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Health Care · NASDAQ: IAM

Iambic: how the business works

Iambic uses AI models and robotic labs to design experimental drugs, mainly for cancer. It has no product revenue: partners paid it $9.4 million in FY2025, and it lost $77.3 million.

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Iambic Therapeutics, Inc. · San Diego, California · Founded 2019

Updated for Six months ended Jun 30, 2026 · checked

Revenue, all from partners, FY2025
$9.4M
Net loss, FY2025
$77.3M
Cash, Jun 30, 2026 (before the IPO)
$207.9M
Nasdaq closing price, Nov 5, 2026
$11.64
Full-time employees, Sep 18, 2026
171

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Iambic in 5 points

  1. 1 · What it sells

    Iambic has no approved drug to sell, and it earned $12.8 million of revenue in the six months to Jun 30, 2026 by using its AI models and robotic labs on partners' drug programs.

    More: what it sells

  2. 2 · Who pays it

    Three partners paid all of Iambic's revenue in the six months to Jun 30, 2026: Takeda 49%, Lundbeck 33% and Revolution Medicines 19% (Cityfort calculation from the 424B4 filed Oct 15, 2026).

    More: who pays it

  3. 3 · What it keeps from $100

    Iambic keeps nothing: on $9.4 million of FY2025 revenue it spent $91.8 million on operations, an operating loss of $82.4 million, and $5.2 million of interest income narrowed the net loss to $77.3 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Iambic has no operating profit: in the six months to Jun 30, 2026 it spent $57.1 million on research and $9.1 million on overhead against $12.8 million of revenue, an operating loss of $53.5 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Iambic estimated in its 424B4 dated Oct 14, 2026 that its cash funds operations into or through the fourth quarter of 2028, and its operations used $24.9 million in the six months to Jun 30, 2026.

    More: the one thing to watch

Sources: From Iambic's final prospectus (424B4) dated Oct 14, 2026, with Nasdaq and EDGAR records to Nov 6, 2026 · checked

See the management scorecard below

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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01The business in one line

What does Iambic do?

Drug companies pay Iambic to use its AI models and robotic labs on their programs; most of its spending goes on research, and it makes a net loss.

  • Iambic has no approved product and no product revenue. All its revenue comes from partners: $9.4 million in FY2025 and $12.8 million in the six months to Jun 30, 2026.
  • It spent $91.8 million on operations in FY2025, and its net loss was $77.3 million. Investors' money, most recently a $150.0 million Nasdaq IPO in October 2026, paid for the gap.
Next: Who pays it

02Who pays it

Who pays Iambic?

  • Takeda

    49%

    of revenue

    February 2026 agreement on 3 targets, with a right to 3 more. $27.0 million upfront, research costs reimbursed, plus fees for NeuralPLexer access. Revenue was $6.2 million in the six months to Jun 30, 2026. Contingent milestones could exceed $1.7 billion, per the 424B4.

  • Lundbeck

    33%

    of revenue

    September 2024 agreement over 36 months with $10 million upfront and research costs reimbursed. Revenue was $4.2 million in the six months to Jun 30, 2026. Contingent milestones after an option are up to $212.5 million, plus possible further payments for US approval in more than one indication.

  • Revolution Medicines

    19%

    of revenue

    May 2025 agreement; the upfront amount is not stated. Revenue was $2.4 million in the six months to Jun 30, 2026.

  • AbbVie

    Not disclosed

    Sep 18, 2026 agreement on 2 targets, after the period above. It requires $40.0 million upfront. Contingent milestones are up to $670 million in total, and tiered royalties on net sales run from the mid-single digits to the low teens.

  • Bayer, NVIDIA, Lambda and Jazz

    Not disclosed

    Bayer signed a research collaboration in June 2026. Iambic counted no revenue from it in the six months to Jun 30, 2026, when the remaining transaction price was $4.0 million through 2028; the upfront fee is not stated. NVIDIA and Lambda are technology and computing partners, and a study pairs IAM1363 with Jazz's zanidatamab. Amounts for NVIDIA and Lambda are not stated.

  • Takeda49%
  • Lundbeck33%
  • Revolution Medicines19%

Customer concentration

Three partners provided all revenue in the six months to Jun 30, 2026: Takeda 49%, Lundbeck 33% and Revolution Medicines 19%. In FY2025 Lundbeck was 71% and Revolution Medicines 29%. Shares are a Cityfort calculation from the 424B4 filed Oct 15, 2026, using partner revenue the company rounds.

Largest customer
49%
Sources (1)
Next: Why it makes money

03Why it makes money

Why does Iambic make money?

