Iambic Therapeutics IPO DOSSIER · NASDAQ: IAM

Iambic Therapeutics (IAM) IPO

Iambic Therapeutics is a clinical-stage drug discovery company with no approved products and no product revenue; its revenue comes from partners. It offers 9,375,000 shares on Nasdaq at $15.00 to $17.00.

WHERE THIS DEAL STANDS

Terms are on file and the book is open. Iambic Therapeutics is Ready, and prices the night before it trades.

RADAR Reported, nothing filed READY Terms on file, awaiting pricing PING Priced, not yet trading STRIKE The first trade crosses ORBIT Trading, through lock-up

AT A GLANCE

Offer range $15.00–$17.00 Marketed, not final Shares offered 9,375,000 Deal size ~$150.0M At the midpoint First trade Oct 15 Expected, on Nasdaq

How this Dossier is built

A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.

Company Information

Iambic Therapeutics, Inc.

In its own words, Iambic is "a technology and clinical-stage life sciences company" that integrates "leading proprietary, large-scale artificial intelligence (AI) with automated, scalable chemistry and biology experimentation." It calls this approach "molecular superintelligence." Its new corporate headquarters is in San Diego, California.

Industry Biotech Listing IAM · NASDAQ Website iambic.ai

Pipeline as filed

IAM1363 Phase 1/1b HER2; advanced HER2-altered solid tumors IAM217 Preclinical KIF18A; IND submitted Sep 30, 2026 IAM-C1 Preclinical CDK2 and CDK4; IND planned Q4 2026

The record

Jul 24, 2026 Draft registration (DRS), accession 0001193125-26-315779. Aug 28, 2026 Amended draft (DRS/A), accession 0001193125-26-374173. Sep 21, 2026 Public S-1, accession 0001193125-26-396704. Oct 8, 2026 S-1/A with the price range, accession 0001193125-26-417416. Oct 13, 2026 Exchange registration (8-A12B), accession 0001193125-26-420387.
  1. Partners named in the filing: AbbVie, Takeda, Lundbeck, NVIDIA, Lambda, Revolution Medicines, Jazz Pharmaceuticals and Bayer.
  2. Bellipo receipt BLP-BIO-26-0221.

Form S-1/A, accession 0001193125-26-417416 (filed 2026-10-08). https://www.sec.gov/Archives/edgar/data/0001997038/000119312526417416/iam-20261008.htm

The Bellipo Take

The gist · The filing describes an early pipeline funded partly by partners. This dossier states what the filing says; it makes no forecast of pricing or trading.

A clinical-stage company whose revenue comes from drug-discovery partners, with one drug in the clinic and two preclinical.

Bull case
  1. What the company says: platform and data.The filing's first strategy heading: "Advance our platform, unlock additional capabilities, and expand our data moat."
  2. What the company says: a wholly owned pipeline."Advance a differentiated, wholly owned preclinical and clinical pipeline."
  3. What the company says: partnership revenue."Convert platform leadership into partnership revenue." The filing says partnerships "provide capital to fund a significant amount of the discovery and development expenditure for our internal pipeline."
Bear case
  1. The filing warns of continued losses.It says the company may never achieve or maintain profitability.
  2. The filing warns it needs more capital.It says substantial additional capital may not be available on acceptable terms, if at all.
  3. The filing warns revenue is concentrated.A small number of partners, including AbbVie, Takeda and Lundbeck, have accounted for a substantial portion of revenue, and partners have significant discretion over partnered programs.
Bottom line

Everything here is read from the S-1/A of Oct 8, 2026.

Form S-1/A, accession 0001193125-26-417416 (filed 2026-10-08). https://www.sec.gov/Archives/edgar/data/0001997038/000119312526417416/iam-20261008.htm

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