La Jolla-based biotech Ambrx Inc. withdrew its plans for an initial public offering, citing current market conditions, according to Renaissance Capital.

In May, the company announced that it had filed for an IPO aiming to raise $86 million.

Ambrx, founded 2003, is working on protein-based therapeutics targeting diseases including cancer and autoimmune conditions. With extensive intellectual property protections, including 100 U.S. patents, it employs about 75 and has a number of corporate partnerships.

Lawson Macartney is Ambrx’s CEO.