Electra Therapeutics priced an upsized $350 million IPO as the company targets commercialization-ready funding for its inflammation-focused pipeline. The listing also reflects how receptive capital markets remain for late-stage development programs, particularly where investors see a path toward regulatory entry and differentiated mechanism claims. Proceeds are earmarked for phase II/III registrational development of ipsoprubart, a pan-SIRP monoclonal antibody in secondary hemophagocytic lymphohistiocytosis (sHLH). The company’s debut follows a broader year of large biopharma offerings, with 2026 already approaching prior peaks in fundraising activity. Investors will now pressure Electra to translate clinical execution into a clear path toward a BLA filing, including demonstrating safety and efficacy consistency as studies advance beyond early readouts.