TRex Bio has priced a $117 million initial public offering, selling 8.33 million shares at $14 apiece, at the lower end of its earlier projections. The company begins trading Friday on the Nasdaq under the ticker "TRXB," joining nearly two dozen biotech firms that have gone public in 2026.
The biotech is developing drugs that aim to treat autoimmune and inflammatory conditions by activating regulatory T cells, or Tregs, which normally suppress excessive immune responses and promote tissue repair. Its lead program, TRB-061, is a fusion protein designed to engage the TNFR2 receptor on Tregs, spurring those cells to multiply and soothe inflammation in the skin and gut without broadly blunting the immune system. A Phase 1 study is underway, with topline data expected in 2027. A second candidate, TRB-071, targeting the CD30 receptor, could enter testing next year for inflammatory bowel disease.
TRex has raised $220 million in venture financing to date and has collaboration deals with Eli Lilly and Johnson & Johnson. Lilly, which holds about 24% of the company pre-IPO, is the largest equity owner and indicated interest in buying IPO shares. The deal follows a separate $45 million offering from Retension Pharmaceuticals, and William Blair analysts describe the pace of biotech public listings in 2026 as accelerating at an unprecedented clip. According to BioPharma Dive data, six of the 23 drug developers that have gone public this year are focused on immune diseases.