It makes a net loss: partner payments and investor money pay for research, and no drug is on sale.

Partners often pay upfront, and Iambic counts that as revenue over time, so unearned payments sit as deferred revenue. In the six months to Jun 30, 2026 it spent $57.1 million on research and $9.1 million on overhead, against $12.8 million of revenue. Its operating loss was $53.5 million and its net loss $50.1 million.

Deferred revenue (partner payments not yet counted as revenue), $ million

$20.4$53.6

Dec 31, 2025 to Jun 30, 2026

  1. Train AI models on data from its own automated labs
  2. Design drug candidates for itself and for partners
  3. Collect upfront fees from partners
  4. Spend investor and partner money on trials and research
  5. Possible later milestones and royalties, if partners advance a program

↺ Step 5 feeds back into step 1.

Sources (1)
Next: How has it done

04The numbers · Consolidated · US$

How has Iambic done?

Iambic listed on Nasdaq on Oct 15, 2026; its IPO price was $16.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.

Source: Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026; Nasdaq historical prices for IAM, Oct 15 to Nov 5, 2026

Revenue

$9.4MFY2025

Revenue, all from partners and none from products, rose from $1.2 million in FY2024 to $9.4 million in FY2025, and was $12.8 million in the six months to Jun 30, 2026 against $3.9 million a year earlier; the 424B4 gives two audited years and no separate quarters.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2024$1.2M
FY2025$9.4M

Net profit

−$77.3MFY2025

Net loss grew from $47.9 million in FY2024 to $77.3 million in FY2025 and was $50.1 million in the six months to Jun 30, 2026; the FY2025 loss of $18.80 per share uses about 4.1 million shares before the IPO conversions, against a pro forma $2.24 in the 424B4.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2024−$47.9M−$11.75
FY2025−$77.3M−$18.80

Profit kept per $100 of revenue

−$820.0FY2025

Iambic lost $820.0 for every $100 of revenue in FY2025, against $4,009.8 in FY2024; EBITDA here is a Cityfort calculation from the 424B4 filed Oct 15, 2026: operating loss plus depreciation and amortization.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2024−4,009.8%−4,423.6%
FY2025−820.0%−860.7%

Free cash flow

−$60.1MFY2025

Free cash flow (Cityfort calculation from the 424B4 filed Oct 15, 2026) was negative $60.1 million in FY2025 and negative $26.8 million in the six months to Jun 30, 2026, when $33.2 million of partner payments arrived ahead of the work; stock-based pay was $2.5 million, 26.3% of FY2025 revenue.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2024−$33.6M$0.7M−$34.3M
FY2025−$58.8M$1.3M−$60.1M
See all yearly numbers
Iambic annual financials, FY2024–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2024$1.2M−$52.8M−$47.9M−$11.75−$33.6M$0.7M−$34.3M
FY2025$9.4M−$81.1M−$77.3M−$18.80−$58.8M$1.3M−$60.1M
See the six-month numbers
Iambic interim financials from the prospectus, US$
PeriodRevenueEBITDANet profitEPS ($)Operating cashCapexFree cashStock-based pay
Six months ended Jun 30, 2025$3.9M−$35.1M−$33.2M−$8.10−$17.9M$0.8M−$18.7M$1.2M
Six months ended Jun 30, 2026$12.8M−$52.8M−$50.1M−$11.76−$24.9M$1.9M−$26.8M$2.5M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Iambic's fiscal year is the calendar year). Net profit is the share belonging to the company's owners.

Download Iambic's yearly and six-month numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (2)
Next: What they said, and what happened

05Who runs it

Who runs Iambic, and did they deliver?

  • Thomas Miller

    Co-founder, Chief Executive Officer and director · since 2020

    A chemistry professor at Caltech until March 2022. FY2025 total pay was $906,203. On Oct 14, 2026 he received 132,200 restricted stock units and options on 793,200 shares at $16.00, per his Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more.

  • Frederick Manby

    Co-founder, Chief Technology Officer and director · since 2020

    A chemistry professor at the University of Bristol until March 2022. FY2025 total pay was $707,064. Held 4.1% after the offering, per the 424B4 table.

  • Neil Josephson

    Chief Medical Officer · since 2024

    Previously Chief Medical Officer of Zymeworks.

  • Peter Olson

    Chief Scientific Officer · since 2024

    Previously at Bristol-Myers Squibb and Mirati Therapeutics. FY2025 total pay was $1,792,988, including $1,182,808 of option awards.

  • Michael Secora

    Chief Financial Officer and Chief Corporate Development Officer · since 2025

    Previously Chief Financial Officer of Recursion Pharmaceuticals.

