First Tracks Biotherapeutics | 10-Q: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EBIT: As of FY2026 Q1, the actual value is USD -55.14 M.

Net Loss and Operating Expenses

First Tracks Biotherapeutics, Inc. reported a net loss of - $50.5 million for the three months ended March 31, 2026, compared to - $47.2 million for the same period in 2025. Total operating expenses were $52.8 million in the first quarter of 2026, an increase from $51.3 million in the first quarter of 2025.

Research and Development (R&D) Expenses

Overall R&D expenses decreased by $7.5 million, from $41.5 million in Q1 2025 to $34.0 million in Q1 2026. This decrease was primarily due to an $8.4 million reduction in clinical expenses and a $0.9 million decrease in other R&D expenses, partially offset by increases in salaries and related costs ($1.5 million), manufacturing expenses ($0.2 million), and recruiting expenses ($0.1 million).

External R&D Costs by Program: ANB033: Increased to $9.3 million in Q1 2026 from $3.8 million in Q1 2025, reflecting an increase of $5.5 million. Rosnilimab: Decreased to $4.6 million in Q1 2026 from $15.0 million in Q1 2025, a reduction of - $10.4 million. ANB101: Remained stable at $1.5 million in Q1 2026 compared to $1.5 million in Q1 2025. ANB032: Decreased to - $0.03 million in Q1 2026 from $3.5 million in Q1 2025, a reduction of - $3.6 million. Preclinical and other unallocated costs: Decreased to $3.3 million in Q1 2026 from $3.9 million in Q1 2025, a reduction of - $0.6 million.

Internal R&D Costs: Salaries and wages: Increased to $10.7 million in Q1 2026 from $9.2 million in Q1 2025. Stock compensation: Increased to $4.5 million in Q1 2026 from $4.4 million in Q1 2025. Other internal costs: Increased to $0.09 million in Q1 2026 from $0 in Q1 2025.

General and Administrative (G&A) Expenses

General and administrative expenses increased by $9.1 million, from $9.8 million in Q1 2025 to $18.9 million in Q1 2026. This increase was primarily driven by a $4.7 million increase in personnel costs (including a $3.6 million increase in stock compensation expense), a $3.8 million increase in legal expenses, and a $0.7 million increase in other G&A expenses, partially offset by a $0.1 million decrease in market research costs.

Other Income and Expense

Interest income decreased to $2.3 million in Q1 2026 from $4.1 million in Q1 2025, mainly due to a decrease in investment balances and timing of sales, maturities, and purchases of investments. Other expense, net, remained less than $0.1 million for both periods.

Cash Flow

• Net cash used in operating activities: - $32.6 million in Q1 2026, compared to - $45.0 million in Q1 2025.
• Net cash provided by investing activities: $35.0 million in Q1 2026, primarily from sales and maturities of investments, compared to $14.8 million in Q1 2025.
• Net cash provided by financing activities: $7.9 million in Q1 2026, compared to $5.7 million in Q1 2025, both due to net parent investment by AnaptysBio.
• Cash and cash equivalents: Increased by $10.3 million in Q1 2026 to $248.5 million at period end, compared to a decrease of - $24.4 million in Q1 2025 to $98.6 million at period end.

Strategic Summary and Outlook

First Tracks Biotherapeutics, Inc. is a clinical-stage biotechnology company focused on developing immunology therapeutics, with a pipeline including ANB033, rosnilimab, and ANB101. The company completed its Spin-Off from AnaptysBio, Inc. on April 20, 2026, and subsequently closed a private placement raising approximately $80 million in gross proceeds. Management believes existing cash, cash equivalents, and investments will fund operating plans for at least the next 12 months, and anticipates an increase in general and administrative expenses due to public company costs and legal/auditing fees.