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What this page is: Delvantic's full research page for First Tracks Biotherapeutics, Inc. (TRAX) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
/llms.txt ·
any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
First Tracks Biotherapeutics, Inc.
TRAX NASDAQ
Healthcare · Biotechnology
San Diego, CA 92121, United States
firsttracksbio.com
Price
$44.14
Market Cap
$1.6B
Employees
104
Beta
—
Avg Volume
892,043
CEO
Mr. Daniel R. Faga
First Tracks Biotherapeutics is a clinical-stage biotechnology company developing antibody therapeutics that modulate immune pathways to treat autoimmune and inflammatory diseases. The company's pipeline includes three initial assets: ANB033, a CD122 antagonist in Phase 1b trials for celiac disease and eosinophilic esophagitis; rosnilimab, a pathogenic T cell depleter that completed Phase 2b testing for rheumatoid arthritis; and ANB101, a BDCA2 modulator in Phase 1a development. Headquartered in San Diego, California, First Tracks Biotherapeutics is a recently established independent company focused on advancing innovative antibody-based therapies to address significant unmet needs in autoimmune and inflammatory disease treatment. The company operates as a pure-play biopharmaceutical developer, concentrating exclusively on its targeted therapeutic programs.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 13 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jun 18, 2026.
EPS surprise history — vs analyst consensus · 2 prints of vendor history
+1.9%
Apr '26
+60.0%
Jun '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jun 18, 2026 | $-0.20 | $-0.08 +60.0% | — | — |
| Apr 24, 2026 | $1.56 | $1.59 +1.9% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 12, 2026 | 10-Q | View |
| Aug 12, 2026 | 8-K | View |
| Aug 7, 2026 | 3/A | View |
| Aug 7, 2026 | 3/A | View |
| Aug 7, 2026 | 3/A | View |
| Aug 6, 2026 | SCHEDULE 13G | View |
| Aug 5, 2026 | 4 | View |
| Aug 5, 2026 | 4 | View |
| Aug 5, 2026 | 4 | View |
| Jul 28, 2026 | SCHEDULE 13G | View |
| Jun 22, 2026 | 8-K | View |
| Jun 17, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 13, 2026 2:46pm (just now)
Current data · timestamped when a report runs
$44.14
Change · Aug 13
-1.99 (-4.31%)
Day Range
$43.09 – $46.78
52-Week Range
$14.72 – $49.91
50-Day MA
$29.78
200-Day MA
—
Volume
42,476.00
Share Structure
Outstanding
34,748,841.00
Float
30,240,529.00
Free Float
87.0%
High free float
— 87.0% of shares trade freely, ~13% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
—
Stock Price: $44.14
EPS (Diluted): N/A
EPS (Diluted): N/A
EPS not available in income statement
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
—
Stock Price: $44.14
Total Equity: $391.60M
Shares: N/A
Total Equity: $391.60M
Shares: N/A
Missing from API: Shares
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-8.41
Market Cap: $1.61B
Total Debt: $16.04M
Cash: $123.08M
EBITDA: -$178.70M
Total Debt: $16.04M
Cash: $123.08M
EBITDA: -$178.70M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$1.5B
Market Cap: $1.61B
Total Debt: $16.04M
Cash: $123.08M
Total Debt: $16.04M
Cash: $123.08M
P/S Ratio (Price per dollar of revenue)
HEXStock Price / Revenue Per Share
—
Stock Price: $44.14
Revenue: $0.00
Shares: N/A
Revenue: $0.00
Shares: N/A
Missing from API: Shares
EV/Sales (Total value vs revenue — works when P/E can't)
—
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $0.00
Revenue: $0.00
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: -$181.10M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
—
Net Income: -$163.71M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-41.8%
Net Income: -$163.71M
Total Equity: $391.60M
Total Equity: $391.60M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
-50.3%
Operating Income: -$181.10M
Tax Rate: N/A
Equity: $391.60M
Total Debt: $16.04M
Cash: $123.08M
Tax Rate: N/A
Equity: $391.60M
Total Debt: $16.04M
Cash: $123.08M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
10.78
Current Assets: $389.93M
Current Liabilities: $36.18M
Current Liabilities: $36.18M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.04
Short-Term Debt: $1.93M
Long-Term Debt: $14.11M
Total Debt: $16.04M
Total Equity: $391.60M
Long-Term Debt: $14.11M
Total Debt: $16.04M
Total Equity: $391.60M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
—
Revenue: $0.00
Shares: N/A
Shares: N/A
Missing from API: Shares
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
—
Total Equity: $391.60M
Shares: N/A
Shares: N/A
Missing from API: Shares
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
—
Operating CF: -$125.81M
CapEx: $0.00
Shares: N/A
CapEx: $0.00
Shares: N/A
Missing from API: Shares
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $44.14
Stock Price: $44.14
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$163.71M
Net Income: -$163.71M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 10, 2026 4:43pm (2d ago)| Metric | 2023 | 2024 |
|---|---|---|
| Revenue | $0 | $0 |
| Cost of Revenue | — | — |
| Gross Profit | — | — |
| Operating Expenses | $118.5M | $181.1M |
| Operating Income | -$118.5M | -$181.1M |
| Net Income | -$106.2M | -$163.7M |
| EBITDA | -$116.1M | -$178.7M |
| EPS | $-3.05 | — |
| EPS (Diluted) | $-3.05 | — |
Balance Sheet (Annual)
Last updated: Aug 10, 2026 4:43pm (2d ago)| Metric | 2023 | 2024 |
|---|---|---|
| Cash & Equivalents | $36.0M | $123.1M |
| Total Current Assets | $398.6M | $389.9M |
| Total Assets | $444.1M | $441.9M |
| Current Liabilities | $18.2M | $36.2M |
| Long-Term Debt | $16.0M | $14.1M |
| Total Liabilities | $34.3M | $50.3M |
| Total Equity | $409.8M | $391.6M |
| Retained Earnings | — | — |
Cash Flow (Annual)
Last updated: Aug 10, 2026 4:43pm (2d ago)| Metric | 2023 | 2024 |
|---|---|---|
| Operating Cash Flow | -$93.0M | -$125.8M |
| Capital Expenditure | — | — |
| Free Cash Flow | -$93.8M | -$126.2M |
| Acquisitions (net) | — | — |
| Net Debt Issued / (Repaid) | — | — |
| Dividends Paid | — | — |
| Stock Buybacks | — | — |
| Net Change in Cash | -$34.5M | $87.1M |
Growth Trends (YoY %)
Last updated: Aug 10, 2026 4:43pm (2d ago)| Metric | 2024 |
|---|---|
| Revenue Growth | — |
| Gross Profit Growth | — |
| Operating Income Growth | -52.9% |
| Net Income Growth | -54.2% |
| EBITDA Growth | -53.9% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-02 | Faga Daniel | A-Award | 193,576.00 | $0.00 | $0 |
| 2026-08-02 | Lizzul Paul F. | A-Award | 60,492.00 | $0.00 | $0 |
| 2026-08-02 | STONE BENJAMIN | A-Award | 60,492.00 | $0.00 | $0 |
Industry Benchmarks
Compares TRAX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TRAX — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for TRAX — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for TRAX — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for TRAX — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.530 · 761561a2 · 2026-08-12 19:06:35