TRexBio Reports Third Quarter 2026 Financial Results and Recent Business Highlights

Rhea-AI Summary

TRexBio (Nasdaq: TRXB) reported a third-quarter 2026 net loss of $13.239 million and outlined clinical milestones following its completed IPO. The loss widened from $7.860 million a year earlier. October's IPO raised approximately $119.0 million net through 9,539,237 shares priced at $14.00 each. September 30 cash, cash equivalents and marketable securities were $78.150 million, excluding IPO proceeds; the company expects combined resources to fund operations into the second half of 2029.

TRB-061 Phase 1a results showed activation and expansion of regulatory T cells, which help control immune responses, with no treatment-related serious adverse events or dose-limiting toxicities. TRexBio expects Phase 1b atopic dermatitis data in mid-2027 and TRB-071 Phase 1 initiation in the first half of 2027, subject to regulatory allowance. Partner Lilly intends to advance TRB-051 into Phase 2a for lupus with cutaneous involvement.

9 points · 1 major

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1 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointOctober IPO raised approximately $133.5 million gross and $119.0 million net. 34% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.TRexBio expects cash resources plus IPO proceeds to fund operations and capital expenditures into second-half 2029.
• Minor pointTRB-061 Phase 1a demonstrated regulatory T-cell activation and expansion, supporting dose selection for Phase 1b.
• Minor pointTRB-061 Phase 1a was generally well tolerated, with no treatment-related serious adverse events or dose-limiting toxicities.
• Minor point. Forward-looking: it has not happened yet and may not happen.TRexBio expects TRB-061 Phase 1b atopic dermatitis topline data in mid-2027.

4 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.TRB-071 is advancing through studies needed before human testing; TRexBio expects Phase 1 initiation in first-half 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Partner Lilly intends to advance TRB-051 into Phase 2a for lupus with cutaneous involvement.
• Minor pointCash, equivalents and marketable securities rose to $78.150 million September 30, 2026, from $67.725 million December 31, 2025.
• Minor pointTotal assets increased to $88.755 million September 30, 2026, from $73.133 million December 31, 2025.

Negative

• Major pointIPO issuance of 9,539,237 common shares at $14.00 each diluted existing holders.
• Moderate pointThird-quarter net loss widened to $13.239 million from $7.860 million; nine-month loss widened to $42.547 million from $25.582 million.
• Minor pointPreferred stock automatically converted into 17,742,217 common shares immediately before the IPO closing.
• Minor pointR&D expenses rose to $11.429 million from $6.969 million quarterly; nine-month expenses reached $37.459 million versus $21.935 million.
• Minor pointG&A expenses rose to $2.487 million from $1.744 million quarterly; nine-month expenses reached $7.475 million versus $6.002 million.

4 minor points

• Minor pointTRB-071 Phase 1 initiation remains subject to regulatory allowance to proceed.
• Minor pointTotal liabilities increased to $14.027 million September 30, 2026, from $6.237 million December 31, 2025.
• Minor pointStockholders' deficit widened to $134.110 million September 30, 2026, from $92.119 million December 31, 2025.
• Minor pointThird-quarter interest income fell to $768,000 from $853,000; nine-month income rose to $2.523 million from $2.421 million.

News Explained

Immediately before the completed October 2026 IPO, TRexBio converted all outstanding redeemable convertible preferred stock into 17,742,217 common shares, adding shares and reducing existing holders’ ownership percentages absent offsetting changes.

Key Figures

IPO shares and price: 9,539,237 shares at $14.00 per share Gross IPO proceeds: Approximately $133.5 million Net IPO proceeds: Approximately $119.0 million +5 more

IPO shares and price

9,539,237 shares at $14.00 per share

Completed IPO in October 2026

Gross IPO proceeds

Approximately $133.5 million

October 2026 IPO

Net IPO proceeds

Approximately $119.0 million

After underwriting discounts, commissions and estimated offering expenses

Cash and marketable securities

$78.2 million

As of September 30, 2026; excludes October IPO net proceeds

Expected cash runway

Into the second half of 2029

Based on current operating plan and including IPO net proceeds

R&D expenses

$11.4 million vs. $7.0 million

Third quarter 2026 vs. third quarter 2025

Net loss

$13.2 million vs. $7.9 million

Third quarter 2026 vs. third quarter 2025

TRB-061 topline data

Expected in mid-2027

Phase 1b trial in atopic dermatitis

Historical Context

1 past event · Latest: Oct 13

1 event

1. Oct 13

   IPO closing

   24h Move

   -0.7%

   Closed IPO with 8,333,334 shares at $14, raising approximately $116.7 million gross.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pharmacokinetics, dose-limiting toxicities, pharmacodynamic biomarkers, ind-enabling studies

