First Tracks Biotherapeutics

Q2 FY2026 EarningsQ2 FY2026 results missed consensus on the bottom line, with a GAAP EPS loss of -$0.95 vs. -$0.80 expected. Net loss of $33.4M was wider than the $28.4M consensus, primarily due to higher-than-expected administrative costs following the corporate separation in April 2026. Despite the financial miss, the company reaffirmed its cash runway into Q2 2028 and hit clinical milestones, including Fast Track designation for ANB033 and reaffirmed Q4 2026 top-line data for celiac disease.