TRex Bio Q3 2026 net loss widens to $13.2M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
TRex Bio, Inc. (TRXB) reported a third-quarter 2026 net loss of $13.239 million, compared with $7.860 million a year earlier. Research and development expenses were $11.429 million, versus $6.969 million, and general and administrative expenses were $2.487 million, versus $1.744 million. Cash, cash equivalents and marketable securities totaled $78.2 million at September 30, 2026, before the October IPO, which generated approximately $119.0 million in net proceeds. Based on its current operating plan, the company expects its resources, including those proceeds, to fund operations and capital expenditures into the second half of 2029.
TRex Bio reported positive Phase 1a results for TRB-061; topline Phase 1b data in atopic dermatitis are expected in mid-2027. The ongoing Phase 1b study assesses safety, pharmacokinetics, blood and skin biomarkers, and exploratory clinical activity. TRB-071 is in IND-enabling studies, with a Phase 1 trial expected in the first half of 2027, subject to regulatory allowance to proceed. Lilly intends to advance partnered TRB-051 into a Phase 2a trial in lupus with cutaneous involvement. TRex Bio also disclosed a material weakness in internal control over financial reporting.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Cash resources plus IPO proceeds are expected to fund operations into the second half of 2029.
Negative
- Major pointTRex Bio disclosed a material weakness in internal control over financial reporting.
- Moderate pointThird-quarter net loss rose to $13.239 million from $7.860 million a year earlier.
Filing Explained
The IPO’s ownership mechanics included a 9,539,237-share sale and conversion of 17,742,217 preferred shares into common.
The company reports that its
Immediately before the IPO closed, all outstanding redeemable convertible preferred stock automatically converted into 17,742,217 common shares.
8-K Event Classification
Key Figures
Key Terms
proof of mechanism medical
pharmacokinetics medical
pharmacodynamic biomarkers medical
IND-enabling studies regulatory
immunoregulatory Tregs medical
redeemable convertible preferred stock financial
Earnings Snapshot
Based on its current operating plan, TRex Bio expects its resources, together with IPO net proceeds, to fund operations and capital expenditure requirements into the second half of 2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash did TRXB have at September 30, 2026, and how long did it expect to fund operations?
What was TRXB’s third-quarter 2026 net loss?
What did TRex Bio report from the TRB-061 Phase 1a trial?
When does TRXB expect to start a Phase 1 trial of TRB-071?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 13, 2026, TRex Bio, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit |
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Description |
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99.1 |
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Press Release issued by TRex Bio, Inc. on November 13, 2026 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRex Bio, Inc. |
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By: |
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/s/ M. Johnston Erwin, Jr. |
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Name: M. Johnston Erwin, Jr. |
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Title: Chief Executive Officer |
Date: November 13, 2026
Exhibit 99.1
TRexBio Reports Third Quarter 2026 Financial Results and Recent Business Highlights
SOUTH SAN FRANCISCO, Calif., November 13, 2026 -- 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
TRB-071: CD30 Agonist in IND-Enabling Development
Partnered Programs
Corporate Highlights
Third Quarter 2026 Financial Results
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.
Contacts
Investor Relations: IR@trex.bio
Media Relations: jessica@litldog.com
TRex Bio, Inc.
Condensed Statements of Operations
(In thousands)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
11,429 |
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$ |
6,969 |
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$ |
37,459 |
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$ |
21,935 |
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General and administrative |
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2,487 |
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1,744 |
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7,475 |
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6,002 |
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Total operating expenses |
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13,916 |
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8,713 |
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44,934 |
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27,937 |
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Loss from operations |
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(13,916 |
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(8,713 |
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(44,934 |
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(27,937 |
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Interest income |
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768 |
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853 |
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2,523 |
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2,421 |
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Other expense, net |
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(3 |
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— |
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(6 |
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(66 |
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Total other income, net |
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765 |
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853 |
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2,517 |
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2,355 |
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Loss before provision for income taxes |
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(13,151 |
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(7,860 |
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(42,417 |
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(25,582 |
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Provision for income taxes |
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88 |
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— |
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130 |
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— |
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Net loss |
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$ |
(13,239 |
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$ |
(7,860 |
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$ |
(42,547 |
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$ |
(25,582 |
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TRex Bio, Inc.
Selected Balance Sheet Data
(In thousands)
(Unaudited)
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September 30, 2026(1) |
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December 31, 2025 |
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Cash, cash equivalents and marketable securities |
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$ |
78,150 |
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$ |
67,725 |
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Total assets |
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88,755 |
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73,133 |
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Total liabilities |
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14,027 |
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6,237 |
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Redeemable convertible preferred stock |
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208,838 |
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159,015 |
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Total stockholders’ deficit |
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(134,110 |
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(92,119 |
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(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.