Generate:Biomedicines filed to raise up to $425 million in an IPO to fund its lead antibody through Phase 3 respiratory disease trials. The Flagship‑backed, AI‑driven startup said proceeds would support advancement of its respiratory candidate and platform development. Generate framed the offering as a capital step to scale clinical programs and expand R&D. The proposed IPO follows a wave of AI‑focused biotech listings and positions Generate among companies aiming to convert computational discovery into late‑stage assets. Investors and industry watchers will be testing whether AI‑native biotechs can justify large public valuations while advancing costly late‑stage trials.