First Tracks Biotherapeutics Completes Spin-Off, Raises $80M in Private Placement

First Tracks Biotherapeutics, Inc. completed its spin-off from AnaptysBio, Inc. on April 20, 2026, becoming a separate public company listed on Nasdaq under "TRAX". Concurrently, the company raised approximately $80 million in gross proceeds from a private placement of 5,791,479 primary shares at $13.81 per share. This S-1 registration statement covers the resale of up to 10,497,054 shares by selling stockholders, including those from the private placement. The company believes its existing cash, cash equivalents, and investments will fund its current operating plan beyond the next 12 months, despite reporting a pro forma net loss of $(171,081) thousand for 2025.