Q1 Financials; Prepping for Next Ski Season

Research evidence excerpt

Q1 Financials; Prepping for Next Ski Season

Company Report

May 15, 2026 First Tracks Biotherapeutics Inc (TRAX)

Rating: Q1 Financials; Prepping for Next Ski SeasonOUTPERFORM

Price:

$18.16 The Wedbush View

12-Month Price Target:

$30.00 TRAX reported earnings and announced plans to expand ANB033 (CD122

antagonist mAb) development into Ph 2 trials across 4 indications. Ph 1b trials

Analysts are currently ongoing in celiac disease (CeD) and eosinophilic esophagitis (EoE),

Martin Fan, Ph.D. with topline readouts anticipated in 4Q26 and mid-2027, respectively. Available

(213) 688-3404 preclinical data show superior potency compared to competing programs targeting

Martin.Fan@wedbush.com CD122 or IL-15, and we expect CeD readouts in 2H26 for candidates from TEVA

David Nierengarten, Ph.D. and FBRX (not covered) will facilitate comparison of clinical efficacy. Trials for all

(415) 274-6862 programs will evaluate prevention of gluten-induced mucosal injury, and TRAXDavid.Nierengarten@wedbush.com

has included an additional cohort to evaluate whether ANB033 can heal existingDennis Pak

(415) 263-6647 histologic mucosal damage.

Dennis.Pak@wedbush.com

For rosnilimab (PD-1 agonist mAb), TRAX reiterated plans to out-license or

partner development in rheumatoid arthritis and reported constructive regulatory

Company Information feedback on a registrational Ph 3 path. We see upside potential when rosnilimab

Market Cap (M) $634 resumes clinical development, and in the meantime our attention is focused on

Enterprise Value (M) $453 upcoming clinical validation for ANB033. In particular, we highlight EoE as an areaShares Outst (M) 34.9

52-Week Range $14.79 - $26.80 of rapidly growing investor and strategic interest, with sessions at DDW (Digestive