First Tracks Biotherapeutics: Forte's FB102 Provides Clinical Validation of CD122 Blockade in Vitiligo; Positive Read-Through to TRAX, in our View

Research evidence excerpt

First Tracks Biotherapeutics: Forte's FB102 Provides Clinical Validation of CD122 Blockade in Vitiligo; Positive Read-Through to TRAX, in our View

Equity Research

U.S. Small & Mid Cap Biotechnology

9 July 2026

First Tracks Biotherapeutics

Forte's FB102 Provides Clinical

Validation of CD122 Blockade in

TRAX OVERWEIGHTVitiligo; Positive Read-Through to

U.S. Small & Mid Cap POSITIVE BiotechnologyTRAX, in our View Price Target USD 40.00

Price (08-Jul-26) USD 20.77

In our view, FB102 delivered JAK-like activity in vitiligo with a Potential Upside/Downside +92.6%

favorable early safety profile and deepening of responses Source: Bloomberg, Barclays Research

after treatment discontinuation; strengthens case for CD122

antagonism in immune disorders. Etzer Darout, PhD, MBA

+1 212 526 6940

etzer.darout@barclays.comForte Biosciences (FBRX, not covered) presented positive Phase 1b placebo-controlled vitiligo

BCI, US

data this morning for FB102, an anti-CD122 antibody. In our view, the dataset reads through

positively to First Tracks' ANB033, which also targets CD122. Our key takeaways below. Gustave Diep, MD

+1 212 526 0347

Overall, we view today's FB102 vitiligo data as supportive of CD122 antagonism as an gustave.diep@barclays.com

important mechanism across a broad range of immune-mediated diseases, representing a BCI, US

positive read-through for TRAX's ANB033 program. While TRAX is not pursuing vitiligo, the Lukas Shumway, PhD

study provides clinical validation that CD122 blockade can generate meaningful activity in +1 212 526 7293

a T-cell-driven inflammatory disease, with FB102 achieving a statistically significant lukas.shumway@barclays.com

primary endpoint (mean FVASI improvement from baseline at Week 24), early onset of BCI, US