TRex Bio to Sell 8.33 Million Shares at $14-$16 Each in IPO

By Colin Kellaher

TRex Bio on Monday plans to sell more than 8.33 million shares at between $14 and $16 apiece in its initial public offering.

At the $15 midpoint of that price range, the South San Francisco, Calif., clinical-stage biotechnology company said it expects net proceeds of about $111.3 million, or roughly $128.7 million if the underwriters exercise an option to buy an additional 1.25 million shares.

TRex, which is working to develop medicines designed to restore immune balance and promote tissue repair in patients with autoimmune and inflammatory diseases, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second half of 2029.

TRex said Eli Lilly, a clinical partner that currently owns about 23.9% of the company, has expressed an interest in buying shares in the IPO that would result in the drugmaker owning a stake that won't exceed 19.9% after the offering.

TRex said it would have nearly 28.7 million shares outstanding after the IPO and private placement, assuming an exercise of the overallotment option, for a market capitalization of about $430.4 million at the $15-a-share pricing midpoint.

The company said it has applied to list its shares on the Nasdaq Global Select Market under the symbol TRXB.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 05, 2026 07:12 ET (11:12 GMT)