Recent U.S. IPO activity, including TRex Bio and Retension Pharmaceuticals pricing in early October 2026 plus Iambic Therapeutics and City Therapeutics slated for mid-month trading, underscores an open but selective window driven by biotech demand and modest equity valuations. Persistent market volatility has prompted postponements for larger names such as Oura and Firmus while supporting smaller, sector-focused deals that meet public-company readiness thresholds. With 254 IPOs already completed year-to-date through mid-October—slightly below 2025 levels—trader sentiment reflects confidence in continued listings through year-end, tempered by macro sensitivity and competition from private funding rounds. Key near-term catalysts include additional October and November pricings alongside any shifts in Treasury yields or equity benchmarks that could widen or narrow the public-market aperture before 2027.