Public markets reopened aggressively for biotech as a wave of follow‑on offerings raised record amounts in a compressed window. Reports show $3.2 billion in follow‑on stock offerings executed over a single 24‑hour period and related coverage cited $3.24 billion raised across eight companies in the same timeframe. The activity included upsized offerings from Structure Therapeutics, Terns Pharmaceuticals and Kymera Therapeutics. The flurry reflects strong retail and institutional appetite for late‑stage data and pipeline momentum, and it created rare windows for companies to shore up cash heading into year‑end. Analysts will watch whether proceeds accelerate trial programs or fund acquisition and partnership strategies. Market dynamics — heavy interest in select names, ample liquidity and data‑driven investor rotations — suggest a near‑term tolerance for concentrated capital raises, though longer‑term sustainability will hinge on clinical readouts and macroeconomic conditions.