TRex Bio (TRXB Proposed), an Eli Lilly-backed biotech, unveiled the terms for its $125 million IPO early today: 8.33 million shares at a price range of $14.00 to $16.00 to raise $124.95 million, if priced at the $15.00 mid-point of its range, according to its S-1 filing dated Oct. 5, 2026. This is a NASDAQ listing. (Please see the IPO Calendar for the pricing date.)
At pricing, TRex Bio would have a market cap of $411.69 million – if priced at its $15.00 mid-point.
J.P.Morgan, Evercore ISI, Cantor, Stifel and Wedbush PacGrow are the joint book-runners.
Eli Lilly & Co., a principal shareholder, has indicated an interest in increasing its stake in TRexBio to equal 19.9 percent of its outstanding stock after the IPO, the prospectus said.
TRex Bio is using tissue Treg biology to discover and develop drugs to treat patients with autoimmune and inflammatory diseases.
“TRex Bio was built on a pivotal scientific insight: that regulatory T cells (“Tregs”) in human tissue are not merely passive suppressors of inflammation, but active orchestrators of tissue immune homeostasis and repair,” the company said in the prospectus.
Its leading drug candidate, TRB-061, is in a Phase 1a/b clinical trial in healthy patients and patients with moderate to severe atopic dermatitis. The Phase 1b portion of this trial began in April, the prospectus said. TRexBio plans to announce topline data from the Phase 1b portion of this trial in mid-2027.
AD is a chronic relapsing and intensely itchy inflammatory skin disease that can cause severe disruption to daily life. About 16 million American adults and an estimated 225 million individuals globally are living with AD, the prospectus said.
TRex Bio’s second wholly owned drug product candidate, TRB-071, is being developed to treat patients with IBD (inflammatory bowel disease) – with a Phase 1 trial set to begin in the first half of 2027.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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