The IPO Buzz: Biotechs Iambic & City Therapeutics on Center Stage

Iambic Therapeutics (IAM Proposed) and City Therapeutics (CTY Proposed) are in the spotlight this week as the only two deals on the IPO Calendar so far. Both biotechs are set to go public in a year that’s seen a resurgence in the volume of biotech sector IPOs, compared with 2025.

This week’s light IPO Calendar is coming against the backdrop of the Columbus Day holiday today, when the federal government and most banks are closed, and the start tomorrow of the earnings season. (Please see our IPO Calendar for Iambic’s and City’s pricing dates.)

Iambic Therapeutics (IAM Proposed), a Phase I cancer biotech based in San Diego, is offering 9.38 million shares at a price range of $15.00 to $17.00 to raise $150.08 million – if priced at the $16.00 mid-point of its range . At pricing, it would have a market cap of $758.41 million.

J.P. Morgan, Jefferies, BofA Securities and  Citigroup are the joint book-runners.

Iambic Therapeutics’ leading drug candidate, IAM 1363, is in a Phase 1/1B trial as a therapy for patients with HER2-altered solid tumors, the prospectus said. The company noted that a registrational trial may start as soon as 2027.

“We believe IAM1363 has the potential to be developed across multiple HER2-driven solid tumor indications, including HER2-positive breast cancer, HER2-positive gastroesophageal adenocarcinoma (GEA), HER2-amplified non-small cell lung cancer (NSCLC) and HER2-mutant NSCLC.”

Iambic Therapeutics is not profitable: Net loss of $94.25 million on collaboration revenue of $18.25 million for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.

City Therapeutics (CTY Proposed), a Phase I biotech targeting stroke prevention, a rare inherited eye disease and anemia, is offering 9.72 million shares at a price range of $17.00 to $19.00 to raise $174.96 million – if priced at the $18.00 mid-point of its range. At pricing, it would have a market cap of $905.98 million.

Goldman Sachs, Jefferies, Stifel and Oppenheimer & Co. are the joint book-runners.

City Therapeutics, based in Cambridge, Massachusetts, is a clinical biotech focused on developing RNA interference (RNAi) therapeutics to silence disease-relevant proteins, according to the prospectus.

“We are focused on thromboembolic diseases, Type 1 Stargardt disease, and anemia associated with chronic disease,” City Therapeutics said in the prospectus.

“Led by pioneers and experts in the field of RNAi, we have made rapid progress since founding our company in July 2023, discovering and advancing three programs into or toward the clinic in under three years, and our goal is for our City Platform to deliver one to two new investigational new drug application (“IND”) or IND-equivalent applications per year.”

City Therapeutics has three drug product candidates in clinical development:

-Its most advanced drug candidate, CITY-FXI, targets Factor XI and it’s in a Phase 1 study as a therapy aimed at preventing secondary stroke and a certain type of AFib (atrial fibrillation). The company plans to report more data from its Phase 1 study in late 2026. A Phase 2 study is expected to start in mid-2027.

– Its second product candidate, CITY-RBP4, is a City-engineered GalNAc-conjugated siRNA therapeutic, in development to treat Stargardt disease, which is the most common inherited macular degenerative disease in children and young adults. There are currently no approved therapies for the disease.

– Its third program, CITY-TFR2, is a City-engineered GalNAc-conjugated siRNA therapeutic candidate in development to treat anemia of chronic disease, which accounts for up to 40 percent of all anemias. This type of anemia affects more than 5 million people in the United States.

City Therapeutics is not profitable: Net loss of $87.67 million on collaboration revenue of $14.34 million for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.)

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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Source: https://www.iposcoop.com/the-ipo-buzz-biotechs-iambic-city-therapeutics-on-center-stage/