TRex Bio filed Monday to sell 8.3 million shares at $14 to $16 apiece, aiming to bring in as much as $133.3 million. Using the outstanding shares in the filing, a $16 price would put the company's valuation near $439 million. According to a marketing deck viewed by Bloomberg News, investors should expect pricing on Oct. 8. The company plans to list on the Nasdaq Global Select Market using the ticker TRXB.
Cash from the deal is earmarked for TRB-061, the lead program now in early-stage studies for patients with moderate-to-severe atopic dermatitis. TRex says it is targeting topline results in the middle of next year. The company plans to begin a Phase 1 trial for TRB-071, an experimental therapy for inflammatory bowel disease, during the first half of 2027.
Biotech listings are a live test of how much risk investors will take. Market Briefs follows the IPO market free every weekday.
TRex's cap table features Eli Lilly & Co., SV Health Investors, Pfizer Ventures, Johnson & Johnson Innovation, Janus Henderson Investors, Alexandria Venture Investments, Delos Capital and Polaris Partners. Lilly has indicated it may participate in the IPO, while stating it does not intend for its ownership to go above 19.9%. In January, the company pulled in $50 million through an additional close of its Series B preferred round, bringing in fresh money from Janus Henderson and Balyasny Asset Management.
Chief Executive Officer Johnston Erwin joined after a 36-year career at Eli Lilly, where he previously ran Lilly New Ventures, the drugmaker's internal VC arm. For 2025, TRex posted a net loss totaling $34.8 million, compared with a $3.1 million loss in the preceding year. The offering is being run by JPMorgan Chase & Co., Evercore Inc., Cantor Fitzgerald, Stifel Financial Corp. and Wedbush PacGrow.
Biotech and pharmaceutical IPOs in the US have generated $7.6 billion so far this year, almost six times what the sector raised in the same stretch of last year, per Bloomberg data. Also noted: the Bloomberg Billionaires Index, a daily list tracking the wealthiest people globally. For individual investors, the setup here is straightforward to watch - a clear timetable for pricing, a known roster of strategic backers, and two clinical catalysts on the calendar. If you care about early-stage biotech, those milestones are the ones likely to move this stock.
What prices and what pulls tells you where appetite really sits. Join Market Briefs free and watch the window.
