AI drug discovery company Iambic Therapeutics, backed by Nvidia and Qatar’s sovereign wealth fund QIA, filed for a U.S. IPO on September 21. It plans to list on Nasdaq under the ticker IAM. The number of shares to be issued and the price range have not yet been set. The company was founded in 2019, with its pipeline focused on solid tumors. Its most advanced program, IAM1363, is in early clinical development. Its key selling point is that molecules are designed by an AI platform and advanced to the clinic within two years.
Financially: in the first half of this year, it posted a net loss of $50.10 million and revenue of $12.8 million; in the same period last year, it lost $33.2 million and generated $3.9 million. Revenue grew significantly, but losses expanded even faster. Moreover, revenue comes mainly from collaborations rather than drug sales. On the day of the filing, it also announced a multi-year partnership with AbbVie. Previous partners include Takeda and Bayer. My take is that this deal is priced more on the “Nvidia halo”: the AI drug discovery story sells platform imagination, not clinical data.
$NVDAB
Let me ask you this: would you subscribe to this kind of offering, or wait for the first clinical readout before jumping in?
Financially: in the first half of this year, it posted a net loss of $50.10 million and revenue of $12.8 million; in the same period last year, it lost $33.2 million and generated $3.9 million. Revenue grew significantly, but losses expanded even faster. Moreover, revenue comes mainly from collaborations rather than drug sales. On the day of the filing, it also announced a multi-year partnership with AbbVie. Previous partners include Takeda and Bayer. My take is that this deal is priced more on the “Nvidia halo”: the AI drug discovery story sells platform imagination, not clinical data.
$NVDAB
Let me ask you this: would you subscribe to this kind of offering, or wait for the first clinical readout before jumping in?