Iambic Therapeutics files for US IPO with Nvidia backing

A biotech startup that uses artificial intelligence to find new drugs just took its biggest step yet toward the public markets. Iambic Therapeutics filed an S-1 registration statement with the SEC, setting the stage for a Nasdaq listing that comes with a notable name on its cap table: Nvidia.

The San Diego-based company, founded in 2019 under the name Entos, plans to trade under the ticker symbol “IAM” on the Nasdaq Global Select Market. It has raised approximately $461.8 million in total capital from investors including Catalio, Nexus Ventures, Coatue Management, and Q Healthcare Holding, which is linked to the Qatar Investment Authority.

Where AI meets the laboratory

Iambic has a strategic technology collaboration with Nvidia that goes beyond a passive equity stake. Nvidia’s involvement centers on optimizing Iambic’s drug discovery platform through advanced hardware and software integration, essentially giving the biotech company faster, more powerful computational tools to identify promising drug candidates.

The company’s most advanced clinical asset is IAM1363, a treatment targeting solid tumors. Its pipeline also includes programs designated IAM-H1 and IAM-C1.

Around the time of the filing, Iambic also announced a collaboration with AbbVie focused on AI-driven drug discovery.

The underwriting lineup

The IPO is being managed by a heavyweight roster of investment banks. J.P. Morgan, Jefferies, BofA Securities, and Citigroup are all listed as underwriters for the offering.

Iambic has not yet disclosed the expected price range or the number of shares it plans to offer.

Nvidia’s expanding healthcare footprint

For Nvidia, the investment in Iambic fits into a broader strategy of embedding its technology across industries well beyond gaming and data centers. Nvidia’s involvement began during Iambic’s Series B funding round.

The involvement of sovereign wealth-adjacent capital through Q Healthcare Holding adds another layer. Qatar Investment Authority has been increasingly active in life sciences and technology investments globally.

What investors should watch

IAM1363’s progress in solid tumors will be the primary readout to monitor.

The competitive landscape is also worth tracking. Recursion Pharmaceuticals, Insilico Medicine, and Absci Corporation are among the publicly traded companies operating in the AI drug discovery space.

A biotech with $461.8 million in prior funding, a collaboration with Nvidia, and a partnership with AbbVie has the ingredients for a premium valuation.

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