1. Regeneron for T regulatory cell (Treg) therapies.

2. Like AbbVie, but focused entirely on engineering T regulatory cells to treat inflammatory diseases.

3. A more specialized Amgen, developing antibody drugs that rebalance the immune system through T regulatory cells.

• TRXB002: A clinical-stage antibody targeting CD8a, designed to treat inflammatory bowel disease (IBD) by restoring immune balance.
• TRXB005: A preclinical-stage anti-CD8a antibody program being developed for various autoimmune diseases.
• Discovery Pipeline: Earlier-stage research and development efforts aimed at identifying novel therapeutic targets and compounds for inflammatory and autoimmune conditions.

As a clinical-stage biotechnology company, Trex Bio (TRXB) is focused on the discovery and development of novel therapeutics for autoimmune diseases, inflammatory disorders, and cancer. At its current stage, Trex Bio does not have major commercial customers who purchase its products.

Companies like Trex Bio primarily engage in research and development, with their operations funded through investment capital (e.g., venture capital, public offerings). They do not currently have products on the market for sale to other companies or individuals.

If and when their drug candidates successfully complete clinical trials and receive regulatory approval, Trex Bio may then:

• License their therapies to larger pharmaceutical companies for commercialization. In this scenario, the licensing partners would become their "customers" in terms of receiving milestone payments and royalties.
• Commercialize the drugs themselves. In this case, their direct customers would typically be pharmaceutical distributors, hospitals, or pharmacies, rather than individual patients.

However, at its current stage, Trex Bio does not sell products to other companies or individuals and therefore does not have major customers.

Johnston Erwin, Chief Executive Officer

Johnston Erwin has served as Chief Executive Officer of TRex Bio since 2021. Prior to joining TRex Bio, he spent 36 years at Eli Lilly and Company, holding various leadership roles, including leading Lilly's internal venture capital investment team. He also serves as a Board Member.

Brandon Hants, Chief Financial Officer

Brandon Hants was appointed Chief Financial Officer of TRex Bio on April 8, 2025. He possesses over 25 years of experience in finance, accounting, and corporate functions, with a focus on scaling biopharma and life sciences organizations for growth. His previous roles include serving as CFO at Singulex and holding positions of increasing responsibility at Novartis Vaccines & Diagnostics and Genentech.

Ariella Kelman, Chief Medical Officer

Ariella Kelman joined TRex Bio as Chief Medical Officer on April 8, 2025. She is a rheumatologist with more than 20 years of experience in leading clinical development and global programs for inflammatory and autoimmune diseases. Before TRex Bio, she was CMO at Biora Therapeutics and led clinical development at Human Immunology Biosciences. Dr. Kelman also spent 15 years at Genentech/Roche, where she led clinical development programs for new medicines and was global head of bioethics for Roche.

Laura Berner, Chief Operating Officer

Laura Berner holds the position of Chief Operating Officer at TRex Bio. She also serves as an investor contact for the company.

Ali Zarrin, Chief Scientific Officer

Ali Zarrin is the Chief Scientific Officer at TRex Bio.

The key risks to Trex Bio (TRXB) are as follows:

1. Clinical Trial Failure Risk: Trex Bio is an early clinical-stage biopharmaceutical company with its lead candidate, TRB-061, currently in Phase 1 trials. At this stage, the primary focus is on safety and tolerability, and the efficacy of its drug candidates remains unknown. The potential for trial failure is considered the most significant risk to the business.
2. Future Financing Risks: As a clinical-stage biopharma company, Trex Bio will likely require substantial additional funding beyond its initial public offering (IPO), which is projected to cover approximately 18 months of operations. The company faces ongoing risks related to securing future financing, with an ideal scenario being the achievement of a significant clinical milestone before seeking further equity investment to enhance its valuation.
3. Intense Market Competition: Trex Bio operates in a highly competitive landscape, particularly in the development of treatments for atopic dermatitis and other immune-mediated conditions. The company faces strong competition from other biotechnology firms that are also developing next-generation drugs in this therapeutic area.

Trex Bio (TRXB) is a clinical-stage biopharmaceutical company focused on developing immunoregulatory medicines for autoimmune and inflammatory diseases. Their pipeline targets conditions such as atopic dermatitis, inflammatory bowel disease, and lupus with cutaneous involvement.

