ADARx Pharmaceuticals launched in a stock-market debut centered on RNAi therapeutics, raising $446.3 million and valuing the company north of $1.8 billion after upsizing demand-led terms. The IPO is tied to development of its clinical siRNA assets, including onvuzosiran for hereditary angioedema, positioning the company to further advance late-stage work. In the same financing wave, City Therapeutics filed for an IPO after earlier Alnylam alumni momentum, signaling continued investor appetite for RNA and platform-driven therapeutics. Separately, other biotechs in the IPO queue were also described as preparing for public-market listings. The combined activity reflects a broader shift toward gene-silencing and platform biotech offerings arriving in public markets with substantial capital support—potentially accelerating late-stage execution and platform validation.