TRex Bio priced its $117 million IPO to advance immune-modulating therapies built to activate regulatory T cells (Tregs). The company sold 8.33 million shares at $14 each and begins trading on Nasdaq under “TRXB,” with a phase 1 study underway for TRB-061 and additional immune candidates in development. The offering arrives amid continued public-market appetite for early-stage biotech, including other recent IPOs and capital raises in 2026. TRex Bio also highlighted strategic backing from Eli Lilly, which held about 24% of shares before the IPO, underscoring how major pharma can de-risk innovative immune platforms ahead of later-stage data. For investors and industry teams, TRex’s Treg receptor strategy (TRB-061 targeting TNFR2) signals continued funding preference for immunology approaches that aim to suppress inflammation without broad immune ablation—paired with near-term clinical timelines expected to generate topline updates in 2027.