Candid Therapeutics will go public via a reverse merger with Rallybio, taking the combined company forward under Candid’s name and ticker CDRX. The transaction accompanies a $505 million private financing round to fund clinical advancement of Candid’s T‑cell engager (TCE) portfolio, notably cizutamig slated for Phase 2 testing in myasthenia gravis and interstitial lung disease. Candid’s strategy centers on applying TCE technology beyond oncology into autoimmune disorders; the merger provides capital and a U.S. public listing to accelerate global trials. Management framed the financing and listing as critical to proving modality breadth and advancing multiple programs to the clinic. The reverse merger route reflects pragmatic financing choices in the current biotech market: sizable non‑dilutive or structured financings paired with alternative public listings can supply runway for mid‑stage clinical programs without a traditional IPO.