Iambic Therapeutics, an AI-powered drug discovery company backed by Nvidia and Qatar's sovereign wealth fund, filed on Monday for an initial public offering in the United States. The San Diego-based biotech intends to list its shares on the Nasdaq under the ticker symbol "IAM."

The filing was confirmed in a post from Bloomberg:

Iambic Therapeutics, a clinical-stage life sciences and technology firm that counts Nvidia as a shareholder, filed for a US IPO

— Bloomberg (@business) September 21, 2026

Renaissance Capital reported a proposed deal size of up to $100 million. The company did not disclose a share price range in its filing. Final terms, such as the number of shares on offer and the price range, are typically set out in updated filings before a new listing begins trading on Nasdaq.

What Iambic Does

Founded in 2019 under the name Entos, Iambic combines artificial intelligence with automated chemistry and biology tools to discover small-molecule drugs, with a focus on treating solid tumors. The approach reflects a wider push across biotech to use machine learning to cut the time and cost of early-stage drug discovery.

Its lead candidate, IAM1363, is an experimental oral HER2 inhibitor currently being evaluated in a Phase 1/1b early-stage trial targeting solid tumors, including breast cancer. HER2 is a protein that can drive tumor growth and appears at elevated levels in some cancers. Two other programs, IAM217 and IAM-C1, remain in preclinical development. Iambic plans to use IPO proceeds to advance all three candidates through clinical trials — the capital-intensive stage at which many drug developers first tap public markets.

The company has raised roughly $461.8 million from investors since its founding. Backers include Nvidia, the Qatar Investment Authority, Catalio, Nexus Ventures, and Coatue Management.

In an announcement made the same day its filing, Iambic unveiled a multi-year collaboration with AbbVie to accelerate AI-driven discovery of small-molecule therapies. The company also maintains existing partnerships with Takeda, Lundbeck, Revolution Medicines, Jazz Pharmaceuticals, and Bayer.

J.P. Morgan, Jefferies, BofA Securities, and Citigroup are serving as underwriters for the offering.

Biotech IPOs Are Having a Strong Year

Iambic is not the only drug developer heading to public markets this fall. Retension Pharmaceuticals and TRex Bio also filed for US IPOs on Friday, while ADARx Pharmaceuticals launched its roadshow on the same day Iambic filed. A roadshow, in which management teams pitch an upcoming deal to institutional investors, typically precedes pricing and the first day of trading.

Biotech listings have held up well in 2026 despite a difficult broader IPO market. Uncertainty surrounding the Iran war, rising bond yields, and interest rate hikes have weighed on many sectors.

Matt Kennedy, senior strategist at Renaissance Capital, said all five of the year's best-performing IPOs with deal sizes above $50 million are biotechs. He pointed to drug advancement and merger and acquisition activity as key drivers.

Analysts say biotech IPOs have remained largely insulated from broader market pressures, with a wave of acquisitions by large drugmakers helping to support confidence in the sector.

Iambic's filing adds to what is shaping up to be an active fall biotech listing window.