[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciodf7b58e8":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciodf7b58e8","礼来背书也难享溢价，TRex-Bio-(TRXB)发行价落至-14-美元区间下限","\u002Fdoc\u002Fdciodf7b58e8","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，专注于自身免疫与炎症疾病的早期生物技术公司 TRex Bio Inc. 通过 IPO 募资 1.167 亿美元，发行价定在其推介区间的下限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>根据周四发布的一份声明，该公司以每股 14 美元的价格出售了约 830 万股股票。此前提交的文件显示，这家生物技术公司此前给出的发行区间为每股 14 至 16 美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>按 IPO 发行价计算，总部位于旧金山的 TRex 市值为 3.84 亿美元，该数字基于文件中列出的流通股数量。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>该公司的投资者包括礼来公司、SV Health Investors、辉瑞风险投资、强生创新、骏利亨德森投资、Alexandria Venture Investments、Delos Capital 和 Polaris Partners。此前文件显示，礼来已表示有意在此次 IPO 中认购股份，但不打算使其持股比例超过 19.9%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>总量火热，回报分化\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>TRex 有望延续美国医疗板块上市的火热之年。据汇编的数据，今年生物技术与制药类 IPO 已募资近 80 亿美元，几乎是去年同期募资额的六倍。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>但其定价显现出2026 年生物医药 IPO“整体火爆、内部剧烈分化”格局的直接投射板块年内加权平均回报约 +55%，但涨幅几乎全部来自“平台型、多管线、临近催化剂”的标的。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>从后市来看，平台型、多管线(Parabilis、BillionToOne)首日实现66%上涨；单资产单一适应症(Electra)首日即破发。投资者按“故事的具体风险”定价，不再给整个板块统一溢价。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此外，越接近二元读数(三期在即、已递交上市申请)越受追捧；关键数据要等 18 个月以上的标的普遍无溢价甚至破发。TRex Bio 这类“单资产、一期临床、关键数据要等 2027 年中”的公司，正是下半年市场开始针对性压价的细分。市场对其需求真实但偏浅，礼来的战略背书只够把交易“发出来”，不足以支撑区间溢价。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>该公司计划将本次募资用于推进其核心候选药物 TRB-061，该药目前正在中重度特应性皮炎患者中开展早期临床试验。文件显示，公司预计将于明年年中公布这一在研疗法的顶线数据。此外，该公司还计划于 2027 年上半年启动 TRB-071 的一期临床试验，这是一款用于治疗炎症性肠病的在研药物。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>今年 1 月，TRex 通过 B 轮优先股的追加交割募资 5000 万美元，新投资方包括骏利亨德森和 Balyasny Asset Management。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>TRex 首席执行官 Johnston Erwin 在加入公司前曾在礼来工作了 36 年，此前曾领导礼来内部的风险投资部门 Lilly New Ventures。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此前提交的文件显示，该公司 2025 年净亏损 3480 万美元，而前一年净亏损为 310 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]