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Develops antibody therapies for autoimmune and inflammatory diseases such as celiac disease, with a pipeline inherited at spinoff.
Develops antibody therapies for autoimmune and inflammatory diseases such as celiac disease, with a pipeline inherited at spinoff.
Has no product revenue, so it runs on the cash it started with and on further share sales while its antibodies are tested; value comes from trial results, possibly followed by licensing the programs to larger drug makers. It is newly separate from its former parent.
Moat: none (IP / patents). Inherited a differentiated antibody pipeline at spinoff, but is newly independent with no approved products.
Headquarters: San Diego, California, US · Founded: 2019
Size First Tracks Biotherapeutics (TRAX) is a United States Health Care company (Biotechnology) with a market value of $2.01B, the 1783rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.90 on 6 Nov 2026.
Performance Over six months the shares gained 145.1%, against +12.6% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Short interest Short interest is 19.4% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | n/a | $0 | $0 |
| Revenue growth | — | — | — |
| Gross profit | n/a | -$2.42M | -$2.40M |
| EBITDA | n/a | -$177M | -$179M |
| Net income | n/a | -$166M | -$164M |
| Free cash flow | n/a | -$143M | -$126M |
| Capital expenditure | n/a | $87,000 | $358,000 |
| Total debt | $3.77M | $14.1M | $16.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| First Tracks Biotherapeutics TRAX | $2.01B | +145% | n/a | n/a | n/a | n/a |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 3.1× | 3.0% |
| AnaptysBio ANAB | $1.39B | -33% | +93% | 56% | 6.3× | -1.2% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRAX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +49.6% | +1.3% | 2nd highest of 21 |
| 6-month return | +145.1% | +12.6% | 2nd highest of 21 |
| Distance from 52-week high | -4.5% | -28.5% | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 13.3× | 35.7% | +24.8% |
| Trevi Therapeutics TRVI | United States | $2.04B | -1% | n/a | n/a | n/a | n/a | n/a |
| Replimune REPL | United States | $2.05B | +547% | n/a | n/a | n/a | n/a | n/a |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 2.5× | -10.6% | +117.9% |
| Vir Biotechnology VIR | United States | $2.07B | +34% | +1,496% | -92% | 5.4× | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | 9.3× | n/a | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | 23.6× | n/a | n/a |
| Shenzhen Kangtai Biological Products 300601.SZ | China | $2.11B | -9% | -9% | 6% | 5.6× | 25.3% | +3.4% |
| Hitgen 688222.SS | China | $2.12B | +23% | +42% | 27% | 19.1× | 38.7% | +16.8% |
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 6.5× | n/a | n/a |
| Vera Therapeutics VERA | United States | $2.15B | -18% | n/a | n/a | n/a | n/a | n/a |
| Lakefront Biotherapeutics LKFT.AS | Netherlands | $2.19B | +25% | +259% | 60% | n/a | n/a | n/a |
| Recursion Pharmaceuticals RXRX | United States | $2.19B | +6% | +56% | -725% | 25.1× | n/a | n/a |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | 1,588.4× | n/a | n/a |
| Aurinia Pharmaceuticals AUPH | United States | $2.21B | +8% | +21% | 45% | 5.5× | 5.1% | +41.4% |
| Immunome IMNM | United States | $2.21B | -17% | -100% | n/a | n/a | n/a | n/a |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | 15.2× | n/a | n/a |
| SKBS 302440.KS | South Korea | $2.22B | -11% | +23% | -25% | 4.5× | n/a | n/a |
| Sinocelltech 688520.SS | China | $2.25B | -23% | -40% | -75% | 15.6× | n/a | n/a |
| Vimian VIMIAN.ST | Sweden | $2.26B | +41% | +8% | 19% | 4.9× | 12.5% | +44.5% |