First Tracks Bio Debuts on Nasdaq with $180M for Autoimmune Fight

SAN DIEGO, CA – April 20, 2026 – A new, well-capitalized player in the fight against autoimmune disease made its public debut today. First Tracks Biotherapeutics, Inc. began trading on the Nasdaq Global Select Market under the ticker symbol “TRAX,” launching as an independent clinical-stage company with a robust $180 million in cash and a pipeline aimed at diseases with significant unmet needs.

The company’s launch follows its successful spin-off from AnaptysBio, Inc., a strategic separation designed to create two distinct, highly focused entities. First Tracks Bio launches with what it projects to be a two-year cash runway, providing a solid financial foundation to advance its three development-stage antibody therapies.

“Today marks the official launch of First Tracks Bio and the start of a bold new chapter focused on developing antibodies for autoimmune diseases, including our lead operating program, ANB033, in development to treat celiac disease and eosinophilic esophagitis,” said Daniel Faga, president and chief executive officer, in a statement. “We’re energized by the patients, physicians, employees and investors who share and are committed to our vision as we advance therapies built to deliver meaningful impact and long‑term value.”

A Strategic Bifurcation

The creation of First Tracks Biotherapeutics represents a deliberate strategic pivot by its former parent, AnaptysBio. The spin-off effectively bifurcates the original company's assets, allowing each to pursue a more focused and efficient business model. With the R&D pipeline now housed in First Tracks, AnaptysBio has transformed into a lean royalty management company.

AnaptysBio will now concentrate on managing financial collaborations for its out-licensed assets, primarily Jemperli, a cancer therapy developed with GSK, and imsidolimab, a therapy for skin disorders. This new model is expected to operate with minimal expenses and a high EBIT margin, aiming to deliver value to shareholders through royalty streams. The separation was completed through a distribution of one share of First Tracks common stock for every share of AnaptysBio stock held as of the April 6, 2026 record date, giving AnaptysBio investors a direct stake in the new venture.

This strategy allows First Tracks to operate as a pure-play R&D organization, dedicating its substantial capital and specialized expertise to the high-risk, high-reward process of drug development without being tethered to the different financial profile of a royalty-generating entity.

A Pipeline Aimed at Chronic Disease

At the heart of First Tracks Bio is a clinical-stage pipeline targeting immune pathways implicated in chronic autoimmune and inflammatory conditions. The company’s initial portfolio includes three distinct antibody therapeutics.

The lead asset, ANB033, is a CD122 antagonist currently in a Phase 1b trial for celiac disease and eosinophilic esophagitis (EoE). Its mechanism targets the shared beta subunit of receptors for IL-15 and IL-2, two key cytokines that drive pathogenic inflammation. For the millions suffering from celiac disease, where the only treatment is a lifelong, strict gluten-free diet, ANB033 represents a potential new paradigm. It aims to reduce disease-causing immune cells and protect against the inflammatory response from accidental gluten exposure. Early Phase 1a results were promising, demonstrating a favorable safety profile and a pharmacokinetic profile supporting subcutaneous dosing with full receptor occupancy for over 30 days.

Next in the pipeline is rosnilimab, a pathogenic T cell depleter that has completed a Phase 2b trial for rheumatoid arthritis (RA). While a previous trial for rosnilimab in ulcerative colitis was discontinued after failing to meet its endpoints, the company remains optimistic about its potential in RA, a notoriously competitive but lucrative market. The existing mid-stage data will be critical in determining its path forward against a host of entrenched therapies.

Rounding out the initial portfolio is ANB101, a BDCA2 modulator in a Phase 1a trial. Licensed from Centessa Pharmaceuticals, this antibody targets plasmacytoid dendritic cells (pDCs), which are key drivers of inflammation in diseases like systemic lupus erythematosus (SLE). Its inclusion in the pipeline signals a long-term vision beyond the company’s more advanced assets.

Navigating Crowded and Untapped Markets

First Tracks Biotherapeutics enters a dynamic and challenging landscape. While its pipeline targets significant medical needs, it also faces stiff competition.

In celiac disease, the company joins a race with over 20 other firms, including giants like Takeda, Pfizer, and Sanofi, all vying to be the first to market a therapeutic alternative to a gluten-free diet. However, with no approved drugs, the field remains wide open. ANB033’s unique mechanism as a CD122 antagonist could provide the differentiation needed to stand out.

For eosinophilic esophagitis, the challenge is different. The market already has an approved blockbuster biologic in Dupixent. First Tracks will have to prove that ANB033’s alternate mechanism, which targets the IL-15/IL-2 pathways instead of the IL-4/IL-13 axis, offers a distinct advantage for patients.

The rheumatoid arthritis market is mature and saturated with highly effective TNF inhibitors, JAK inhibitors, and other biologics. For rosnilimab to succeed, it will need to demonstrate a superior profile in terms of efficacy, safety, or utility in a specific patient subset that does not respond to existing treatments.

Leadership, Capital, and a Clear Vision

Steering the new company is Daniel Faga, who transitioned from his role as President and CEO of AnaptysBio. This leadership continuity, along with Chief Medical Officer Paul Lizzul also making the move, ensures that the deep institutional knowledge of the pipeline assets remains within First Tracks. Faga’s continued consulting role with AnaptysBio further underscores the strategic alignment behind the separation.

The company’s $180 million war chest, bolstered by an $80 million private placement from investors including 683 Capital Partners and Adage Capital, provides a powerful endorsement of this leadership team and its strategy. This capital is the fuel that will power the clinical trials essential for proving the value of its therapeutic candidates.

With the corporate restructuring complete, the leadership team in place, and its financial future secured for the near term, First Tracks Biotherapeutics is now purely a science and execution story. The focus shifts from corporate strategy to the clinical data that will ultimately define its success. Investors, physicians, and patients will now watch closely as the company works to deliver on its promise to turn its promising science into meaningful therapies.