First Tracks Biotherapeutics, Inc. (TRAX) SEC Filings & Earnings Calls
EquiReason read 10 First Tracks Biotherapeutics, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — First Tracks Biotherapeutics closed a private placement of 6,106,870 shares of common stock and entered into a registration rights agreement..
Source: SEC EDGAR filings · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
20 Oct 20268-K · 1.01First Tracks Biotherapeutics closed a private placement of 6,106,870 shares of common stock and entered into a registration rights agreement.open
Figures in the filing · each found in the filing text
| issued_shares · 2026-10-19 | 6,106,870 |
Risks flagged
Dilution from share issuance may pressure existing shareholders.
“Issuance of 6,106,870 new shares.”
15 Oct 20268-K · 1.01, 3.02, 7.01First Tracks Biotherapeutics entered a securities purchase agreement to sell 6,106,870 shares at $32.75/share for ~$200M gross proceeds in a private placement, diluting existing shareholders.open
Figures in the filing · each found in the filing text
| issued shares · 2026-10-15 | 6,106,870 | |
| gross proceeds · 2026-10-15 | $200M |
Risks flagged
Dilution risk from 6.1M new shares (17% of outstanding) may pressure EPS and stock price.
“6,106,870 shares ... As of October 12, 2026, the Company had 35,909,814 shares of Common Stock issued and outstanding.” · word for word
13 Oct 20268-K · 7.01, 8.01Positive topline Phase 1b data for ANB033 in celiac disease: statistically significant protective effect on intestinal damage and symptoms vs placebo, with favorable safety.open
Figures in the filing · each found in the filing text
| LS Mean Change in Vh:Cd Ratio (ANB033) · Cohort 1 · Week 6 | $-0.17 | |
| LS Mean Change in IEL Density (ANB033) · Cohort 1 · Week 6 | $-1.20 | |
| LS Mean Change in VCIEL (ANB033) · Cohort 1 · Week 6 | $-0.25 |
Risks flagged
Phase 1b data positive but early-stage; late-stage development and regulatory approval still required
“advance ANB033 into late-stage development in 2027” · word for word
12 Aug 202610-QFirst quarterly report as standalone public company post spin-off from AnaptysBio.open
Figures in the filing · each found in the filing text
| Net loss · Q2-2026 | $-33M | |
| Cash and cash equivalents · 2026-06-30 | $168M | |
| Research and development expenses · Q2-2026 | $26M | |
| General and administrative expenses · Q2-2026 | $9M |
Risks flagged
No approved products; pre-revenue
“We do not have any product candidates approved for sale and have not generated any revenue from product sales.”
Need for additional funding
“If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending.” · word for word
12 Aug 20268-K · 2.02Cash, cash equivalents and investments $168M; Research and development expenses $26M (-35% y/y); General and administrative expenses $9M (+41% y/y); Guidance: Cash runway into Q2 2028earningsopen
Figures in the filing · each found in the filing text
| Cash, cash equivalents and investments · Q2-2026 | $168M | |
| Research and development expenses · Q2-2026 | $26M | -35% y/y |
| General and administrative expenses · Q2-2026 | $9M | +41% y/y |
| Net loss · Q2-2026 | $-33M | +21% y/y |
| Net loss per share · Q2-2026 | $-0.95 | +35% y/y |
Guidance
Cash runway into Q2 2028
Reiterated cash runway guidance into Q2 2028; no revenue guidance as pre-revenue biotech.
Risks flagged
Clinical-stage biotech with no approved products; high dependency on ANB033 trial outcomes
“Company is clinical-stage with no approved products; all pipeline candidates are in Phase 1 or earlier.”
Net loss continues; cash burn rate significant
“Net loss of $33.4M in Q2 2026; cash $168M provides runway into Q2 2028.”
22 Jun 20268-K · 1.01First Tracks Biotherapeutics subleased 45,057 sq ft lab/office space from AnaptysBio for 12 months with renewal option; no dollar value stated.open
Risks flagged
Sublease is subordinate to master lease; termination of master lease would terminate sublease.
“If AnaptysBio's tenancy terminates, sublease ceases.”
14 May 20268-K · 2.02Cash and cash equivalents $248M; Research and development expenses $34M (-18% y/y); General and administrative expenses $19M (+93% y/y)earningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · Q1-2026 | $248M | |
| Research and development expenses · Q1-2026 | $34M | -18% y/y |
| General and administrative expenses · Q1-2026 | $19M | +93% y/y |
| Net loss · Q1-2026 | $-51M |
Risks flagged
Clinical trial risk; Phase 1b data may not meet endpoints.
“Phase 1b trials ongoing; top-line data anticipated in Q4 2026 and mid-2027.”
No revenue; reliance on cash runway and pipeline success.
“No product revenue; net loss of $50.5M in Q1 2026.”
14 May 202610-QNet loss $-50M; Cash and cash equivalents $248M; Research and development expenses $34M (-18% y/y)open
Figures in the filing · each found in the filing text
| Net loss · Q1-2026 | $-50M | |
| Cash and cash equivalents · 2026-03-31 | $248M | |
| Research and development expenses · Q1-2026 | $34M | -18% y/y |
| General and administrative expenses · Q1-2026 | $19M | +92% y/y |
| Operating cash flow · Q1-2026 | $-33M | |
| Free cash flow · Q1-2026 | $-33M |
Risks flagged
Going concern risk if additional funding not obtained
“If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives.” · word for word
20 Apr 20268-K · 1.01, 2.01, 3.02, 3.03, 5.01, 5.02, 5.03, 8.01Spin-off from AnaptysBio completed; First Tracks Biotherapeutics becomes independent public company. Issued 29,100,802 shares to AnaptysBio. Change of control via distribution.open
Figures in the filing · each found in the filing text
| Shares issued · 2026-04-20 | 29,100,802 |
Risks flagged
Spin-off creates standalone entity with significant share dilution; new governance structure; integration risk.
“Spin-Off; issued 29,100,802 shares; amended charter/bylaws”
3 Apr 20268-K · 7.01Cash $180Mopen
Figures in the filing · each found in the filing text
| cash · Q1-2026 | $180M |
Risks flagged
Spin-off execution risk; taxable transaction for U.S. federal income tax purposes.
“Tax treatment: Expected to be a taxable transaction for U.S. federal income tax purposes.” · word for word
First Tracks Biotherapeutics, Inc. — questions
- What did First Tracks Biotherapeutics, Inc. file recently?
- 10 SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — First Tracks Biotherapeutics closed a private placement of 6,106,870 shares of common stock and entered into a registration rights agreement.
Every figure on this page comes from First Tracks Biotherapeutics, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.