Iambic Therapeutics, an AI-driven pharmaceutical company backed by chip titan NVIDIA and Qatar's sovereign wealth fund, submitted its initial public offering filing in the United States on Monday, adding to a crowded slate of biotech listings expected this autumn.

Despite a rocky start to the fall IPO window on Wall Street amid concerns over Iran tensions, AI-fueled industry disruption, climbing bond yields, and interest rate hikes, analysts note that biotech flotations have remained largely insulated from those pressures. A wave of acquisitions by major pharmaceutical firms has provided solid underpinning for the sector's listing activity this year.

Drug developers Retension Pharmaceuticals and TRex Bio also filed for U.S. IPOs last Friday, while ADARx Pharmaceuticals kicked off its investor roadshow earlier on Monday. "The top five performing IPOs this year, all with deal sizes of $50 million or more, came exclusively from the biotech space. That is largely driven by drug development milestones and merger activity," said Matt Kennedy, senior strategist at Renaissance Capital, a research firm focused on IPOs and related ETFs.

Founded in 2019 under the name Entos, Iambic is advancing a pipeline of drug candidates developed on its artificial intelligence platform, with a focus on treating solid tumors. Its most advanced candidate, IAM1363, is currently undergoing early-stage clinical trials for solid tumors including breast cancer.

Earlier, Iambic announced a multi-year collaboration with pharmaceutical giant AbbVie aimed at accelerating the discovery of AI-based small-molecule therapies. The San Diego, California-headquartered company has also forged partnerships with drugmakers including Takeda, Lundbeck, Revolution Medicines, Jazz Pharmaceuticals, and Bayer.

Iambic intends to sell new shares in the offering. Since its inception, the company has raised approximately $461.8 million from investors focused on technology and healthcare sectors. Beyond NVIDIA and the Qatar Investment Authority, its key backers include investment firms Catalio, Nexus Ventures, and Coatue Management.

JPMorgan, Jefferies, BofA Securities, and Citigroup are serving as underwriters for the offering. Iambic plans to list on the Nasdaq under the ticker symbol "IAM."