Iambic secures $100M for selective HER2 breast cancer drug as biotech financings surge

Iambic raises $100M to push AI-discovered HER2 breast cancer therapy and expand pipeline

Iambic secured $100 million to advance its lead program, IAM1363, a selective HER2 inhibitor showing early signs of efficacy and clean safety in heavily pretreated cancer patients. The company is positioning the drug to avoid EGFR-related toxicity-a frequent drawback in this class.

Phase 1/1b data presented at the European Society for Medical Oncology (ESMO) in Berlin showed anti-tumor activity and a favorable safety profile. For clinical and research teams tracking HER2 innovations, the readout and mechanism are worth watching. ESMO maintains updates on trial presentations and abstracts.

Why this matters

HER2 remains a high-value oncology target beyond breast cancer. A selective small molecule that dodges EGFR could expand treatment options for patients who've cycled through existing regimens. If safety holds and activity deepens, this asset could find a lane alongside antibodies and antibody-drug conjugates.

Strategic move with Jazz

Iambic announced a research collaboration with Jazz Pharmaceuticals to evaluate IAM1363 alongside Jazz's HER2-targeting bispecific antibody zanidatamab (Ziihera), which the FDA approved for advanced HER2-positive biliary tract cancer. For context on approvals and labels, check the FDA's searchable resources for oncology therapeutics. FDA: Approved Drugs

How Iambic builds its drugs

Iambic's platform applies AI to small-molecule discovery, aiming for higher selectivity, potency, and safety. Beyond IAM1363, the new capital supports two programs heading into the clinic: a selective dual CDK2/CDK4 inhibitor and an allosteric inhibitor of KIF18A.

Who backed the round

Disclosed investors include Abingworth, Alexandria Venture Investments, Alumni Ventures, ARK, Ascenta, Catalio, Everbright Biofund, Freeflow Ventures, Illumina Ventures, Mubadala, Pegasus Tech Ventures, Qatar Investment Authority, Regeneron Ventures, Sequoia, Tao Capital Partners, Terra Magnum Capital Partners, and Wilson Sonsini Goodrich & Rosati.

