TRex Bio, Inc.

424B4 priced

Price $14.00 · 8,333,334 shares · Gross proceeds $116,666,676

TRex Bio, Inc. reported significant increases in operating expenses, particularly in research and development, with a net loss of $29.3 million for the six months ended June 30, 2026, compared to $17.7 million in the same period in 2025. The company faces liquidity challenges, with cash and marketable securities totaling $90.9 million as of June 30, 2026, but continues to incur substantial losses. The filing highlights risks related to clinical trial failures, regulatory uncertainties, and dependence on collaboration revenue, which declined from $39.1 million in 2024 to $0 in 2025.

EFFECT effective

CERT inactive

8-A12B effective

S-1/A amended

Range $14.00 to $16.00 · 8,333,334 shares

TRex Bio, Inc. reported significant increases in operating expenses, with research and development costs rising to $26.0 million for the six months ended June 30, 2026, compared to $14.9 million in the same period of 2025. The company experienced net losses of $29.3 million in the first half of 2026, up from $17.7 million in 2025, driven by expanded clinical trials and preclinical development. Liquidity remains a concern, with $90.9 million in cash and marketable securities as of June 30, 2026, but ongoing losses and negative cash flows from operations persist. Revenue was $39.1 million in 2024 from a collaboration agreement with Lilly, which expired in 2025. Tax provisions increased to $42,000 in 2026 compared to $2.7 million in 2024, reflecting changes in unrecognized tax benefits.

S-1 filed

TRex Bio, Inc. is seeking to raise capital through an IPO, focusing on the development of its two lead product candidates, TRB-061 and TRB-071, for neurodegenerative diseases. The filing highlights significant risks in clinical development, including high failure rates, regulatory uncertainties, and financial challenges. The company emphasizes its reliance on successful clinical trials and regulatory approvals, with no current collaboration revenue compared to prior periods. Operational risks include delays in patient enrollment, manufacturing issues, and dependence on third-party contractors. The filing underscores the need for continued funding to advance its pipeline.

DRS/A amended

TRex Bio, Inc. reported increased research and development expenses and operating losses in the six months ended June 2026 compared to 2025, with R&D costs rising to $26.0M from $15.0M. The company remains unprofitable, with a comprehensive loss of $29.5M in 2026, and continues to rely on liquidity from cash reserves and fundraising. Collaboration revenue declined sharply from $39.1M in 2024 to $0 in 2025 as prior agreements were fully satisfied, while tax liabilities and uncertainties around regulatory approvals and product development remain significant concerns.

DRS/A amended

TRex Bio, Inc. reported collaboration revenue of $39.1 million in 2024 under the Lilly Collaboration Agreement, which declined to $0 in 2025 after the combined performance obligation was fully satisfied. Research and development expenses decreased to $29.8 million in 2025 from $35.0 million in 2024, driven by reduced external costs for TRB-061 and lower headcount, though preclinical pipeline costs increased. General and administrative expenses rose to $8.0 million in 2025. The company faces significant risks including uncertain product development, potential limitations on net operating loss carryforwards due to ownership changes, and reliance on collaboration revenue. Liquidity remains a concern, with $67.7 million in cash and marketable securities as of December 2025, but continued fundraising is anticipated.

DRS filed

TRex Bio, Inc. reports ongoing financial challenges with significant research and development (R&D) expenses driving operating losses. The company relies heavily on collaboration revenue, such as the Lilly Collaboration Agreement, but recorded no revenue in 2025. R&D costs decreased in 2025 due to completed manufacturing activities for TRB-061, though other product candidates saw increased expenses. The firm faces uncertainty in clinical development, regulatory approvals, and future funding needs, with no prior IPO filings to reference. Liquidity remains constrained, requiring continued capital raises to sustain operations.