NVIDIA Corporation-backed AI anticancer drug company Iambic (IAM.US) debuts on Nasdaq: IPO priced at midpoint of range, raising $150 million

Clinical-stage anticancer drug developer and technology company Iambic Therapeutics Inc. raised $150 million in a U.S. IPO, pricing its shares at the midpoint of its marketed range. The company, which counts NVIDIA Corporation (NVDA.US) as a shareholder, sold about 9.38 million shares at $16 each, according to a statement Wednesday. Earlier filings showed Iambic had set a price range of $15 to $17 per share. At the IPO price, the San Diego-based company has a market value of $758 million, based on the number of outstanding shares listed in the filings. Iambic uses AI and machine learning to help discover new therapies, the filings show. The company will use the IPO proceeds to advance three early-stage anticancer drug candidates. ARK Investment Management, which has invested in Iambic, and billionaire Stanley Druckenmiller's Duquesne Family Office have indicated an interest in subscribing for up to $60 million of shares in the offering in aggregate. The oncology-focused company is poised to capitalize on investor enthusiasm for the potential of AI to accelerate biological discovery. The company is collaborating with AbbVie (ABBV.US) to accelerate AI-enabled drug discovery in immunology, neuroscience and oncology, and has partnerships with pharmaceutical companies including Takeda Pharmaceutical and H. Lundbeck A/S, according to the filings. Iambic's partners also include NVIDIA Corporation and AI cloud services company Lambda Inc. 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 a year earlier, earlier filings showed. Since its founding in 2019, Iambic has raised $461.8 million from investors in the technology and healthcare sectors. 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%, according to the filings. NVIDIA Corporation participated in multiple rounds of Iambic's convertible preferred stock financing, the filings show. The offering is being led by JPMorgan, Jefferies Financial Group Inc., Bank of America Corp and Citigroup Inc. The company is expected to list Thursday on the Nasdaq Global Select Market under the ticker IAM.