  • William Rastetter

    Chairperson of the board · since 2023

    Former Chief Executive Officer of IDEC Pharmaceuticals. Director since March 2023.

  • R. Jacob Vogelstein

    Director · since 2021

    Managing Partner of Catalio Capital Management, a holder of 8.9% after the IPO per the 424B4 table.

  • Evan Rachlin

    Director · since 2023

    Managing Partner of Ascenta Capital, whose fund bought 718,750 shares in the IPO, per a Form 4.

What they said, and what happened

2 too early to tell

  1. Said on Oct 14, 2026

    Iambic said in its 424B4 that it anticipates filing an IND, a request to start human trials, for IAM-C1 in the fourth quarter of 2026.

    What happened

    No filing on EDGAR reported it as of Nov 6, 2026; the quarter ends Dec 31, 2026.

    Too early to tell

  2. Said on Oct 14, 2026

    Iambic said in its 424B4 that it anticipates a registrational trial of IAM1363 as early as 2027, subject to regulatory feedback.

    What happened

    Not yet due. The company has filed no update on the timing since the 424B4, per EDGAR on Nov 6, 2026.

    Too early to tell
Sources (4)
Next: What could go wrong

06What could go wrong

What could go wrong for Iambic?

  • Cash and liquidity

    Large losses and no product revenue

    Iambic's accumulated deficit was $245.3 million at Jun 30, 2026. The 424B4 says it may never be profitable and needs substantial additional capital, which may dilute holders.

    Watch Net loss and cash used in operations in the first 10-Q.

  • Concentration

    A few partners provide all revenue

    Takeda, Lundbeck and Revolution Medicines provided all revenue in the six months to Jun 30, 2026. Partners decide whether and how to advance programs, per the 424B4.

    Watch Revenue by partner, and any partner ending an agreement.

  • Technology

    An unproven approach

    The 424B4 calls the approach "novel and unproven", and no drug has been approved from it. Iambic relies on third-party data and computing, and AI rules are still changing.

    Watch Results from drugs designed on the platform.

  • Execution

    Early-stage drugs and interim data

    IAM1363 was in a Phase 1/1b trial; IAM217 and IAM-C1 were preclinical. The IAM1363 figures come from an Aug 31, 2026 data extract that may change on audit and follow-up, and the 424B4 says most drug candidates never receive approval.

    Watch FDA feedback on IAM1363, clearance to test IAM217, and later IAM1363 data.

  • Regulation

    Manufacturers linked to China

    A significant portion of Iambic's outside manufacturing is with firms in or affiliated with China. The 424B4 points to trade and national-security proposals that could affect them.

    Watch Changes in US rules on Chinese drug suppliers.

  • Competition

    Bigger competitors

    Iambic competes with large drug companies and AI drug discovery firms with more resources, per the 424B4. It also names general-purpose AI developers as a possible source of more competition.

    Watch New partner agreements Iambic signs or loses.

  • Legal

    Patents mostly pending

    The HER2 program had 1 issued US and 1 issued foreign patent at Sep 18, 2026. The KIF18A and CDK programs had applications only, which may never issue.

    Watch Patents issued in later filings.

  • Other

    Shares freed from the lock-up

    Shares held before the IPO can start to be sold 181 days after the prospectus date, and 9,585,280 of them are held by affiliates under Rule 144 limits. Registration rights cover up to 32,314,496 shares, per the 424B4.

    Watch The lock-upA period after an IPO when insiders agree not to sell their shares. Learn more end on Apr 12, 2027, and any early release by the underwriters.

Sources (1)
Next: Supporters vs. critics

07Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose from $1.2 million in FY2024 to $9.4 million in FY2025, and was $12.8 million in the six months to Jun 30, 2026.
  • Takeda agreed to pay $27.0 million upfront in February 2026, and AbbVie's September 2026 agreement requires $40.0 million upfront, per the 424B4.
  • In company-reported interim data at Aug 31, 2026, 12 of 53 efficacy-evaluable patients (23%) on IAM1363 had a confirmed tumor response; the data are preliminary.
  • Pro forma as adjusted cash was $409.4 million in the 424B4, and the balance sheet at Jun 30, 2026 shows no borrowings.

What critics point to

  • Iambic has no approved product, a net loss of $77.3 million in FY2025 and an accumulated deficit of $245.3 million at Jun 30, 2026.
  • The 424B4 calls the approach "novel and unproven", and says most drug candidates never receive regulatory approval.
  • Three partners provided all revenue in the six months to Jun 30, 2026, and Takeda alone provided 49% (Cityfort calculation from the 424B4 filed Oct 15, 2026).
  • Only IAM1363 was in human trials at the 424B4's date, in Phase 1/1b; IAM217 and IAM-C1 were preclinical.
  • A significant portion of its outside manufacturing is with firms in or affiliated with China, per the 424B4.
Next: What to watch next

08What to watch next

What should you watch next at Iambic?

