First Tracks Biotherapeutics Inc
TRAXHealthcare|Biotechnology|US
$47.90
+2.47 (+5.44%)
DCF Value
$6.37
Tangible Book / Share
$4.22
Cash / Share
$4.35
Financials
Financial Snapshot
Market Cap
$2.01B
Enterprise Value
$1.86B
Revenue (TTM)
$0.00
Net Income (TTM)
-$157.7M
Cash & Investments
$155.6M
Net Cash
$151.9M
Free Cash Flow (TTM)
-$120.2M
Operating CF (TTM)
-$120.2M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$155.6M
Quarterly Burn
$30.0M
Monthly Burn
$10.0M
Est. Runway
~5.2 quarters
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Cash & Investments | $390.9M | $385.4M | $311.6M | $155.6M | |
| Operating Cash Flow | -$93.0M | -$125.8M | -$142.9M | -$120.2M | |
| Free Cash Flow | -$93.8M | -$126.2M | -$143.0M | -$120.2M | |
| Capital Expenditure | -$807.0K | -$358.0K | -$87.0K | -$81.0K | |
| Financing Cash Flow | -$87.1M | $117.5M | $30.0M | -$88.1M |
R&D Spending
R&D (TTM)
$122.6M
R&D Intensity
—
R&D Growth vs Prior
-12.2%
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $97.6M | $152.3M | $139.6M | $122.6M | |
| SG&A | $20.9M | $28.8M | $39.4M | $43.7M |
Income Statement
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $152.3M | $139.6M | $1.2M | |
| Gross Profit | $0.00 | -$152.3M | -$139.6M | -$1.2M | |
| R&D | $97.6M | $152.3M | $139.6M | $122.6M | |
| SG&A | $20.9M | $28.8M | $39.4M | $43.7M | |
| Operating Income | -$118.5M | -$181.1M | -$179.0M | -$166.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$106.2M | -$163.7M | -$166.1M | -$157.7M | |
| Net Income | -$106.2M | -$163.7M | -$166.1M | -$157.7M | |
| EPS (Diluted) | -3.05 | 0.00 | 0.00 | -4.49 | |
| EBITDA | -$116.1M | -$178.7M | -$176.6M | -$164.6M | |
| Shares Out. (M) | 34.75 | 34.75 | 34.75 | 35.75 |
Balance Sheet
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Cash & Equivalents | $36.0M | $123.1M | $238.2M | $155.6M | |
| Short-Term Investments | $354.9M | $262.3M | $73.4M | $0.00 | |
| Total Current Assets | $398.6M | $389.9M | $316.4M | $165.7M | |
| Total Assets | $444.1M | $441.9M | $330.5M | $170.5M | |
| Total Current Liabilities | $18.2M | $36.2M | $31.0M | $18.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $1.4M | |
| Total Liabilities | $34.3M | $50.3M | $43.1M | $19.4M | |
| Stockholders' Equity | $409.8M | $391.6M | $287.5M | $151.0M | |
| Retained Earnings | $0.00 | $0.00 | $0.00 | -$55.9M |
Cash Flow Statement
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Operating Cash Flow | -$93.0M | -$125.8M | -$142.9M | -$120.2M | |
| Capital Expenditure | -$807.0K | -$358.0K | -$87.0K | -$81.0K | |
| Free Cash Flow | -$93.8M | -$126.2M | -$143.0M | -$120.2M | |
| Investing Cash Flow | $144.8M | $95.4M | $228.0M | $71.4M | |
| Financing Cash Flow | -$87.1M | $117.5M | $30.0M | -$88.1M | |
| Issuance of Stock | $0.00 | $117.5M | $0.00 | $283.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $18.4M | $26.8M | $32.3M | $36.4M | |
| Net Change in Cash | -$35.3M | $87.1M | $115.1M | -$136.9M |
Dilution Tracker
Shares Outstanding
42M
5-Year Share Growth
+0.0%
Stock Issuance (TTM)
$283.3M
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Shares Out. (M) | 34.75 | 34.75 | 34.75 | 35.75 | |
| Change vs Prior % | — | 0.0% | 0.0% | 2.9% | |
| Stock Issuance | $0.00 | $117.5M | $0.00 | $283.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $18.4M | $26.8M | $32.3M | $36.4M |
Margins & Profitability
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| ROE % | -25.9% | -41.8% | -57.8% | -72.9% | |
| ROA % | -23.9% | -37.0% | -50.2% | -92.5% | |
| ROIC % | -27.7% | -44.4% | -59.4% | -107.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 8.4% | |
| Operating Income | 0.0% | -52.9% | 1.2% | |
| Net Income | 0.0% | -54.2% | -1.5% | |
| EPS (Diluted) | 0.0% | 100.0% | 0.0% | |
| Operating Cash Flow | 0.0% | -35.3% | -13.6% | |
| Free Cash Flow | 0.0% | -34.5% | -13.4% | |
| R&D Expense | 0.0% | 56.1% | -8.4% | |
| SG&A Expense | 0.0% | 37.8% | 37.0% | |
| Total Assets | 0.0% | -0.5% | -25.2% | |
| Book Value / Share | 0.0% | -4.5% | -26.6% | |
| Debt | 0.0% | -10.0% | -12.0% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B11.34
10Y Low / Med / High1.61 / 1.69 / 2.30
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.37
Tangible Book / Share
$4.22
Net Current Assets / Share
$3.48
Graham Net-Net
$3.87
Cash / Share
$4.35
| Metric | Trend | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| P/E Ratio | -6.23 | -4.03 | -3.98 | -10.67 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 1.61 | 1.69 | 2.30 | 11.34 | |
| EV/EBITDA | -5.53 | -3.10 | -2.47 | -11.31 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
59.46
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $75.0M | $0.00 | $0.00 |
| Net Income | -$147.3M | -$119.9M | -$139.4M |
| EPS | $-4.04 | $-3.54 | $-3.87 |
| # Analysts (EPS) | 6 | 7 | 7 |