0001193125-26-346931 | 10-Q | XBRL Viewer | First Tracks Biotherapeutics INC

Less: accumulated depreciation and amortization

$ 8,348

$ 8,509

(7,277)

(7,139)

Property and equipment, net

1,071

1,370

Laboratory equipment

Office furniture and equipment

6,765

6,723

1,583

Leasehold improvements

^[1]

$ 0

$ 203

[1]	All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Collaborative Research and Development Agreements - Schedule of Milestones Payable (Details) - Vanda Pharmaceuticals Inc $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
FDA Regulatory Approval For Marketing Of First Licensed Product In The USA For The Treatment Of Active Flares In GPP
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	$ 5.0
Regulatory Approval For Marketing Of The First Licensed Product In The EU
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	5.0
Commercial Sales Milestone
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	25.0
Cumulative Milestones Recognized
Disaggregation of Revenue [Line Items]
Collaboration revenue	0.0
Milestones Yet To Be Recognized
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future	$ 35.0

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Balance Sheet Accounts and Supplemental Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

6 Months Ended

Jun. 30, 2026

Balance Sheet Accounts and Supplemental Disclosures

3. Balance Sheet Accounts and Supplemental Disclosures

Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	June 30, 2026			December 31, 2025
Laboratory equipment	$	6,765		$	6,723
Office furniture and equipment		1,583			1,583
Leasehold improvements(1)		—			203
Property and equipment, gross		8,348			8,509
Less: accumulated depreciation and amortization		(7,277	)		(7,139	)
Total property and equipment, net	$	1,071		$	1,370

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation and related expenses	$	1,969	$	10,636
Accrued professional fees and other expenses		1,067		3,156
Accrued research, development and manufacturing expenses		4,422		12,040
Total accrued expenses	$	7,458	$	25,832

Pursuant to the Separation and Distribution Agreement, all accrued expenses prior to the Spin-Off were retained by AnaptysBio.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Receivable from AnaptysBio	$	4,226	$	—
Prepaid clinical development		2,470		2,851
Receivable from option exercises		848		29
Other current assets		2,183		1,882
Total prepaid expenses and other current assets	$	9,727	$	4,762

Statements of Equity (unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Transaction Costs	$ 5,309

Balance Sheet Accounts and Supplemental Disclosures - Summary Of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Accounts and Supplemental Disclosures [Abstract]
Accrued compensation and related expenses	$ 1,969	$ 10,636
Accrued professional fees and other expenses	1,067	3,156
Accrued research, development and manufacturing expenses	4,422	12,040
Total accrued expenses	$ 7,458	$ 25,832

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

We have historically operated as part of AnaptysBio and not as a separate, publicly traded company. For the periods prior to the Spin-Off, the accompanying unaudited financial statements have been derived from AnaptysBio’s historical accounting records of its Biopharma segment (“Biopharma”) and are presented on a carve-out basis. All revenues and costs as well as assets and liabilities directly associated with our business activity are included as a component of the financial statements. The financial statements also

include allocations of certain general, administrative, sales and marketing expenses and cost of sales from AnaptysBio’s corporate office and from other AnaptysBio businesses to us and allocations of related assets, liabilities, and retained earnings prior to the Spin-Off (“Net former parent investment”) which represents AnaptysBio’s interest in our recorded net assets, as applicable. The allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had we been an entity that operated independently of AnaptysBio.

Following the Spin-Off, the financial statements include the accounts of First Tracks Biotherapeutics and no longer include any allocations from AnaptysBio. Accordingly:

•

The Balance Sheet as of June 30, 2026 consists of First Tracks Biotherapeutics’ stand-alone balance sheet, while the Balance Sheet as of December 31, 2025 consists of the combined balances of First Tracks Biotherapeutics and AnaptysBio.

•

The Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026 consist of the combined results of First Tracks Biotherapeutics for the period from January 1, 2026 through April 19, 2026, and the stand-alone results of First Tracks Biotherapeutics for the period from April 20, 2026 through June 30, 2026. The Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 consist of the combined results of First Tracks Biotherapeutics.

•

The Statements of Equity for the three and six months ended June 30, 2026 consist of the combined results of First Tracks Biotherapeutics for the period from January 1, 2026 through April 19, 2026, and the stand-alone results of First Tracks Biotherapeutics for the period from April 20, 2026 through June 30, 2026. The Combined Statements of Equity for the three and six months ended June 30, 2025 consisted of the combined activity of First Tracks Biotherapeutics and AnaptysBio.

•

The Statement of Cash Flows for the six months ended June 30, 2026 consists of the combined results of First Tracks Biotherapeutics for the period from January 1, 2026 through April 19, 2026, and the stand-alone results of First Tracks Biotherapeutics for the period from April 20, 2026 through June 30, 2026. The Statement of Cash Flows for the six months ended June 30, 2025 consisted of the combined results of First Tracks Biotherapeutics and AnaptysBio.

Prior to the Spin-Off, First Tracks Biotherapeutics was dependent upon AnaptysBio for all of its working capital and financing requirements under AnaptysBio’s centralized approach to cash management and financing of its operations. Because the Company was part of AnaptysBio during the six months ended June 30, 2026, only cash, cash equivalents, and borrowings clearly associated with First Tracks Biotherapeutics and related to the Spin-Off have been included in these financial statements. Other financial transactions relating to the business operations of the Company during the period January 1, 2026 through April 19, 2026 were accounted for through the Net former parent investment account of the Company.

All transactions between First Tracks Biotherapeutics and AnaptysBio have been included in the accompanying financial statements for the three and six months ended June 30, 2026 and June 30, 2025. Transactions with AnaptysBio are reflected in the accompanying Statements of Changes in Equity as “Net parent investment” and in the accompanying Balance Sheets within “Net former parent investment.”

All intercompany accounts and transactions between the operations comprising First Tracks Biotherapeutics have been eliminated in the accompanying Statements of Operations for the three and six months ended June 30, 2026 and June 30, 2025 and the Balance Sheets as of June 30, 2026 and December 31, 2025.

The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results of interim periods as required by U.S. GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2025 included in our Form 10, which was filed with the SEC on March 27, 2026.

During the periods presented prior to April 20, 2026, we were not a separate legal entity and did not directly own the Australian subsidiary, which was legally owned by AnaptysBio. The portions of the Australian subsidiary’s assets, liabilities, income, expenses and cash flows related to our business are included in these financial statements.

We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.

Use of Estimates

The preparation of the accompanying financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. Significant estimates relied upon in preparing these financial statements include estimates related to accrued research and development expenses, stock-based compensation, leases and the allocation of costs between AnaptysBio and First Tracks Biotherapeutics. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and awards using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share, as we are in a loss position for both periods and all shares are anti-dilutive.

The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	For the Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Options to purchase common stock		7,545		7,621		7,545		7,644
Stock awards		1,752		854		1,752		873
Total		9,297		8,475		9,297		8,517

Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and may have an impact on our financial statements. Unless otherwise discussed, we believe the impact of any recently issued pronouncements will not have a material impact on our financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of adoption on our financial statement disclosures.