Next event

First quarterly report (Form 10-Q), quarter to Sep 30, 2026

Date not announced yet.

  • First results as a public company

    No 10-Q or earnings release was on EDGAR as of Nov 6, 2026, and Iambic had not announced a date. The last reported period ended Jun 30, 2026.

  • IAM1363's next trial

    Iambic said in its 424B4 dated Oct 14, 2026 that it anticipates a registrational trial as early as 2027, subject to regulatory feedback. It had dosed over 100 subjects as of September 2026.

  • Cash against spending

    Iambic estimated in its 424B4 dated Oct 14, 2026 that its cash funds operations into or through the fourth quarter of 2028. Operations used $24.9 million in the six months to Jun 30, 2026.

  • Underwriters' extra shares

    The 30-day option on 1,406,250 shares ends Nov 13, 2026 (Cityfort calculation from the 424B4 filed Oct 15, 2026). No filing reported it exercised as of Nov 6, 2026.

Next: Key dates

09Key dates

What are the key dates for Iambic?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Iambic
EventDateSource
Final prospectus (Form 424B4) datedOffering price $16.00; filed with the SEC on Oct 15, 2026.Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026; EDGAR submissions index, Iambic Therapeutics, Inc., CIK 0001997038, read Nov 6, 2026
First trade on the Nasdaq Global Select Market (IAM)Open $16.15, close $18.91, from Nasdaq's price table.Nasdaq historical prices for IAM, Oct 15 to Nov 5, 2026
IPO completed; preferred stock and notes convertedIambic Therapeutics, Inc. Form 8-K dated Oct 16, 2026 (restated charter and bylaws on completion of the IPO); Form 4, Catalio Capital Management, LP and related reporting persons: conversions on Oct 16, 2026
Underwriters' 30-day option endsCityfort calculation from the 424B4 filed Oct 15, 2026: 30 days from the prospectus date.Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026
Lock-up endsCityfort calculation from the 424B4 filed Oct 15, 2026: 180 days after Oct 14, 2026. Remaining shares can be sold from the next day, subject to Rule 144 limits for affiliates. The underwriters' representatives may release holders sooner.Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026

Learn: IPO lock-up agreements: what they are and when they end · How to read an S-1: Anthropic's IPO registration statement

Sources (5)
Next: Key facts

10Key facts

Key facts about Iambic

What does Iambic do?
Iambic Therapeutics, based in San Diego, uses AI models and robotic labs to design experimental medicines, mainly for cancer. Its most advanced drug, IAM1363, was in a Phase 1/1b trial as of September 2026, per its 424B4 dated Oct 14, 2026.
How does Iambic make money?
Iambic Therapeutics has no product revenue because it has no approved product. Its $9.4 million of FY2025 revenue and $12.8 million of revenue in the six months to Jun 30, 2026 came entirely from collaboration agreements with drug companies.
Is Iambic profitable?
No. Iambic Therapeutics' net loss was $77.3 million in FY2025 and $50.1 million in the six months to Jun 30, 2026, per its 424B4. Its accumulated deficit was $245.3 million at Jun 30, 2026.
Who are Iambic's customers?
Three partners paid all of Iambic Therapeutics' revenue in the six months to Jun 30, 2026: Takeda ($6.2 million), Lundbeck ($4.2 million) and Revolution Medicines ($2.4 million), per its 424B4. AbbVie signed an agreement on Sep 18, 2026, after that period.
What is Iambic's revenue by segment?
Iambic Therapeutics reports a single segment, so there is no segment split. By partner, its FY2025 revenue was $6.7 million from Lundbeck and $2.7 million from Revolution Medicines, as rounded by the company in its 424B4.
How big is Iambic?
Iambic Therapeutics had $9.4 million of revenue in FY2025 and $12.8 million in the six months to Jun 30, 2026. It had 171 full-time employees at Sep 18, 2026, and $207.9 million of cash at Jun 30, 2026, before its IPO, per its 424B4.
What is IAM1363?
IAM1363 is Iambic Therapeutics' most advanced drug, an oral small molecule aimed at tumors with HER2 gene changes. Over 100 subjects had been dosed in its Phase 1/1b trial as of September 2026, per the 424B4. Iambic spent $22.1 million on it in FY2025.
When did Iambic go public?
Iambic Therapeutics sold 9,375,000 new shares at $16.00 each, $150.0 million in total, under its final prospectus dated Oct 14, 2026. Its shares first traded on the Nasdaq Global Select Market under the ticker IAM on Oct 15, 2026.
Who owns Iambic?
Iambic Therapeutics' 12 officers and directors held 21.7% of its shares after the October 2026 IPO, per the 424B4 table based on Jun 30, 2026 holdings and leaving out shares bought in the offering. On that basis Catalio entities held 8.9% and Nexus Ventures V 6.8%.
Sources (2)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

11What it sells

11What it sells

What does Iambic sell?

