Nvidia's AI anti-cancer drug company Iambic (IAM.US) hits NASDAQ: the offering price is in the middle of the range, raising US$150 million

Iambic Therapeutics Inc., a clinical-stage anti-cancer drug research and technology company, raised US$150 million in a US IPO, and the issue price was set at the midpoint of its promotion range.

The company, which lists Nvidia (NVDA.US) as a shareholder, has issued approximately 16 million shares at a price of $9.38 million per share, according to a statement on Wednesday. According to previous documents, Iambic gave an issue price range of $15 to $17 per share.

The San Diego-based company had a market capitalization of $758 million at the IPO price, based on the number of shares issued as listed in the file.

The documents show that Iambic uses AI and machine learning to help it discover new treatments. The company will use the IPO to advance three early-stage anti-cancer drug candidate projects.

ARK Investment Management, which has invested in Iambic, and the Duquesne Family Office of billionaire Stanley Druckenmiller, have indicated their intention to subscribe for up to $60 million of shares in this offering.

The oncology-focused company is expected to capitalize on investors' enthusiasm for the potential of AI to accelerate biological discoveries.

According to the documents, the company collaborated with ABBV.US to accelerate AI-enabled drug discovery in immunology, neuroscience, and oncology, and has established partnerships with pharmaceutical companies such as Takeda Pharmaceuticals and H. Lundbeck A/S. Iambic's partners also include Nvidia and AI cloud services company Lambda Inc.

According to previous documents, for the six months ending June 30, 2026, the pharmaceutical company had a net loss of US$50.1 million and revenue of US$12.8 million; compared with a net loss of US$33.2 million and revenue of US$3.9 million for the same period last year.

Since its inception in 2019, Iambic has raised $461.8 million from investors in the technology and healthcare sectors. According to the documents, Catalio Capital Management's shareholding ratio is expected to fall from 11% to 8.9% after the offering, and Nexus Venture Partners will hold 6.8%, down from 8.5% previously. According to the documents, Nvidia participated in multiple rounds of Iambic's convertible preferred stock financing.

The offering was led by J.P. Morgan Chase, Jefferies, Bank of America, and Citigroup. The company is expected to list on the NASDAQ Global Select Market on Thursday under the symbol IAM.