NASDAQ: TRAX
First Tracks Biotherapeutics, Inc.CIK 0002091349 · SIC 2834 · Pharmaceutical Preparations
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First Tracks Biotherapeutics registers resale of up to 10.5M shares by selling stockholders; company gets no proceeds
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses: | ||||
| Research and development | 25,644 | 39,272 | 59,599 | 80,737 |
| General and administrative | 9,293 | 6,626 | 28,149 | 16,441 |
| Total operating expenses | 34,937 | 45,898 | 87,748 | 97,178 |
| Loss from operations | (34,937) | (45,898) | (87,748) | (97,178) |
| Other income (expense), net: | ||||
| Interest income | 1,564 | 3,466 | 3,892 | 7,557 |
| Other expense, net | (1) | (13) | (2) | (20) |
| Total other income (expense), net | 1,563 | 3,453 | 3,890 | 7,537 |
| Net loss | (33,374) | (42,445) | (83,858) | (89,641) |
| Other comprehensive loss: | ||||
| Unrealized gain (loss) on available-for-sale securities | 146 | (167) | 24 | (311) |
| Comprehensive loss | (33,228) | (42,612) | (83,834) | (89,952) |
| Net loss per common share: | ||||
| Basic and diluted | (0.95) | (1.47) | (2.40) | (3.02) |
| Weighted-average number of shares outstanding: | ||||
| Basic and diluted | 35,003 | 28,810 | 35,003 | 29,722 |
Balance Sheets (Unaudited)
(in thousands, except share and par value)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 168,018 | 238,196 |
| Short-term investments | — | 73,442 |
| Prepaid expenses and other current assets | 9,727 | 4,762 |
| Total current assets | 177,745 | 316,400 |
| Property and equipment, net | 1,071 | 1,370 |
| Operating lease right-of-use assets | 4,324 | 12,519 |
| Other long-term assets | — | 256 |
| Total assets | 183,140 | 330,545 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 2,553 | 3,111 |
| Accrued expenses | 7,458 | 25,832 |
| Current portion of operating lease liability | 2,436 | 2,080 |
| Total current liabilities | 12,447 | 31,023 |
| Operating lease liability, net of current portion | 1,897 | 12,032 |
| Stockholders’ equity: | ||
| Preferred stock $0.001 par value, 10,000,000 shares authorized and no shares outstanding at June 30, 2026 | — | — |
| Common stock, $0.001 par value, 500,000,000 shares authorized and 35,390,679 shares issued and outstanding at June 30, 2026 and 100 shares authorized and no shares, issued or outstanding at December 31, 2025 | 35 | — |
| Additional paid-in capital | 193,337 | — |
| Accumulated other comprehensive loss | — | (24) |
| Accumulated deficit | (24,576) | — |
| Net former parent investment | — | 287,514 |
| Total stockholders’ equity | 168,796 | 287,490 |
| Total liabilities and stockholders’ equity | 183,140 | 330,545 |
Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | (83,858) | (89,641) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 230 | 288 |
| Stock-based compensation | 19,822 | 15,402 |
| Accretion/amortization of investments, net | 138 | (3,264) |
| Amortization of right-of-use assets operating | 102 | 919 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other assets | (10,202) | 639 |
| Accounts payable and other liabilities | 9,382 | (7,045) |
| Operating lease liabilities | (93) | (941) |
| Net cash used in operating activities | (64,479) | (83,643) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of investments | — | (176,755) |
| Sales and maturities of investments | 35,000 | 228,079 |
| Purchases of property and equipment | (42) | (74) |
| Net cash provided by investing activities | 34,958 | 51,250 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issuance of common stock in connection with the spin-off | 109,243 | — |
| Proceeds from public offerings | 75,200 | — |
| Proceeds from the issuance of common stock upon the exercise of stock options | 2,122 | — |
| Proceeds from former parent company with Spin-off | 100,000 | — |
| Payments for offering costs | (26) | — |
| Net parent investment | (327,196) | (46,389) |
| Net cash used in financing activities | (40,657) | (46,389) |
| Net decrease in cash and cash equivalents | (70,178) | (78,782) |
| Cash and cash equivalents, beginning of period | 238,196 | 123,080 |
| Cash and cash equivalents, end of period | 168,018 | 44,298 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Non-cash investing and financing activities: | ||
| Leased assets obtained in exchange for operating lease liabilities | 4,426 | — |
| Offering costs accrued | 483 | — |
| Non-cash transfer of assets and liabilities in connection with the spin-off | 14,011 | — |
| Receivable related to issuance of common stock, upon exercise of stock options | 469 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share and par value); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