Iambic has nothing on sale to patients. It designs experimental drugs with AI models and robotic labs, and drug companies pay to use that work on their own programs. Its 424B4 calls the approach "novel and unproven".

  • IAM1363 (its own drug)

    An oral, brain-penetrant small molecule aimed at tumors with HER2 gene changes. It was in a Phase 1/1b trial, the earliest human testing, with over 100 subjects dosed as of September 2026.

  • IAM217 (its own drug)

    Aimed at a protein called KIF18A. Iambic asked the FDA on Sep 30, 2026 for clearance to test it in people (an IND). Iambic said in its 424B4 dated Oct 14, 2026 that it plans a Phase 1/2 trial, subject to that clearance.

  • IAM-C1 (its own drug)

    Aimed at proteins called CDK2 and CDK4, and still preclinical, meaning not yet tested in people. Iambic said in its 424B4 dated Oct 14, 2026 that it anticipates an IND in the fourth quarter of 2026.

  • The AI and lab platform

    Enchant predicts how a molecule may behave in lab and clinical tests. NeuralPLexer predicts the 3D shape of biological molecules. Automated labs make and test hundreds of compounds per program each week.

  • Partner collaborations

    Iambic has made eight collaborations since 2024. Takeda, Lundbeck and Revolution Medicines provided all revenue through Jun 30, 2026; AbbVie signed on Sep 18, 2026.

What it does

  • Does: Designs drug candidates with its own AI models and automated labs
  • Does: Runs early human trials of IAM1363
  • Does: Works on partners' drug targets for upfront fees and possible milestone payments

What it does not do

  • Does not: Sell any approved medicine: it has no approved product and no product revenue
  • Does not: Make its own drugs: it uses outside manufacturers and owns no manufacturing sites
  • Does not: Own its offices: all its facilities are leased
Sources (1)
12How the money flows

12How the money flows · FY2025

How does money flow through Iambic?

Money in

  • Collaboration revenue from partners$9.4M
  • Interest income on its cash$5.2M

The company

Iambic

$14.6M came in

Money out

  • Research: IAM1363$22.1M
  • Research: discovery and the platform$25.2M
  • Research: staff$25.3M
  • Research: facilities and other$5M
  • General and administrative costs$14.2M
  • Interest expense, other expense and tax$0.2M
  • Net loss−$77.3M
  1. Partners provided $9.4 million of revenue in FY2025. Interest on Iambic's cash added $5.2 million.
  2. Research and development cost $77.5 million: $22.1 million on IAM1363, $25.2 million on discovery and the platform, $25.3 million on staff and $5.0 million on facilities and other.
  3. General and administrative costs were $14.2 million. Operating costs reached $91.8 million, an operating loss of $82.4 million after revenue.
  4. Interest expense, other expense and tax took another $0.2 million.
  5. Costs were $77.3 million more than the money that came in. That is the net loss. Financing brought in $99.1 million that year.
Sources (1)
13What it needs to run

13What it needs to run

What does Iambic need to run?

  • Money from investors

    From its start through Sep 18, 2026, Iambic took in $536.5 million: $461.8 million from equity, notes and similar instruments, and $74.7 million from partners. The October 2026 IPO raised $150.0 million more before costs.

  • Scientists

    171 full-time employees at Sep 18, 2026, of whom 140 work in research and development. 119 hold advanced degrees. They are in San Diego and Bristol, UK.

  • Computing power and data

    Cloud computing and storage costs rose $3.8 million in FY2025 and $2.6 million in the six months to Jun 30, 2026. The 424B4 lists reliance on third-party data and computing as a risk.

  • Outside drug manufacturers

    Iambic owns no manufacturing sites and uses contract manufacturers. The 424B4 says a significant portion of that outside manufacturing is with firms in or affiliated with China.

  • Lab space

    All sites are leased. A new San Diego headquarters of about 95,985 square feet carries about $40.9 million of future lease commitments.

Sources (1)
14Competitors and what protects it

14Competitors and what protects it

Who does Iambic compete with?

