TRex Bio Raises $116.7 Million in IPO Priced at Bottom of Range, Opens Friday on Nasdaq as TRXB

TRex Bio Inc. raised $116.7 million in a U.S. initial public offering, selling about 8.3 million shares at $14 each — the floor of its marketed $14-to-$16 range, the South San Francisco-based biotech said. At the IPO price, the clinical-stage company targeting autoimmune and inflammatory diseases carries a market value of about $384 million based on shares listed in its SEC filing. Shares are expected to begin trading Friday on the Nasdaq Global Select Market under the ticker TRXB. Underwriters include JPMorgan Chase, Evercore, Cantor Fitzgerald, Stifel Financial and Wedbush PacGrow. Backers include Eli Lilly and Co., SV Health Investors, Pfizer Ventures, Johnson & Johnson Innovation, Janus Henderson, Alexandria Venture Investments, Delos Capital and Polaris Partners. Lilly has indicated interest in buying shares, though its stake is not expected to exceed 19.9% post-IPO. Net proceeds will fund TRB-061, a TNF receptor 2 agonist in Phase 1b trials for moderate-to-severe atopic dermatitis, with topline data expected mid-2027. TRex Bio reported a $34.8 million net loss for 2025 and held about $90.9 million in cash as of June 30, 2026.