City Therapeutics, the RNAi startup founded in 2023 by former Alnylam chief executive John Maraganore, revealed in a Friday SEC filing that it expects to raise around $158.3 million at $18 a share. The company plans to divide the proceeds across its pipeline: $30 million for CITY-FXI, now in a Phase 1 trial for thrombosis with a Phase 2 planned in knee replacement surgery; $20 million for CITY-RBP4 in Stargardt disease and geographic atrophy; $40 million for CITY-TFR2 in anemia associated with myelofibrosis; and $70 million for platform development and preclinical work.
Iambic Therapeutics, the Nvidia-backed company that uses AI to develop drugs, is aiming to raise up to $159.4 million in its U.S. IPO, valuing the drugmaker at up to $805.8 million toward the top of its indicated range. Iambic is marketing roughly 9.38 million shares at $15 to $17 apiece, and ARK Investment Management and Duquesne Family Office have indicated interest in buying $60 million of shares. Founded in 2019 as Entos, the San Diego company is advancing AI-designed candidates for solid tumors and has partnerships with AbbVie and Takeda; its lead asset IAM1363, an oral therapy for advanced HER2-altered solid tumors, is in a Phase 1/1b trial and expected to enter a registrational study next year. Pricing is set for October 15, with J.P. Morgan, Jefferies, BofA Securities and Citigroup as lead underwriters.
The filings land in the busiest biotech IPO year since 2021. BioSpace counts 29 biotech listings in 2026, against just 8 in all of 2025, with TRexBio and Retension pricing Thursday and Aspen Neuroscience and Bambusa Therapeutics filing Friday. The window is open, but pricing discipline remains: recent debuts have clustered at the low end of ranges, making cornerstone demand like Iambic’s $60 million indication a key signal.