Two AI-Focused Biotechs Raise $350M Combined in IPO Revival

· Health · United States

City Therapeutics priced a $200 million IPO and began trading, becoming the 26th biotech to go public in 2026, with proceeds supporting three RNAi medicines in or nearing clinical testing plus earlier research into treatments that reach tissues outside the liver. Separately, AI drug discovery specialist Iambic raised $150 million in its own IPO, telling regulators its approach could disrupt legacy drug discovery. The two listings add to a rebound in biotech offerings this year, and follow Iambic CEO Tom Miller's comments on taking an AI drug company public and navigating the roadshow. Investors are weighing whether AI-driven discovery and next-generation RNAi can deliver differentiated pipelines as more young companies test the public markets.

Why it matters：The pair of listings signals renewed investor appetite for early-stage biotech, especially companies pitching AI and next-generation RNAi, and will be watched as a gauge of whether the IPO window stays open for the sector.

Key points

  • City Therapeutics priced a $200M IPO to fund three RNAi medicines and research into tissues beyond the liver.
  • Iambic, an AI drug discovery company, raised $150M in its own IPO, claiming its approach could disrupt legacy drug discovery.
  • City is the 26th biotech IPO of 2026, part of a rebound in industry listings.

Sources (original reporting)

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