Iambic's 424B4 names a group of AI-focused drug discovery companies as representative of its market, and says it also competes with large drug companies that have more resources.

  • Recursion

    Named in the 424B4 as a representative technology-driven drug discovery company. Iambic's Chief Financial Officer was previously Recursion's.

  • Isomorphic Labs, Insilico Medicine, Xaira Therapeutics, Relay Therapeutics

    Named in the 424B4 as representative technology-driven drug discovery companies.

  • AbCellera, Absci, Chai Discovery, Enveda Biosciences, Generate Biomedicines, LILA Sciences, XtalPi

    Also named in the 424B4 as representative technology-driven drug discovery companies.

  • Accent, GenHouse Bio, Menarini, Volastra

    Named in the 424B4 as having KIF18A candidates, the target of IAM217.

  • Pfizer, Genentech, Incyclix Bio

    NYSE: PFE

    Named in the 424B4 as having CDK candidates, the target family of IAM-C1.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Partner agreements3 of 5

    Eight collaborations since 2024, including upfront payments of $27.0 million from Takeda and $40.0 million required from AbbVie, per the 424B4.

  • Own lab data2 of 5

    Automated labs make and test hundreds of compounds per program each week, per the 424B4. The same filing calls the approach "novel and unproven".

  • Patents2 of 5

    The HER2 program had 1 issued US and 1 issued foreign patent at Sep 18, 2026. The KIF18A and CDK programs had applications only.

  • Clinical progress1 of 5

    One of three programs was in human trials, in Phase 1/1b, at the 424B4's date. No drug from the platform has been approved.

Weak spot

No approved drug

Iambic has no product revenue. Its most advanced drug was in a Phase 1/1b trial, and the 424B4 says most drug candidates never receive approval.

Sources (1)
15Where growth could come from

15Where growth could come from

Where could Iambic's growth come from?

Iambic said in its 424B4 dated Oct 14, 2026 that it anticipates a registrational trial of IAM1363, one meant to support an approval request, as early as 2027, subject to regulatory feedback. It estimated that its cash, with the IPO money, funds operations into or through the fourth quarter of 2028.
Management statement, Oct 14, 2026. Reported as a statement, not our forecast.

  • IAM1363

    Early

    Confirmed tumor response in 12 of 53 efficacy-evaluable patients (23%), company-reported interim data at Aug 31, 2026

    Preliminary, and not powered for comparison, per the 424B4. A response means a tumor shrank by a set amount. At the 960 mg dose, 4 of 68 patients (6%) had a Grade 3 treatment-related side effect, with no Grade 4 or 5.

    Status: Early, too early to judge.

  • IAM217

    New

    IND submitted Sep 30, 2026; about $15.0 million planned from IPO money plus existing cash (424B4 dated Oct 14, 2026)

    Iambic said in its 424B4 dated Oct 14, 2026 that it plans a Phase 1/2 trial, subject to regulatory clearance.

    Status: New, recently announced.

  • IAM-C1

    New

    Preclinical; about $15.0 million planned from IPO money plus existing cash (424B4 dated Oct 14, 2026)

    Iambic said in its 424B4 dated Oct 14, 2026 that it anticipates an IND in the fourth quarter of 2026.

    Status: New, recently announced.

  • Partner agreements

    Early

    $53.4 million of remaining transaction price at Jun 30, 2026 (Takeda $28.0 million, Revolution Medicines $17.6 million, Bayer $4.0 million, Lundbeck $3.8 million). Cityfort calculation from the 424B4 filed Oct 15, 2026

    Revenue still to be recognized under these agreements, through 2027 to 2030. AbbVie's agreement came later and is not in this figure. Contingent milestones are not included.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (1)
16Financial strength and debt

16Financial strength · Jun 30, 2026

How much debt does Iambic have?

The balance sheet shows no borrowings and $207.9 million of cash at Jun 30, 2026, before the IPO. Operations used $24.9 million of cash in the six months to that date.
  • Total debt$0M
  • Cash and investments$208M
  • Net cash (cash minus debt)$208M
  • Net worth (shareholders' money)−$233M
  • Net cash of $207.9 million is a Cityfort calculation from the 424B4 filed Oct 15, 2026: cash less borrowings, of which the balance sheet shows none. Operating lease liabilities of $5.1 million and a lab-equipment finance lease, with $0.105 million due within a year at Jun 30, 2026, are not counted as debt here.
  • The stockholders' deficit of $232.6 million reflects $394.0 million of convertible preferred stock held outside equity at Jun 30, 2026. That stock converted to common shares at the IPO.
  • The 424B4's pro forma as adjusted figures count the IPO money, the preferred conversion and the $66.5 million of convertible notes issued in August and September 2026. On that basis cash was $409.4 million and equity $363.0 million.
  • Deferred revenue of $53.6 million at Jun 30, 2026 is partner money received ahead of the work; it rose by $33.2 million in the six months to that date. AbbVie's $40.0 million upfront is not in these balances, as its agreement is dated Sep 18, 2026.
  • No balance sheet after the IPO had been filed as of Nov 6, 2026; the first 10-Q, for the quarter to Sep 30, 2026, was not yet on EDGAR.
Sources (2)
17Who owns it

17Who owns it · ownership as of Jun 30, 2026

Who owns Iambic?

