TRex Bio, Inc. (Nasdaq: TRXB) reported financial results for the third quarter ended September 30, 2026, and announced the completion of its initial public offering. The company disclosed positive Phase 1a results for its lead candidate, TRB-061, and provided an update on its pipeline and cash position.
TRex Bio completed its IPO in October 2026, selling 9,539,237 shares of common stock at a price of $14.00 per share. Gross proceeds from the offering were approximately $133.5 million, with net proceeds totaling roughly $119.0 million after deducting underwriting discounts and expenses.
The company reported a net loss of $13.2 million for the third quarter of 2026, compared to a net loss of $7.9 million for the same period in 2025. Research and development expenses increased to $11.4 million from $7.0 million, driven by higher clinical trial costs and preclinical activities. General and administrative expenses rose to $2.5 million from $1.7 million, largely due to personnel and professional fees related to public company operations.
TRex Bio’s clinical-stage pipeline includes two primary candidates. TRB-061, a TNFR2 agonist, reported positive Phase 1a topline results in August 2026. The drug was generally well tolerated with no serious adverse events, demonstrating activation and expansion of immunoregulatory Tregs. The company expects topline data from the ongoing Phase 1b trial in atopic dermatitis in mid-2027.
TRB-071, a CD30 agonist antibody, is advancing through IND-enabling studies. TRex Bio expects to initiate a Phase 1 clinical trial for TRB-071 in the first half of 2027, subject to regulatory approval.
Additionally, TRex Bio maintains a collaboration with Eli Lilly and Company regarding TRB-051, which is in clinical development for cutaneous lupus.
As of September 30, 2026, cash, cash equivalents, and marketable securities totaled $78.2 million. The company stated that, combined with the IPO net proceeds, these resources are expected to fund operations and capital expenditures into the second half of 2029.
