First Tracks Biotherapeutics (Nasdaq: TRAX) is a clinical-stage immunology company developing antibody therapies for autoimmune and inflammatory diseases. It's the spun-off biopharma pipeline of Anapt

Cash stood at $168.0M as of Q2 2026 with runway into Q2 2028, against a $33.4M quarterly net loss. The pipeline centers on ANB033, a CD122 antagonist in Phase 1b for celiac disease and eosinophilic esophagitis, plus ANB101 and rosnilimab. Risks: substantial future funding needs, capital that may be consumed sooner than expected, uncertain trial initiation, timing, costs and results, and regulatory approval timing with potential for additional FDA or foreign studies. Note the company receives no proceeds from Re... Timeline to watch: Phase 1b celiac Cohort 1 top-line data expected Q4 2026, Cohort 2 in Q1 2027, and eosinophilic esophagitis data in Q3 2027. ANB033 holds FDA Fast Track designation for celiac disease and represents roughly 95% of valuation per a Canaccord Buy with a $50 target. Bottom line: this is a concentrated bet on ANB033 in a selective biotech tape — 2025 hit a 10-year IPO low and 2026's recovery is cautious, with Alumis-style low-end pricing showing investors are pic

Cash stood at $168.0M as of Q2 2026 with runway into Q2 2028, against a $33.4M quarterly net loss. The pipeline centers on ANB033, a CD122 antagonist in Phase 1b for celiac disease and eosinophilic es