TRexBio, partnered with Eli Lilly, raised $116 million via an IPO to advance regulatory T-cell activation programs. The company plans to use proceeds to build its pipeline around immune tolerance mechanisms intended to “bring the immune system back into balance,” positioning the assets for clinical evaluation in inflammatory and immune-driven diseases. The filing and proceeds provide another datapoint for the current IPO appetite among therapeutics companies targeting immune regulation. It also signals that investor demand remains concentrated in programs with a clear mechanistic thesis and credible partnership backing. Meanwhile, the IPO announcement also referenced parallel market activity including Retension Pharmaceuticals’ use of IPO cash for a mid-stage hypertension program, highlighting how capital continues to flow across both immunology and cardiovascular growth spaces.