TRex Bio targets $111M IPO as Retension and Lycia also prepare public listings

TRex Bio, backed by Eli Lilly, filed with the SEC to raise about $111.3 million by offering 8.3 million shares priced between $14 and $16. If the midpoint price is achieved, the company expects net proceeds of roughly $111 million, with potential upside if underwriters exercise their option for additional shares.

At the same time, hypertension‑focused Retension Pharmaceuticals is aiming for a smaller $33.8 million IPO, while protein‑degradation specialist Lycia Therapeutics is also planning its own public offering. Both companies are positioning their listings to fund ongoing development programs.

TRex Bio, founded in 2021, has built a platform targeting regulatory T cells to modulate inflammation. It previously secured a collaboration with Johnson & Johnson and licensed an immune effector cell modulator to Lilly for $55 million, which has entered clinical testing. Lilly has indicated interest in participating in the upcoming IPO.