Iambic files S-1 to take AI drug platform public on Nasdaq

Iambic Therapeutics, Inc. filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed Nasdaq listing of its AI drug-discovery business, a same-day finance event alongside its Enchant v3 launch and an AbbVie collaboration.

FINANCE desk — AI drug discovery is not only partnering with Big Pharma; it is filing to go public on the same day.

Who the filer is, on those SEC pages. The company header lists SIC 2836, Biological Products (No Diagnostic Substances). An SIC code is the SEC’s industry label, not a lab result. The same header lists a business address at 5627 Oberlin Drive, Suite 120, San Diego, CA 92121, a phone number of (626) 592-2520, and Delaware as the state of incorporation. The prospectus cover prints the same San Diego address and a different phone, (619) 330-5499, as the principal executive office. It names Thomas Miller, Ph.D., chief executive officer, as the agent for service. File each phone with the page that prints it. This desk did not call either number. The prospectus overview says Iambic is a technology and clinical-stage life sciences company that combines proprietary large-scale artificial intelligence with automated chemistry and biology to design small-molecule drugs. It calls that approach molecular superintelligence. Artificial intelligence, or AI, here means software that proposes and ranks molecules. File that self-description as the prospectus. It is not a finding that a drug works.

What the cover actually offers. The document is a preliminary prospectus, dated September 21, 2026, and marked subject to completion. The cover says these securities may not be sold until the registration statement is effective. Effective means the SEC has let the sale go ahead. The cover says Iambic is offering shares of common stock, and that the initial public offering price is expected to be between a blank dollar figure and a blank dollar figure. The number of shares is blank. Iambic says it has applied to list the common stock on the Nasdaq Global Select Market under the symbol “IAM,” and that this offering is contingent on Nasdaq approving that listing. Nasdaq is a U.S. stock exchange. Global Select is the tier named on the cover. A ticker is the short symbol a trader would type. Applied is not listed. Contingent means the sale does not happen unless that approval arrives. The cover names four underwriters: J.P. Morgan, Jefferies, BofA Securities, and Citigroup. An underwriter is a bank that runs the share sale. Citigroup is the bank people shorten to Citi. The date the underwriters expect to deliver the shares is blank, printed as on or about a missing day in 2026. The cover also checks the boxes for a non-accelerated filer, a smaller reporting company, and an emerging growth company. Those are SEC categories that let a newer, smaller issuer use lighter disclosure rules. They are not a grade of the science.

The $100 million figure is a fee estimate, not a price. On the separate fee table, under Rule 457(o), Iambic entered a proposed maximum aggregate offering price of $100,000,000 for common stock with a par value of $0.001 per share. Par value is a legal face amount on the stock certificate. It is not what an investor would pay. The registration fee printed beside that total is $13,810. The footnote says the $100 million is estimated solely to compute that fee, and that the total includes any extra shares the underwriters have an option to buy. 24/7 Wall St.’s same-day card, stamped 4:26 p.m. ET, says pricing terms and deal size are not set, and that the next concrete step is a pricing amendment. File $100 million as the fee-table estimate. Do not file it as a valuation, a share count, or the size of a deal that has been priced.

The lead drug, in the prospectus summary, not in a trial readout. IAM1363, the company says, is an oral small-molecule inhibitor of human epidermal growth factor receptor 2, or HER2. HER2 is a protein some tumors use to grow. The prospectus calls the drug highly selective, pan-mutant, and brain-penetrant. Pan-mutant, in that sentence, means it is aimed at many changed forms of HER2. Brain-penetrant means the company says the molecule can reach the brain. As of September 2026, the company says IAM1363 is in an ongoing, open-label, multi-center Phase 1/1b basket trial in patients with advanced HER2-altered solid tumors. Phase 1/1b is an early human study, mainly about safety and dose. A basket trial enrolls people who share a tumor change across more than one cancer. The company says it anticipates a registrational trial as early as 2027, subject to regulatory feedback. A registrational trial is the study a company hopes a regulator will treat as enough to consider approval. The prospectus also says the platform is novel and unproven, and that it has not yet led to an approved drug. The use-of-proceeds section says Iambic intends to spend the offering, together with cash it already has, on clinical development of IAM1363, on two earlier programs named IAM217 and IAM-C1, and on working capital. The lines that say how far those two earlier programs would be taken are blank. File all of that as the prospectus. This desk did not review patient charts.

Do not fill in the blanks. Do not say the IPO has priced. Do not say IAM has begun trading. A finished offering would show a price range, a share count, and an effective registration statement. None of those are on this card. Do not read this filing as the Enchant v3 model launch or as the AbbVie collaboration. Those are the same calendar day, and they are already filed on their own. Do not turn the fee-table $100 million into a market value. Do not turn a Phase 1/1b study into an approved medicine.

Plain English for the rest of the card: Form S-1 = the SEC form for a first public share sale. IPO = that first sale. CIK = the SEC’s company number. SIC = the SEC’s industry code. preliminary prospectus = a draft sale document; the price and the share count are still blank. ticker = the symbol applied for, IAM. Nasdaq Global Select = the exchange tier named on the cover. underwriter = a bank running the share sale. Rule 457(o) = the SEC rule that lets a company put an estimated total on the fee table before a price exists. HER2 = a protein some tumors use to grow. Phase 1/1b = an early human safety-and-dose study. This card is the 21 Sep registration filing. It is not a priced IPO, and it is not a trade.

PRIMARY here: the SEC EDGAR company search for CIK 0001997038 and the 21 Sep 2026 Form S-1, accession 0001193125-26-396704, file number 333-299057 — Tier A PRIMARY, the regulator’s own record — including the filing index, the preliminary prospectus, and the Rule 457(o) fee table. 24/7 Wall St.’s same-day card is corroboration that terms and deal size are not set. Reuters, carried on MarketScreener the same day, corroborates the Monday filing, the IAM symbol, the four underwriters, San Diego, and an early-stage IAM1363 trial. The CIK, the SIC 2836 label, the San Diego address, the (626) 592-2520 header phone, the accession, the file number, the film number, and the 16:26:02 acceptance stamp are the EDGAR header and index. The blank price range, the blank share count, the Nasdaq Global Select application under IAM, the contingent-listing line, the four underwriter names, the lighter-disclosure checkboxes, the IAM1363 Phase 1/1b description, the no-approved-drug line, and the use-of-proceeds blanks are the prospectus. The $100,000,000 figure, the $13,810 fee, and the note that the figure is estimated solely to compute the registration fee are the fee table. NOT claimed: a priced offering, a share count, a valuation, that $100 million is the deal size, that IAM is trading, FDA approval, a filled-in price range, that this desk called the company or audited the shareholder list, a stock tip, or investment advice. Distinct from the already-filed abbvie-iambic-ai-drug, iambic-enchant-v3, neosapience-kosdaq-ipo, and fda-nams-nonclinical-rule.