Nvidia-Backed AI Biotech Iambic Up 16% After $150 Million IPO 1 / 1 Nvidia-Backed AI Biotech Iambic Up 16% After $150 Million IPO Iambic Therapeutics Inc. signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York on Oct. 15. Avalon Pernell Updated Fri, October 16, 2026 at 5:50 AM EDT 2 min read NVDA -1.84% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
(Bloomberg) -- Iambic Therapeutics Inc. (IAM) shares soared 16% in its trading debut after the clinical-stage cancer drugmaker and technology firm raised $150 million in a US initial public offering.
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The biotech's shares traded at $18.50 each as of 12:21 p.m. in New York on Thursday after being paused for volatility, above its IPO price of $16 apiece.
The trading gives the firm, which counts Nvidia Corp. (NVDA) as a shareholder, a market value of $877 million, based on the outstanding shares.
The San Diego-based firm uses AI and machine learning to help it discover new treatments, the filing shows. Iambic will use the proceeds from the IPO to advance three early-stage cancer drug candidates.
ARK Investment Management, which is already an investor in Iambic, and billionaire Stanley Druckenmiller's Duquesne Family Office had expressed an interest in buying as much as $60 million worth of shares in the offering in aggregate.
The oncology-focused firm is poised to capitalize on investor excitement about the potential for artificial intelligence to speed up biological discoveries.
The San Diego-based firm partnered with Abbvie Inc. to accelerate AI-enabled drug discovery in immunology, neuroscience and oncology, and has relationships with drugmakers such as Takeda Pharmaceutical Co. and H. Lundbeck A/S, the filing showed. Iambic also counts Nvidia and AI cloud firm Lambda Inc. among its partners.
The drugmaker had a net loss of $50.1 million on revenue of $12.8 million for the six months ended June 30, 2026, versus a net loss of $33.2 million on revenue of $3.9 million for the corresponding period a year before, a previous filing showed.
Iambic has raised $461.8 million from both technology and healthcare-focused investors since the firm was founded in 2019. Catalio Capital Management's stake is expected to fall to 8.9% after the offering from 11%, while Nexus Venture Partners will have 6.8%, down from 8.5%, according to the filing. Nvidia participated in several of Iambic's convertible preferred stock financings, the filing shows.
The offering was led by JPMorgan Chase & Co., Jefferies Financial Group Inc., Bank of America Corp. and Citigroup Inc. The company trades on the Nasdaq Global Select Market under the symbol IAM.
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