Electra Therapeutics launched an upsized initial public offering to raise $350 million, positioning the company around a first-in-class precision immunology drug candidate for a rare hyperinflammatory disorder lacking FDA-approved treatments. The cash is expected to support clinical and operational expansion as the program advances. The IPO also comes as other mid-stage companies signaled U.S. public-market plans, suggesting renewed appetite for immunology assets with clearly defined target biology and early clinical pathways. For investors, the key near-term factor will be whether the lead program can demonstrate consistent efficacy and durability data as it progresses beyond early development.