Iambic Therapeutics ($IAM) filed for IPO. The San Diego company fuses large-scale AI with automated chemistry and biology to speed drug discovery, with clinical programs IAM1363, IAM217, and IAM-C1 in

Proceeds are earmarked for the clinic: advancing IAM1363, IAM217, and IAM-C1. No debt paydown, no vague "general corporate" hedging — this is a raise built to push candidates through trials. Risks worth flagging: clinical programs can fail or stall, the proprietary AI and automated experimentation platform may not yield successful candidates, and the company will need substantial additional capital to keep operating. The AI drug discovery space has been brutal for public investors — Recursion, Exscientia, BenevolentAI all stumbled. Iambic's pitch is a lead candidate that reached the clinic in under two years with early safety data. Clinical validation is the only currency that trades now.

Proceeds are earmarked for the clinic: advancing IAM1363, IAM217, and IAM-C1. No debt paydown, no vague "general corporate" hedging — this is a raise built to push candidates through trials.