TRAX: Forte Read-Through Today, Celiac Opportunity Tomorrow; Initiating at Overweight, $30 Price Target

Research evidence excerpt

TRAX: Forte Read-Through Today, Celiac Opportunity Tomorrow; Initiating at Overweight, $30 Price Target

First Tracks Biotherapeutics Inc. Equity Research

herpetiformis, the GFD remains the cornerstone of therapy. However, dapsone is frequently used as

an adjunctive treatment to control pruritic skin lesions, as dermatologic responses often lag dietary

gluten withdrawal.

In NRCD, where patients display persistent symptoms or laboratory abnormalities despite adherence

to a GFD, the treatment algorithm emphasizes systematic evaluation for ongoing gluten exposure,

alternative gastrointestinal diagnoses (e.g., irritable bowel syndrome, lactose intolerance, microscopic

colitis), or complications such as small intestinal bacterial overgrowth. True RCD is rare and represents

the most severe end of the disease spectrum, necessitating escalation beyond dietary therapy. Initial

management of RCD typically involves corticosteroids, such as budesonide or systemic glucocorticoids

to suppress ongoing immune-mediated mucosal injury. Immunomodulatory agents, including

azathioprine or other steroid-sparing therapies, may be considered in selected cases, particularly

in RCD type I. RCD type II, characterized by aberrant clonal intraepithelial lymphocytes, carries a

poor prognosis and often requires referral to specialized centers for aggressive immunosuppressive

or investigational therapies, given the high risk of progression to enteropathy-associated T-cell

lymphoma.

Currently, there are no FDA-approved pharmacologic therapies that replace or obviate the need for

the GFD and dietary management remains the foundation of care across all disease stages. However,

recognition of the limitations and burden of lifelong gluten avoidance has driven clinical development