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Equity Incentive Plan (Additional Information) (Details) - USD ($)	2 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from the issuance of common stock upon the exercise of stock options		$ 2,122,000	$ 0
Unrecognized compensation cost	$ 48,200,000	$ 48,200,000
Weighted average remaining contractual term, Expected to vesting		2 years 10 days
First Tracks Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Incremental stock-based compensation expense		$ 0
Granted		4,169,861
Shares Reserved For Future Issuance	2,187,351	2,187,351
2026 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Reserved For Future Issuance	347,488	347,488
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	598,820
Unrecognized compensation cost	$ 33,300,000	$ 33,300,000
Weighted average remaining contractual term, Expected to vesting	1 year 7 months 24 days	2 years 10 months 13 days
Employee Stocks Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted in term years		10 years
Proceeds from the issuance of common stock upon the exercise of stock options		$ 2,100,000
Employee Stocks Option [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation award, vesting period		4 years
Employee Stocks Option [Member] \| Director Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation award, vesting period		1 year
Performance Stock Unit [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	0
Unrecognized compensation cost	$ 3,000,000	$ 3,000,000
Weighted average remaining contractual term, Expected to vesting		2 years 7 months 17 days

Fair Value Measurements and Available for Sale Investments (Additional Information) (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Available for sale investments	$ 0	$ 0
Allowance for credit losses	$ 0	$ 0

Fair Value Measurements and Available for Sale Investments (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	140,791	$	140,791	$	—	$	—
Mutual funds(1)		26,186		26,186		—		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—

(1)

Included in cash and cash equivalents in the accompanying balance sheets.

(2)

Included in short-term investments in the accompanying balance sheets.

Schedule of Available-for-sale Investments

As of June 30, 2026, we did not have any available-for-sale investments by security type, classified in short-term or long-term investments.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Total Fair Value
Commercial and corporate obligations(1)		10,152		22		10,174
U.S. Treasury securities(2)		63,107		161		63,268
Total available-for-sale investments	$	73,259	$	183	$	73,442

(1)

Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

Equity Incentive Plan

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Compensation Plan

8. Equity Incentive Plans

Prior to the Spin-Off, First Tracks Biotherapeutics had no stock-based compensation plans; however, certain of its employees were eligible to participate in AnaptysBio’s 2017 Equity Incentive Plan (the “AnaptysBio Equity Plan”) which provided grants of restricted stock units (“RSUs”) and performance stock units (“PSUs”) (collectively, “Stock Awards”), stock options, or any other stock-based awards. All grants of stock options and Stock Awards prior to separation were made under the AnaptysBio Equity Plan.

In connection with the Spin-Off, the Company established the First Tracks Biotherapeutics 2026 Equity Incentive Plan (the “First Tracks Equity Plan”). The outstanding RSUs and stock options of AnaptysBio were all cancelled and reissued in both the AnaptysBio Equity Plan and the First Tracks Equity Plan. These equity awards were repriced based on a proportional allocation of the original award price, based on First Tracks Biotherapeutics and AnaptysBio’s closing prices on the Distribution Date. In doing so, these reissued awards maintained the economic value before and after the Spin-Off. The terms of the equity awards, such as the award period, exercisability, and vesting schedule, as applicable, generally remained unchanged. There was no incremental stock-based compensation expense recorded as a result of the equity award conversion.

In connection with the Spin-Off, each AnaptysBio PSU was replaced with a number of First Tracks Biotherapeutics PSUs with a value equal to the AnaptysBio common stock covered by the cancelled award, rounded down to the nearest share. The replacement awards are subject to substantially equivalent conditions and restrictions as the AnaptysBio cancelled PSUs, except that the stock-price hurdles therein were equitably adjusted such that each hurdle retains the same ratio from the First Tracks Biotherapeutics stock price following the Spin-Off as related to the AnaptysBio stock price prior to the Spin-Off and, following the Spin-Off, performance is based on the First Tracks Biotherapeutics stock price.

Under the First Tracks Equity Plan, 4,169,861 shares (plus the shares subject to substitution awards granted pursuant to the Separation and Distribution Agreement) are reserved for issuance and 347,488 shares are reserved for issuance under the 2026

Employee Stock Purchase Plan. As of June 30, 2026, 2,187,351 shares were available for future issuance under the First Tracks Equity Plan.

Stock Options

Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors generally vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the six months ended June 30, 2026 is as follows:


	Shares Subject to Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 20, 2026(1)		6,641,885		$	6.81		7.14	$	78,934
Granted		1,383,690		$	17.85
Exercises		(440,896	)	$	5.88
Forfeitures and cancellations		—		$	—
Outstanding at June 30, 2026		7,584,679		$	8.88		7.55	$	85,742
Exercisable at June 30, 2026		3,708,578		$	7.02		6.15	$	49,037

(1)

As part of the Spin-Off, 6,641,885 substitute options were issued related to options from the AnaptysBio Equity Plan.

Total cash received from the exercise of stock options was approximately $2.1 million during the six months ended June 30, 2026.

Time-Based Restricted Stock Units

Each RSU represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.


	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 20, 2026(1)		1,514,446		$	17.62		1.59	$	28,169
Granted		598,820		$	17.75
Released		(57,402	)	$	12.95
Forfeitures and cancellations		—		$	—
Outstanding at June 30, 2026		2,055,864		$	17.79		1.65	$	41,364
RSU expected to vest at June 30, 2026		2,055,864		$	17.79		1.65	$	41,364

(1)

As part of the Spin-Off, 1,514,446 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

Performance Stock Units

A PSU represents one equivalent share of our common stock to be issued after achievement of the performance metrics specified in the grant. The following table presents a summary of activity with respect to our PSUs:


	Number of Performance Stock Units		Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)
Outstanding at April 20, 2026(1)		1,109,394	$	6.07		2.22
Granted		—	$	—
Released		—	$	—
Forfeitures		—	$	—
Outstanding at June 30, 2026		1,109,394	$	6.07		2.03

(1)

As part of the Spin-Off, 1,109,394 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

The fair value of our PSUs is estimated as of the grant date of July 22, 2024, based upon the expected achievement of the performance metrics specified in the grant and the closing market price of our common stock on the date of grant. The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Six Months Ended June 30,
	2026
Volatility of common stock		59.0	%
Risk-free interest rate		4.1	%
Contract term (in years)		3.9

The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the Company prior to the expiration of the requisite service period. The requisite service period over which the compensation expense will be recognized is July 22, 2024 through July 1, 2028.

Stock-Based Compensation Expense

We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Six Months Ended June 30,
	2026			2025
Risk-free interest rate		4.3	%		4.5	%
Expected volatility		83.3	%		81.8	%
Expected dividend yield		—			—
Expected term (in years)		6.78			6.35
Weighted average grant date fair value per share	$	13.57		$	10.95

We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the historical option term. Expected volatility incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future.

Prior to the Distribution Date, stock-based compensation expense was allocated to us using a proportionate cost allocation method, which management believes is consistent and reasonable. For the research and development portion, costs were allocated using the percentage of external research and development costs as the allocation driver. For the general and administrative portion, costs were allocated similarly to the allocation of research and development costs, with a portion allocated based on estimated employee headcount.

Stock-based compensation expense under AnaptysBio’s 2017 Plan allocated to us and included within our statements of operations consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	734	$	9,058	$	5,280	$	4,620
General and administrative		738		6,344		7,695		3,036
Total	$	1,472	$	15,402	$	12,975	$	7,656

Stock-based compensation expense under the First Tracks Equity Plan that was recognized in the statements of operations and comprehensive loss is as follows:


	Three Months Ended June 30,
(in thousands)	2026
Research and development	$	3,596
General and administrative		3,251
Total	$	6,847

At June 30, 2026, there was $48.2 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a remaining weighted average vesting period of 2.87 years, $33.3 million of unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 2.63 years, and $3.0 million of unrecognized cost related to unvested PSU awards, which is expected to be recognized over a period of 2.03 years.

