Iambic Therapeutics Inc (IAM.US), a clinical-stage biotechnology company developing small molecule cancer therapies through its proprietary artificial intelligence (AI) platform, announced the terms of its initial public offering on Thursday.

The San Diego, California-based company plans to raise $150 million by offering 9.4 million shares at a price range of $15 to $17 per share. Certain investors have indicated an interest in purchasing up to $60 million worth of shares in the offering, representing 40% of the deal. At the midpoint of the proposed price range, Iambic Therapeutics would command a fully diluted market value of $809 million.

Iambic Therapeutics is a clinical-stage biotechnology company that combines proprietary AI models with automated high-throughput chemistry and biology to design small molecule drugs. The platform operates in a closed-loop process in which its models propose compound designs, robotic laboratories synthesize and test hundreds of compounds per program each week, and the resulting data is then used to retrain the models.

Its lead candidate, IAM1363, is a selective, blood-brain barrier-penetrant HER2 inhibitor currently in a Phase 1/1b clinical trial targeting HER2-altered solid tumors, with a registrational trial potentially starting as early as 2027. Two additional preclinical programs targeting KIF18A and CDK2/4 are planned for IND submissions in the fourth quarter.

To date, Iambic Therapeutics has generated revenue through collaborations with companies including AbbVie (ABBV.US), Takeda Pharmaceutical (TAK.US), and Bayer (BAYRY.US).

Founded in 2019, Iambic Therapeutics recorded $18 million in revenue for the trailing twelve months ended June 30, 2026. The company plans to list on the Nasdaq under the ticker symbol IAM. JPMorgan, Jefferies, BofA Securities, and Citi are serving as joint bookrunners for the transaction. Pricing is expected in the week of October 12, 2026.