Trex Bio ($TRXB) filed for IPO. Clinical-stage biopharma using tissue Treg biology to develop immunoregulatory medicines for autoimmune and inflammatory diseases. Platform: Deep Biology. Partnered wit

Use of proceeds: advance TRB-061 through Phase 2 in atopic dermatitis and alopecia areata to topline data, push TRB-071 through a Phase 1 healthy volunteer trial, and fund working capital. The competitive set is crowded — Kyverna, Sonoma Bio and others chasing Treg-focused immune drugs. But Lilly and J&J partnerships plus milestone payments already earned give Trex external validation most peers lack. The IPO window is cooperating: 21 biotechs went public recently, all with drugs in human testing, 11 raising $300M+. Trex is clinical-stage with big-pharma backing, exactly the profile public investors have been rewarding. Bottom line: Treg biology is unproven commercially, and TRB-061 still needs Phase 2 data. But two pharma partners, milestone revenue, and a hot IPO tape make $TRXB one to watch — just size it like the binary it is.

Use of proceeds: advance TRB-061 through Phase 2 in atopic dermatitis and alopecia areata to topline data, push TRB-071 through a Phase 1 healthy volunteer trial, and fund working capital.