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 20, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Shares Reserved		500,000,000	100,000
Share issued, common stock		35,390,679	0
Purchase Price	$ 13.81
Sale of the Primary Shares	$ 80
Primary Shares
Subsequent Event [Line Items]
Share issued, common stock	5,791,479
Secondary Shares
Subsequent Event [Line Items]
Share issued, common stock	4,705,575
Spin Off Transactions [Member]
Subsequent Event [Line Items]
Transfers from Parent	$ 100

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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Equity Incentive Plan - Summary of Estimated Fair Values of Stock Option Awards Granted (Details) - Employee Stock Option Member - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.50%
Expected volatility	83.30%	81.80%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 9 months 10 days	6 years 4 months 6 days
Weighted average grant date fair value per share	$ 13.57	$ 10.95

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Related Party Transactions

Related Party Transactions

6 Months Ended

Jun. 30, 2026

5. Related Party Transactions

We have historically operated as part of AnaptysBio and not as a stand-alone entity. Accordingly, the accompanying financial statements for periods prior to the Spin-Off were derived from the consolidated financial statements and accounting records of AnaptysBio. Following the Spin-Off, the financial statements no longer include allocations from AnaptysBio.

Cost Allocations

The financial statements through the date of the Spin-Off reflect allocations of certain expenses from the financial statements of AnaptysBio, including research and development expenses and administrative expenses. These allocations include, but are not limited to, executive management, employee compensation and benefits, facilities and operations, information technology, business development, financial services (such as accounting, audit, and tax), legal, insurance, and stock-based compensation.

Internal research and development costs that could not be specifically identified were allocated to the program level using the percentage of external research and development costs as the allocation driver. General and administrative expenses were allocated similarly to the allocation of internal research and development costs, with a portion allocated based on estimated employee headcount.

These allocations are reflected in the statements of operations as follows:

For the three and six months ended June 30, 2026 and 2025, transactions with AnaptysBio were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	1,853	$	13,129	$	17,166	$	26,816
General and administrative	$	3,664	$	6,626	$	22,520	$	16,441
Total allocated operating expenses	$	5,517	$	19,755	$	39,686	$	43,257

The financial statements through the date of the Spin-Off reflect allocations of certain assets and liabilities from the financial statements of AnaptysBio. These allocations include, but are not limited to, prepaid expenses and other current assets, accounts payable, accrued expenses, and accumulated deficit. Amounts that could not be specifically identified were allocated using the percentage of external research and development costs as the allocation driver.

Management believes these cost allocation methods are reasonable and reflect the services provided to First Tracks Biotherapeutics during the periods presented. The allocations may not, however, be indicative of the actual expenses that would have been incurred had First Tracks Biotherapeutics operated as a stand-alone public company. Actual costs that may have been incurred if First Tracks Biotherapeutics had been a stand-alone public company would depend on a number of factors, including the organizational structure, whether functions were outsourced or performed by First Tracks Biotherapeutics employees, and decisions made in areas such as research and development, infrastructure, and information technology.

Net Investment from AnaptysBio

Related party transactions between First Tracks Biotherapeutics and AnaptysBio have been included within net former parent investment in the balance sheet as of December 31, 2025, as these related party transactions were not settled in cash. Net former parent investment, in the balance sheets and statements of equity, represents AnaptysBio’s investment in First Tracks Biotherapeutics, the net effect of transactions with, and allocations from AnaptysBio. The components of net transfers from AnaptysBio and the reconciliation to the corresponding amount presented on the statements of cash flows, for the six months ended June 30, 2026 and 2025, were as follows:


(in thousands)	2026			2025
Allocations of AnaptysBio's corporate expenses	$	9,077		$	(46,389	)
Non-cash transfer of investments to AnaptysBio		37,986			—
Non-cash transfer of ROU assets to AnaptysBio		12,886			—
Non-cash transfer of lease liabilities to AnaptysBio		(14,112	)		—
Non-cash transfer of other current assets to AnaptysBio		6,048			—
Non-cash transfer of accrued liabilities to AnaptysBio		(28,797	)		—
Total	$	23,088		$	(46,389	)

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Equity Incentive Plan - Schedule of fair value of closing price of common stock on the date of the grant (Details) - USD ($)

1 Months Ended

2 Months Ended

6 Months Ended

Apr. 20, 2026

Jun. 30, 2026

Weighted average remaining contractual term, Expected to vesting

1,514,446

2 years 10 days

Performance Stock Unit

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Shares Outstanding, Beginning Balance

^[1]

1,109,394

Granted

Released

Forfeitures and cancellations

Weighted Average Exercise Price, Beginning Balance

1,109,394

^[1]

1,109,394

^[1]

$ 6.07

Weighted average grant date fair value per share

Weighted Average Exercise Price, Release

Weighted Average Exercise Price, Forfeitures and cancellations

Weighted Average Exercise Price, Ending Balance

$ 6.07

^[1]

$ 6.07

Weighted average remaining contractual term, Expected to vesting

2 years 7 months 17 days

Aggregate Intrinsic Value, Outstanding

$ 2,220

^[1]

$ 2,030.00

Restricted Stock Unit

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Shares Outstanding, Beginning Balance

^[2]

1,514,446

Granted

598,820

Released

(57,402)

Forfeitures and cancellations

RSU expected to vest at June 30, 2026

1,514,446

^[2]

2,055,864

2,055,864

Weighted Average Exercise Price, Beginning Balance

^[2]

$ 17.62

Weighted average grant date fair value per share

17.75

Weighted Average Exercise Price, Release

12.95

Weighted Average Exercise Price, Forfeitures and cancellations

Weighted Average Exercise Price, Ending Balance

$ 17.62

^[2]

17.79

$ 17.79

Weighted average grant date, Expected to vest

$ 17.79

Weighted-Average Remaining Contractual Term in years

1 year 7 months 2 days

^[2]

1 year 7 months 24 days

Weighted average remaining contractual term, Expected to vesting

1 year 7 months 24 days

2 years 10 months 13 days

Aggregate Intrinsic Value, Outstanding

$ 28,169,000

^[2]

$ 41,364,000

Aggregate Intrinsic Value, Expected to vest

$ 41,364,000

[1]	As part of the Spin-Off, 1,109,394 substitute awards were issued related to awards from the AnaptysBio Equity Plan.
[2]	As part of the Spin-Off, 1,514,446 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Allocations for Statements of Operations

For the three and six months ended June 30, 2026 and 2025, transactions with AnaptysBio were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	1,853	$	13,129	$	17,166	$	26,816
General and administrative	$	3,664	$	6,626	$	22,520	$	16,441
Total allocated operating expenses	$	5,517	$	19,755	$	39,686	$	43,257

Schedule of Reconciliation Amount Presented on the Combined Statements of Cash Flows

The components of net transfers from AnaptysBio and the reconciliation to the corresponding amount presented on the statements of cash flows, for the six months ended June 30, 2026 and 2025, were as follows:


