$LLY · Eli Lilly and Company

Eli Lilly and Company filed a Schedule 13D with the SEC regarding its ownership of common stock in TRex Bio, Inc. The filing reports that Lilly beneficially owns 5,480,872 shares, representing 19.9% of TRex Bio’s outstanding common stock calculated after the company’s initial public offering. This position consists of 2,510,411 shares issued upon conversion of Series A redeemable convertible preferred stock, 2,095,461 shares issued upon conversion of Series B redeemable convertible preferred stock, and 875,000 shares purchased in the IPO at the public offering price of $14.00 per share, for about $12.3 million using cash on hand.

Lilly states that it acquired the shares for investment purposes and will continue reviewing its investment. It may acquire or dispose of shares, or engage in hedging or derivative transactions, depending on market conditions and other factors. Lilly also expects to discuss operational, financial, and strategic matters with TRex Bio’s directors and management. Julie Gilmore, a Lilly employee, serves on TRex Bio’s board, but Lilly has no contractual right to maintain her position or designate a replacement. The filing also states that neither Lilly nor its listed officers and directors have had recent criminal or relevant civil proceedings.