First Tracks Biotherapeutics reported a $31.36 million net loss for Q3 2026.

Item 6.

Exhibits

65

Signatures

66 i

PART I—FIN ANCIAL INFORMATION

Ite m 1. Financial Statements.

First Tracks Biotherapeutics, Inc.

Balance Sheets (in thousands, except share and par value) (unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

155,627

$

238,196

Short-term investments

—

73,442

Prepaid expenses and other current assets

10,095

4,762

Total current assets

165,722

316,400

Property and equipment, net

979

1,370

Operating lease right-of-use assets

3,755

12,519

Other long-term assets

—

256

Total assets

$

170,456

$

330,545

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

3,949

$

3,111

Accrued expenses

11,723

25,832

Current portion of operating lease liability

2,418

2,080

Total current liabilities

18,090

31,023

Operating lease liability, net of current portion

1,355

12,032

Stockholders' equity:

Preferred stock, $ 0.001 par value, 10,000,000 shares authorized and no shares outstanding at September 30, 2026

—

—

Common stock, $ 0.001 par value, 500,000,000 shares authorized and 35,902,449 shares issued and outstanding at September 30, 2026 and 100 shares authorized and no shares issued or outstanding at December 31, 2025

36

—

Additional paid-in capital

206,907

—

Accumulated other comprehensive loss

—

( 24

)

Accumulated deficit

( 55,932

)

—

Net former parent investment

—

287,514

Total stockholders' equity

151,011

287,490

Total liabilities and stockholders' equity

$

170,456

$

330,545

See accompanying notes to unaudited financial statements.

1

First Tracks Biotherapeutics, Inc.

Statements of Operations and Comprehensive Loss (in thousands, except per share data) (unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Operating expenses:

Research and development

23,846

33,322

83,445

114,059

General and administrative

8,998

11,735

37,147

28,176

Total operating expenses

32,844

45,057

120,592

142,235

Loss from operations

( 32,844

)

( 45,057

)

( 120,592

)

( 142,235

)

Other income (expense), net:

Interest income

1,495

3,198

5,387

10,755

Other expense, net

( 7

)

—

( 9

)

( 20

)

Total other income (expense), net

1,488

3,198

5,378

10,735

Net loss¹

( 31,356¹

)

( 41,859

)

( 115,214

)

( 131,500

)

Other comprehensive loss:

Unrealized gain (loss) on available-for-sale securities

—

53

24

( 258

)

Comprehensive loss

$

( 31,356

)

$

( 41,806

)

$

( 115,190

)

$

( 131,758

)

Net loss per common share:

Basic and diluted

$

( 0.88

)

$

( 1.50

)

$

( 3.25

)

$

( 4.52

)

Weighted-average number of shares outstanding:

Basic and diluted

35,747

27,833

35,423

29,085

See accompanying notes to unaudited financial statements.

2

First Tracks Biotherapeutics, Inc.

Statements of Stockholders Equity (in thousands) (unaudited)

Common Stock

Additional

Paid-in

Net Former Parent

Accumulated

Other

Comprehensive

Accumulated

Total

Stockholders'

Shares

Amount

Capital

Investment

(Loss) Gain

Deficit

Equity

Balance, December 31, 2025

—

$

—

$

—

$

287,514

$

( 24

)

$

—

$

287,490

Stock-based compensation

—

—

—

11,503

—

—

11,503

Net parent investment

—

—

—

9,077

—

—

9,077

Comprehensive loss, net

—

—

—

—

( 122

)

—

( 122

)

Net loss

—

—

—

( 50,484

)

—

—

( 50,484

)

Balance, March 31, 2026

—

$

—

$

—

$

257,610

$

( 146

)

$

—

$

257,464

Issuance of common stock from exercises of options

441

—

2,591

—

—

—

2,591

Issuance of common stock upon vesting of restricted stock units and performance stock units

57

—

—

—

—

—

—

Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment

29,101

29

109,214

( 350,284

)

—

—

( 241,041

)

Issuance of common stock, net of $ 5,309 of transaction costs

5,792

6

74,685

—

—

—

74,691

Stock-based compensation

—

—

6,847

1,472

—

—

8,319

Transfers from former parent

—

—

—

100,000

—

—

100,000

Comprehensive income, net

—

—

—

—

146

—

146

Net loss

—

—

—

( 8,798

)

—

( 24,576

)

( 33,374

)

Balance, June 30, 2026

35,391

$

35

$

193,337

$

—

$

—

$

( 24,576

)

$

168,796

Issuance of common stock from exercises of options

500

1

4,676

—

—

—

4,677

Issuance of common stock upon vesting of restricted stock units and performance stock units

12

—

—

—

—

—

—

Issuance of common stock transaction costs

—

—

( 3

)

—

—

—

( 3

)

Stock-based compensation

—

—

8,897

—

—

—

8,897

Net loss

—

—

—

—

—

( 31,356

)

( 31,356

)

Balance, September 30, 2026

35,903

$

36

$

206,907

$

—

$

—

$

( 55,932

)

$

151,011

Net Parent

Accumulated

Other

Comprehensive

Accumulated

Total

Investment

Gain (Loss)

Deficit

Equity

Balance, December 31, 2024

$

391,291

$

305

$

—

$

391,596

Stock-based compensation

7,746

—

—

7,746

Net parent investment

5,716

—

—

5,716

Comprehensive loss, net

—

( 144

)

—

( 144

)

Net loss

( 47,196

)

—

—

( 47,196

)

Balance, March 31, 2025

$

357,557

$

161

$

—

$

357,718

Stock-based compensation

7,656

—

—

7,656

Net parent investment

( 52,105

)

—

—

( 52,105

)

Comprehensive loss, net

—

( 167

)

—

( 167

)

Net loss

( 42,445

)

—

—

( 42,445

)

Balance, June 30, 2025

$

270,663

$

( 6

)

$

—

$

270,657

Stock-based compensation

9,845

—

—

9,845

Net parent investment

( 7,056

)

—

—

( 7,056

)

Comprehensive income, net

—

53

—

53

Net loss

( 41,859

)

—

—

( 41,859

)

Balance, September 30, 2025

$

231,593

$

47

$

—

$

231,640

See accompanying notes to unaudited financial statements.

3

First Tracks Biotherapeutics, Inc.

Statements of Cash Flows (in thousands) (unaudited)

Nine Months Ended

September 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

( 115,214

)

$

( 131,500

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

322

428

Stock-based compensation

28,719

25,247

Accretion/amortization of investments, net

138

( 4,394

)

Amortization of right-of-use assets – operating

1,003

1,389

Changes in operating assets and liabilities:

Prepaid expenses and other assets

( 11,039

)

( 898

)

Accounts payable and other liabilities

15,526

( 3,175

)

Operating lease liabilities

( 985

)

( 1,431

)

Net cash used in operating activities

( 81,530

)

( 114,334

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of