(in thousands)	2026			2025
Allocations of AnaptysBio's corporate expenses	$	9,077		$	(46,389	)
Non-cash transfer of investments to AnaptysBio		37,986			—
Non-cash transfer of ROU assets to AnaptysBio		12,886			—
Non-cash transfer of lease liabilities to AnaptysBio		(14,112	)		—
Non-cash transfer of other current assets to AnaptysBio		6,048			—
Non-cash transfer of accrued liabilities to AnaptysBio		(28,797	)		—
Total	$	23,088		$	(46,389	)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 20, 2026	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000,000
Preferred stock, par value		$ 0.001
Preferred stock, shares outstanding		0
Common stock, shares authorized		500,000,000	100,000
Common stock, par value		$ 0.001	$ 0.001
Purchase Price	$ 13.81
Sale of the Primary Shares	$ 80
Common stock, shares issued		35,390,679	0
Common stock, shares outstanding		35,390,679	0
Primary Shares
Class of Stock [Line Items]
Common stock, shares issued	5,791,479
Secondary Shares
Class of Stock [Line Items]
Common stock, shares issued	4,705,575
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000
Preferred stock, par value		$ 0.001
Preferred stock, shares outstanding		0
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000
Common stock, par value		$ 0.001
Common stock, shares issued		35,390,679
Common stock, shares outstanding		35,390,679

Equity Incentive Plan - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

2 Months Ended

Apr. 20, 2026

^[1]

Jun. 30, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

6,641,885

Stock Options

Number of Shares Outstanding, Beginning Balance

^[1]

6,641,885

Granted

1,383,690

Exercises

(440,896)

Forfeitures and cancellations

Number of Shares Exercisable , Ending Balance

6,641,885

7,584,679

3,708,578

Weighted Average Exercise Price, Beginning Balance

^[1]

$ 6.81

Weighted Average Exercise Price, Granted

17.85

Weighted Average Exercise Price, Exercised

5.88

Weighted Average Exercise Price, Forfeitures and cancellations

Weighted Average Exercise Price, Ending Balance

$ 6.81

8.88

Weighted Average Exercise Price, Exercisable Ending Balance

$ 7.02

Weighted-Average Remaining Contractual Term in years

7 years 1 month 20 days

7 years 6 months 18 days

Weighted average remaining contractual term, Exercisable

6 years 1 month 24 days

Aggregate Intrinsic Value, Outstanding

$ 78,934

$ 85,742

Aggregate Intrinsic Value, Exercisable

$ 49,037

[1]	As part of the Spin-Off, 6,641,885 substitute options were issued related to options from the AnaptysBio Equity Plan.

Equity Compensation Plan (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of the activity related to stock option awards during the six months ended June 30, 2026 is as follows:


	Shares Subject to Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 20, 2026(1)		6,641,885		$	6.81		7.14	$	78,934
Granted		1,383,690		$	17.85
Exercises		(440,896	)	$	5.88
Forfeitures and cancellations		—		$	—
Outstanding at June 30, 2026		7,584,679		$	8.88		7.55	$	85,742
Exercisable at June 30, 2026		3,708,578		$	7.02		6.15	$	49,037

(1)

As part of the Spin-Off, 6,641,885 substitute options were issued related to options from the AnaptysBio Equity Plan.

Total cash received from the exercise of stock options was approximately $2.1 million during the six months ended June 30, 2026.

Summary of Restricted Stock Units Activity

The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued.


	Number of Restricted Stock Units			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 20, 2026(1)		1,514,446		$	17.62		1.59	$	28,169
Granted		598,820		$	17.75
Released		(57,402	)	$	12.95
Forfeitures and cancellations		—		$	—
Outstanding at June 30, 2026		2,055,864		$	17.79		1.65	$	41,364
RSU expected to vest at June 30, 2026		2,055,864		$	17.79		1.65	$	41,364

(1)

As part of the Spin-Off, 1,514,446 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

Summary of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Six Months Ended June 30,
	2026
Volatility of common stock		59.0	%
Risk-free interest rate		4.1	%
Contract term (in years)		3.9

Summary of activity performance stock units

The following table presents a summary of activity with respect to our PSUs:


	Number of Performance Stock Units		Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)
Outstanding at April 20, 2026(1)		1,109,394	$	6.07		2.22
Granted		—	$	—
Released		—	$	—
Forfeitures		—	$	—
Outstanding at June 30, 2026		1,109,394	$	6.07		2.03

(1)

As part of the Spin-Off, 1,109,394 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

Summary of Estimated Fair Values of Stock Option Awards Granted

The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Six Months Ended June 30,
	2026			2025
Risk-free interest rate		4.3	%		4.5	%
Expected volatility		83.3	%		81.8	%
Expected dividend yield		—			—
Expected term (in years)		6.78			6.35
Weighted average grant date fair value per share	$	13.57		$	10.95

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense under AnaptysBio’s 2017 Plan allocated to us and included within our statements of operations consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	734	$	9,058	$	5,280	$	4,620
General and administrative		738		6,344		7,695		3,036
Total	$	1,472	$	15,402	$	12,975	$	7,656

Stock-based compensation expense under the First Tracks Equity Plan that was recognized in the statements of operations and comprehensive loss is as follows:


	Three Months Ended June 30,
(in thousands)	2026
Research and development	$	3,596
General and administrative		3,251
Total	$	6,847

Collaborative Research and Development Agreements (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Milestones Achieved

The following milestones are payable under the Vanda License Agreement:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through June 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

We operate as one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases. Segment profit or loss is measured as the net loss reported on our Statements of Operations and Comprehensive Loss and net loss is used to monitor results. The measure of segment assets is reported on our Balance Sheets as total assets.

The chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM manages the business activities on a combined basis in making decisions regarding resource allocation and performance assessment.

The following table is a summary of segment loss and our significant expenses (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating expenses:
External R&D
ANB033		8,837			3,926			18,136			7,729
Rosnilimab		1,217			15,613			5,811			30,639
ANB101		687			2,040			2,171			3,521
ANB032		5			108			(26	)		3,644
Preclinical and other unallocated costs		4,451			4,456			7,747			8,388
Total External R&D(1)		15,197			26,143			33,839			53,921
Total Internal R&D(2)		10,447			13,129			25,760			26,816
Total R&D		25,644			39,272			59,599			80,737

External G&A(3)		(459	)		1,453			8,262			5,301
Internal G&A(2)		9,752			5,173			19,887			11,140
Total G&A		9,293			6,626			28,149			16,441
Total operating expenses		34,937			45,898			87,748			97,178
Loss from operations		(34,937	)		(45,898	)		(87,748	)		(97,178	)

Interest income		1,564			3,466			3,892			7,557
Other expense, net		(1	)		(13	)		(2	)		(20	)
Total other income, net		1,563			3,453			3,890			7,537

Segment net loss	$	(33,374	)	$	(42,445	)	$	(83,858	)	$	(89,641	)

(1)

External R&D consists of costs associated with our research and development activities, including drug discovery efforts, preclinical and clinical development of our programs, manufacturing, and allocated facility-related costs.

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)

External G&A consists of general and administrative expenses including legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.

