First Tracks Biotherapeutics, Inc. (Nasdaq: TRAX) entered into a securities purchase agreement on October 15, 2026, to sell 6,106,870 shares of its common stock to a group of institutional investors. The shares are being sold at a price of $32.75 per share, resulting in expected gross proceeds of approximately $200 million before deducting placement agent fees and other offering expenses.
The closing of the private placement is scheduled for October 19, 2026, subject to the satisfaction of customary closing conditions. The investors participating in the transaction include Affinity Asset Advisors, LLC, First Light Asset Management, Sirenia Capital Management LP, TCGX, Trails Edge Capital Partners, Vestal Point Capital, and other life sciences-focused institutional investors and mutual funds.
UBS Investment Bank, Piper Sandler, Wells Fargo Securities, and Leerink Partners are serving as placement agents for the transaction. The company intends to use the net proceeds from the sale for general corporate purposes, with a specific focus on the clinical development of ANB033, a CD122 antagonist.
As of October 12, 2026, the company had 35,909,814 shares of common stock issued and outstanding. The shares issued in this transaction are not registered under the Securities Act of 1933 and will be issued in reliance on exemptions from registration requirements. The company has agreed to file a registration statement with the SEC to allow for the resale of the shares by the investors.
