Two biotech reverse mergers landed within hours of each other, reflecting continued experimentation with alternate routes to public-company platforms as IPO windows thaw. Lisata Therapeutics acquired Marea Therapeutics in a stock-for-stock deal paired with a $225 million private placement, bringing cardioendocrine assets including MAR001/005 (ANGPTL4) into Phase IIb. In parallel, Aethlon Medical announced an all-stock merger with North Immunology alongside a $180 million private placement, creating a combined company trading as NRTX and focusing on NOR-101, a half-life-extended IL-13 x IL-18 bispecific antibody for atopic dermatitis. Both transactions show how biotechs are using structured mergers and financing to accelerate clinical development without waiting for traditional IPO timing, while also converting investors’ desire for late-stage catalysts into near-term market access.