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 Nov 3, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Operating expenses: | ||||
| Research and development | 23,846 | 33,322 | 83,445 | 114,059 |
| General and administrative | 8,998 | 11,735 | 37,147 | 28,176 |
| Total operating expenses | 32,844 | 45,057 | 120,592 | 142,235 |
| Loss from operations | (32,844) | (45,057) | (120,592) | (142,235) |
| Other income (expense), net: | ||||
| Interest income | 1,495 | 3,198 | 5,387 | 10,755 |
| Other expense, net | (7) | — | (9) | (20) |
| Total other income (expense), net | 1,488 | 3,198 | 5,378 | 10,735 |
| Net loss | (31,356) | (41,859) | (115,214) | (131,500) |
| Other comprehensive loss: | ||||
| Unrealized gain (loss) on available-for-sale securities | — | 53 | 24 | (258) |
| Comprehensive loss | (31,356) | (41,806) | (115,190) | (131,758) |
| Net loss per common share: | ||||
| Basic and diluted | (0.88) | (1.50) | (3.25) | (4.52) |
| Weighted-average number of shares outstanding: | ||||
| Basic and diluted | 35,747 | 27,833 | 35,423 | 29,085 |
Balance Sheets (Unaudited)
(in thousands, except share and par value)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 155,627 | 238,196 |
| Short-term investments | — | 73,442 |
| Prepaid expenses and other current assets | 10,095 | 4,762 |
| Total current assets | 165,722 | 316,400 |
| Property and equipment, net | 979 | 1,370 |
| Operating lease right-of-use assets | 3,755 | 12,519 |
| Other long-term assets | — | 256 |
| Total assets | 170,456 | 330,545 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 3,949 | 3,111 |
| Accrued expenses | 11,723 | 25,832 |
| Current portion of operating lease liability | 2,418 | 2,080 |
| Total current liabilities | 18,090 | 31,023 |
| Operating lease liability, net of current portion | 1,355 | 12,032 |
| Stockholders’ equity: | ||
| Preferred stock, $0.001 par value, 10,000,000 shares authorized and no shares outstanding at September 30, 2026 | — | — |
| Common stock, $0.001 par value, 500,000,000 shares authorized and 35,902,449 shares issued and outstanding at September 30, 2026 and 100 shares authorized and no shares issued or outstanding at December 31, 2025 | 36 | — |
| Additional paid-in capital | 206,907 | — |
| Accumulated other comprehensive loss | — | (24) |
| Accumulated deficit | (55,932) | — |
| Net former parent investment | — | 287,514 |
| Total stockholders’ equity | 151,011 | 287,490 |
| Total liabilities and stockholders’ equity | 170,456 | 330,545 |
Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | (115,214) | (131,500) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 322 | 428 |
| Stock-based compensation | 28,719 | 25,247 |
| Accretion/amortization of investments, net | 138 | (4,394) |
| Amortization of right-of-use assets operating | 1,003 | 1,389 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other assets | (11,039) | (898) |
| Accounts payable and other liabilities | 15,526 | (3,175) |
| Operating lease liabilities | (985) | (1,431) |
| Net cash used in operating activities | (81,530) | (114,334) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of investments | — | (196,411) |
| Sales and maturities of investments | 35,000 | 351,029 |
| Purchases of property and equipment | (42) | (86) |
| Net cash provided by investing activities | 34,958 | 154,532 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from the issuance of common stock in connection with the Spin-Off | 109,243 | — |
| Proceeds from public offerings, net of underwriters' fees | 75,200 | — |
| Proceeds from the issuance of common stock upon the exercise of stock options | 7,268 | — |
| Proceeds from former parent company in connection with the Spin-Off | 100,000 | — |
| Payments for offering costs | (512) | — |
| Net parent investment | (327,196) | (53,445) |
| Net cash used in financing activities | (35,997) | (53,445) |
| Net decrease in cash and cash equivalents | (82,569) | (13,247) |
| Cash and cash equivalents, beginning of period | 238,196 | 123,080 |
| Cash and cash equivalents, end of period | 155,627 | 109,833 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Non-cash investing and financing activities: | ||
| Leased assets obtained in exchange for operating lease liabilities | 4,758 | — |
| Non-cash transfer of assets and liabilities in connection with the Spin-Off | 14,011 | — |
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 ↗