TRex Bio (TRXB) priced its IPO at $14.00 – the low end of its range – and sold 8.33 million shares – the number in the prospectus – to raise $116.62 million on Thursday night, Oct. 8, 2026. Shares of TRex Bio are expected to start trading today – Friday, Oct. 9, 2026 – on the NASDAQ. TRex Bio’s IPO had been marketed at a range of $14.00 to $16.00. At pricing, TRex Bio had a market cap of $384.24 million.
J.P. Morgan, Evercore ISI, Cantor and Stifel served as the joint book-runners. Wedbush PacGrow was also a book-runner.
Eli Lilly & Co., TRex Bio’s largest shareholder, had indicated an interest in increasing its stake in TRex Bio to 19.9 percent of its outstanding stock after the IPO, the prospectus said.
Eli Lilly owned a pre-IPO stake in TRex Bio that was the equivalent of 23.9 percent of the biotech’s outstanding stock; that stake was set to decline to 16.8 percent of TRex Bio’s outstanding shares after the IPO, according to the prospectus.
The South San Francisco-based biotech’s leading drug candidate is in Phase 1 clinical trials.
TRexBio is using tissue Treg biology to discover and develop drugs to treat patients with autoimmune and inflammatory diseases.
“TRexBio 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.
Developing Drugs for Dermatitis & IBD
TRex Bio’s leading drug candidate, TRB-061, is in a Phase 1a/b clinical trial in healthy patients and patients with moderate to severe atopic dermatitis (AD). The Phase 1b portion of this trial began in April, the prospectus said. TRexBio said it expects to announce topline data from the Phase 1b portion of this trial in mid-2027.
Atopic dermatitis (AD) is a chronic relapsing and intensely itchy inflammatory skin disease that can cause severe disruption to daily life. It affects about 16 million American adults and an estimated 225 million individuals globally, according to the prospectus.
TRexBio’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.
TRex Bio said it intends to use the IPO’s proceeds to finance clinical trials, specifically:
-$90 million to advance the clinical development of TRB-061, including (money) to fund Phase 2 trials for patients with AD and those with AA (alopecia areata), and
-$10 million to advance the clinical development of TRB-071, including initiating and completing (a) Phase 1 trial in healthy volunteers, and
-The rest for working capital and other general corporate purposes.
TRex Bio is not profitable: The biotech reported a net loss of $46.39 million on no revenue for the 12 months that ended on June 30, 2026, according to financial statements in the prospectus.
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