TRex Bio and Retension Pharma announce plans for IPOs, outlining biotech pipeline funding

Biotech companies Retension Pharmaceuticals and TRex Bio have filed with the SEC indicating they intend to go public this year, adding to the current wave of biotech IPOs.

TRex Bio said it will use IPO proceeds to fund a phase 2 trial of its TNFR2 agonist TRB-061 for atopic dermatitis, with topline data from a phase 1 study expected in mid‑2027. The filing also mentions expanding its Fc‑fusion protein program into other autoimmune conditions such as alopecia areata and advancing a CD30 agonist, TRB-071, into a phase 1 trial of healthy volunteers to target regulatory T‑cell activation for diseases like inflammatory bowel disease.

Retension Pharmaceuticals, which focuses on hypertension, disclosed its IPO plans but provided fewer details on how it will allocate the capital. Neither company revealed the number of shares to be offered or the pricing range.