Candid Therapeutics announced a reverse merger with RallyBio to take the AI‑driven T‑cell engager developer public on Nasdaq, supported by a $505 million private financing. The combined company will operate under Candid’s name and aim to advance multiple bispecific T‑cell engager (TCE) programs into mid‑stage testing. Management emphasized resources will fund global Phase 2 starts, including cizutamig in autoimmune indications and early oncology programs. The deal repositions Candid to scale clinical development while shedding non‑core RallyBio rare‑disease assets. Investors treated the transaction as a faster route to public markets than a traditional IPO, reflecting a broader trend of reverse mergers and private placements as pragmatic capitalization strategies for clinical‑stage biotechs.