First Tracks director sells 39K shares at $44.78

A TRAX director exercised fully vested options and sold the resulting shares on September 2, 2026, outside a Rule 10b5-1 plan.

Rhea-AI Filing Summary

First Tracks Biotherapeutics, Inc. (TRAX) director Ware J. Anthony exercised stock options to acquire 39,265 shares of common stock at an exercise price of $5.74 per share on September 2, 2026, then sold the same 39,265 shares at a weighted average price of $44.7764 per share, with individual sale prices ranging from $44.62 to $45.28. The stock options exercised were fully vested, and no Rule 10b5-1 trading plan is reported for these transactions. In addition, he continues to hold options to purchase up to 99,320 shares of common stock and 6,500 restricted stock units.

Insider Trade Summary

Exercise and Sale: 39,265 shares ($1.53M approx. pre-tax spread)

Exercise and Sale 4 txns

Insider Ware J. Anthony

Role Director

Sold 39,265 shs ($1.76M)

Approx. gross sale proceeds $1.76M

Approx. exercise cost $225K

Approx. pre-tax spread $1.53M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy) F2	28,571	$0.00	$0.00
Exercise	Stock Option (right to buy) F2, F3	10,694	$0.00	$0.00
Exercise	Common Stock	39,265	$5.74	$225K
Sale	Common Stock F1	39,265	$44.7764	$1.76M

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 15,660 shares (Direct)

Footnotes (3)

1. F1. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.62 to $45.28 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
2. F2. The stock option is fully vested.
3. F3. In addition to the shares the Reporting Person owns reported in Table I, the Reporting Person also holds additional options to purchase up to an aggregate of 99,320 shares of common stock and 6,500 restricted stock units.

Key Figures

Shares acquired via option exercise: 39,265 shares of common stock Option exercise price: $5.74 per share Shares sold: 39,265 shares of common stock +3 more

6 metrics

Shares acquired via option exercise 39,265 shares of common stock Exercised on September 2, 2026 at $5.74 per share

Option exercise price $5.74 per share Exercise of fully vested stock options into common stock

Shares sold 39,265 shares of common stock Sold on September 2, 2026 following option exercise

Weighted average sale price $44.7764 per share Sales executed between $44.62 and $45.28 per share

Remaining stock options 99,320 shares underlying options Options to purchase up to an aggregate of 99,320 shares of common stock

Restricted stock units outstanding 6,500 restricted stock units RSUs held by the director in addition to option positions

Key Terms

weighted average price, Stock Option (right to buy), restricted stock units, Rule 10b5-1

4 terms

weighted average price financial

"The reported price in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Stock Option (right to buy) financial

"The security title is reported as Stock Option (right to buy)."

restricted stock units financial

"holds additional options ... and 6,500 restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for these transactions."

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What did the TRAX director report in this Form 4 transaction?

The director exercised stock options to acquire 39,265 TRAX common shares at $5.74 per share and then sold all 39,265 shares on September 2, 2026 at a weighted average price of $44.7764 per share.

How many First Tracks Biotherapeutics (TRAX) shares were sold and at what price?

The filing reports a sale of 39,265 shares of TRAX common stock at a weighted average price of $44.7764 per share, with individual transaction prices ranging from $44.62 to $45.28 per share.

What was the stock option exercise price in the TRAX Form 4?

The director exercised stock options to acquire TRAX common stock at an exercise price of $5.74 per share. The options were reported as fully vested at the time of exercise.

Does this TRAX Form 4 indicate trades under a Rule 10b5-1 plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, and there is no footnote stating that the September 2, 2026 transactions were made pursuant to a Rule 10b5-1 trading plan.

What derivative and equity awards does the TRAX director still hold after these transactions?

The director continues to hold options to purchase up to 99,320 shares of TRAX common stock and 6,500 restricted stock units, in addition to any common stock holdings not detailed in this Form 4.

What types of securities were involved in the TRAX Form 4 filing?

The transactions involved stock options (rights to buy) that were exercised into TRAX common stock, followed by a sale of the resulting common shares. The filing also notes outstanding options and restricted stock units.

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Available on EDGAR 09/04/2026 - 04:26 PM Accepted by SEC EDGAR 09/04/2026 - 04:25 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ware J. Anthony

(Last) (First) (Middle)

10770 WATERIDGE CIRCLE, SUITE 210

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
First Tracks Biotherapeutics, Inc. [ TRAX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2026		M		39,265	A	$5.74	54,925	D
Common Stock	09/02/2026		S		39,265	D	$44.7764(1)	15,660	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$5.74	09/02/2026		M			28,571	(2)	08/21/2027	Common Stock	28,571	$0	0	D
Stock Option (right to buy)	$5.74	09/02/2026		M			10,694	(2)	08/21/2027	Common Stock	10,694	$0	0(3)	D

Explanation of Responses:

1. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.62 to $45.28 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The stock option is fully vested.

3. In addition to the shares the Reporting Person owns reported in Table I, the Reporting Person also holds additional options to purchase up to an aggregate of 99,320 shares of common stock and 6,500 restricted stock units.

	/s/ Ajim Tamboli, Attorney-in-Fact	09/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)