First Tracks Q1 net loss $50.5M; launched with $180M cash; ANB033 Phase 1b data expected Q4 2026

First Tracks Biotherapeutics, Inc.

Net loss of $50.5M for Q1 2026 vs $47.2M in Q1 2025; R&D expense $34.0M (down from $41.5M).
Launched on April 20 with $180M cash and a two-year runway to fund ANB033 and other programs.
ANB033 Phase 1b trials in celiac disease and eosinophilic esophagitis ongoing; top-line data Q4 2026 and mid-2027.
Rosnilimab had productive End-of-Phase 2 FDA meeting for RA; company assessing strategic options.
G&A expense rose to $18.9M from $9.8M due to separation costs and stock compensation.

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