Iambic has filed no proxy statement or Schedule 13G yet (EDGAR, Nov 6, 2026). The group figure and the Catalio and Nexus rows come from the 424B4: holdings at Jun 30, 2026, adjusted for the offering, not counting shares bought in it. The Ascenta row adds its IPO purchase from a Form 4. ARK and Duquesne indicated interest in up to $60.0 million of IPO shares; no filing discloses what they bought. With one share class, % of votes equals % of shares, and rows overlap with directors, so they do not add up.
Officers and directors (as a group), shares
21.7%
Share classes
Iambic share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (47,400,796 shares after the offering per the 424B4, not counting the underwriters' option on 1,406,250 more shares; no filing on EDGAR reported it exercised as of Nov 6, 2026)47.41Former preferred and note holders, founders, staff and buyers in the IPO100.0%100.0%Yes
Holders of 5% or more
Iambic holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Catalio entities (director R. Jacob Vogelstein shares power over them)8.9%–Jun 30, 2026S1, S84,196,585 shares after the offering per the 424B4 table, including 742,546 from converted notes. A Form 4 filed Oct 19, 2026 reports the same 4,196,585 shares after the Oct 16 conversions.
Nexus Ventures V Ltd.6.8%–Jun 30, 2026S13,237,199 shares after the offering per the 424B4 table.
Ascenta Capital entities (director Evan Rachlin shares power over them), including IPO purchase5.6%–Oct 16, 2026S13, S12,646,002 shares: a Form 4 filed Oct 19, 2026 reports 2,588,248 held by Ascenta Capital Fund I, including 718,750 bought at $16.00 in the IPO, and 57,754 by an Ascenta SPV. 5.6% is a Cityfort calculation from that Form 4 and the 424B4 share count. The 424B4 table, which leaves out IPO purchases, showed 1,927,252 shares (4.1%).

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
18What it does with profit

18What it does with profit

What does Iambic do with its profit?

Iambic has paid no dividends, and the 424B4 says it does not anticipate paying cash dividends for the foreseeable future. At the IPO, preferred stock turned into 28,524,929 common shares.

  • Money raised · Oct 16, 2026

    IPO completed: 9,375,000 new shares sold at $16.00 (offering price in the 424B4 dated Oct 14, 2026), $150.0 million before underwriting discounts and costs. Iambic estimated it would keep about $135.0 million.

    $150M

  • Money raised · Aug 14, 2026

    Convertible notes: $66.5 million of 8.0% notes issued from Aug 14 to Sep 11, 2026. They turned into 4,949,237 shares at the IPO, at 85% of the $16.00 offering price per Form 4 footnotes.

    $66.5M

Sources (4)
19Governance signals

19Governance signals

What do Iambic's governance filings show?

Auditor
Deloitte & Touche LLP, since 2025
Auditor changes
Sep 4, 2025: Ernst & Young LLP → Deloitte & Touche LLP (The board dismissed EY on the audit committee's recommendation. The 424B4 reports no disagreements, and one reportable event: the internal-control weakness remediated as of Dec 31, 2024.)
Audit qualifications
None reported
Related-party dealings
Holders of more than 5%, firms tied to directors and some directors and officers bought Iambic's preferred stock. Catalio, Ascenta and the Rastetter Family Trust bought its convertible notes. The 424B4 says these deals came before its formal related-person policy took effect.
Credit rating
Not checked for this page

Flags to know about

  • disclosure · Nov 6, 2026

    No quarterly report yet

    Iambic listed on Oct 15, 2026. As of Nov 6, 2026 EDGAR showed no 10-Q, earnings release or proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more; the latest reported period is the six months to Jun 30, 2026.

  • other

    Past weakness in internal control

    The 424B4 says a material weakness in internal control was identified in 2023 and remediated as of Dec 31, 2024.

  • related party

    Related-person policy only from the IPO

    Share and note sales to holders and director-linked firms came before the formal policy, so they were not subject to its review, per the 424B4.

