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First Tracks Biotherapeutics Inc
(NASDAQ:TRAX)
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Rating:47Neutral
Price Target:
$36.00
Action:Reiterated
Date:07/11/26
TRAX scores low overall primarily due to very weak financial performance (no revenue, large and worsening losses, and heavy cash burn that raises future funding/dilution risk). Technicals add some support with strong upward momentum, but extremely overbought readings increase near-term downside risk. Valuation remains challenged given continued unprofitability (negative P/E) and no dividend yield provided.
Positive Factors
Low leverage
Very low debt-to-equity (~0.04–0.05) gives the company durable financial flexibility to fund clinical programs or survive trial delays without heavy interest burdens. In capital-intensive biotech, conservative leverage reduces bankruptcy risk and preserves options for future financings or partnerships.
Negative Factors
No revenue
No reported revenue across 2023–2025 means the company is entirely pre-commercial and cannot self-fund operations from product cash flows. This structural dependence on external financing or partnerships elevates execution and funding risk and makes progress contingent on capital access.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Very low debt-to-equity (~0.04–0.05) gives the company durable financial flexibility to fund clinical programs or survive trial delays without heavy interest burdens. In capital-intensive biotech, conservative leverage reduces bankruptcy risk and preserves options for future financings or partnerships.
Read all positive factors
First Tracks Biotherapeutics Inc (TRAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.27B
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees104
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)N/A
Shares Outstanding34,892,380
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.30
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-7.32
Forecast
1Y Price Target
$39.88Price Target Upside― Downside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
First Tracks Biotherapeutics Inc Business Overview & Revenue Model
Company Description
First Tracks Biotherapeutics, Inc., situated in San Diego, California, specializes in pioneering new immunology-based treatments. The firm is actively involved in the discovery and progression of therapeutics aimed at combating autoimmune and infl...
First Tracks Biotherapeutics Inc Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
63
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -139.61M | -152.34M | 0.00 |
| EBITDA | -52.69M | -178.45M | -178.70M | -116.08M |
| Net Income | -50.48M | -166.09M | -163.71M | -106.15M |
Balance Sheet | ||||
| Total Assets | 290.58M | 330.55M | 441.89M | 444.11M |
| Cash, Cash Equivalents and Short-Term Investments | 286.45M | 311.64M | 385.37M | 390.90M |
| Total Debt | 0.00 | 14.11M | 16.04M | 17.81M |
| Total Liabilities | 33.11M | 43.05M | 50.30M | 34.26M |
| Stockholders Equity | 257.46M | 287.49M | 391.60M | 409.85M |
Cash Flow | ||||
| Free Cash Flow | -32.58M | -143.01M | -126.16M | -93.81M |
| Operating Cash Flow | -32.56M | -142.93M | -125.81M | -93.00M |
| Investing Cash Flow | 34.98M | 228.03M | 95.40M | 144.75M |
| Financing Cash Flow | 7.85M | 30.01M | 117.52M | -87.09M |
First Tracks Biotherapeutics Inc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $1.30B | ― | -28.77% | ― | -23.48% | 25.73% | |
56 Neutral | $964.09M | -3.19 | -141.95% | ― | 5.37% | -60.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $858.95M | -3.11 | -102.69% | ― | ― | -9.27% | |
52 Neutral | $617.83M | -2.30 | -56.45% | ― | ― | 37.45% | |
51 Neutral | $788.08M | -9.75 | -36.61% | ― | -75.91% | -173.33% | |
47 Neutral | $1.27B | -13.12 | -30.10% | ― | ― | ― |
* General Sector Average
TRAX
First Tracks Biotherapeutics Inc
36.87
17.87
94.05%
XNCR
Xencor
18.81
9.71
106.70%
CTMX
CytomX Therapeutics
3.52
1.14
47.90%
KURA
Kura Oncology
10.68
4.21
65.07%
REPL
Replimune Group
10.51
-1.81
-14.73%
ALLO
Allogene Therapeutics
1.77
0.45
34.09%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.