Electra Therapeutics has raised $350 million in an upsized initial public offering after pricing its Nasdaq debut. The company positions itself as a commercial-stage inflammation biotech, using the proceeds to advance its pipeline and scale operations. The IPO adds to a run of large 2026 biotech offerings, with investors continuing to reward inflammatory targets when early validation supports a clear path to clinic and commercialization. For a category often dominated by late-stage uncertainty, Electra’s oversubscribed raise is a bet on execution and differentiation in inflammation and immunology. The listing reinforces market appetite for inflammation-focused platforms at moments when biopharma companies are also allocating more resources to immune modulation and inflammation-driven disease mechanisms.