South San Francisco-based biotech firm TRex Bio (TRXB) has priced its initial public offering at $14.00 per share—the low end of its $14.00 to $16.00 targeted range—raising approximately $116.62 million. The company sold 8.33 million shares and is slated to begin trading on the NASDAQ. At the offering price, TRex Bio commands a market capitalization of $384.24 million, with J.P. Morgan, Evercore ISI, Cantor, Stifel, and Wedbush PacGrow acting as joint book-runners.
The clinical-stage biotech focuses on leveraging tissue regulatory T cell (Treg) biology to develop treatments for autoimmune and inflammatory diseases. TRex Bio intends to allocate the majority of the IPO proceeds—roughly $90 million—to advance clinical development of its lead candidate, TRB-061, including upcoming Phase 2 trials for atopic dermatitis and alopecia areata. An additional $10 million will support the Phase 1 trial for its second candidate, TRB-071, targeting inflammatory bowel disease.
Operating as a pre-revenue company, TRex Bio reported a net loss of $46.39 million for the 12-month period ending June 30, 2026. Meanwhile, major shareholder Eli Lilly & Co., which held a pre-ipo stake equivalent to 23.9 percent of the biotech’s stock, has indicated an interest in adjusting its holdings to maintain a 19.9 percent stake following the public debut.
