←RETURN TO 2026 IPO RADAR DECK (135 OFFERINGS)COHORT STANDING: #19 of 135
Verified SEC Filing/Calendar Year 2026
NASDAQHealth Care
$IAM
RANGE-BOUND (-50% to +50%)
Iambic Therapeutics, Inc.
OFFER PRICE$16.00
CURRENT PRICE
$15.58
CUMULATIVE RETURN
+48.80%
PRICING DATE: 10/15/26SEC FILING SNAPSHOT
SECTION 01 // FORENSIC TEARDOWN
The Seagull Executive Verdict
SURVIVAL RATING: WINNER
WHAT THE BUSINESS DOES
Uses artificial intelligence algorithms to design blueprints for new pharmaceutical drugs. Generates revenue by selling these chemical structures to large pharma.
THE WALL STREET PITCH
AI powerhouse collapsing the timeline for small-molecule drug discovery from years to months.
THE COLD REALITY
AI models cannot bypass FDA human trials; the company remains exposed to the exact same costly clinical bottlenecks and binary risks as legacy biotech firms.
SECTION 02 // CAPITAL ALLOCATION
Capital Formation & Float Scarcity
FLAG: TREASURY GROWTH
Gross Proceeds
$150.0M
Cash extracted from market
Post-Money Value
$758.4M
Total company valuation
Public Float %
19.7%
Shares available to public
Secondary Share %
0%
Insider cash extraction
CAPITAL USE ANALYSIS
Proceeds directed to balance sheet and operations.
SECTION 03 // SUPPLY SHOCK AUDITOR
Insider Lock-Up Expiration
VC DUMP RISK: ELEVATED
Expiration Calendar Date
2027-04-12
154 DAYS REMAINING
Supply Shock Multiplier
4x
Float expansion ratio upon unlock
Lockup Duration
180 Days
Contractual restriction window
SECTION 04 // SYNDICATE TELEMETRY
Underwriter Syndicate & Fee Extraction
SPREAD: 7.00%
Gross Underwriting Spread
7.00%
Standard Wall Street fee cut
Estimated Syndicate Take
$10.5M
Total fees stripped from deal
Fee Per Public Share
$1.12
Direct cut per share printed
LEAD BOOKRUNNERS & JOINT MANAGERS
J.P. MorganJefferiesBofA SecuritiesCitiBarclaysCitiWells Fargo Securities
SECTION 05 // COHORT BENCHMARK
Sector Peer & Cohort Telemetry
RANK: #19 of 135
2026 Cohort Standing
#19 of 135
Out of 135 total 2026 IPO offerings
Sector Median Return
+21.64%
Health Care sector midpoint
Sector Win Rate
78%
% of peer IPOs trading in profit
PERFORMANCE VS PEERS
Iambic Therapeutics, Inc. is currently trading above the Health Care sector median of 21.64%. Across the entire 2026 calendar year cohort, only 78% of Health Care offerings have sustained a positive return above their initial offer price.