aibioIambic Therapeutics files for IPO, plans Nasdaq listing as IAM
Tickers IAM
Iambic Therapeutics, Inc. filed a Form S-1 on September 21, 2026. The cover leaves the share count and price range blank.
Key facts
- Company
- Iambic Therapeutics, Inc. (NASDAQ: IAM)
- News type
- Financings
- Primary source
- Iambic Therapeutics, Inc. S-1 (2026-09-21)
Iambic Therapeutics, Inc. filed a registration statement on Form S-1 with the SEC on September 21, 2026 for an initial public offering of its common stock. The San Diego company has applied to list the stock on The Nasdaq Global Select Market under the symbol IAM. The offering depends on Nasdaq approving that listing. There has been no public market for the shares.
Underwriters and counsel
The cover names J.P. Morgan, Jefferies, BofA Securities and Citigroup as underwriters. It does not say which of them is lead or sole book-runner. The underwriters have a 30-day option to buy additional shares, and the number of those shares is also blank. The filing names no placement agent or financial advisor.
Wilson Sonsini Goodrich & Rosati, Professional Corporation, and Cooley LLP are both named as counsel in the copies-to blocks. The cover does not say which firm represents the company and which represents the underwriters.
The business and its pipeline
Iambic was formed in October 2019. It describes its molecular superintelligence platform as combining artificial intelligence with automated, scalable chemistry and biology experimentation, and it says the platform can synthesize and test hundreds of compounds per program on a weekly cadence. The company's most advanced program is IAM1363, an oral, pan-mutant, brain-penetrant HER2 inhibitor. As of September 2026, the filing says, IAM1363 is in an ongoing open-label, multi-center Phase 1/1b basket trial in patients with HER2-altered solid tumors. The company anticipates a registrational trial as early as 2027, subject to regulatory feedback.
The company says IAM1363 is the only known HER2 tyrosine kinase inhibitor that binds the inactive DFG-out conformation of the receptor. That is the company's belief, and the filing gives no trial results for IAM1363.
Two other programs are in preclinical work. IAM217 is a brain-penetrant allosteric KIF18A inhibitor, and IAM-C1 is a dual CDK2 and CDK4 inhibitor. The company expects to file investigational new drug applications for both in the fourth quarter of 2026, followed by Phase 1/2 trials, subject to regulatory clearance.
The filing names AbbVie, Takeda, Lundbeck, NVIDIA, Lambda, Revolution Medicines, Jazz Pharmaceuticals and Bayer among its partners. The risk factors say a small number of partners account for a substantial portion of revenue and that partners have significant discretion over whether and how to advance, prioritize and disclose partnered programs.
The numbers
Collaboration revenue was 9,426 thousand dollars in 2025, up from 1,194 thousand in 2024. Research and development expense was 77,528 thousand in 2025, against 45,696 thousand a year earlier. General and administrative expense rose to 14,248 thousand from 9,375 thousand. The net loss was 77,295 thousand in 2025, against 47,877 thousand in 2024, or $3.57 per share against $2.23.
In the six months ended June 30, 2026, collaboration revenue was 12,753 thousand, against 3,928 thousand a year earlier. Research and development expense was 57,149 thousand, against 32,934 thousand, and the net loss was 50,116 thousand, against 33,165 thousand. The loss per share was $2.24, against $1.54.
The risk factors say the company has a limited operating history, has incurred significant losses and negative cash flows, and expects to keep losing money. They also say it will require substantial additional capital, which may not be available on acceptable terms. The offering summary leaves the effect of the offering on cash, working capital and total stockholders' deficit blank, and it states no cash balance.
The company says it intends to use the net proceeds, together with existing cash, to advance IAM1363, IAM217 and IAM-C1 in clinical development, with any remainder for working capital and general corporate purposes. It may also use some proceeds for acquisitions, and it has no agreement for any such deal.
What comes next
The share count, price range and net proceeds are blank in the filing. The next dated program steps are the investigational new drug filings for IAM217 and IAM-C1 in the fourth quarter of 2026 and a registrational trial of IAM1363 as early as 2027, which the company says depends on regulatory feedback.