4 terms

pharmacokinetics medical

"consistent pharmacokinetics and reproducible activation and expansion of immunoregulatory Tregs"

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

dose-limiting toxicities medical

"no treatment-related serious adverse events or dose-limiting toxicities observed"

Dose-limiting toxicities are the harmful side effects seen in early clinical trials that are severe enough to stop researchers from raising a drug’s dose. Like a car’s speed limiter marking the safe top speed, DLTs define the maximum tolerable dose, and they matter to investors because they determine whether a medicine can reach effective levels, influence development timelines, costs, and regulatory chances, and thus affect a drug’s commercial prospects.

pharmacodynamic biomarkers medical

"assessing safety, pharmacokinetics, pharmacodynamic biomarkers in blood and skin"

Pharmacodynamic biomarkers are measurable signs that show whether a drug is affecting the body the way it’s supposed to — for example a change in a blood protein or a scan reading that moves when the drug hits its target. For investors they act like a dashboard gauge, giving early evidence about whether a treatment works, what dose might be right, and how risky or promising a development program is, so they help guide funding and valuation decisions.

ind-enabling studies regulatory

"continues to advance through IND-enabling studies"

Ind-enabling studies are early research efforts that test whether a new drug or treatment is safe and effective enough to move forward in development. They are like preliminary tests to ensure a product works as intended before investing more resources into large-scale trials. For investors, these studies are important because successful results can signal potential progress toward bringing a new product to market, impacting its future value.

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• Positive Phase 1a results for TRB-061 support proof of mechanism, with topline Phase 1b data in atopic dermatitis expected in mid-2027
• TRB-071 advancing through IND-enabling studies, with Phase 1 trial initiation expected in the first half of 2027
• Completed a $133.5 million initial public offering in October 2026, extending expected cash runway into the second half of 2029
  
  

SOUTH SAN FRANCISCO, Calif., Nov. 13, 2026 (GLOBE NEWSWIRE) -- TRex Bio, Inc. ("TRexBio") (Nasdaq: TRXB), a clinical-stage biotechnology company focused on tissue Treg biology for the discovery and development of immunoregulatory medicines, today reported financial results for the third quarter ended September 30, 2026, and provided recent business highlights and anticipated development milestones.

“Our approach begins with understanding how regulatory T cells function in human tissues and using those insights to develop medicines intended to address the underlying immune dysfunction in disease,” said Johnston Erwin, Chief Executive Officer of TRexBio. “The positive Phase 1a results for TRB-061 demonstrated selective activation and expansion of immunoregulatory Tregs in humans, providing clinical evidence that we believe supports this approach. We are now focused on understanding whether these effects can translate into meaningful and durable disease control for patients with atopic dermatitis. With the completion of our IPO, we have the resources to advance TRB-061 toward its planned mid-2027 clinical readout and expect to bring TRB-071, which targets a distinct Treg pathway, into the clinic in the first half of 2027.”

Recent Business and Corporate Highlights

TRB-061: TNFR2 Agonist in Phase 1 Clinical Development for Atopic Dermatitis

• Reported positive Phase 1a topline results supporting proof of mechanism: In August 2026, TRexBio announced positive topline results from the Phase 1a portion of its ongoing Phase 1a/b clinical trial of TRB-061 in healthy volunteers. TRB-061 was generally well tolerated across all dose levels, with no treatment-related serious adverse events or dose-limiting toxicities observed. Results demonstrated consistent pharmacokinetics and reproducible activation and expansion of immunoregulatory Tregs, supporting proof of mechanism and dose selection for the ongoing Phase 1b trial.
• Advancing Phase 1b clinical trial in atopic dermatitis: TRexBio continues to evaluate TRB-061 in patients with moderate-to-severe atopic dermatitis. The Phase 1b portion of the trial is assessing safety, pharmacokinetics, pharmacodynamic biomarkers in blood and skin, and exploratory measures of clinical activity. Topline data are expected in mid-2027.
  
