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 biotech focused on tissue regulatory T cells (Tregs), developing immunoregulatory medicines to restore immune balance and promote tissue repair in autoimmune and inflammatory diseases.
Proprietary Deep Biology platform combines human-tissue mapping, a Treg Atlas recreating ~1,000 tissue-enriched genes, and functional assays to guide target discovery, candidate design, biomarkers and trial strategy.
Wholly owned TRB-061 is a TNFR2-agonist Fc-fusion in Phase 1b for atopic dermatitis (AD); TRB-071 is a CD30-agonist antibody in IND-enabling studies for inflammatory bowel disease (IBD).
Lilly is advancing TRB-051, a platform-derived immune-effector modulator; Lilly initiated Phase 1 in June 2024 and intends Phase 2a in cutaneous lupus in H2 2026.
Financial performance and metrics
Revenue was $39.1m in FY2024, entirely from the Lilly collaboration; no collaboration revenue was recognized in FY2025 or H1 2026, and no product sales have been generated.
Net loss was $3.1m in FY2024 and $34.8m in FY2025; H1 2026 net loss was $29.3m versus $17.7m in H1 2025.
H1 2026 R&D expense was $26.0m versus $15.0m in H1 2025; G&A was $5.0m versus $4.3m, as clinical, preclinical and staffing costs increased.
Cash, cash equivalents and marketable securities totaled $90.9m at June 30, 2026; accumulated deficit was $123.6m, with continued losses and additional financing expected.
Raised ~$220m in aggregate equity financing and $91.0m through collaboration agreements through June 30, 2026; Series B financing added $50.0m in January 2026.
Use of proceeds and capital allocation
IPO proceeds plus existing cash are intended to fund TRB-061 Phase 2 trials in AD and alopecia areata through topline data, and TRB-071 Phase 1 initiation and completion in healthy volunteers.
Remaining proceeds are earmarked for working capital and general corporate purposes; pending use, proceeds are planned for capital-preservation investments.
Management retains discretion over proceeds, and current plans prioritize advancing lead programs and preclinical research while pursuing selective collaborations for capital-efficient reach.
