Biotech IPOs Roar Back, With Nvidia-Backed Iambic Next in Line

The San Diego company, founded in 2019 by CEO Thomas Miller and CTO Fred Manby, disclosed its Form S-1 on Monday without setting a share count or price range. Iambic combines human-led drug discovery with AI-enabled computational methods. J.P. Morgan, Jefferies, BofA Securities and Citigroup are leading the offering. 

According to the filing, the company’s top use of proceeds will be for their AI-designed IAM1363 for HER2-wild-type and HER2-mutated cancers, such as non-small cell lung cancer. The asset is an oral brain-penetrant HER2 inhibitor, and is now in phase 1 testing for advanced HER2-altered solid tumors, with a potential registrational study targeted for as early as 2027.

From Iambic pipeline

The filing comes as biotech issuance rebounds from an exceptionally weak 2025, when just 11 drug developers went public on U.S. exchanges, the lowest level since the pandemic. For comparison, according to BioSpace, 2024 had 19 companies completing their US IPOs, 2023—13, and 2022 had 17. 

In these almost nine months of 2026, 26 biotechs had gone public, and several of the U.S. deals were substantially larger than the offerings seen during the downturn.

The year opened with Aktis Oncology’s $318 million Nasdaq debut, followed by Eikon Therapeutics’ $381 million offering, Veradermics' $256 million offering and Generate’ $400 million IPO in February. In the spring, Kailera Therapeutics priced a $625 million offering, eventually taking gross proceeds to $718.8 million after the underwriters exercised their option in full. Parabilis Medicines followed with a $670 million IPO in June, and Kardigan priced an upsized $400 million deal.

The reopening has extended beyond loud headline transactions—smaller rounds have been completed all across the globe.