First Tracks Biotherapeutics/$TRAX
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Capital at risk
About First Tracks Biotherapeutics
First Tracks Biotherapeutics Inc is a clinical-stage biotechnology company focused on delivering immunology therapeutics for autoimmune and inflammatory diseases. Its clinical-stage pipeline includes rosnilimab, a selective pathogenic T cell depleter, for which it completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (RA), ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (CeD) and eosinophilic esophagitis (EoE), and ANB101, a BDCA2 modulator, in a Phase 1a trial. The company operates in one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases.
- Ticker
- $TRAX
- Sector
- Health
- Primary listing
- NASDAQ
- Employees
- -
- Headquarters
- San Diego, United States
- Website
- www.firsttracksbio.com
TRAX Metrics
BasicAdvanced
$1.4B
-
-$4.53
-
-
Price and volume
Market cap
$1.4B
52-week high
$49.91
52-week low
$14.72
Average daily volume
594K
Financial strength
Current ratio
14.28
Quick ratio
13.906
Long term debt to equity
0.011
Total debt to equity
0.026
Profitability
EBITDA (TTM)
-169.075
Management effectiveness
Valuation
Price to book
8.18
Price to tangible book (TTM)
8.18
Price to free cash flow (TTM)
-11.147
Free cash flow yield (TTM)
-8.97%
Free cash flow per share (TTM)
-3.499
Growth
Bulls say / Bears say
Well-capitalized at spin-off with a $180 million initial cash balance (including $100 million from Anaptys and $80 million from a private placement), providing a two-year runway to advance its clinical-stage pipeline. (AnaptysBio)
Completed enrollment of Cohort 1 in the Phase 1b ANB033 celiac disease trial with top-line data reaffirmed, de-risking the program ahead of a Q4 2026 readout. (First Tracks Biotherapeutics)
The U.S. FDA granted Fast Track designation to ANB033 for treating celiac disease, potentially expediting its regulatory review and clinical development pathway. (First Tracks Biotherapeutics)
Key clinical milestones for ANB033 Cohort 2 and eosinophilic esophagitis are not expected until Q1 2027 and Q3 2027, respectively, while a registrational Phase 3 path for rosnilimab remains to be defined, extending the binary catalyst timeline. (Nasdaq and First Tracks Biotherapeutics)
Cash and investments declined from about $286 million at Q1 2026 (cash $248.5 million plus $38 million short-term investments) to $168 million by Q2 2026, reflecting over a 40% cash burn in three months and raising potential refinancing risk before Q2 2028. (Nasdaq and First Tracks Biotherapeutics)
A prospectus filed in April 2026 allows selling stockholders to offer up to 10.5 million shares of common stock, posing a dilution and overhang risk for existing shareholders. (SEC)
Data summarised monthly by Lightyear AI. Last updated on 24 Aug 2026.
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Funds containing TRAX
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Fund name | Fund size | $TRAX weighting |
|---|---|---|
iShares Nasdaq US Biotechnology$BTEC | $1.2B | 0.09% |
iShares Nasdaq US Biotechnology£BTEK | £865M | 0.09% |
SPDR Russell 2000 US Small Cap€R2US | €4.8B | 0.03% |
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
iShares MSCI World Small Cap€IUSN | €7.8B | 0.01% |
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