Key Highlights

  • R&D expenses were USD 23.8 million versus USD 33.3 million, and general and administrative expenses were USD 9.0 million.
  • The net loss was USD 31.4 million, or USD 0.88 per share, compared with USD 41.9 million, or USD 1.50.
  • Cash and cash equivalents were USD 155.6 million at September 30, 2026, versus USD 238.2 million at December 31, 2025.
  • The spin-off from AnaptysBio was completed on April 20, 2026, together with a private Placement at USD 13.81 per share.

Operating Expenses and Net Loss

First Tracks Biotherapeutics, Inc. (NASDAQ:TRAX), a clinical-stage biotechnology company advancing antibody therapies for autoimmune and inflammatory diseases, filed its Quarterly Report for the period ended September 30, 2026. Research and Development expenses were USD 23.8 million, compared with USD 33.3 million in the third quarter of 2025. General and administrative expenses were USD 9.0 million, compared with USD 11.7 million. Total operating expenses were USD 32.8 million versus USD 45.1 million, and interest income was USD 1.5 million versus USD 3.2 million.

The net loss was USD 31.4 million, compared with USD 41.9 million in the prior-year quarter. Net loss per common share was USD 0.88, compared with USD 1.50, on 35.7 million weighted-average shares versus 27.8 million. The company has not reported revenue.

For the nine months, the net loss was USD 115.2 million, or USD 3.25 per share, compared with USD 131.5 million, or USD 4.52 per share. Research and development expenses were USD 83.4 million versus USD 114.1 million, and general and administrative expenses were USD 37.1 million versus USD 28.2 million. The nine-month figures combine Carve-Out results from January 1 through April 19, 2026 with stand-alone results from April 20, 2026. The third-quarter figures are entirely stand-alone.

Analyst estimates were EPS of negative USD 0.90 against reported EPS of negative USD 0.88.

Separation From AnaptysBio

AnaptysBio, the former parent company, approved the separation on September 29, 2025, and the spin-off was completed on April 20, 2026. AnaptysBio distributed 29,100,902 shares of First Tracks common stock to its holders of record on a one-for-one basis, and the shares began trading on Nasdaq on April 20, 2026.

On the distribution date the company completed a private placement in which it issued 5,791,479 primary shares at USD 13.81 per share, for gross proceeds of USD 80 million before offering expenses, and a selling stockholder sold 4,705,575 secondary shares. The statements of Equity also show a USD 100.0 million transfer from the former parent.

Pipeline and Liquidity

The pipeline includes ANB033, a CD122 antagonist in development for celiac disease and eosinophilic esophagitis, rosnilimab, a pathogenic T cell depleter in development for rheumatoid arthritis, and ANB101, a BDCA2 modulator. The company announced top-line data in October 2025 from a healthy volunteer Phase 1a trial of ANB033, which enrolled 80 subjects. No dose-limiting toxicities were observed at any dose tested, and no serious adverse event discontinuations were observed.

At September 30, 2026, cash and cash equivalents were USD 155.6 million, compared with USD 238.2 million at December 31, 2025, and short-term investments were nil, compared with USD 73.4 million. Total Assets were USD 170.5 million, compared with USD 330.5 million.

Items to Follow

Items to follow are research and development spending on ANB033, rosnilimab and ANB101, cash and cash equivalents, and the development milestones disclosed in future filings.