Nvidia-backed Iambic Therapeutics files for a Nasdaq IPO as ADARx sets a $15 to $17 range

Iambic Therapeutics, a San Diego drug developer that uses AI models to design medicines, filed on Monday for an initial public offering on the Nasdaq Global Select Market under the ticker "IAM," according to its Form S-1. Nvidia is one of its largest shareholders. J.P. Morgan, Jefferies, BofA Securities and Citigroup are leading the deal.

On the same day ADARx Pharmaceuticals set terms for its own Nasdaq IPO: 21,875,000 shares at $15 to $17 each under the ticker "ADRX." That would raise about $328 million to $372 million before fees.

What Nvidia owns

The S-1 lists Nvidia as a holder of 5% or more, with 9,611,286 shares. It paid $20 million for Series B preferred stock and another $5 million in a later round. The two companies also work together on running Iambic's models on Nvidia hardware and software, and one of Iambic's patent families is co-owned with Caltech and Nvidia. The other 5%-plus holders named are funds tied to Catalio, Nexus Ventures, Q Healthcare Holding and Coatue. In total Iambic says it has raised about $461.8 million.

The numbers behind the AI label

Iambic's pitch is the platform. Its finances are those of a clinical-stage biotech:

• Revenue: $12.8 million of collaboration revenue in the first half of 2026, up from $3.9 million a year earlier, mainly from research work with Revolution Medicines and Takeda. Full-year 2025 revenue was $9.4 million.
• Losses: a net loss of $50.1 million in the first half and $77.3 million in 2025. The accumulated deficit was $245.3 million at June 30.
• Cash: $207.9 million at June 30, plus $66.5 million raised from convertible notes in closings through September 11.
• Pipeline: the lead drug, IAM1363, is an oral HER2 inhibitor in a Phase 1/1b trial in advanced solid tumors. Iambic says a registrational trial could start as early as 2027, subject to regulators.

So the company's value to IPO buyers depends on drug trials, not on AI revenue. Its partnership revenue covers about a quarter of what it lost in the first half.

What is still missing

The Iambic filing leaves the price range and share count blank, so there is no valuation yet. It also warns that existing investors bought "at prices lower than the price offered" in the IPO. Those figures normally come in an amended filing shortly before the shares are marketed.

The flow of listings is broad right now. AI cloud firm Nscale recently filed for a NYSE listing (our report) and smart ring maker Oura has set its range (our report).

Sources: Iambic Therapeutics Form S-1 and ADARx Pharmaceuticals Form S-1/A (SEC, September 21, 2026). This is market information, not investment advice.