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Summary

First Tracks Biotherapeutics, spun off from AnaptysBio, launches with $180M cash and a diverse, early-stage pipeline.

I rate TRAX as a Hold due to post-spin instability, near-term dilution risk, and a multi-year path to revenue.

ANB033 targets celiac disease, with no current FDA-approved therapies; pivotal trial data are expected in Q4 2026–2027, with commercialization likely a decade away.

Rosnilimab showed strong Phase 2b RA results but faces entrenched competition and is reliant on a single indication for success.

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First Tracks Biotherapeutics ( TRAX ) arrived on the NASDAQ just a few days ago (April 20th), but they did not arrive through a generic IPO; instead, they were created through a huge spin-off. First Tracks was born from AnaptysBio.…