The entire disclosure for segment reporting.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Equity Incentive Plans - Summary of Stock Option Activity (Details) - Stock Options (Parenthetical) (Details) - shares

Jun. 30, 2026

Apr. 20, 2026

Issue Of Substitute Options

6,641,885

Issue Of Sustitute Awards

1,514,446

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issue Of Substitute Options

7,584,679

6,641,885

^[1]

Restricted Stock Units (RSUs) [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issue Of Sustitute Awards

2,055,864

1,514,446

^[2]

Performance Stock Unit

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Issue Of Sustitute Awards

1,109,394

^[3]

[1]	As part of the Spin-Off, 6,641,885 substitute options were issued related to options from the AnaptysBio Equity Plan.
[2]	As part of the Spin-Off, 1,514,446 substitute awards were issued related to awards from the AnaptysBio Equity Plan.
[3]	As part of the Spin-Off, 1,109,394 substitute awards were issued related to awards from the AnaptysBio Equity Plan.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements and Available for Sale Investments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 73,442

US Treasury Securities

Commercial and corporate obligations

^[1]

63,268

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Recurring | Mutual Funds

^[2]

10,174

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Recurring | US Treasury Securities

^[3]

$ 26,186

91,359

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Recurring | Commercial and corporate obligations

^[4]

63,268

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 1 | Fair Value, Recurring | Mutual Funds

^[4]

10,174

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 1 | Fair Value, Recurring | US Treasury Securities

^[3]

26,186

91,359

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commercial and corporate obligations

^[4]

63,268

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 2 | Fair Value, Recurring | Mutual Funds

^[4]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 2 | Fair Value, Recurring | US Treasury Securities

^[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commercial and corporate obligations

^[4]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 3 | Fair Value, Recurring | Mutual Funds

^[4]

10,174

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 3 | Fair Value, Recurring | US Treasury Securities

^[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commercial and corporate obligations

^[4]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds | Fair Value, Recurring

^[4]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds | Fair Value, Inputs, Level 1 | Fair Value, Recurring

^[3]

140,791

140,380

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds | Fair Value, Inputs, Level 2 | Fair Value, Recurring

^[3]

140,791

140,380

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Money Market Funds | Fair Value, Inputs, Level 3 | Fair Value, Recurring

^[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[3]

$ 0

[1]	Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.
[2]	Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.
[3]	Included in cash and cash equivalents in the accompanying balance sheets.
[4]	Included in short-term investments in the accompanying balance sheets.

Collaborative Research and Development Agreements - Schedule of Milestones Payable (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Vanda Pharmaceuticals Inc. [Member] \| Commercial Sales Milestone [Member]
Disaggregation of Revenue [Line Items]
Royalty sales	$ 100.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Operating Income Loss Genrate in NOL	$ (34,937)	$ (45,898)	$ (87,748)	$ (97,178)

The net result for the period of deducting operating expenses from operating revenues.

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Balance Sheet Accounts and Supplemental Disclosures [Abstract]

Statements of Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Net Parent Investment	Accumulated Other Comprehensive (Loss) Gain	Accumulated Deficit
Beginning Balance at Dec. 31, 2024	$ 391,596			$ 391,291	$ 305	$ 0
Stock-based compensation	7,746			7,746	0	0
Net parent investment	5,716			5,716	0	0
Comprehensive income, net	(144)	$ 0			(144)	0
us-gaap:NetIncomeLoss	(47,196)			(47,196)	0	0
Ending Balance at Mar. 31, 2025	357,718			357,557	161	0
Beginning Balance at Dec. 31, 2024	391,596			391,291	305	0
us-gaap:NetIncomeLoss	(89,641)
Ending Balance at Jun. 30, 2025	270,657			270,663	(6)	0
Beginning Balance at Mar. 31, 2025	357,718			357,557	161	0
Stock-based compensation	7,656			7,656	0	0
Net parent investment	(52,105)			(52,105)	0	0
Comprehensive income, net	(167)	$ 0			(167)	0
us-gaap:NetIncomeLoss	(42,445)			(42,445)	0	0
Ending Balance at Jun. 30, 2025	$ 270,657			270,663	(6)	0
Beginning Balance at Dec. 31, 2025	0	0
Beginning Balance at Dec. 31, 2025	$ 287,490	$ 0	$ 0	287,514	(24)	0
Stock-based compensation	11,503	0	0	11,503	0	0
Net parent investment	9,077	$ 0	0	9,077	0	0
Net parent investment, shares		0
Comprehensive income, net	(122)	$ 0	0	0	(122)	0
us-gaap:NetIncomeLoss	(50,484)	$ 0	0	(50,484)	0	0
Ending Balance at Mar. 31, 2026		0
Ending Balance at Mar. 31, 2026	$ 257,464	$ 0	0	257,610	(146)	0
Beginning Balance at Dec. 31, 2025	0	0
Beginning Balance at Dec. 31, 2025	$ 287,490	$ 0	0	287,514	(24)	0
us-gaap:NetIncomeLoss	$ (83,858)
Ending Balance at Jun. 30, 2026	35,390,679	35,391,000
Ending Balance at Jun. 30, 2026	$ 168,796	$ 35	193,337	0	0	(24,576)
Beginning Balance at Mar. 31, 2026		0
Beginning Balance at Mar. 31, 2026	257,464	$ 0	0	257,610	(146)	0
Issuance of common stock from exercises of options	2,591	$ 0	2,591	0	0	0
Issuance of common stock from exercises of options, Share		441,000
Issuance of common stock upon vesting of restricted stock units and performance stock units	0	$ 0	0	0	0	0
Issuance of common stock upon vesting of restricted stock units and performance stock units, Share		57,000
Issuance of common stock in connection with the spin-off and reclassification of net parent investment	(241,041)	$ 29	109,214	(350,284)	0	0
Issuance of common stock in connection with the spin-off and reclassification of net parent investment, Share		29,101,000
Issuance of common stock, net of transaction costs	74,691	$ 6	74,685		0	0
Issuance of common stock, net of transaction costs, Share		5,792,000
Stock-based compensation	8,319	$ 0	6,847	1,472	0	0
Stock-based compensation, Shares		0
Transfers from former parent	100,000	$ 0		100,000	0	0
Transfers from former parent, Shares		0
Comprehensive income, net	146	$ 0	0	0	146	0
us-gaap:NetIncomeLoss	$ (33,374)	$ 0	0	(8,798)	0	(24,576)
Ending Balance at Jun. 30, 2026	35,390,679	35,391,000
Ending Balance at Jun. 30, 2026	$ 168,796	$ 35	$ 193,337	$ 0	$ 0	$ (24,576)

Balance Sheet Accounts and Supplemental Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Schedule Of Property and Equipment

Property and equipment, net consist of the following:


(in thousands)	June 30, 2026			December 31, 2025
Laboratory equipment	$	6,765		$	6,723
Office furniture and equipment		1,583			1,583
Leasehold improvements(1)		—			203
Property and equipment, gross		8,348			8,509
Less: accumulated depreciation and amortization		(7,277	)		(7,139	)
Total property and equipment, net	$	1,071		$	1,370

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Schedule Of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation and related expenses	$	1,969	$	10,636
Accrued professional fees and other expenses		1,067		3,156
Accrued research, development and manufacturing expenses		4,422		12,040
Total accrued expenses	$	7,458	$	25,832

Schedule Of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Receivable from AnaptysBio	$	4,226	$	—
Prepaid clinical development		2,470		2,851
Receivable from option exercises		848		29
Other current assets		2,183		1,882
Total prepaid expenses and other current assets	$	9,727	$	4,762

Collaborative Research and Development Agreements

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborative Arrangement Disclosure [Text Block]

4. Collaborative Research and Development Agreements

Centessa

On November 24, 2023, we entered into an exclusive license agreement (as amended, the “Centessa Agreement”) with Centessa Pharmaceuticals (UK) Limited (“Centessa”), pursuant to which we acquired the exclusive global development and commercialization rights to a blood dendritic cell antigen 2 (BDCA2) modulator antibody portfolio, including lead asset CBS004 (renamed ANB101), and the related family of antibodies, for the treatment of autoimmune and inflammatory diseases.