Product Market Sizes:

• Atopic Dermatitis (TRB-061): The total addressable market for atopic dermatitis impacts approximately 16 million U.S. adults and around 225 million people globally. The market was valued at $19.4 billion in 2025 and is projected to reach $37.3 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 8.3% from 2026 to 2033. In 2025, the North American market alone constituted 44.6% of the revenue share.
• Inflammatory Bowel Disease (IBD) (TRB-071): Inflammatory bowel disease affects approximately 3 million individuals in the U.S. and is anticipated to exceed 10 million worldwide by 2032.
• Lupus with Cutaneous Involvement (TRB-051 - partnered with Eli Lilly): Market size information specifically for "lupus with cutaneous involvement" was not available in the provided search results.

Here are 3-5 expected drivers of future revenue growth for Trex Bio (TRXB) over the next 2-3 years:

1. Advancement and Potential Commercialization of Lead Candidate TRB-061: TRex Bio's most advanced wholly-owned product candidate, TRB-061, is a TNFR2 agonist currently in Phase 1b clinical development for moderate-to-severe atopic dermatitis (AD). The company anticipates topline data from this trial by mid-2027 and plans to initiate Phase 2 trials for atopic dermatitis and alopecia areata. Successful progression through clinical trials and eventual market approval and commercialization of TRB-061 for these indications would be a primary driver of significant future revenue.
2. Progression of TRB-071 into Clinical Development and Beyond: TRex Bio is also advancing TRB-071, a CD30 agonist, which is currently in IND-enabling studies with a Phase 1 trial planned for the first half of 2027. TRB-071 is being developed for inflammatory bowel disease (IBD) and is designed to augment tissue regulatory T cells (Tregs) and modulate inflammatory signaling. Successful clinical development and subsequent commercialization of TRB-071 would contribute to future revenue growth.
3. Milestone and Royalty Payments from the Eli Lilly Collaboration (TRB-051): The company has an ongoing partnership with Eli Lilly for TRB-051, a program initially identified using TRex Bio's Deep Biology platform. Eli Lilly intends to initiate a Phase 2a clinical trial for TRB-051 in lupus with cutaneous involvement in the second half of 2026. Under this collaboration, TRex Bio is eligible to receive significant development, commercial, and sales milestone payments, as well as tiered royalties on net sales, which would represent a notable source of future revenue.
4. Expansion of Pipeline through the Deep Biology Platform: TRex Bio's proprietary "Deep Biology platform" is central to its drug discovery efforts, utilizing human tissue data and computational analysis to identify therapeutic targets and develop new immunoregulatory medicines. The ongoing productivity of this platform in generating new wholly-owned or partnered preclinical and clinical candidates beyond TRB-061 and TRB-071 will be crucial for long-term revenue diversification and growth.

Share Issuance

• TRex Bio has raised a total of $222 million in funding over various rounds as a private company.
• In November 2024, the company closed an oversubscribed $84 million Series B financing round.
• TRex Bio secured an additional $50 million in financing in January 2026, serving as an extension to its Series B round.
• The company filed for an Initial Public Offering (IPO) in September 2026, aiming to raise up to $100 million.

Inbound Investments

• TRex Bio has attracted a total of $222 million in investments from various parties.
• Key investors include Eli Lilly and Company, SV Health Investors, Pfizer Ventures, Johnson & Johnson Innovation, Alexandria Venture Investments, Delos Capital, Polaris Partners, Avego BioScience Capital, Agent Capital, Affinity Asset Advisors, Balyasny Asset Management, and Janus Henderson Investors.
• Eli Lilly and Company has expressed a non-binding interest to purchase up to 19.9% of Trex Bio's common stock during the upcoming IPO.

Capital Expenditures

• Proceeds from the $84 million Series B financing in November 2024 were allocated to advance TRB-061 through early clinical proof of concept and expand the company's pipeline, including the early development of TRB-071.
• The $50 million financing obtained in January 2026 was designated to support the continued clinical development of TRB-061.
• The anticipated proceeds from the IPO in 2026 are planned to fund Phase 2 studies for its lead asset (TRB-061), initiate a Phase 1 clinical study for TRB-071, and cover general corporate purposes.