First Tracks Biotherapeutics Inc
TRAX · Price history
Price at last available close
$45.72
+$9.74 (+27.07%) 1M
2026-10-28
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Company & revenue
About First Tracks Biotherapeutics Inc
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
First Tracks Biotherapeutics, Inc., situated in San Diego, California, specializes in pioneering new immunology-based treatments. The firm is actively involved in the discovery and progression of therapeutics aimed at combating autoimmune and inflammatory disorders, currently advancing programs like rosnilimab, ANB033, and ANB101 through their clinical stages.
How they make money
First Tracks Biotherapeutics is a clinical-stage biotechnology company that operates as a research and development entity. It focuses on advancing antibody therapeutics to modulate immune pathways for autoimmune and inflammatory diseases, currently operating as a pre-revenue company funded by capital raised during its spin-off from AnaptysBio.
Products & services
The company is developing antibody therapeutics, including ANB033, a CD122 antagonist currently in clinical trials for celiac disease and eosinophilic esophagitis.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer categories were not separately identified in the reviewed source set.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Contract Research Organizations — The company utilizes third-party contract research organizations to conduct clinical trials and manage development activities.Source
Strengths
- Two-year cash runway following spin-offSource
Risks
- Clinical development and regulatory approval risksSource
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
25
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
26
Poor
Financial Strength
52
Business Quality / Moat
0
Management
40
Growth Quality
0
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Model Outlook
12-month model · What does the model think happens next?
Outperformance analysis is not currently available.
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
A current Opportunity Score is not available.
The 12-month model outlook is not currently available.
- •Balance-sheet / debt profile scores strongly
- •Valuation is a weaker part of the current profile
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for TRAX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •How long can TRAX fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is TRAX likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for TRAX to reach sustainable profitability?
- •What future growth or profitability would be needed to justify TRAX's current valuation?
- •What does the current none warning mean for the reliability or interpretation of TRAX's score?
Essential Investment Snapshot
Wall Street Score
25
Market Cap
$1.64B
P/E Ratio
-8.7
EPS
$-4.97
52-Week High
$49.91
52-Week Low
$14.72
Beta
3.37
Analyst Target
$65.00
Shares Outstanding
34.7M
Total Revenue
$0
Total Debt
$4.3M
Dividend
No current dividend
Liquidation Value / Share
$4.86
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong upward momentum
High movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on TRAX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Two-year cash runway following spin-off.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −Clinical development and regulatory approval risks.
- −Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
25
Oct 1, 2026
Change
-0.1
points
Current Score
25
Oct 23, 2026
Category Changes
TRAX decreased 0.1 points because some fundamentals weakened.
Projected Score
Projected Score
28
Projected Change
+3.3 points
Preliminary comparable-period financial changes suggest improvement of approximately 3.3 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$45.72
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 |
| Cost of Revenue | $207K | $139.6M | $152.3M | $0.00 |
| Gross Profit | -$207K | -$139.6M | -$152.3M | $0.00 |
| Research & Development | $140.2M | $139.6M | $152.3M | $97.6M |
| SG&A Expenses | $44.5M | $39.4M | $28.8M | $20.9M |
| Operating Expenses | $184.7M | $39.4M | $28.8M | $118.5M |
| EBITDA | -$183.4M | -$176.6M | -$178.7M | -$116.1M |
| Operating Income | -$184.9M | -$179.0M | -$181.1M | -$118.5M |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 |
| Income Before Tax | -$173.5M | -$166.1M | -$163.7M | -$106.2M |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 |
| Net Income | -$173.5M | -$166.1M | -$163.7M | -$106.2M |
| Basic EPS | $-4.97 | $0.00 | $0.00 | $-3.05 |
| Basic Shares | 35.39M | 34.75M | 34.75M | 34.75M |
| Diluted Shares | 35.39M | 34.75M | 34.75M | 34.75M |
Earnings Summary
Revenue
$0
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.94
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
No material change
Cash Change
No material change
Margin Change
Not available
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Potential Score Impact
Pressure indicators included EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
EPS declined 23.0%. Cash was essentially unchanged. Total debt was essentially unchanged.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · TRAX
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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