TRex Bio prices $117 million IPO at $14 a share; Eli Lilly signals interest in shares

TRex Bio, a clinical-stage company developing drugs for autoimmune and inflammatory diseases, set an initial public offering price of $14.00 a share, according to its prospectus filed on October 9.

The offering

The company is selling 8,333,334 shares of common stock. At $14.00 that is $116,666,676 in gross proceeds. After underwriting discounts of $0.98 a share, or $8,166,667, the proceeds to the company are $108,500,009 before expenses. The underwriters have a 30-day option to buy up to 1,250,000 more shares. The shares are approved for listing on the Nasdaq Global Select Market under the symbol "TRXB," and delivery was expected on or about October 13, 2026.

The prospectus says Eli Lilly and Company "has indicated an interest in purchasing at the initial public offering price shares of common stock in this offering in an amount, when combined with shares of common stock beneficially owned by Lilly prior to the initial public offering, that will not exceed 19.9%" of the shares outstanding after the offering. It adds that the indication is not a binding agreement or commitment to purchase.

The company

TRex Bio describes itself as a clinical-stage biopharmaceutical company focused on "tissue Treg biology," developing medicines "designed to restore immune balance and promote tissue repair" in autoimmune and inflammatory diseases. Its wholly owned clinical-stage product candidates are TRB-061 and TRB-071.

The financials

TRex reported net losses of $3.1 million in 2024 and $34.8 million in 2025, and a net loss of $29.3 million for the six months ended June 30, 2026. At June 30 it had an accumulated deficit of $123.6 million. It says it expects "to continue to incur significant losses for the foreseeable future."

The company is an "emerging growth company" and a "smaller reporting company" under US securities law.