Home Stock Ideas IPO Analysis Healthcare  Summary First Tracks Biotherapeutics, spun off from AnaptysBio, launches with $180M cash and a diverse, early-stage pipeline. I rate TRAX as a Hold due to post-spin instability, near-term dilution risk, and a multi-year path to revenue. ANB033 targets celiac disease, with no current FDA-approved therapies; pivotal trial data are expected in Q4 2026–2027, with commercialization likely a decade away. Rosnilimab showed strong Phase 2b RA results but faces entrenched competition and is reliant on a single indication for success. gorodenkoff/iStock via Getty Images First Tracks Biotherapeutics ( TRAX ) arrived on the NASDAQ just a few days ago (April 20th), but they did not arrive through a generic IPO; instead, they were created through a huge spin-off. First Tracks was born from AnaptysBio.…