IPO pricings bring two clinical-stage companies to Nasdaq this week, each aiming to fund mid-to-late-stage cardiovascular and immunology programs with fresh public capital.

Pricing an IPO is one thing; landing it with investors in a cautious biotech market is another. As Bryan Kobel, CEO of TC BioPharm, told Pharmaceutical Executive about his own path to Nasdaq, differentiation is what separates companies that clear the bar from those that don’t: “Not all biotechs are created equally, and not all biotech verticals or markets receive the same treatment... You need to give investors a story that stands out, both because your technology is sound from a science premise and because they can see a clear path to value inflection in a relatively near term.”

TRexBio prices $116.7 million IPO ahead of Nasdaq debut

TRexBio, Inc. priced the initial public offering of 8,333,334 shares of its common stock at $14.00 per share. All shares in the offering are being sold by TRexBio itself, and gross proceeds are expected to reach approximately $116.7 million before underwriting discounts, commissions, and other offering expenses are deducted.¹

TRexBio’s common stock is set to begin trading on the Nasdaq Global Select Market on October 9, 2026, under the ticker symbol “TRXB.” The offering is expected to close on October 13, 2026, subject to customary closing conditions.¹ The company is also granting underwriters a 30-day option to purchase up to an additional 1,250,000 shares at the initial offering price, less applicable discounts and commissions, giving the deal room to grow if demand supports it.¹

J.P. Morgan, Evercore ISI, Cantor, and Stifel are serving as lead book-running managers for the offering, with Wedbush PacGrow acting as book-running manager. A registration statement covering the shares was filed with the Securities and Exchange Commission and became effective October 8, 2026.¹

TRexBio’s focus on tissue-resident regulatory T cell biology places it among a cohort of immunology-focused biotechs betting that modulating Tregs directly within diseased tissue, rather than systemically, can produce more targeted immunoregulatory therapies.¹ The IPO proceeds give the company a nondilutive-adjacent cash runway to continue advancing its discovery and development pipeline as a newly public entity.

Retension Pharmaceuticals upsizes IPO to $45.0 million to fund hypertension trials

Retension Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company developing medicines for hypertension and other cardiovascular diseases, priced it’s upsized initial public offering of 3,750,000 shares of common stock at $12.00 per share.²

The deal is expected to generate gross proceeds of $45.0 million before underwriting discounts, commissions, and other offering expenses payable by the company.² All shares are being offered by Retension, with underwriters granted a 30-day option to purchase up to an additional 562,500 shares at the IPO price, less discounts and commissions.

Shares are expected to begin trading on the Nasdaq Capital Market on October 9, 2026, under the ticker symbol “RTSN,” with the offering expected to close on or about October 13, 2026, subject to customary closing conditions.²

Retension intends to direct net proceeds from the offering, combined with its existing cash and cash equivalents, toward completing the Phase IIB clinical trial of RTN-001 in uncontrolled hypertension.² The company also plans to use the funds to prepare for, support, and advance a planned Phase III trial of RTN-001 in the same indication, with remaining proceeds allocated to general corporate purposes and other operating expenses.

Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunning managers for the offering, with Titan Partners serving as lead manager. Registration statements relating to the offering became effective October 8, 2026, and the offering is being made only by means of a prospectus, copies of which are available from Leerink Partners LLC or Guggenheim Securities, LLC through their respective syndicate departments.²

Sources

1. TRexBio Announces Pricing of Initial Public Offering TRexBio Inc. October 8, 2026, https://www.globenewswire.com/news-release/2026/10/09/3377793/0/en/trexbio-announces-pricing-of-initial-public-offering.html
2. Retension Pharmaceuticals Announces Pricing of Initial Public Offering Retension Pharmaceuticals October 8, 2026, https://www.globenewswire.com/news-release/2026/10/09/3377794/0/en/retension-pharmaceuticals-announces-pricing-of-initial-public-offering.html