- Author’s SOTP values IAM’s pipeline, partnerships, and AI platform at ~$530M bear / $1.05B base / $2.3B bull versus ~$484M market cap; base implies ~115% upside, with shares ~$1.60 above ~$385–409M pro forma cash.
- IAM1363 is the key drug upside: author assigns $30M/$250M/$500M bear/base/bull values, citing Tukysa’s $463M 2025 sales and higher Phase 1 approval rates for biomarker-selected drugs.
- The thesis needs only one approval, another large deal, or another model jump, but all three drugs remain pre-approval/early-stage; KIF18A has 10+ rivals, and SOTP depends on the author’s chosen multiples and probabilities.
Investment pitches
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