United States · IPO calendar

TRex Bio, Inc. IPO

marketing

8.3 million shares at $14-$16; $125 million at the midpoint, before any over-allotment. Eli Lilly intends to buy $13 million of shares. Pricing due the week of October 5; calendars show October 8 or 9.

From the prospectus

Over 2 reported periods (FY2024 to FY2025), revenue is shown below, and the latest period showed a loss at $-34,806K. Figures are as stated in the company's S-1/A dated 2026-10-05, in US$ thousand.

What the company does

TRex Bio is a clinical-stage biopharmaceutical company working on medicines that act on regulatory T cells (Tregs) in human tissue to treat autoimmune and inflammatory diseases. Its lead candidate, TRB-061, a TNFR2 agonist, is in a Phase 1a/b trial in healthy volunteers and patients with moderate-to-severe atopic dermatitis. Its second candidate, TRB-071, a CD30 agonist aimed at inflammatory bowel disease, is in IND-enabling studies. It has a collaboration with Eli Lilly on TRB-051, which produced all of its revenue in 2024; it recognised no collaboration revenue in 2025. It has no product approved for sale.

Principal shareholders

Eli Lilly and Company owns more than 5% of the company and has indicated an interest in buying shares in the offering, up to a combined holding of 19.9% after the offering. Other holders named in the filing include entities affiliated with SV Health Investors, Johnson & Johnson Innovation - JJDC and a Janus Henderson biotech fund. After the offering, directors, executive officers and holders of mo

What the money is for

• Clinical development of TRB-061, including Phase 2 trials in atopic dermatitis and alopecia areata through topline data — $90,000K
• Clinical development of TRB-071, including a Phase 1 trial in healthy volunteers — $10,000K

Risks the company itself lists

• The company is clinical-stage with a limited operating history, no products approved for sale and substantial losses since inception.
• Even after this offering it says it needs substantial additional financing, and a failure to raise it would force it to delay, limit or end development work.
• Raising more capital may dilute stockholders or require the company to give up rights to its product candidates.
• Clinical development is long and costly with uncertain outcomes, and earlier results often fail to predict later trial results.
• Significant adverse events or side effects from its product candidates could delay or prevent regulatory approval.
• It faces competition from large and specialty pharmaceutical and biotechnology companies, many of which already have approved therapies in the same indications.

Lead managers: J.P. Morgan, Evercore ISI, Cantor, Stifel.

Source: the S-1/A filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.

SEC filings

Deal terms: Renaissance Capital ↗ · Filings: SEC EDGAR ↗

This page reports public filings and reported deal terms. It is not a recommendation to buy, sell or apply.