Autoimmune and inflammatory disease drugmaker TRex Bio (TRX.US) files for U.S. IPO, seeking to raise up to $100 million.

TRex Bio, a biotechnology company focused on developing drugs for autoimmune and inflammatory diseases, filed with the U.S. Securities and Exchange Commission (SEC) on Friday to raise up to $100 million through an initial public offering (IPO). TRex Bio is a clinical-stage biopharmaceutical company dedicated to developing drugs that enhance the function of regulatory T cells (Tregs) in inflamed human tissues, with the goal of restoring immune balance and repairing barrier damage rather than broadly suppressing the immune system. Its Deep Biology platform maps Treg function in human skin, gut, and lung tissues to identify targets, which are then validated using proprietary in vitro Treg models and high-throughput functional assays. Its lead candidate, TRB-061, is a TNFR2 agonist currently in a Phase 1b clinical trial for moderate-to-severe atopic dermatitis, with preliminary data expected in mid-2027. Another wholly owned candidate, TRB-071, targets CD30 for the treatment of inflammatory bowel disease and is expected to enter Phase 1 clinical trials in the first half of 2027. Eli Lilly is both an investor and a discovery partner and is currently advancing a third candidate discovered on the platform into a Phase 2a clinical trial for the treatment of lupus. The South San Francisco, California-based company was founded in 2018 and plans to list on the Nasdaq under the ticker symbol "TRXB." TRex Bio confidentially submitted its listing application on June 26, 2026. JPMorgan and Evercore ISI are joint underwriters for the offering. Pricing terms have not yet been disclosed.