---
title: "AnaptysBio completes spin-off of First Tracks Biotherapeutics"
url: "https://aibio.space/news/anaptysbio-completes-spin-off-first-tracks-biotherapeutics/"
publisher: "aibio.space (Biotech Investor Relations News)"
date: "2026-04-20"
section: "Mergers"
tickers: "NASDAQ:ANAB"
source: "https://www.sec.gov/Archives/edgar/data/1370053/000119312526164330/d120122d8k.htm"
summary: "Shareholders received one First Tracks share for each AnaptysBio share held on April 6, 2026. AnaptysBio now manages two royalty collaborations and starts"
---

By the aibio.space news desk.

Sources

- [AnaptysBio, Inc. 8-K (2026-04-20)](https://www.sec.gov/Archives/edgar/data/1370053/000119312526164330/d120122dex991.htm)

[ANAB](https://aibio.space/companies/anaptysbio/) [TRAX](https://aibio.space/companies/first-tracks-biotherapeutics/)

2026-04-20

# AnaptysBio completes spin-off of First Tracks Biotherapeutics

Tickers [ANAB](https://aibio.space/companies/anaptysbio/)[TRAX](https://aibio.space/companies/first-tracks-biotherapeutics/)

Shareholders received one First Tracks share for each AnaptysBio share held on April 6, 2026. AnaptysBio now manages two royalty collaborations and starts with about $140-$145 million in net cash.

## Key facts

- **Companies**: AnaptysBio, Inc. (NASDAQ: ANAB), First Tracks Biotherapeutics, Inc. (NASDAQ: TRAX)

- **News type**: Mergers

- **Primary source**: [AnaptysBio, Inc. 8-K (2026-04-20)](https://www.sec.gov/Archives/edgar/data/1370053/000119312526164330/d120122dex991.htm)

*A meeting room with a long table and a screen. CC0, via rawpixel. The picture shows the field, not the companies named.*

AnaptysBio, Inc. (Nasdaq: [ANAB](https://aibio.space/companies/anaptysbio/)) said on April 20, 2026 that it completed the spin-off of First Tracks Biotherapeutics, Inc., its former biopharma operations business. The company calls itself a royalty management company.

The taxable spin-off followed the distribution of one share of First Tracks common stock for every one share of AnaptysBio common stock owned at the close of business on April 6, 2026, the record date. AnaptysBio will keep trading on Nasdaq under the symbol ANAB. First Tracks common stock begins regular-way trading the same day on the Nasdaq Global Select Market under the symbol TRAX.

AnaptysBio now exclusively manages its financial collaborations for Jemperli with GSK and for imsidolimab with Vanda. It said its focus is protecting and returning the value of those royalties to shareholders.

The company said it launches with a virtual model, limited full-time employees and minimal operating expenses, and with approximately $140-$145 million in net cash. President and Chief Executive Officer Daniel Faga said the structure provides a greater than 95% EBIT margin. EBIT margin is a non-GAAP measure, and the company said it cannot provide a reconciliation to the nearest GAAP measure without unreasonable effort.

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## Companies in this story

ANAB

AnaptysBio, Inc.

NASDAQ · United States

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TRAX

First Tracks Biotherapeutics, Inc.

NASDAQ · United States

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---
Source page: https://aibio.space/news/anaptysbio-completes-spin-off-first-tracks-biotherapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "AnaptysBio completes spin-off of First Tracks Biotherapeutics", 2026-04-20, https://aibio.space/news/anaptysbio-completes-spin-off-first-tracks-biotherapeutics/