TRex Bio priced a $117 million IPO to advance drugs aimed at rebalancing immune responses, while Retension Pharmaceuticals raised $45 million in a separate Nasdaq debut tied to hypertension therapy. The dual IPOs add to what investors are framing as renewed public-market appetite for biotech, particularly programs that translate immunology into differentiated clinical strategies. TRex Bio’s lead program targets regulatory T cells via TNFR2, with a Phase 1 study underway and topline data expected in 2027. The company also highlighted an earlier roadmap candidate for inflammatory bowel disease, drawing additional interest due to its partnership ties with Eli Lilly and Johnson & Johnson.