Nvidia-backed biotech Iambic Therapeutics Inc. rose 18% in its Nasdaq debut Thursday, closing at $18.91 after pricing its $150 million IPO at $16 per share. The San Diego-based clinical-stage cancer drugmaker, which uses artificial intelligence and machine learning for drug discovery, now carries a market value of $896 million.
The company plans to use proceeds to advance three early-stage oncology candidates. Notable investors include ARK Investment Management and Stanley Druckenmiller's Duquesne Family Office, which together expressed interest in up to $60 million of shares. Strategic partnerships span AbbVie Inc., Takeda Pharmaceutical Co., H. Lundbeck A/S, Nvidia Corp., and AI cloud provider Lambda Inc.
For the six months ended June 30, 2026, Iambic reported a net loss of $50.1 million on revenue of $12.8 million, compared with a $33.2 million loss on $3.9 million revenue a year earlier. Since its 2019 founding, the firm has raised $461.8 million from technology and healthcare investors. The offering was led by JPMorgan Chase & Co., Jefferies Financial Group Inc., Bank of America Corp., and Citigroup Inc. under ticker IAM.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing