TRex Bio prices $117M IPO to fund Treg-targeted immune therapies

TRex Bio announced pricing of its initial public offering at $117 million, selling 8,333,334 shares at $14 each, meeting the low end of its earlier guidance.

The company will begin trading on Nasdaq under ticker TRXB on Friday, and Eli Lilly is its largest equity holder.

TRex is developing therapies that activate regulatory T cells (Tregs) to treat immunological conditions. Its lead candidate, TRB-061, is a fusion protein that targets the TNFR2 receptor on Tregs to reduce skin and gut inflammation without broadly suppressing immunity. A Phase 1 trial is underway with topline data expected in 2027, and a second candidate for inflammatory bowel disease could start testing next year.