TRexBio

Biotech · Immunology

IPO

TRexBio prices $116.7M Nasdaq IPO with Eli Lilly interest

Pricing at the bottom of its range shows investors still want proof before paying up, even with a pharma giant in the cap table.

• TRexBio priced its IPO at $14 per share, selling 8,333,334 shares for gross proceeds of about $116.7 million, and began trading on Nasdaq as TRXB on October 9, 2026.
• The South San Francisco biotech studies regulatory T cells (Tregs), immune cells that dampen inflammation, and designs fusion proteins to activate them directly in diseased tissue rather than engineering cells outside the body.
• Eli Lilly, which already partners with TRexBio on an experimental lupus drug, indicated interest in buying shares that would keep its stake at up to 19.9% post-IPO, though the commitment is non-binding.
• The $14 price was the bottom of the company's marketed $14-to-$16 range, and the figure excludes a 30-day underwriter option for 1.25 million additional shares.
• TRexBio plans to direct roughly $90 million of net proceeds to its lead candidate TRB-061, a TNFR2 agonist in Phase 1a/b testing for atopic dermatitis, with topline data expected mid-2027.
• Separately, Lilly intends to advance the jointly developed molecule TRB-051 into a Phase 2a trial for lupus with skin involvement in the second half of 2026.
• A bottom-of-range debut alongside a pharma partner's equity interest signals biotech IPO investors remain selective, rewarding clinical validation and big-pharma ties over hype even as the window for listings reopens.