Monitor for any subsequent 13D amendments indicating Lilly's intent to seek board changes, strategic alternatives, or additional stake accumulation. The lock-up expiration in April 2027 is a key liquidity event.
Price Chart
Executive Summary
Eli Lilly disclosed a 19.9% beneficial ownership stake in TRex Bio, Inc. via a Schedule 13D filed October 16, 2026. The stake consists of shares converted from Series A and B preferred stock plus 875,000 shares purchased in TRex Bio's IPO at $14.00/share for ~$12.3 million. Lilly has a board representative (Julie Gilmore) but no current plans for control changes, though it reserves the right to engage on strategic and operational matters.
Key Financial Metrics
Key Facts
- Eli Lilly holds 5,480,872 shares of TRex Bio common stock, representing 19.9% of outstanding shares.
- Stake includes 2,510,411 shares from converted Series A preferred, 2,095,461 from Series B preferred, and 875,000 shares purchased in the IPO at $14.00/share.
- Lilly employee Julie Gilmore serves on TRex Bio's board, but Lilly has no contractual right to maintain her position.
- Lilly is subject to a 180-day lock-up agreement expiring April 2027, restricting share sales without underwriter consent.
- Lilly states the investment is for investment purposes and may engage in discussions with management on operational, financial, and strategic initiatives.
Financial Impact
Lilly invested ~$12.3 million in the IPO tranche; total stake value at IPO price is ~$76.7 million.
Risk Factors
- Lilly may seek strategic influence or a transaction that could alter TRex Bio's independence.
- Lock-up expiration could lead to a large secondary sale, pressuring the stock.
- No specific activist demands or timeline provided — engagement may remain passive.
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0000059478-26-000095 |
| Document: 0000059478-26-000095-index.html | 0000059478-26-000095 |
| Document: 0000059478-26-000095.txt | 0000059478-26-000095 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | SC 13G | $14.80 $14.44 | ▼ −2.43% | ▼ −2.77% | $13.87 (−6.28%) |
Oct 16, 2026 10d ago | SC 13D | $14.80 $14.44 | ▼ −2.43% | ▼ −2.77% | $13.87 (−6.28%) |
Oct 16, 2026 10d ago | SC 13D | $14.01 $14.80 | ▲ +5.64% | ▲ +5.22% | $13.87 (−1.00%) |
Oct 15, 2026 11d ago | Insider Cluster | $14.01 $14.80 | ▲ +5.64% | ▲ +5.22% | $13.87 (−1.00%) |
Oct 15, 2026 11d ago | SC 13G | $14.16 $14.01 | ▼ −1.06% | ▲ +0.05% | $13.87 (−2.05%) |
Oct 13, 2026 13d ago | Press Release | $13.50 $14.16 | ▲ +4.89% | ▲ +4.60% | $13.87 (+2.74%) |
Oct 9, 2026 17d ago | 424B4 | $14.03 $13.60 | ▼ −3.06% | ▼ −3.05% | $13.87 (−1.14%) |
Oct 9, 2026 18d ago | EFFECT | $14.00 $14.03 | ▲ +0.21% | ▲ +0.27% | $13.87 (−0.93%) |
Oct 8, 2026 18d ago | 3 | $14.00 $14.03 | ▲ +0.21% | ▲ +0.27% | $13.87 (−0.93%) |
Oct 8, 2026 18d ago | 3 | $14.00 $14.03 | ▲ +0.21% | ▲ +0.27% | $13.87 (−0.93%) |
US Market Status
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