Aspen Neuroscience, a Gilead-backed cell therapy company, and Bambusa Therapeutics, an I&I biotech spun out of BioNTech veterans, have filed for IPOs as the market remains receptive to clinical-stage platform stories. The filings underscore continued investor appetite for cell and immune-adjacent therapies even as the broader biotech complex shifts toward selective risk. For Aspen, the key investor draw is its cell-based approach designed to modulate immune activity. For Bambusa, the thesis centers on engineering capabilities and immune biology tied to its pipeline development strategy. The filings come as more companies test the IPO window after an active period for public listings, setting up potential near-term fundraising and liquidity events that can reshape platform funding dynamics in immunology and cell therapy.