Iambic Therapeutics has filed for a US initial public offering, becoming the latest Nvidia-backed company to test the Nasdaq’s autumn listing window. The AI drug discovery group, also backed by the Qatar Investment Authority, filed its Form S-1 with the US Securities and Exchange Commission on Monday, according to the filing.
Iambic plans to list on the Nasdaq Global Select Market under the ticker “IAM.” The filing did not disclose the number of shares to be offered or an expected price range, as Reuters reported.
Cancer pipeline drives use of proceeds
The San Diego-based company said it would use IPO proceeds, together with existing cash, to advance three cancer drug candidates through clinical development. Any remaining funds would go toward general operating costs, according to the filing.
The lead programme, IAM1363, is an oral, brain-penetrant HER2 inhibitor currently in a Phase 1/1b basket study, according to a summary of the filing carried by TradingView News. The other two candidates named in the filing are IAM217 and IAM-C1.
J.P. Morgan, Jefferies, BofA Securities and Citigroup are underwriting the offering, Reuters reported.
Big pharma partnerships underpin the pitch
Iambic’s public pitch leans heavily on tie-ups with established drugmakers. It has a research collaboration with Jazz Pharmaceuticals (NASDAQ: JAZZ) to test IAM1363 alongside Jazz’s zanidatamab, marketed as Ziihera, in HER2-positive breast cancer, according to a BioSpace release.
Separately, Iambic and Takeda (NYSE: TAK) launched an AI drug-discovery collaboration worth up to $1.7bn, according to GEN, which also names AbbVie (NYSE: ABBV) among the company’s pharma partners.
Since its founding, Iambic has raised roughly $461.8m from technology and healthcare investors, including Nvidia (NASDAQ: NVDA) and Q Healthcare Holding, an entity linked to the Qatar Investment Authority, Reuters reported. That built on a $100m Series B round in 2023, which followed a $53m Series A in 2021, according to Fierce Biotech.
A crowded autumn for biotech listings
Iambic’s paperwork lands in a busy run of biotech filings. Retention Pharmaceuticals and TRex Bio filed around the same time, while ADARx Pharmaceuticals has also been pitching investors, according to Finimize.
The queue is forming against a backdrop of rising borrowing costs. The 10-year US Treasury yield stood at 5.01% on 18 September, up from 4.94% the prior reading, according to FRED data. The 2-year yield rose to 4.76% from 4.67% over the same period, while the 10-year/2-year spread narrowed slightly to 0.20 percentage points from 0.25, per the same source.
Nvidia itself remains the reference point for the “AI-backed biotech” framing that has attached to Iambic’s filing. Nvidia shares closed at $227.29 on 21 September, up 0.45% on the day and 4.28% over 20 days, trading within a 20-day range of $210.48 to $234.55, according to consolidated US exchange data. Volume ran at nearly twice the 20-day average, the data showed.
Nvidia’s own quarterly results have accelerated sharply over the period Iambic has been building its pipeline. Net income rose from $14.88bn in the quarter ended April 2024 to $59.69bn in the quarter ended July 2026, according to Nvidia’s 10-Q filings with the SEC. Diluted earnings per share climbed from $0.67 to $2.46 across the same stretch of quarters, the filings show. That trajectory has underpinned Nvidia’s role as a strategic investor across a swathe of AI-adjacent start-ups, of which Iambic is now one of the more advanced toward a public listing.
Five Nvidia insiders, including chief executive Jensen Huang, filed Form 4 disclosures with the SEC on 18 September, the same week Iambic’s IPO paperwork emerged, according to EDGAR filings. The filings did not disclose transaction values.
Investors will get a clearer picture of Iambic’s offering once the company files an amended S-1 setting a share count and price range, the step Reuters said the current filing left open. Until then, the Nasdaq debut hinges on how the wider IPO market absorbs a run of biotech listings against yields that remain near their highest levels of the year.
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