  

TRB-071: CD30 Agonist in IND-Enabling Development

• Progressing toward clinical development: TRB-071, an investigational CD30 agonist antibody designed to augment tissue Tregs and block inflammatory signaling pathways, continues to advance through IND-enabling studies. Subject to regulatory allowance to proceed, TRexBio expects to initiate a Phase 1 clinical trial in the first half of 2027.
  
  

Partnered Programs

• Eli Lilly collaboration: TRB-051, a program developed through TRexBio's research collaboration with Eli Lilly and Company, is in clinical development. Lilly intends to advance TRB-051 into a Phase 2a clinical trial in lupus with cutaneous involvement.
  
  

Corporate Highlights

• Completed initial public offering: In October 2026, TRexBio completed its IPO of 9,539,237 shares of common stock at a public offering price of $14.00 per share, including 1,205,903 shares sold upon the underwriters' partial exercise of their option to purchase additional shares. Gross proceeds were approximately $133.5 million, and net proceeds were approximately $119.0 million, after deducting underwriting discounts and commissions and estimated offering expenses. TRexBio's common stock trades on the Nasdaq Global Select Market under the ticker symbol "TRXB."
  
  

Third Quarter 2026 Financial Results

• Cash Position and Cash Runway: Cash, cash equivalents and marketable securities totaled $78.2 million as of September 30, 2026, excluding approximately $119.0 million in net proceeds from the IPO completed in October 2026. Based on its current operating plan, TRexBio expects these resources, together with the IPO net proceeds, to fund operations and capital expenditure requirements into the second half of 2029.
• Research and Development (R&D) Expenses: R&D expenses were $11.4 million for the third quarter of 2026, compared to $7.0 million for the third quarter of 2025. The increase was primarily driven by higher clinical trial costs associated with TRB-061, increased preclinical development and manufacturing activities for TRB-071 and other product candidates, and higher personnel and facility-related costs.
• General and Administrative (G&A) Expenses: G&A expenses were $2.5 million for the third quarter of 2026, compared to $1.7 million for the third quarter of 2025. The increase was primarily attributable to higher personnel-related expenses and professional fees, including accounting and audit costs associated with preparations to operate as a public company.
• Net Loss: Net loss was $13.2 million for the third quarter of 2026, compared to $7.9 million for the third quarter of 2025.

About TRexBio

TRexBio is a clinical-stage biotechnology company focused on tissue Treg biology for the discovery and development of immunoregulatory medicines designed to restore immune balance and promote tissue repair to address unmet needs of patients with autoimmune and inflammatory diseases. TRexBio’s Deep Biology Platform decodes Treg functionality in human tissue, mapping key drivers of immune dysregulation and uncovering novel targets and insights that inform drug discovery and translational efforts. This platform has generated multiple therapeutic development candidates across TRexBio’s wholly owned pipeline and through collaborations with leading pharmaceutical partners. TRexBio is led by an experienced management team and headquartered in South San Francisco, California. For more information, visit www.trex.bio.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable federal securities laws, including statements regarding TRexBio's business strategy, clinical and preclinical development programs, anticipated milestones and financial outlook. These statements include, without limitation, expectations regarding the development, potential therapeutic benefits and clinical advancement of TRB-061, TRB-071 and partnered programs; the timing and availability of clinical trial results, including topline data from the Phase 1b trial of TRB-061 in mid-2027; the anticipated initiation of a Phase 1 clinical trial of TRB-071 in the first half of 2027; and the sufficiency of TRexBio's cash, cash equivalents, marketable securities and IPO proceeds to fund its operations and capital expenditure requirements into the second half of 2029.

