Lisata Therapeutics and North Immunology both announced stock-for-stock reverse mergers alongside private placements, landing new public-company vehicles focused on late-stage runway and clinical development. The transactions arrived within hours of each other, underscoring continued interest in alternative routes to public markets. Lisata’s acquisition of Marea Therapeutics combines its balance-sheet-backed strategy with access to a cardioendocrine monoclonal antibody, MAR001/005 (ANGPTL4), reported in Phase 2b for severe hypertriglyceridemia. North Immunology’s merger with Aethlon Medical creates a combined company expected to trade under the ticker NRTX, aimed at advancing NOR-101, a half-life-extended IL-13 x IL-18 bispecific for atopic dermatitis. Investors will watch both deals for follow-through on financing, clinical timelines, and whether the planned public-company platforms accelerate development decisions.