Iambic, an AI drug discovery specialist, banks $150M in an IPO

Iambic Therapeutics, an AI drug discovery startup, raised $150 million in an IPO, selling close to 9.4 million shares at $16 each and trading on the Nasdaq from Thursday under the ticker "IAM." The company has drawn $462 million in private funding since 2019 and will use the proceeds to advance its first drug, IAM1363, an oral tyrosine kinase inhibitor for HER2-positive solid tumors that showed anti-tumor activity and encouraging safety in a Phase 1 study, with a registrational trial possibly beginning in 2027. Behind it are IAM217, targeting KIF18A in ovarian and triple-negative breast cancers, and a CDK2/CDK4-targeting prospect, both potentially entering testing next year.