First Tracks Biotherapeutics (TRAX) Jefferies Global Healthcare Conference 2026 summary

Corporate and Strategic Overview

• Recently spun out from AnaptysBio with $100 million in funding and additional capital, focusing on antibody therapies for autoimmune diseases.

• Holds $180 million in cash, providing a two-year operational runway to advance lead and pipeline programs.

• Pipeline includes three main programs: ANB033 (CD122 antagonist), rosnilimab (PD-1 depleter), and ANB101 (BDCA2 modulator), each at different clinical stages.

• Strategic review underway for rosnilimab after positive phase II-B arthritis data; not advancing to phase III internally.

Lead Program ANB033: Mechanism and Clinical Progress

• ANB033 targets CD122, blocking IL-2 and IL-15 signaling to reduce proliferation of specific T cell subsets.

• Demonstrated potent, selective depletion of CD122-expressing NK and CD8 TEMRA cells in phase I-A, with long-lasting PK/PD and no significant impact on total Tregs or overall NK/CD8 counts.

• Phase I-B trials ongoing in celiac disease and eosinophilic esophagitis (EoE), with celiac data expected Q4 this year and EoE mid-2027.

• Preclinical and ex vivo data show superior potency versus competitors in suppressing T cell proliferation and cytokine production.

Celiac Disease Program

• Targeting patients with mucosal injury despite gluten-free diet; estimated $5 billion U.S. market with no approved therapies.

• Phase I-B trial includes two cohorts: gluten challenge and baseline mucosal injury, measuring villus height to crypt depth (Vh:Cd) and symptom changes.

• Readout for both cohorts expected in Q4; aims to demonstrate mucosal healing and symptom improvement.

• Preclinical mouse models and patient-derived blood studies show protective effects and strong suppression of inflammatory pathways.