TRex Bio (TRXB) Registration filing summary
Event summary combining transcript, slides, and related documents.
Registration filing summary
9 Oct, 2026Company overview and business model
Clinical-stage biopharma focused on tissue regulatory T cells (Tregs), aiming to restore immune balance and tissue repair in autoimmune and inflammatory diseases through its proprietary Deep Biology platform.
Platform combines human-tissue and computational mapping, a Treg Atlas recreating tissue-specific Treg states in vitro, and functional assays to identify targets, design candidates, and inform translational and clinical strategies.
Wholly owned lead TRB-061 is a selective TNFR2 agonist Fc-fusion in Phase 1b for atopic dermatitis (AD); TRB-071 is a CD30 agonist monoclonal antibody in IND-enabling studies for inflammatory bowel disease (IBD).
Lilly advances licensed candidate TRB-051; Lilly initiated its Phase 1 study in June 2024 and intends to start a Phase 2a lupus trial in H2 2026. Collaboration rights include up to $577.5 million in additional milestones and tiered 6%-10% royalties.
Strategy centers on clinical proof of concept for tissue Treg modulation, expanding TRB-061 across indications, advancing TRB-071, growing the platform, and selectively partnering to extend reach and capital efficiency.
Financial performance and metrics
Collaboration revenue was $39.1 million in FY2024, including $24.1 million of remaining upfront consideration and a $15.0 million milestone; no collaboration revenue was recognized in FY2025 or H1 2026.
Net loss was $3.1 million in FY2024 and $34.8 million in FY2025; H1 2026 net loss was $29.3 million versus $17.7 million in H1 2025.
R&D expense was $29.8 million in FY2025 versus $35.0 million in FY2024; H1 2026 R&D was $26.0 million versus $15.0 million in H1 2025, driven by higher TRB-061 trial and other pipeline costs.
Cash, cash equivalents and marketable securities were $90.9 million at June 30, 2026; accumulated deficit was $123.6 million. Net cash used in operating activities was $27.0 million in H1 2026 versus $22.1 million in H1 2025.
At the assumed $15.00 IPO midpoint, pro forma as-adjusted cash and securities were estimated at $202.6 million and total capitalization at $198.9 million; offering proceeds plus existing liquidity are expected to fund operations into H2 2029.
Use of proceeds and capital allocation
Estimated net proceeds are $111.3 million at the assumed $15.00 midpoint, or $128.7 million if the 1,250,000-share underwriters' option is exercised in full.
Approximately $90.0 million is planned for TRB-061, including Phase 2 trials in AD and alopecia areata (AA) through topline data.
Approximately $10.0 million is planned for TRB-071 clinical development, including initiating and completing a Phase 1 trial in healthy volunteers.
Remaining proceeds are intended for working capital and general corporate purposes; management retains discretion over allocation and plans to hold unused proceeds in capital-preservation investments.
