TRex Bio priced an initial public offering to raise $117 million as it advances immune-regulatory programs designed to activate regulatory T cells. The company’s lead investigational fusion protein TRB-061 targets tumor necrosis factor receptor 2 on Tregs and aims to promote immune balance without broad immunosuppression. In parallel, TRB-071 targets CD30 to enhance Treg activity while blocking inflammatory signaling from another source. TRex says a Phase 1 study is underway, with topline data expected in 2027, and additional development work is planned for inflammatory bowel disease. The IPO reflects a continued preference in public markets for immunology payloads with differentiated mechanisms, and it adds to 2026’s pace of listings by companies targeting immune regulation rather than broad cytokine suppression.