First Tracks Biotherapeutics (TRAX) Wells Fargo 21st Annual Healthcare Conference summary

Company formation and funding

• Spun out R&D operations and employees into a new entity in April, focusing on three development-stage assets.

• Raised capital in April, securing cash runway into Q2 2028.

Lead program ANB033 and clinical rationale

• ANB033 targets CD122, blocking both IL-15 and IL-2 signaling, with potential across multiple autoimmune diseases.

• Chosen for celiac disease due to strong biological rationale, lack of approved therapies, and large market opportunity.

• Dual mechanism may offer differentiation and greater potency over IL-15-only approaches.

Celiac disease clinical trials

• Phase I-B trial includes two cohorts: gluten challenge (cohort 1) and mucosal healing (cohort 2), with protocol broadened to include more patients.

• Primary endpoints are changes in villus height-to-crypt depth ratio (Vh:Cd) and intraepithelial lymphocytes (IELs).

• Data from cohort 1 expected in Q4, cohort 2 in Q1 next year.

• Emphasis on statistical significance in Vh:Cd and trends in mucosal healing over short trial periods.