ANAPTYSBIO, INC ANAB → First Tracks Biotherapeutics, Inc. TRAX
| Parent | ANAPTYSBIO, INC ANAB |
|---|---|
| Spinco | First Tracks Biotherapeutics, Inc. TRAX |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 First Tracks share for every 1 AnaptysBio share |
| When-issued ticker | TRAXV |
| Checked against EDGAR | 2026-08-21 |
Data trap
AnaptysBio retained only its royalty interests (GSK/Jemperli, Vanda/imsidolimab) and moved the entire drug-development pipeline to First Tracks. Any ANAB research-and-development or pipeline figure from before April 20, 2026 describes a company that no longer exists in that form. Screener share counts for TRAX were also unreliable until its first 10-Q on 2026-05-14, because a concurrent private placement issued shares on the distribution date itself.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2025-09-29Separation announced
- 2026-03-03Form 10 filed
- 2026-03-27Form 10 last amended
- 2026-04-01Form 10 effective
- 2026-04-06Record date
- 2026-04-06When-issued trading opens
- 2026-04-20Distribution
- —First standalone earnings
- —Index inclusion announced
Performance since separation
| First Tracks Biotherapeutics, Inc. since separation | +131.77% |
|---|---|
| ANAPTYSBIO, INC over the same window | +13.33% |
| S&P 500 (SPY) over the same window | +8.04% |
| Russell 2000 (IWM) over the same window | +8.15% |
| Excess over the S&P 500 | +123.73% |
| Excess over the Russell 2000 | +123.62% |
Measured from the first regular-way close on or after the distribution — 2026-04-20 at 18.60 — to 2026-08-21 at 43.11. Window: 4 months. That is a short window. Treat it as a fact about these few weeks, not as evidence about how the separation turns out. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +190.14% |
|---|---|
| Combined (ANAPTYSBIO, INC + First Tracks Biotherapeutics, Inc.), pre-distribution to now | +124.11% |
| Combined excess over the S&P 500 | +116.28% |
| Combined excess over the Russell 2000 | +115.34% |
Combined treats a pre-spin holding as 1 First Tracks share for every 1 AnaptysBio share valued at the parent's last close before regular post-spin trading resumed — 2026-04-17 at 45.00 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2026-03-03 · 0001193125-26-088399Initial Form 10 registration statement for the clinical-stage biopharmaceutical business
- 10-12B/Afiled 2026-03-27 · 0001193125-26-129178Final amendment; Ex-99.1 information statement carries the 1-for-1 ratio
- 8-Kfiled 2026-04-03 · 0001193125-26-140835Reports Form 10 effectiveness on April 1, 2026, the April 6 record date, and when-issued trading under TRAXV beginning April 6
- 8-Kfiled 2026-04-20 · 0001193125-26-164328Separation completed April 20, 2026 at the 1-for-1 ratio
- 10-Qfiled 2026-05-14 · 0001193125-26-224190First standalone quarterly report
Notes
AnaptysBio separated its biopharma operations (rosnilimab, ANB033, ANB101), keeping the royalty-monetisation business behind. Explicitly TAXABLE to AnaptysBio holders for US federal income tax purposes — unusual for a spin-off and material to cost-basis questions. Classified focus-increasing: the parent became a royalty vehicle while the spinco carries the drug development, despite both legs sharing SIC 2834. EcoR1 funds bought First Tracks shares at a stated price on the distribution date; the May 2026 S-1 registers those shares for resale and is not a carve-out IPO.