Iambic Therapeutics on Thursday said it plans to sell nearly 9.4 million shares at between $15 and $17 apiece in its initial public offering price.
At the $16 midpoint of that price range, the San Diego technology and clinical-stage life-sciences company said it expects net proceeds of about $135 million, or around $155.9 million if the underwriters exercise an option to buy an additional 1.4 million shares.
Iambic, which is developing small-molecule medicines through an AI-driven platform, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs through the end of 2028.
Iambic said it would have about 48.8 million shares outstanding after the IPO and private placement, assuming an exercise of the overallotment option, for a market capitalization topping $780 million at the $16-a-share pricing midpoint.
The company said it has applied to list its shares on the Nasdaq Global Select Market under the symbol IAM.