TRexBio raises $116.7 million in IPO for autoimmune disease treatments

TRex Bio Inc., an early-stage biotech focused on autoimmune and inflammatory diseases, raised $116.7 million in its U.S. IPO on October 8, 2026. Led by CEO Johnston Erwin, the Eli Lilly-backed firm sold 8.3 million shares at $14 each, the bottom of its marketed range. TRexBio leverages Nobel Prize-winning science to develop regulatory T cell (Treg) treatments, debuting amid a strong biotech IPO market that also saw Retension secure a $45 million Nasdaq launch.

TRexBio's scientific focus

• ▪TRexBio's therapeutic development platform for autoimmune diseases is based on Nobel Prize-winning science, according to Endpoints News
• ▪TRex Bio Inc. operates as an early-stage biotechnology company focusing on regulatory T cells, also known as Tregs, to develop treatments for autoimmune and inflammatory diseases

Biotechnology IPO market trends

• ▪The market appetite for biotechnology initial public offerings remains strong in October 2026, especially for companies with prominent backers or scientific foundations
• ▪Retension secured a $45 million Nasdaq debut for hypertension treatments on October 9, 2026, alongside TRexBio's $117 million initial public offering