First Tracks Biotherapeutics begins Nasdaq trading after AnaptysBio spin-off

First Tracks Biotherapeutics, Inc. (Nasdaq: TRAX) became an independent public company on April 20, 2026, when AnaptysBio, Inc. completed the spin-off of its autoimmune and inflammatory disease business. AnaptysBio shareholders received one share of First Tracks common stock for every share of AnaptysBio they held at the close of business on April 6, 2026. The company's stock began trading on the Nasdaq Global Select Market the same day. The distribution is reported in a Form 8-K filed April 20, 2026.

Dividing the business

The Separation and Distribution Agreement splits AnaptysBio in two. AnaptysBio keeps the Royalty Management Co. Business, which holds the rights to dostarlimab, including Jemperli royalties that arise from agreements among AnaptysBio, Tesaro, Inc., Tesaro Development, Ltd. and GlaxoSmithKline LLC. That business also holds imsidolimab royalties from AnaptysBio's licensing collaboration with Vanda Pharmaceuticals Inc. AnaptysBio also keeps its name and marks.

First Tracks takes the drug development side. Subject to certain exceptions, the 8-K allocates to it $100.0 million in cash and cash equivalents, the First Tracks name and marks, intellectual property primarily tied to the business, and laboratory and office equipment. It also gets the rights to milestone payments under the Vanda collaboration, which may amount to up to $35.0 million for future regulatory approval and sales milestones. The real property leases transfer through early termination or, at First Tracks' option, through December 31, 2027.

Liabilities, consents and equity awards

First Tracks generally takes on liabilities tied to its own business after the spin-off, including the employee benefit plans it assumes. AnaptysBio keeps all other liabilities, among them those from the Royalty Management Co. Business and any early termination fees on the leases. The parties agreed to use commercially reasonable efforts to obtain third-party consents to the transfers. If a transfer is delayed, the party holding the asset holds it for the party entitled to it.

The Transition Services Agreement, dated April 20, 2026, has First Tracks providing certain services, system access and other assistance to AnaptysBio on a transitional basis. The agreement is filed as Exhibit 10.1, with some confidential information redacted. Each AnaptysBio restricted stock unit becomes a First Tracks unit on similar terms. Performance stock units tied to $75 and $100 stock-price hurdles are cancelled and replaced with First Tracks units of equal value.

Cash and what the filings leave out

The release says First Tracks launches with $180 million in cash and a two-year cash runway. It does not say how the $180 million relates to the $100.0 million the 8-K allocates to the company. The forward-looking statements in the release describe the cash runway as projected, and warn that the company's ability to fund development activities may not match its plans. The 8-K does not include First Tracks' own financial statements, so this story reports no loss or cash burn figures for the company.

The pipeline

The release lists three development-stage assets. ANB033, a CD122 antagonist, is in a Phase 1b trial for celiac disease and eosinophilic esophagitis, and it is the lead operating program. Rosnilimab, a pathogenic T cell depleter, has completed a Phase 2b trial in rheumatoid arthritis, but the release reports no results from that trial. ANB101, a BDCA2 modulator, is in a Phase 1a trial. The release gives no efficacy data for any of the three.

Chief Executive Daniel Faga said: "Today marks the official launch of First Tracks Bio and the start of a bold new chapter focused on developing antibodies for autoimmune diseases." The statement describes the company's ambition. The trials that would test it are early, and the release reports no results from the one that is complete.

Report an error

Companies in this story

TRAXFirst Tracks Biotherapeutics, Inc.NASDAQ · United StatesOpen the starter desk