In connection with the Centessa Agreement, we paid Centessa an up front cash payment of $4.0 million and an additional cash payment of $3.0 million as reimbursement to Centessa for manufacturing costs incurred. There were $0.3 million in transaction

costs incurred. The total transaction amount of $7.3 million was expensed as in-process research and development and classified as an operating activity in the statement of cash flows. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business.

Under the terms of the Centessa Agreement, Centessa may be entitled to receive potential future payments of up to $10.0 million upon the achievement of a certain event-based milestone and would be entitled to receive on a product-by-product and country-by-country basis, a royalty of low single digits on annual net sales of any product in the territory in each calendar year. As of June 30, 2026, achievement of the milestone is not probable and, therefore, we have not recognized a liability for the associated $10.0 million contingent consideration.

Vanda

On January 31, 2025, AnaptysBio entered into an Exclusive License Agreement (the “Vanda License Agreement”) with Vanda pursuant to which Vanda was granted an exclusive, global license for the development and commercialization of imsidolimab (IL-36R antagonist mAb), which has completed two registration-enabling global Phase 3 trials, GEMINI-1 and GEMINI-2, evaluating the safety and efficacy of imsidolimab in patients with generalized pustular psoriasis (“GPP”). Pursuant to the Separation and Distribution Agreement, any and all rights to receive milestone payments under the Vanda License Agreement were transferred to us.

The following milestones are payable under the Vanda License Agreement:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through June 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Summary of Significant Accounting Policies - Schedule of Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]
Weighted-average outstanding potentially dilutive securities	9,297	8,475	9,297	8,517
Options to purchase common stock
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]
Weighted-average outstanding potentially dilutive securities	7,545	7,621	7,545	7,644
Stock awards
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award [Table]
Weighted-average outstanding potentially dilutive securities	1,752	854	1,752	873

Disclosure of information about share-based payment arrangement.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 168,018	$ 238,196
Short-term investments	0	73,442
Prepaid expenses and other current assets	9,727	4,762
Total current assets	177,745	316,400
Property and equipment, net	1,071	1,370
Operating lease right-of-use assets	4,324	12,519
Other long-term assets	0	256
Total assets	183,140	330,545
Current liabilities:
Accounts payable	2,553	3,111
Accrued expenses	7,458	25,832
Current portion of operating lease liability	2,436	2,080
Total current liabilities	12,447	31,023
Operating lease liability, net of current portion	1,897	12,032
Stockholders' equity:
Preferred stock $0.001 par value, 10,000 shares authorized and no shares outstanding at June 30, 2026	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized and 35,390,679 shares issued and outstanding at June 30, 2026 and 100 shares authorized and no shares, issued or outstanding at December 31, 2025	35	0
Additional paid-in capital	193,337	0
Accumulated other comprehensive loss	0	(24)
Accumulated deficit	(24,576)	0
Net former parent investment	0	287,514
Total stockholders' equity	168,796	287,490
Total liabilities and stockholders' equity	$ 183,140	$ 330,545

Description of the Business

6 Months Ended

Jun. 30, 2026

Description of the Business

1. Description of the Business

Organization

First Tracks Biotherapeutics, Inc. (“First Tracks Biotherapeutics,” “we,” “us,” “our,” or the “Company”) is a clinical-stage biotechnology company advancing antibody therapies that modulate immune pathways implicated in autoimmune and inflammatory diseases. Our pipeline includes ANB033, a CD122 antagonist in development for celiac disease and eosinophilic esophagitis; rosnilimab, a pathogenic T cell depleter in development for rheumatoid arthritis; and ANB101, a BDCA2 modulator.

The Separation

Our financial support has been provided primarily by AnaptysBio, Inc. (“AnaptysBio”), our former parent company. In September 2025, AnaptysBio announced its intent, as approved by its board of directors on September 29, 2025, to separate our operations from AnaptysBio into a separate, independent, publicly traded company (the “Spin-Off”). The Spin-Off was completed on April 20, 2026 (the “Distribution Date”).

The Spin-Off was achieved through AnaptysBio’s pro rata distribution of 29,100,902 shares of common stock of First Tracks Biotherapeutics to holders of record of AnaptysBio’s common stock. Each holder of record of AnaptysBio’s common stock received one share of First Tracks Biotherapeutics’ common stock for every one share of AnaptysBio’s common stock held on April 6, 2026, the record date for the distribution. On April 20, 2026, First Tracks Biotherapeutics’ shares of common stock began trading on the Nasdaq Stock Market LLC under the ticker symbol “TRAX.”

On the Distribution Date, AnaptysBio distributed 29,100,902 shares of First Tracks Biotherapeutics common stock to its shareholders and the Company completed the previously announced private placement contemplated by that certain purchase agreement (the “Purchase Agreement”) by and among the Company, EcoR1 Capital Fund Qualified, L.P. (the “Selling Stockholder”) and certain third party investors (collectively, the “Investors”), pursuant to which the Company agreed to issue and sell an aggregate of 5,791,479 shares of the Company’s common stock (the “Primary Shares”), and the Selling Stockholder agreed to sell an aggregate of 4,705,575 shares of the Company’s common stock (the “Secondary Shares”) that the Selling Stockholder received in the Spin-Off, at a purchase price of $13.81 per share (the “Private Placement”). The aggregate gross proceeds to First Tracks Biotherapeutics from the sale of the Primary Shares were approximately $80 million, before deducting offering expenses. First Tracks Biotherapeutics did not receive any proceeds from the sale of the Secondary Shares.

In connection with the Spin-Off, we entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) with AnaptysBio. The Separation and Distribution Agreement identifies the assets transferred to (including the contracts assigned) or retained by, and the liabilities assumed or retained by each of us, and AnaptysBio. Pursuant to the Separation and Distribution Agreement, on the Distribution Date, $100 million in cash and cash equivalents was allocated to us from AnaptysBio. Furthermore, all accounts payable and accrued liabilities were assumed by AnaptysBio.

Liquidity and Risks

Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next 12 months from the issuance of our financial statements. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Equity Incentive Plan - Summary of Stock Based Compensation Expense Regarding its Employees and Nonemployees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Research and Development Expense	$ 25,644	$ 39,272	$ 59,599	$ 80,737
General and Administrative Expense	9,293	6,626	28,149	16,441
AnaptysBio' s 2017 Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,472	15,402	12,975	7,656
First Tracks Equity Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6,847
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense \| AnaptysBio' s 2017 Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	738	6,344	7,695	3,036
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense \| First Tracks Equity Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,251
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| AnaptysBio' s 2017 Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	734	$ 9,058	$ 5,280	$ 4,620
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| First Tracks Equity Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,596

Commitments and Contingencies - Summary Of Future Minimum Annual Obligations Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 15, 2026
Commitments and Contingencies Disclosure [Abstract]
2026	$ 1,833
2027	2,174
2028	708
Total minimum payments required	4,715
Less: imputed interest	(382)
Total	$ 4,333	$ 4,400

Related Party Transactions - Schedule of Reconciliation Amount Presented on the Combined Statements of Cash Flows (Details) - AnaptysBio, Inc. - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Allocations of AnaptysBio, Inc.'s corporate expenses	$ 9,077	$ (46,389)
Non-cash transfer of investments to AnaptysBio	37,986	0
Non-cash transfer of ROU assets to AnaptysBio	12,886	0
Non-cash transfer of lease liabilities to AnaptysBio	(14,112)	0
Non-cash transfer of other current assets to AnaptysBio	6,048	0
Non-cash transfer of accrued liabilities to AnaptysBio	(28,797)	0
Total	$ 23,088	$ (46,389)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Calculation of Diluted Net Loss Per Share

