Iambic Therapeutics raises $150 million in IPO to fund oncology drug development

Iambic Therapeutics, a San Diego-based AI biotech, completed an initial public offering that raised $150 million, exactly meeting its goal of selling 9.4 million shares at $16 each.

The company said half of the proceeds, about $75 million, will be used to advance IAM1363, an oral, brain-penetrant HER2 inhibitor currently in a phase 1 trial for advanced HER2-altered solid tumors, with plans for later-stage studies. An additional $15 million is allocated to move IAM217, a brain-penetrant KIF18A inhibitor, into clinical testing for ovarian, triple-negative breast and other solid cancers. A further $15 million will support a phase 1 study of IAM-C1, a dual CDK2/4 inhibitor targeting breast cancer and tumors with CCNE1 amplification.

The shares began trading on Nasdaq under the ticker "IAM." Underwriters have an option to purchase up to 1.4 million extra shares, which could increase total gross proceeds by roughly $22.5 million.