AnaptysBio’s Board of Directors approved a spin‑off of its First Tracks Biotherapeutics, Inc., and announced a $100 million share‑repurchase program that will be executed after the transaction. The spin‑off will become effective on April 6, 2026, with First Tracks beginning regular‑way trading on the Nasdaq under the ticker TRAX on April 20, 2026.
First Tracks will focus on advancing its clinical‑stage antibody therapeutics, including ANB033, rosnilimab, and ANB101. The company secured a $145 million private placement, of which $80 million in gross proceeds will be available to fund operations, providing an estimated two‑year cash runway for development and clinical milestones.
AnaptysBio will retain management of the royalty streams from Jemperli (dostarlimab‑gxly) and imsidolimab. Jemperli generated $343 million in sales in Q4 2025, translating to an annualized run rate of roughly $1.4 billion, and the company reported a net income of $49.61 million for that quarter, a sharp turnaround from the $43.9 million loss in Q1 2024. In Q1 2025, AnaptysBio posted a net loss of $39.3 million, an improvement over the $43.9 million loss in the prior year period.
"Anaptys will emerge post the spin‑off of First Tracks with a clear mandate: protect and maximize the value of our partnered assets and return that value to shareholders, including through the $100 million stock repurchase plan announced today," said CEO Daniel Faga. "The spin‑off of First Tracks into an independent, public company is a strategic step that unlocks the value of our potentially best‑in‑class development pipeline focused on autoimmune diseases. With an initial two‑year cash runway, we are positioned to carve a new trail toward a future where autoimmune diseases no longer define a patient's life."
The separation allows AnaptysBio to focus on its stable, royalty‑based business while First Tracks can pursue growth in the competitive autoimmune and inflammatory disease space. The $100 million repurchase program, set to expire on December 31 2026, signals confidence in the company’s cash position and a commitment to returning value to shareholders as it transitions to a royalty‑only model.
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