First Tracks Biotherapeutics Inc SEC Filings

First Tracks Biotherapeutics, Inc. registers 10,497,054 shares of common stock for resale by selling stockholders, with no proceeds payable to the company from the resale. The registration covers resale of shares issued in a March 26, 2026 private placement, which included 5,791,479 Primary Shares and 4,705,575 Secondary Shares. The Private Placement generated approximately $80 million of gross proceeds to the company from the Primary Shares. The prospectus states the selling stockholders may sell at prevailing market prices or in privately negotiated transactions; the prospectus date is May 14, 2026 and the Nasdaq closing price on May 13, 2026 was $18.43 per share.

First Tracks Biotherapeutics reported a net loss of $50.5M for the three months ended March 31, 2026, driven by operating expenses of $52.8M. Research and development totaled $34.0M, down from 2025, while general and administrative expenses rose to $18.9M as the company scales as a standalone entity.

Cash, cash equivalents and short-term investments were $286.5M as of March 31, 2026, with $32.6M used in operating activities during the quarter. Management believes current resources will fund operations for at least 12 months. After quarter-end, the Spin-Off from AnaptysBio closed, the stock began trading on Nasdaq under “TRAX,” the company received $100M of cash in the separation and raised roughly $80M in gross proceeds via a private placement of 5.79M primary shares at $13.81 per share.

First Tracks Biotherapeutics reported combined first quarter 2026 results and outlined progress across its immunology pipeline following separation from AnaptysBio. The company launched with $180 million in cash and cash equivalents on April 20, 2026 and expects a roughly two‑year cash runway to advance lead programs.

For the three months ended March 31, 2026, research and development expenses were $34.0 million, down from $41.5 million a year earlier, while general and administrative expenses rose to $18.9 million from $9.8 million, mainly due to separation and stock‑based compensation costs. Net loss was $50.5 million compared with $47.2 million in the prior‑year period.

At March 31, 2026, First Tracks reported cash and cash equivalents of $248.5 million, short‑term investments of $38.0 million and total assets of $290.6 million. The update highlighted ongoing Phase 1b trials of ANB033 in celiac disease and eosinophilic esophagitis, an End‑of‑Phase 2 FDA meeting for rosnilimab in rheumatoid arthritis, and a near‑complete Phase 1a trial of ANB101 in healthy volunteers.

First Tracks Biotherapeutics director Ware J. Anthony received new equity awards. He was granted stock options for 42,000 shares of common stock at an exercise price of $17.81 per share and 15,000 restricted stock units, both as compensation awards rather than open‑market purchases.

The 42,000 stock options vest in equal monthly installments over 12 months starting on June 12, 2026, and expire on May 11, 2036, if not exercised. The 15,000 RSUs vest 100% on the date of the company’s 2027 annual meeting of shareholders, subject to continued service, and each RSU will settle into one share for no cash consideration.

In addition to these grants, he also holds options to purchase up to 131,585 additional shares of common stock under prior awards, which continue to vest according to their own terms.

First Tracks Biotherapeutics director Magda Marquet received new equity awards as part of her compensation. She was granted options to buy 42,000 shares of common stock at an exercise price of $17.81 per share, expiring on May 11, 2036. These options vest monthly, with 1/12 of the total vesting each month starting on June 12, 2026, as long as she continues serving the company.

She also received 15,000 restricted stock units, each representing the right to receive one share of common stock for no cash payment. All of these RSUs vest on the date of First Tracks’ 2027 annual meeting of shareholders, subject to her continued service. In addition to this new option grant, she already holds options to purchase up to 70,104 shares of common stock that vest according to their existing terms.

First Tracks Biotherapeutics director John P. Schmid received new equity awards as part of his compensation. He was granted stock options covering 42,000 shares of common stock at an exercise price of $17.81 per share, expiring on 2036-05-11.

The option vests in equal monthly installments, with 1/12 of the shares vesting each month starting on 2026-06-12, as long as he continues serving the company. Schmid also received 15,000 restricted stock units, each representing a right to one share of common stock at no cost upon settlement.

These RSUs vest 100% on the date of First Tracks Biotherapeutics’ 2027 annual shareholder meeting, subject to continued service. In addition to the newly granted 42,000 options, he already holds options to purchase up to an aggregate of 107,320 shares of common stock that vest according to their existing terms.

First Tracks Biotherapeutics director Rita Jain received new equity awards in the form of options and restricted stock units. She was granted options to buy 42,000 shares of common stock at an exercise price of $17.81 per share, expiring on May 11, 2036.

She also received 15,000 restricted stock units, each representing one share of common stock upon settlement for no cash consideration. The RSUs vest 100% on the date of the company’s 2027 annual shareholder meeting, while the options vest in 12 equal monthly installments starting June 12, 2026 as long as she continues serving the company.

First Tracks Biotherapeutics director John A. Orwin received new equity awards. He was granted options to buy 42,000 shares of common stock at an exercise price of $17.81 per share, vesting in 12 equal monthly installments starting on June 12, 2026, as long as he continues serving the company.

Orwin also received 15,000 restricted stock units, each representing one share of common stock for no cash cost upon settlement. These RSUs vest 100% on the date of the company’s 2027 annual shareholder meeting, subject to continued service. A footnote notes he also holds other options covering up to 55,181 shares that vest under their existing terms.

First Tracks Biotherapeutics director Dennis M. Fenton received new equity awards as part of his compensation. He was granted options to buy 42,000 shares of common stock at an exercise price of $17.81 per share, expiring on May 11, 2036. These options vest in equal monthly installments over 12 months beginning June 12, 2026, so he earns them gradually by continuing to serve the company.

He was also granted 15,000 restricted stock units, each representing one share of common stock for no cash payment. These RSUs vest in full on the date of the company’s 2027 annual shareholder meeting, if he is still providing service. In addition to the 42,000 new options, he holds other options to purchase up to 97,827 shares that vest under their existing terms.