to accelerate AI-powered drug discovery in immunology, neuroscience, and oncology, and has established partnerships with pharmaceutical companies such as Takeda Pharmaceutical Company, H. Lundbeck A/S, and others. Iambic's partners also include NVIDIA and AI cloud services company Lambda Inc.

Previous filings indicate that for the six months ended June 30, 2026, the pharmaceutical company had a net loss of 50.1 million USD and revenue of 12.8 million USD; in the same period last year, net loss was 33.2 million USD and revenue was 3.9 million USD.

Since its founding in 2019, Iambic has raised 461.8 million USD from investors in the technology and healthcare sectors. Filings show that Catalio Capital Management's stake is expected to decrease from 11% to 8.9% after the offering, while Nexus Venture Partners will hold 6.8%, down from the previous 8.5%. Filings show that NVIDIA participated in multiple rounds of convertible preferred stock financing for Iambic.

This offering is led by JPMorgan, Jefferies, Bank of America, and Citigroup. The company is expected to list on the Nasdaq Global Select Market on Thursday, with trading code IAM.