Biotech financing and exit activity continued to accelerate through reverse mergers and new offerings. Caldera Therapeutics agreed to merge with Synlogic as part of a reverse deal, while also raising $278 million in a concurrent private financing to fund its Phase 1-to-Phase 2 path for an inflammatory bowel disease bispecific. Meanwhile, the public markets remain active for smaller biotechs: Attovia, Braveheart Bio, and Vogenx each targeted IPO fundraising collectively exceeding $500 million, signaling sustained investor appetite for clinical-stage assets with clear differentiation. Together, these moves show continued capital formation even as later-stage certainty remains uneven across the sector.