Iambic Therapeutics, Inc. (IAM)

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AI: Fair-priced

Price checkIAM’s latest verified regular-session closing quotation was $15.80 on October 21, 2026 at 4:00 p.m. EDT, slightly below its $16 IPO price.

SEC confirms Iambic Therapeutics, Inc., CIK 0001997038, Nasdaq Global Select Market common stock, ticker IAM. It began trading October 15, 2026. This is not the unrelated historical I-AM Capital ticker. Only five sessions had traded by October 21; closing snapshot is not separately verified execution time.

Big pictureCalculated post-IPO basic market capitalization is about $749 million, rising to a gross $871 million if disclosed options, RSUs and warrants all issue shares.

The final prospectus reports 47.40 million basic shares. At $15.80 this implies $748.9 million equity value. Gross fully exercised potential shares are about 55.12 million, but some options are out of the money and awards contingent; this is not GAAP diluted shares. Calculated TTM collaboration revenue is $18.25 million, making P/S around 41x. Pro forma estimated June cash after financing was $409.4 million; not an October balance or enterprise value. Fair-priced reflects early pipeline and partnerships balanced by uncertain efficacy, losses and dilution.

Business strengthFirst-half 2026 collaboration revenue rose to $12.75 million, but operating loss was $53.5 million and cash used in operations $24.9 million.

Latest available statements are unaudited six-month data through June 30 in the IPO prospectus. Iambic combines AI drug discovery with experimental biology, has no approved products or drug sales, and receives collaboration revenue from pharma partners. June cash was $207.9 million before the September convertible financing and IPO. Management expects funding into or through 4Q28; this is forward-looking guidance. Positive deferred collaboration payments benefited operating cash flow and carry future obligations.

What could change the storyIAM1363 clinical results, IAM217 entering human studies and partner milestones are catalysts; clinical failure and cash consumption are major risks.

IAM1363 is in Phase 1/1b; preliminary response observations are uncontrolled and do not establish efficacy or durability. IAM217’s IND submission is a milestone, not FDA clearance. IAM-C1 remained preclinical. AbbVie collaboration included a contractual $40 million upfront, but receipt was not assumed in June cash. IPO proceeds support trials and platform; more capital may eventually be needed. Track confirmed trial results, IND clearance, collaboration receipts and quarterly cash use.

AI: News

October 16, 2026: Iambic completes $150 million base IPOIambic completed issuance of 9.375 million new shares at $16 each and began Nasdaq trading under IAM.

The prospectus estimated about $135 million net proceeds. A 30-day option for 1.406 million additional shares was not verified as exercised. Financing supports IAM1363, IAM217, IAM-C1 and platform development; it does not establish clinical success.

October 5, 2026: Iambic submits IND for IAM217The company submitted an IND for its AI-designed KIF18A inhibitor IAM217, its second wholly owned oncology candidate.

Submission is a completed development step but not FDA clearance or human efficacy evidence. Reported tumor regression was in a preclinical model, not a clinical outcome. A Phase 1/2 study is planned subject to regulatory clearance.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2025

Financial statements

	2025	2024
Revenue	$9.4M	$1.2M
Research & development	$77.5M	$45.7M
Operating income	−$82.3M	−$53.9M
Operating margin	−873.65%	−4,512.31%
Net income	−$77.3M	−$47.9M
Net profit margin	−820.02%	−4,009.80%
Diluted EPSper diluted share	-$18.80	-$11.75