A clinical-stage biopharmaceutical company focused on therapies for autoimmune and inflammatory diseases has submitted paperwork to American regulators for a public offering, aiming to secure up to $100 million. TRex Bio, which is developing drugs intended to boost the function of regulatory T cells (Tregs) in inflamed human tissue, filed its registration with the U.S. Securities and Exchange Commission (SEC) last Friday.

The company's stated goal is to restore immune balance and repair barrier damage rather than broadly suppressing the immune system. Its proprietary Deep Biology platform maps the activity of Tregs in human skin, gut, and lung tissue to identify potential targets, which are then validated using in-house in vitro models and high-throughput functional assays.

TRex Bio's lead candidate, TRB-061, is a TNFR2 agonist currently in a Phase 1b clinical trial for moderate-to-severe atopic dermatitis, with initial data expected around mid-2027. A second wholly-owned program, TRB-071, which targets CD30 for the treatment of inflammatory bowel disease, is slated to enter Phase 1 trials in the first half of 2027.

Eli Lilly and Co serves both as an investor and a discovery partner, and is currently advancing a third candidate originating from the platform into a Phase 2a trial for lupus. Based in South San Francisco and founded in 2018, the company intends to list on the Nasdaq under the ticker symbol "TRXB". The confidential IPO submission was made on June 26, 2026, with JPMorgan and Evercore ISI acting as joint underwriters for the offering. Pricing terms have not yet been disclosed.