First Tracks Biotherapeutics is the immunology operations AnaptysBio distributed in April, and the equity now lives or dies on whether a CD122 antibody can protect the gut. The spin kept the clinical antibodies and left the royalty contracts with the former parent, so there is no product revenue and no collaboration cash to lean on. The lead program is already in a gluten-challenge study designed to show whether blocking both interleukin fifteen and interleukin two prevents mucosal injury. That is a different bet than owning a royalty stream, and it is the reason the separation exists.
Cash at mid-year was $168 million, down from the $180 million launch stack that combined a parent allocation with a concurrent private placement. That modest decline over the first standalone weeks is the cleanest read on the new burn, because the first-half cash-flow statement still mixes carve-out months with independent months. Research spending fell as rosnilimab and the discontinued ANB032 program wound down while ANB033 patient studies ramped. The market is not paying for that cost mix. It is paying for a four-indication CD122 plan that still has no patient efficacy in the public record.
Second-quarter operating expenses were $35 million, and the net loss narrowed versus the year-ago carve-out print. Fast Track designation for celiac disease arrived with the quarter and the first gluten-challenge cohort is fully enrolled, with top-line data due before year-end. Rosnilimab remains a completed rheumatoid arthritis asset parked in a partnership search after the ulcerative colitis miss. The question the next several months resolve is whether that first cohort shows enough histologic protection to justify a multi-indication build, or whether the equity is still a cash-funded option on a molecule that has only been tested in healthy volunteers.