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First Tracks Biotherapeutics (Nasdaq: TRAX) reported Q1 2026 results and a business update following its April 20 separation from AnaptysBio.
The company launched with $180 million in cash and equivalents, guiding to a roughly two-year cash runway focused on advancing ANB033 and strategic options for rosnilimab.
Q1 2026 R&D expenses were $34.0 million vs. $41.5 million in Q1 2025, while G&A expenses rose to $18.9 million from $9.8 million, largely tied to separation and stock-based compensation. Net loss was $50.5 million vs. $47.2 million a year earlier.
Phase 1b trials of ANB033 in celiac disease and eosinophilic esophagitis are ongoing, with top-line celiac data expected in Q4 2026 and eosinophilic esophagitis data in mid-2027. A completed End-of-Phase 2 FDA meeting clarified a potential registrational Phase 3 path for rosnilimab in rheumatoid arthritis, and First Tracks is evaluating strategic options for this asset. Phase 1a for ANB101 in healthy volunteers is nearing completion.
First Tracks Biotherapeutics (Nasdaq: TRAX) began trading on Nasdaq on April 20, 2026 after a spin-off from AnaptysBio. The company launched as a clinical-stage biotech with $180 million in cash and a stated two-year cash runway to advance antibody therapeutics for autoimmune and inflammatory diseases.
Its initial pipeline includes ANB033 (CD122 antagonist, Phase 1b for celiac disease and eosinophilic esophagitis), rosnilimab (pathogenic T cell depleter, completed Phase 2b for rheumatoid arthritis), and ANB101 (BDCA2 modulator, Phase 1a). Shares were distributed one-for-one to Anaptys shareholders as of April 6, 2026.