  • other

    Staggered board

    Directors sit in three classes with staggered terms, per the 424B4.

Sources (2)
20What the market paid

20What the market paid · price as of Nov 5, 2026

What did the market pay for Iambic on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Iambic shares closed at $11.64 on Nasdaq. Market value = $11.64 × 47,400,796 shares outstanding after the offering = about $551.7 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the 424B4 filed Oct 15, 2026); the count leaves out the underwriters' option on 1,406,250 shares. P/E (price ÷ earnings per share) is not shown because Iambic makes a net loss. The offering price was $16.00 (424B4 dated Oct 14, 2026). On the first trading day, Oct 15, 2026, the shares opened at $16.15 and closed at $18.91 on Nasdaq.

Share price
$11.64
Market value (market cap)
$552M

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 47.4 million ($11.64 × 47.4 million shares ≈ $552M). Source: Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026; EDGAR submissions index, Iambic Therapeutics, Inc., CIK 0001997038, read Nov 6, 2026

Source: Nasdaq historical prices for IAM, Oct 15 to Nov 5, 2026; Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026

Sources (3)
21How it got here

21How it got here

How did Iambic get here?

  1. 2019

    Milestone

    Founded as Entos

    Incorporated in Delaware in October 2019 as Entos, Inc., co-founded by Thomas Miller and Frederick Manby. It later became Iambic Therapeutics.

  2. 2024

    Milestone

    First partner revenue

    The Lundbeck agreement of September 2024 brought $1.2 million of revenue in FY2024.

  3. 2025

    Milestone

    Revolution Medicines and a new auditor

    Iambic signed Revolution Medicines in May 2025 and replaced Ernst & Young with Deloitte on Sep 4, 2025.

  4. 2026

    Milestone

    Takeda and AbbVie

    Takeda signed in February 2026 with $27.0 million upfront. AbbVie signed on Sep 18, 2026 with $40.0 million upfront required.

  5. 2026

    Milestone

    Convertible notes

    Iambic issued $66.5 million of 8.0% convertible notes from Aug 14 to Sep 11, 2026. They turned into 4,949,237 shares at the IPO.

  6. 2026

    Business-model change

    IPO and Nasdaq listing

    After a 1-for-5.2587 reverse stock split on Oct 7, 2026, Iambic sold 9,375,000 shares at $16.00. Nasdaq approved the listing on Oct 14, and trading began on the Nasdaq Global Select Market on Oct 15, 2026.

  7. 2026

    Milestone

    IAM1363 data at a cancer congress

    Iambic presented updated IAM1363 data in a poster at the ESMO 2026 congress on Oct 23, 2026, according to its Oct 26 press release. The data cutoff was Aug 31, 2026, the same as in the 424B4.

Sources (4)

22Sources and changes

Where every number on this page comes from

Sources (9 documents)
  1. S1Iambic Therapeutics, Inc. final prospectus, Form 424(b)(4), dated Oct 14, 2026 · SEC EDGAR (filed by Iambic Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 15, 2026
  2. S6Iambic Therapeutics, Inc. Form 8-K dated Oct 16, 2026 (restated charter and bylaws on completion of the IPO) · SEC EDGAR (filed by Iambic Therapeutics, Inc.) · Tier 1: company or exchange filing · Oct 16, 2026
  3. S8Form 4, Catalio Capital Management, LP and related reporting persons: conversions on Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 19, 2026
  4. S11Nasdaq historical prices for IAM, Oct 15 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 6, 2026
  5. S12EDGAR submissions index, Iambic Therapeutics, Inc., CIK 0001997038, read Nov 6, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
  6. S13Form 4, Evan Rachlin (Ascenta Capital entities): conversions and purchase of 718,750 shares at $16.00 on Oct 16, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 19, 2026
  7. S14Form 4, Thomas F. Miller (CEO): RSU and option awards on Oct 14, 2026 · SEC EDGAR · Tier 1: company or exchange filing · Oct 16, 2026
  8. S15Nasdaq certification of approval for listing (Form CERT), Iambic Therapeutics, Inc., Oct 14, 2026 · SEC EDGAR (filed by The Nasdaq Stock Market LLC) · Tier 1: company or exchange filing · Oct 14, 2026
  9. S16Iambic Presents Updated IAM1363 Clinical Data at ESMO 2026 (press release, Oct 26, 2026) · Iambic Therapeutics, Inc. · Tier 3: context only · Oct 26, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, from the 424B4 dated Oct 14, 2026, Form 4s filed Oct 16 and 19, 2026, and Nasdaq prices through Nov 5, 2026. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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