Description of the Business (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Apr. 20, 2026	Jun. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Distribution date	Apr. 20, 2026
Share issued, common stock		35,390,679	0
Purchase Price	$ 13.81
Sale of the Primary Shares	$ 80
Time duration for operating plan		12 months
Primary Shares
Business Combination [Line Items]
Share issued, common stock	5,791,479
Secondary Shares
Business Combination [Line Items]
Share issued, common stock	4,705,575
Spin Off Transactions [Member]
Business Combination [Line Items]
Transfers from Parent	$ 100
AnaptysBio [Member]
Business Combination [Line Items]
Distributed shares	29,100,902
AnaptysBio [Member] \| First Tracks Biotherapeutics [Member]
Business Combination [Line Items]
Distributed shares	29,100,902

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]


	For the Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Options to purchase common stock		7,545		7,621		7,545		7,644
Stock awards		1,752		854		1,752		873
Total		9,297		8,475		9,297		8,517

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Following the Spin-Off, the financial statements include the accounts of First Tracks Biotherapeutics and no longer include any allocations from AnaptysBio. Accordingly:

•

We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.

Use of Estimates

Net Loss Per Common Share


	For the Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Options to purchase common stock		7,545		7,621		7,545		7,644
Stock awards		1,752		854		1,752		873
Total		9,297		8,475		9,297		8,517

Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Commitments and Contingencies (Additional Information) (Details) ft² in Thousands		6 Months Ended
	Jun. 15, 2026 USD ($) ft²	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Lessor, Lease, Description [Line Items]
Lease description		On June 15, 2026, we entered into a Sublease Agreement with AnaptysBio (the “Sublease Agreement”), with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121. Under the Sublease Agreement, we agreed to sublease approximately 45,000 square feet of space for a term of 24 months, beginning on April 20, 2026.
Lease Term	24 months
Lease Start Date	April 20, 2026
Lease space \| ft²	45
Lease terminate period	December 31, 2027
Monthly Base Rent	$ 4,870
Increase base rent square foot	3.00%
Prepayments cost	$ 0
Operating lease right-of-use assets		$ 4,324,000	$ 12,519,000
Lease liability	$ 4,400,000	$ 4,333,000
Weighted average discount rate	9.50%
Weighted-average remaining lease term	1 year 9 months 18 days

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Operating Leases

On June 15, 2026, we entered into a Sublease Agreement with AnaptysBio (the “Sublease Agreement”), with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121. Under the Sublease Agreement, we agreed to sublease approximately 45,000 square feet of space for a term of 24 months, beginning on April 20, 2026.

Under the Sublease Agreement, the monthly base rent is initially $4.87 per rentable square foot and is increased by 3% annually. We are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. The terms of the Sublease Agreement do not provide us with an option to extend the term of the lease, but do provide us with an option to terminate the lease early on December 31, 2027, by delivery of written notice provided at least six months in advance. The exercise of this option is at our sole discretion, which we do not anticipate exercising at this time. Upon lease commencement, on April 20, 2026, we recognized a right of use (“ROU”) asset and a corresponding lease liability of $4.4 million each, on the balance sheet. There were no lease incentives, prepayments or direct costs as part of the sublease agreement.

Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The weighted-average discount rate used was 9.5% and the weighted-average remaining lease term is approximately 1.8 years.

The following non-cancellable office lease costs are included in our statements of cash flow (in thousands):


		Six Months Ended June 30,
Leases	Classification on the Cash Flow	2026		2025
Operating lease cost	Operating	$	524	$	—
Cash paid for amounts included in the measurement of lease liabilities	Operating		—		—

At June 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending December 31, (in thousands)
2026	$	1,833
2027		2,174
2028		708
Total minimum payments required	$	4,715
Less: imputed interest		(382	)
Total	$	4,333

Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	10,000,000,000
Preferred stock, shares outstanding	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	100,000
Common stock, shares issued	35,390,679	0
Common stock, shares outstanding	35,390,679	0

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

Segment Reporting (Additional Information) (Details)	6 Months Ended
Segment Reporting (Additional Information) (Details)	Jun. 30, 2026 ReportableSegment
Segment Reporting [Abstract]
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, Description	The CODM manages the business activities on a combined basis in making decisions regarding resource allocation and performance assessment.

Segment Reporting - Summary of Segment Loss and Significant Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Total R&D

$ 25,644

$ 39,272

$ 59,599

$ 80,737

(Loss) income from operations

9,293

6,626

28,149

16,441

Total operating expenses

34,937

45,898

87,748

97,178

(34,937)

(45,898)

(87,748)

(97,178)

Interest income

1,564

3,466

3,892

7,557

Other expense, net

(1)

(13)

(2)

(20)

Total other income (expense), net

1,563

3,453

3,890

7,537

Net loss

(33,374)

$ (50,484)

(42,445)

$ (47,196)

(83,858)

(89,641)

Operating Segments [Member]

^[1]

15,197

26,143

33,839

53,921

Total R&D

25,644

39,272

59,599

80,737

(Loss) income from operations

9,293

6,626

28,149

16,441

Total operating expenses

34,937

45,898

87,748

97,178

(34,937)

(45,898)

(87,748)

(97,178)

Interest income

1,564

3,466

3,892

7,557

Other expense, net

(1)

(13)

(2)

(20)

Total other income (expense), net

1,563

3,453

3,890

7,537

Net loss

(33,374)

(42,445)

(83,858)

(89,641)

Total Internal R&D | Operating Segments [Member]

External G&A | Operating Segments [Member]

Total Internal R&D

^[2]

10,447

13,129

25,760

26,816

Internal G&A | Operating Segments [Member]

^[3]

(459)

1,453

8,262

5,301

Rosnilimab | Operating Segments [Member]

^[2]

9,752

5,173

19,887

11,140

ANB033 | Operating Segments [Member]

1,217

15,613

5,811

30,639

ANB101 | Operating Segments [Member]

8,837

3,926

18,136

7,729

ANB032 | Operating Segments [Member]

687

2,040

2,171

3,521

Preclinical and other unallocated costs | Operating Segments [Member]

108

(26)

3,644

$ 4,451

$ 4,456

$ 7,747

$ 8,388

[1]	External R&D consists of costs associated with our research and development activities, including drug discovery efforts, preclinical and clinical development of our programs, manufacturing, and allocated facility-related costs.
[2]	Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.
[3]	External G&A consists of general and administrative expenses including legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Preferred Stock

The Company has authorized up to 10,000,000 shares of preferred stock, $0.001 par value per share, for issuance. There were no preferred shares outstanding as of June 30, 2026.

Common Stock

The Company has authorized up to 500,000,000 shares of common stock, $0.001 par value per share, for issuance. There were 35,390,679 shares of common stock issued and outstanding as of June 30, 2026.

