TRAX Stock — First Tracks Biotherapeutics Inc.: Cash, EV, Pipeline

What they do

Our 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 Separation Our financial support has been provided primarily by AnaptysBio, Inc.

Source: 10-Q FY2026 via SEC EDGAR

Share price

$47.90

Market cap

$2,012.7M

Cash

$155.6M

Enterprise value

$1,857.1M

Balance sheet

Cash	$155.6M
Debt	$0.0M
Net cash	$155.6M
Enterprise value	$1,857.1M
Basic shares	42.0M shares
Fully diluted shares	50.7M shares
Fully diluted market cap	$2,427.9M
Cash per share	$3.70
Quarterly burn	$31.9M
Cash runway	5.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

42.0M

Pre-funded warrants

0.0M

Options

6.6M

RSUs

2.0M

Warrants

0.0M

Converts

—

Conv preferred

0.0M

ESPP reserve

—

FDSO

50.7M

Cap table as of 2026-11-06.

Price history

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Next catalyst

ANB033 · Est. Feb 14, 2027 · quarter midpoint · guided in 8 wks

Recently reported

ANB033 Phase 1 Positive · 2026-10-12

Phase 1b gluten-challenge (Cohort 1) · celiac disease

Primary: Histologic endpoints at Week 6: Vh:Cd ratio, IEL density, VCIEL (LS mean change from baseline vs placebo) — Vh:Cd -0.17 (ANB033) vs -0.66 (placebo), delta +0.49, p=0.009; IEL density -1.20 vs +18.83, delta -20.03, p<0.001; VCIEL -0.25 vs -3.59, delta +3.33, p=0.002

· n=32 (17 ANB033, 15 placebo); 14-day gluten challenge (6g/day)

· CDSD symptom score lower on ANB033 vs placebo, stat-sig day 1-7

· Moderate-to-severe symptoms lower, stat-sig day 1-12

· Rescue GI meds: 47% placebo vs 6% ANB033

· Cohort 2 (mucosal healing, 12 wk) topline expected Q1 2027

· Late-stage celiac trial planned 2027; Fast Track designated

Safety: No SAEs, no severe AEs, no discontinuations on ANB033; 88.9% any AE vs 100% placebo

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Feb 14, 2027 in 8 wks quarter midpoint	ANB033 Phase 1b in celiac disease, Cohort 2	Phase 1b	celiac disease	Q1 2027
GUIDEDEst. Aug 15, 2027 in 8 mo quarter midpoint	ANB033 Phase 1b in eosinophilic esophagitis	Phase 1b	eosinophilic esophagitis	Q3 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ANB033

Phase 1 · Active Modality: monoclonal antibody (CD122 antagonist)

Target CD122

Indications

celiac disease (Stage not disclosed)
eosinophilic esophagitis (Stage not disclosed)

Status note Phase 1a healthy-volunteer topline reported October 2025. Global Phase 1b trials ongoing in celiac disease (approximately 70 patients) and eosinophilic esophagitis (50 patients). FDA Fast Track designation for celiac disease in patients on a gluten-free diet.

rosnilimab

Phase 2 · Active Modality: monoclonal antibody (pathogenic T cell depleter)

Target PD-1

Indications

moderate-to-severe rheumatoid arthritis (Stage not disclosed)

Status note Phase 2b trial in RA achieved its primary endpoint at Week 12 (reported February 2025, updated June 2025) with deepening responses through six months. End-of-Phase 2 meeting with the FDA completed in the first quarter of 2026.

ANB101

Phase 1 · Active Modality: monoclonal antibody (BDCA2 modulator)

Aliases CBS004

Target BDCA2

Partnerships Centessa Pharmaceuticals (exclusive global license to the BDCA2 modulator antibody portfolio, including ANB101)

Indications

autoimmune and inflammatory diseases (Stage not disclosed)

Status note Phase 1 healthy-volunteer trial initiated March 2025 and completed August 2026.

imsidolimab

Phase 3 · Active Modality: monoclonal antibody (IL-36R antagonist)

Target IL-36R

Partnerships Vanda Pharmaceuticals (exclusive global license for development and commercialization of imsidolimab; company retains milestone-payment rights via the spin-off separation agreement)

Indications

generalized pustular psoriasis (Stage not disclosed)

Status note Out-licensed to Vanda; two registration-enabling global Phase 3 trials (GEMINI-1, GEMINI-2) completed by the licensee.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
EcoR1 Capital	3,174,519	+3,174,519	3.17%	2026-08-14
Ally Bridge Group	284,287	+284,287	7.37%	2026-08-14
ADAR1 Capital Management	71,910	+71,910	0.07%	2026-08-14
Ikarian Capital	42,775	+42,775	0.14%	2026-08-14
Sphera Biotech	27,876	+27,876	0.08%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TRAX — First Tracks Biotherapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

TRAX — First Tracks Biotherapeutics Inc.