←RETURN TO 2026 IPO RADAR DECK (135 OFFERINGS)COHORT STANDING: #69 of 135
Verified SEC Filing/Calendar Year 2026
NASDAQHealth Care
$TRXB
RANGE-BOUND (-50% to +50%)
TRex Bio, Inc.
OFFER PRICE$14.00
CURRENT PRICE
$14.85
CUMULATIVE RETURN
+0.10%
PRICING DATE: 10/09/26SEC FILING SNAPSHOT
SECTION 01 // FORENSIC TEARDOWN
The Seagull Executive Verdict
SURVIVAL RATING: WINNER
WHAT THE BUSINESS DOES
Develops immunological therapies by targeting regulatory T-cells to treat autoimmune diseases. Generates zero commercial revenue.
THE WALL STREET PITCH
Innovative platform mapping tissue-specific regulatory T-cell behavior to conquer complex autoimmune diseases.
THE COLD REALITY
Immense timeline and capital intensity required to move novel immunological therapies through the FDA gauntlet.
SECTION 02 // CAPITAL ALLOCATION
Capital Formation & Float Scarcity
FLAG: TREASURY GROWTH
Gross Proceeds
$116.2M
Cash extracted from market
Post-Money Value
$645.0M
Total company valuation
Public Float %
18%
Shares available to public
Secondary Share %
0%
Insider cash extraction
CAPITAL USE ANALYSIS
Proceeds directed to balance sheet and operations.
SECTION 03 // SUPPLY SHOCK AUDITOR
Insider Lock-Up Expiration
VC DUMP RISK: MODERATE
Expiration Calendar Date
2027-04-07
149 DAYS REMAINING
Supply Shock Multiplier
4.2x
Float expansion ratio upon unlock
Lockup Duration
180 Days
Contractual restriction window
SECTION 05 // COHORT BENCHMARK
Sector Peer & Cohort Telemetry
RANK: #69 of 135
2026 Cohort Standing
#69 of 135
Out of 135 total 2026 IPO offerings
Sector Median Return
+21.64%
Health Care sector midpoint
Sector Win Rate
78%
% of peer IPOs trading in profit
PERFORMANCE VS PEERS
TRex Bio, Inc. is currently trading below the Health Care sector median of 21.64%. Across the entire 2026 calendar year cohort, only 78% of Health Care offerings have sustained a positive return above their initial offer price.