ADARx Pharmaceuticals filed to target about $319 million in a potential IPO, aiming to fund continued development of its siRNA program in Phase 3. The filing also positions the company in the broader “fall IPO train” narrative as the public markets remain selective on clinical risk and platform differentiation. Separately, TRex Bio and Retension Pharmaceuticals set out plans to enter the biotech IPO cycle. Both companies are positioning their lead programs and financing needs around the timetable for going public, aiming to capitalize on improving liquidity. For investors and dealmakers, these moves provide new data points on valuation expectations for clinical-stage platform biotechs and therapy-focused newcomers.