Electra Therapeutics priced an upsized initial public offering that raised $350 million, using proceeds to advance ipsoprubart, its pan-SIRP monoclonal antibody in phase 2/3 development for secondary hemophagocytic lymphohistiocytosis (sHLH). The IPO is positioned as a commercial biotech step as the company targets a BLA filing. The offering priced 23.33 million shares at $15 each, with underwriters granted an option for additional shares that could further increase gross proceeds. Electra’s inflow adds to a busy year of large biotech listings. The fundraising matters for sHLH developers because payer and regulatory expectations hinge on demonstrable efficacy and safety at scale, and IPO capital typically shifts timelines toward registrational trial execution and commercialization readiness.