First Tracks Biotherapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on November 3, 2026, covering the three and nine months ended September 30, 2026, its first full quarter operating as an independent public company following a spin-off completed earlier in 2026.

Key Highlights

  • Net loss for Q3 2026: $31,356 thousand for the three months ended September 30, 2026, compared to $41,859 thousand in the same period of 2025, according to the filing.
  • Nine-month net loss: $115,214 thousand for the nine months ended September 30, 2026, versus $131,500 thousand for the nine months ended September 30, 2025.
  • Cash and cash equivalents: $155,627 thousand as of September 30, 2026, down from $238,196 thousand at December 31, 2025.
  • Total stockholders' equity: $151,011 thousand at September 30, 2026, reflecting the company's post-spin-off capital structure with 35,902,449 shares of common stock issued and outstanding.
  • Short-term investments: $0 at September 30, 2026, compared to $73,442 thousand at December 31, 2025, as the company allowed those investments to mature or be sold.
  • Interest income: $1,495 thousand in Q3 2026, contributing to total other income of $1,488 thousand for the quarter after a $7 thousand other expense item.
  • Shares outstanding: 42,017,901 shares of common stock as of October 29, 2026, as reported on the cover page of the filing.

First Tracks Biotherapeutics Reports Q3 2026 Financial Results After Spin-Off

First Tracks Biotherapeutics, Inc. (NASDAQ:TRAX), a clinical-stage biotherapeutics company incorporated in Delaware and headquartered in San Diego, California, reported its financial results for the quarter ended September 30, 2026. The filing reflects the company's first quarters as a standalone public entity following a spin-off that was completed during the second quarter of 2026. As part of that transaction, the company issued common stock and reclassified net former parent investment into its own equity accounts.

According to the filing, total operating expenses for the three months ended September 30, 2026 were $32,844 thousand, consisting of $23,846 thousand in research and development expenses and $8,998 thousand in general and administrative expenses. For the nine months ended September 30, 2026, total operating expenses reached $120,592 thousand, with research and development accounting for $83,445 thousand and general and administrative expenses totaling $37,147 thousand. The company reported no revenue for any period presented, consistent with its stage of development as a biotherapeutics company focused on research and clinical programs.

Net cash used in operating activities for the nine months ended September 30, 2026 was $81,530 thousand, while investing activities provided $34,958 thousand, primarily from sales and maturities of investments totaling $35,000 thousand. The basic and diluted net loss per common share for Q3 2026 was $(0.88), based on a weighted-average share count of 35,747 thousand. For the nine months ended September 30, 2026, the basic and diluted net loss per share was $(3.25), on a weighted-average count of 35,423 thousand shares. The company also reported stock-based compensation of $28,719 thousand for the nine months ended September 30, 2026.

What Was Disclosed

The filing disclosed unaudited financial statements for the quarter and nine months ended September 30, 2026, including a net loss of $31,356 thousand for Q3 2026, total assets of $170,456 thousand, and total stockholders' equity of $151,011 thousand, alongside details of the company's spin-off and capital structure changes during the period.