MoatScopeFirst Tracks Biotherapeutics, Inc.TRAX
Spin-off from AnaptysBio, Inc. (ANAB) · Apr 20, 2026 · Nasdaq
one share of TRAX common stock for every share of ANAB common stock
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
First Tracks Bio holds AnaptysBio's clinical-stage antibody pipeline in autoimmune and inflammatory disease — ANB033, rosnilimab and ANB101 — and launched with about $180 million of cash and a two-year runway. AnaptysBio keeps the financial collaborations on Jemperli with GSK and imsidolimab with Vanda, running with minimal staff to protect and return that value to shareholders.
Stated rationaleAnaptysBio said in September 2025 that separating its biopharma operations from its royalty assets would let each be valued on its own terms, with a focused strategy and a clear path forward.
The four questions
Indiscriminate selling
PartialManagement incentives
StrongThe hidden jewel
PartialLeverage
AbsentThe write-up
AnaptysBio distributed First Tracks Biotherapeutics on April 20, 2026, one First Tracks share for each AnaptysBio share, splitting itself into an operating biotech and a royalty vehicle. First Tracks holds the clinical-stage antibody pipeline in autoimmune and inflammatory disease — ANB033, rosnilimab and ANB101 — and launched with about $180 million of cash and a runway described as roughly two years. AnaptysBio keeps the GSK collaboration on Jemperli and the Vanda collaboration on imsidolimab, launching with $140 million to $145 million of net cash and a small team. First Tracks trades at $40.46, a $1.4 billion market value; AnaptysBio at $56.80, $1.6 billion. On MoatScope's framework First Tracks has no moat, as every pre-revenue developer does, and no quality score or fair value until it has revenue; AnaptysBio carries no moat and a quality score of 31 on its old combined financials, pending a re-run.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.