Biotech financing recap: what's moving and why it matters

• Gate Bioscience - $65M (Series B): Oral "molecular gates" block secretory channels in cells to prevent disease-causing proteins from entering circulation; late-preclinical to Phase 1. Led by Forbion; Eli Lilly participated.
• Neok Bio - $75M (Series A): Next-gen bispecific ADCs targeting dual antigen pairs for cancer; two programs to the clinic by mid-2026. ABL Bio was principal investor.
• Azalea Therapeutics - $82M (Series A): In vivo cell-selective delivery of transient CRISPR-Cas9; advancing a CD190-based in vivo CAR-T for B cell malignancies/autoimmune disease and a BCMA program for multiple myeloma. Led by Third Rock Ventures.
• AAVantegarde Bio - $141M (Series B): Advancing two IRD gene therapies: AAVB-039 (Stargardt, ABCA4 mutation, mid-stage) and AAVB-081 (Usher 1B RP, MYO7A, Phase 1/2). Co-led by Schroders Capital, Atlas Venture, Forbion.
• Zag Bio - $80M (Series A): Tolerance-inducing antigens delivered to the thymus for autoimmune disease; lead ZAG-101 aims to delay/prevent type 1 diabetes. Co-led by Polaris Partners and the T1D Fund.
• Hemab - $157M (Series C): Registration-enabling study for sutacimig in Glanzmann thrombasthenia; expansion to Factor VII deficiency; continued early work on HMB-002 for VWD. Led by Sofinnova Partners.
• Faeth Therapeutics - $25M: Phase 2 of PIKTOR (serabelisib + sapanisertib) plus paclitaxel in endometrial cancer; Phase 1b showed 80% ORR and 11-month median PFS vs 3-4 months historical with chemo alone. Led by S2G Investments.
• Bexorg - $42.5M (Series A): AI-driven CNS drug discovery using data from drugs tested in recently deceased human brains. Led by Venture Engines.
• Tubulis - €308M (~$301M, Series C): Funds TUB-040 ADC in Phase 1/2a for platinum-resistant ovarian cancer and R/R NSCLC; move to earlier lines and new tumors. Led by Venrock Healthcare Capital Partners.
• Step Pharma - €38M (~$43.6M, Series C): Dencatistat, an oral CTPS1 inhibitor in Phase 1/2 for R/R T or B cell lymphoma; separate Phase 1 in solid tumors. Led by V-Bio Ventures.
• Veradermics - $150M (Series C): Pivotal studies of VDPHL01, an extended-release oral minoxidil for pattern hair loss in men and women.
• Mission Therapeutics - $13.3M: Phase 1b of MTX325, a brain-penetrant USP30 inhibitor for Parkinson's designed to promote disposal of dysfunctional mitochondria. Backed by Pfizer Ventures, Sofinnova Partners, Roche Venture Fund, SR One, IP Group, Rosetta Capital.
• Excellergy - $70M (Series A): Effector cell response inhibitors for allergy with three mechanisms for faster, more complete control; first-in-human targeted for early 2026. Led by Samsara BioCapital.
• Kailera Therapeutics - $600M (Series B): Funds late-stage testing of KAI-9531, a weekly GLP-1/GIP injectable for obesity; aims for greater weight loss vs market leaders. Led by Bain Capital Private Equity.
• Kardigan - $254M: Three lead programs: danicamtiv (cardiac myosin activator for genetic DCM), tonlamarsen (angiotensinogen-targeted bridging therapy for ASH), and ataciguat (oral sGC activator for CAVS). Follows $300M Series A.
• Vertero Therapeutics (formerly Axial) - $20M (Series D): VT-5006, an oral small molecule targeting a validated gut pathway tied to protein aggregation in Parkinson's; heading to Phase 1. Backers include OneVentures and Seventure.
• Expedition Therapeutics - $165M (Series A): Phase 2 of EXPD-101, a once-daily DPP1 inhibitor aimed at neutrophilic inflammation in COPD. Co-led by Sofinnova Investments and Novo Holdings; asset licensed from Fosun Pharma.
• AeroRx - $21M (Series A): Phase 2b for AERO-007, a nebulized fixed-dose LABA/LAMA combo for COPD. Led by Avalon Bioventures.
• Nilo Therapeutics - $101M (Series A): Targeting neural circuits to rebalance immune function in autoimmune disease; science from Columbia's Charles Zuker. Led by The Column Group, DCVC Bio, Lux Capital.
• TORL BioTherapeutics - $96M (Series C): Ongoing pivotal Phase 2 of CLDN6-targeting ADC TORL-1-23 in platinum-resistant ovarian cancer; confirmatory Phase 3 planned for 2026; data expected in 2027.
• Cartography Biosciences - $67M (Series B): Advancing CBI-1214, a T cell engager against LY6G6CD for colorectal cancer, into the clinic. Led by Pfizer Ventures.
• OncoC4 - $50M (Series B): Progressing AI-081, a PD-1/VEGF bispecific antibody in Phase 1 for solid tumors; company highlights potential efficacy and safety gains. Led by GBA Fund.
• Crystalys Therapeutics - $205M (Series A): Phase 3 for dotinurad, an in-licensed URAT1 inhibitor for gout; already approved in parts of Asia. Co-led by Novo Holdings, SR One, Catalys Pacific.
• Arthosi Therapeutics - $153M (Series E): Two Phase 3 studies of URAT1 inhibitor pozdeutinurad fully enrolled; preliminary data expected Q2 2026. Led by Prime Eight Capital Limited.

Takeaways for operators and investors

• Selective mechanisms with cleaner safety (e.g., HER2 without EGFR crossover) are drawing late-stage capital.
• AI-guided discovery is moving beyond hype as programs hit dose-expansion and combo studies.
• Multiple shots on goal-platforms with 2-3 near-clinic assets-are getting rewarded.
• Indication breadth matters: oncology remains hot, but COPD, cardiovascular, neuro, and immunology show renewed momentum.

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