TRex Bio, a Phase 1 biotech developing medicines for autoimmune and inflammatory diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
TRexBio is a clinical-stage biopharmaceutical company developing medicines that augment regulatory T cells in inflamed human tissue, aiming to restore immune balance and repair barrier damage rather than broadly suppress the immune system. Its Deep Biology platform maps Treg function in fresh human skin, gut and lung tissue to identify targets, then validates them in a proprietary in vitro Treg model and a high-throughput functional assay suite. Lead candidate TRB-061, a TNFR2 agonist, is in Phase 1b for moderate-to-severe atopic dermatitis with topline data expected in mid-2027, while a second wholly-owned candidate, TRB-071, targets CD30 for inflammatory bowel disease and is set to enter Phase 1 in the first half of 2027. Eli Lilly is both an investor and a discovery partner, and is advancing a third candidate found on the platform into a Phase 2a lupus trial.
The South San Francisco, CA-based company was founded in 2018 and plans to list on the Nasdaq under the symbol TRXB. TRex Bio filed confidentially on June 26, 2026. J.P. Morgan and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.
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