First Tracks Biotherapeutics, Inc.

What they do

First Tracks Biotherapeutics is a clinical-stage biotechnology company developing antibody therapeutics that modulate immune pathways implicated in autoimmune and inflammatory diseases. Its lead program, ANB033, is a CD122 antagonist. The company is running Phase 1b trials of ANB033 in celiac disease and eosinophilic esophagitis, with earlier-stage assets ANB101 and rosnilimab also in the pipeline. It has no marketed products and reports no product revenue.

Revenue drivers

• ANB033 (CD122 antagonist) — Lead clinical asset; no revenue today. A 70-patient Phase 1b trial in celiac disease (Cohort 1 n=30, Cohort 2 up to n=40) and a 50-patient Phase 1b trial in eosinophilic esophagitis are ongoing, with plans to start Phase 2 trials in two additional indications in H1 2027.
• ANB101 (BDCA2 modulator) — Phase 1a trial in healthy volunteers completed; no revenue. The company is evaluating the development approach based on clinical and translational evidence and competitor data in SLE and CLE expected in Q4 2026 and early 2027.
• Rosnilimab (pathogenic T cell depleter) — No revenue. The company is assessing strategic options to progress development in rheumatoid arthritis and other indications.
• No product revenue — As a clinical-stage company, First Tracks has no approved products or product sales; funding comes from its balance sheet following the AnaptysBio separation.

Recent performance

As of June 30, 2026, First Tracks reported total assets of $183.1 million and shareholders' equity of $168.8 million, including cash and cash equivalents of $168.0 million, down from $238.2 million in cash and $73.4 million in short-term investments at December 31, 2025. The company completed its separation from AnaptysBio on April 20, 2026; financial results for January 1 to April 19, 2026 and for 2025 periods include both companies and allocations of certain AnaptysBio expenses. There were 35,730,843 shares of common stock outstanding as of August 7, 2026. The 10-Q and 8-K were both filed August 12, 2026.

Strategy

First Tracks is executing a broad development strategy for ANB033, with the goal of treating patients across four indications in 2027. It plans to report top-line Cohort 1 celiac disease data in Q4 2026 and Cohort 2 data in Q1 2027, and top-line eosinophilic esophagitis data in Q3 2027, and to initiate Phase 2 trials in two additional indications in H1 2027. For ANB101, it is evaluating the development path pending competitor registrational data in SLE and CLE. For rosnilimab, it is assessing strategic options. The company reiterates a cash runway into Q2 2028, which includes the ANB033 expansion into two additional indications in H1 2027.

Risks

• Clinical-stage, no product revenue — First Tracks has no approved products or product sales and depends on its cash balance to fund ongoing ANB033, ANB101 and rosnilimab development.
• Clinical trial timing and outcomes — Top-line ANB033 Cohort 1 data is reaffirmed for Q4 2026, Cohort 2 for Q1 2027 and eosinophilic esophagitis for Q3 2027, and any delay or failure could disrupt the pipeline.
• Recent separation from AnaptysBio — The separation completed April 20, 2026, and reported results for periods before that date include allocations of AnaptysBio expenses, which may make historical financials less comparable.
• Cash runway and spending — Cash and cash equivalents fell to $168.0 million at June 30, 2026 from $238.2 million plus $73.4 million in short-term investments at December 31, 2025, and the stated runway into Q2 2028 assumes planned ANB033 expansion into two additional indications in H1 2027.

Outlook

Management reaffirmed top-line Cohort 1 celiac disease data for Q4 2026 and Cohort 2 data for Q1 2027, with top-line eosinophilic esophagitis data anticipated in Q3 2027. It plans to initiate Phase 2 trials in two additional indications in H1 2027 and reiterates a cash runway into Q2 2028 that includes that expansion. For ANB101, the development approach will be informed by competitor registrational data in SLE and CLE expected in Q4 2026 and early 2027.