Private Placement

On April 20, 2026, the Company completed the previously announced private placement contemplated by that certain purchase agreement (the “Purchase Agreement”) by and among the Company, EcoR1 Capital Fund Qualified, L.P. (the “Selling Stockholder”) and certain third party investors (collectively, the “Investors”), pursuant to which the Company agreed to issue and sell an aggregate of 5,791,479 shares of the Company’s common stock (the “Primary Shares”), and the Selling Stockholder agreed to sell an aggregate of 4,705,575 shares of the Company’s common stock (the “Secondary Shares”) that the Selling Stockholder received in the Spin-Off, at a purchase price of $13.81 per share (the “Private Placement”). The aggregate gross proceeds to First Tracks Biotherapeutics from the sale of the Primary Shares were approximately $80 million, before deducting offering expenses. First Tracks Biotherapeutics did not receive any proceeds from the sale of the Secondary Shares.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Schedule of Segment Loss and Significant Expenses

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

The following table is a summary of segment loss and our significant expenses (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating expenses:
External R&D
ANB033		8,837			3,926			18,136			7,729
Rosnilimab		1,217			15,613			5,811			30,639
ANB101		687			2,040			2,171			3,521
ANB032		5			108			(26	)		3,644
Preclinical and other unallocated costs		4,451			4,456			7,747			8,388
Total External R&D(1)		15,197			26,143			33,839			53,921
Total Internal R&D(2)		10,447			13,129			25,760			26,816
Total R&D		25,644			39,272			59,599			80,737

External G&A(3)		(459	)		1,453			8,262			5,301
Internal G&A(2)		9,752			5,173			19,887			11,140
Total G&A		9,293			6,626			28,149			16,441
Total operating expenses		34,937			45,898			87,748			97,178
Loss from operations		(34,937	)		(45,898	)		(87,748	)		(97,178	)

Interest income		1,564			3,466			3,892			7,557
Other expense, net		(1	)		(13	)		(2	)		(20	)
Total other income, net		1,563			3,453			3,890			7,537

Segment net loss	$	(33,374	)	$	(42,445	)	$	(83,858	)	$	(89,641	)

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Related Party Transactions - Schedule of Allocations for Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Research and development	$ 25,644	$ 39,272	$ 59,599	$ 80,737
General and administrative	9,293	6,626	28,149	16,441
Total operating expenses	34,937	45,898	87,748	97,178
AnaptysBio, Inc.
Related Party Transaction [Line Items]
Research and development	1,853	13,129	17,166	26,816
General and administrative	3,664	6,626	22,520	16,441
Total operating expenses	$ 5,517	$ 19,755	$ 39,686	$ 43,257

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Schedule Of Non-Cancellable Office Lease Costs

The following non-cancellable office lease costs are included in our statements of cash flow (in thousands):


		Six Months Ended June 30,
Leases	Classification on the Cash Flow	2026		2025
Operating lease cost	Operating	$	524	$	—
Cash paid for amounts included in the measurement of lease liabilities	Operating		—		—

Schedule Of Future Minimum Annual Obligations Operating Lease Liabilities

At June 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending December 31, (in thousands)
2026	$	1,833
2027		2,174
2028		708
Total minimum payments required	$	4,715
Less: imputed interest		(382	)
Total	$	4,333

Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 25,644	$ 39,272	$ 59,599	$ 80,737
General and administrative	9,293	6,626	28,149	16,441
Total operating expenses	34,937	45,898	87,748	97,178
Loss from operations	(34,937)	(45,898)	(87,748)	(97,178)
Other income (expense), net:
Interest income	1,564	3,466	3,892	7,557
Other expense, net	(1)	(13)	(2)	(20)
Total other income (expense), net	1,563	3,453	3,890	7,537
Net loss	(33,374)	(42,445)	(83,858)	(89,641)
Unrealized gain (loss) on available-for-sale securities	146	(167)	24	(311)
Comprehensive loss	$ (33,228)	$ (42,612)	$ (83,834)	$ (89,952)
Net loss per common share:
Net loss per common share, Baisc	$ (0.95)	$ (1.47)	$ (2.4)	$ (3.02)
Net loss per common share, Diluted	$ (0.95)	$ (1.47)	$ (2.4)	$ (3.02)
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding, Basic	35,003	28,810	35,003	29,722
Weighted-average number of shares outstanding, Diluted	35,003	28,810	35,003	29,722

Balance Sheet Accounts and Supplemental Disclosures - Summary Of Prepaid Expenses and other Current (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense, Current [Abstract]
Receivable from AnaptysBio	$ 4,226	$ 0
Prepaid clinical development	2,470	2,851
Receivable from option exercises	848	29
Other current assets	2,183	1,882
Total prepaid expenses and other current assets	$ 9,727	$ 4,762

Fair Value Measurements and Available for Sale Investments - Schedule of Aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 73,442	$ 0
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	10,200
Long-term investments	0
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	63,300
Long-term investments	$ 0
Maximum [Member] \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining maturity (in years)	2 years
Maximum [Member] \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining maturity (in years)	2 years
Minimum [Member] \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining maturity (in years)	1 year
Minimum [Member] \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining maturity (in years)	1 year

Fair Value Measurements and Available for Sale Investments - Schedule of Aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments (Details)
$ in Thousands

Dec. 31, 2025

USD ($)

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Amortized Cost

$ 73,259

Gross Unrealized Gains

183

Commercial and corporate obligations

73,442

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Amortized Cost

10,152

^[1]

Gross Unrealized Gains

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

10,174

^[1]

US Treasury Securities

Amortized Cost

63,107

^[2]

Gross Unrealized Gains

161

^[2]

$ 63,268

^[2]

[1]	Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.
[2]	Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Fair Value Measurements and Available for Sale Investments

Fair Value Measurements and Available for Sale Investments

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

6. Fair Value Measurements and Available-for-Sale Investments

Fair Value Measurements

Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the balance sheet in accordance with the accounting standards for fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	140,791	$	140,791	$	—	$	—
Mutual funds(1)		26,186		26,186		—		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—

(1)

Included in cash and cash equivalents in the accompanying balance sheets.

(2)

Included in short-term investments in the accompanying balance sheets.

The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value:

Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low.

Fair Value of Other Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

Available-for-Sale Investments

We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. As of June 30, 2026, we did not have any available-for-sale investments by security type, classified in short-term or long-term investments.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Total Fair Value
Commercial and corporate obligations(1)		10,152		22		10,174
U.S. Treasury securities(2)		63,107		161		63,268
Total available-for-sale investments	$	73,259	$	183	$	73,442

(1)

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

There were no available-for-sale investments in an unrealized loss position as of June 30, 2026 or December 31, 2025. Accordingly, no allowance for credit losses was recorded.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	001-43177
Entity Registrant Name	FIRST TRACKS BIOTHERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-5003207
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TRAX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0002091349
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding		35,730,843

Collaborative Research and Development Agreements (Additional Information) (Details) - Collaborative Arrangement [Member] - Centessa Pharmaceuticals (UK) Limited (Centessa) [Member] - USD ($) $ in Millions	Nov. 24, 2023	Jun. 30, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential future payments	$ 10.0	$ 10.0
License Agreement, Centessa Pharmaceuticals (UK) Limited [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursement	3.0
Front cash payment	4.0
Transaction costs incurred	0.3
Total transaction	$ 7.3

Commitments and Contingencies - Summary Of Non-Cancellable Office Lease Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 524	$ 0
Cash paid for amounts included in the measurement of lease liabilities	$ 0	$ 0

Equity Incentive Plan - Summary of Fair Values of the Options Granted (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Employee Stock Option Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility of common stock	83.30%	81.80%
Risk-free interest rate	4.30%	4.50%
Contract term (in years)	6 years 9 months 10 days	6 years 4 months 6 days
Performance Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility of common stock	59.00%
Risk-free interest rate	4.10%
Contract term (in years)	3 years 10 months 24 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.