Forward-looking statements are based on current expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to: TRexBio's limited operating history, lack of products approved for commercial sale, incurrence of substantial losses since its inception and anticipation of incurring substantial and increasing losses for the foreseeable future; TRexBio's need for substantial additional financing to achieve its goals; the uncertainty of clinical development, which is lengthy and expensive, and the risk that results of earlier studies and trials may not be predictive of future trial results or results in other indications; risks related to additional costs or delays in completing, or failing to complete, the development, approval and commercialization of TRexBio's current or future product candidates in the United States or any other jurisdiction, and the risk that any such approval may be for a more narrow indication than TRexBio seeks; delays or difficulties in the enrollment and dosing of patients in clinical trials; the impact of any significant adverse events or undesirable side effects caused by TRexBio's product candidates; potential competition, including from large and specialty pharmaceutical and biotechnology companies, many of which already have approved therapies in TRexBio's current indications; risks related to the material weakness identified in TRexBio's internal control over financial reporting; TRexBio's ability to realize the benefits of its current or future collaborations or licensing arrangements and ability to successfully consummate future partnerships; TRexBio's dependence on the services of its senior management and other clinical and scientific personnel, and its ability to retain these individuals or recruit additional management or clinical and scientific personnel; TRexBio's ability to grow its organization and manage its growth and expansion of its operations; risks related to the manufacturing of TRexBio's product candidates, which is complex; TRexBio's ability to obtain and maintain sufficient intellectual property protection for its product candidates or any future product candidates; TRexBio's reliance on third parties to conduct its preclinical studies and clinical trials; risks related to the operations of TRexBio's suppliers, many of which are located outside of the United States; and other risks and uncertainties described in TRexBio's filings with the U.S. Securities and Exchange Commission, including the section titled "Risk Factors" in its final prospectus for its initial public offering, filed with the SEC on October 9, 2026, as well as the other information TRexBio files with the SEC. TRexBio cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date of this press release. TRexBio undertakes no obligation to update these statements except as required by law. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

TRex Bio, Inc.
Condensed Statements of Operations
(In thousands) | Unaudited

	Three Months Ended September 30						Nine Months Ended September 30
		2026			2025			2026			2025
Operating expenses:
Research and development		$11,429			$6,969			$37,459			$21,935
General and administrative		2,487			1,744			7,475			6,002
Total operating expenses		13,916			8,713			44,934			27,937
Loss from operations		(13,916	)		(8,713	)		(44,934	)		(27,937	)
Interest income		768			853			2,523			2,421
Other expense, net		(3	)		-			(6	)		(66	)
Total other income, net		765			853			2,517			2,355
Loss before provision for income taxes		(13,151	)		(7,860	)		(42,417	)		(25,582	)
Provision for income taxes		88			-			130			-
Net loss		$(13,239	)		$(7,860	)		$(42,547	)		$(25,582	)

TRex Bio, Inc.
Selected Balance Sheet Data
(In thousands) | Unaudited

	Sep. 30, 2026 (1)			Dec. 31, 2025
Cash, cash equivalents and marketable securities		$78,150			$67,725
Total assets		88,755			73,133
Total liabilities		14,027			6,237
Redeemable convertible preferred stock		208,838			159,015
Total stockholders' deficit		(134,110	)		(92,119	)

(1) The balance sheet data as of September 30, 2026, do not reflect the IPO completed in October 2026, which resulted in net proceeds of approximately $119.0 million, or the automatic conversion of all outstanding redeemable convertible preferred stock into 17,742,217 shares of common stock immediately prior to the closing of the IPO.

Contacts

Investor Relations: IR@trex.bio
Media Relations: jessica@litldog.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did TRexBio raise in its October 2026 IPO?

TRexBio raised approximately $133.5 million gross and approximately $119.0 million net by selling 9,539,237 common shares at $14.00 each. Net proceeds reflect underwriting discounts and commissions and estimated offering expenses. The share total included 1,205,903 shares sold through the underwriters' partial exercise of their additional-share option.

What did TRexBio's TRB-061 Phase 1a trial show?

TRB-061 demonstrated activation and expansion of regulatory T cells and was generally well tolerated across all dose levels in healthy volunteers. There were no treatment-related serious adverse events or dose-limiting toxicities. The results also showed consistent drug exposure and supported dose selection for the ongoing Phase 1b trial.

What is TRexBio measuring in the TRB-061 Phase 1b trial?

The TRB-061 Phase 1b trial assesses safety, drug exposure, biological responses in blood and skin, and exploratory measures of clinical activity in patients with moderate-to-severe atopic dermatitis.