TRex Bio priced a $117 million IPO on the Nasdaq to fund development of immune therapies focused on regulatory T cells. The company’s lead program, TRB-061, is a fusion protein targeting TNFR2 on Tregs and is in Phase 1; TRB-071 is described as a next candidate for inflammatory bowel disease. The IPO pricing and concurrent exits in the sector signal investors’ preference for early-stage immune modulation platforms with clearly articulated targets. The stated pairing of partners such as Eli Lilly and J&J also indicates that large pharma interest remains embedded in how these new entrants position their clinical path.