First Tracks Biotherapeutics (TRAX) gains 5.8% holder Affinity Asset Advisors

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and its managing member Michael Cho report a passive ownership stake in First Tracks Biotherapeutics, Inc. common stock. As of June 30, 2026, they beneficially own 2,032,012 shares of common stock, representing approximately 5.8% of the company’s outstanding shares.

The shares are held directly by Affinity Healthcare Fund, LP, for which Affinity Asset Advisors, LLC acts as investment manager with sole voting and dispositive power over the position. Michael Cho may be deemed a beneficial owner through his role as managing member of the adviser. The ownership percentage is based on 34,892,381 shares of common stock outstanding as of May 12, 2026, as disclosed in the issuer’s Form 10-Q.

Key Figures

Shares beneficially owned: 2,032,012 shares Percent of class: 5.8% Shares outstanding: 34,892,381 shares +2 more

5 metrics

Shares beneficially owned 2,032,012 shares Common stock beneficially owned by Affinity Asset Advisors and Michael Cho as of June 30, 2026

Percent of class 5.8% Portion of First Tracks common stock beneficially owned by the reporting persons as of June 30, 2026

Shares outstanding 34,892,381 shares First Tracks common stock outstanding as of May 12, 2026, per Form 10-Q

Sole voting power 2,032,012 shares Shares over which the reporting persons have sole power to vote or direct the vote

Sole dispositive power 2,032,012 shares Shares over which the reporting persons have sole power to dispose or direct disposition

Key Terms

beneficially own, sole voting power, sole dispositive power, investment manager, +1 more

5 terms

beneficially own financial

"the Adviser and Mr. Cho ... beneficially own 2,032,012 shares of common stock"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

sole voting power financial

"have sole power to vote or to direct the vote of 2,032,012 shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"have sole power to dispose or to direct the disposition of 2,032,012 shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

investment manager financial

"the Adviser is the investment manager of the Fund and exercises voting and investment power"

percent of class financial

"the Reporting Persons beneficially own approximately 5.8% of the Common Stock outstanding"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What percentage of First Tracks Biotherapeutics (TRAX) does Affinity Asset Advisors own?

Affinity Asset Advisors and Michael Cho beneficially own 5.8% of First Tracks Biotherapeutics’ common stock. This percentage is based on 34,892,381 shares outstanding as of May 12, 2026, as disclosed in the company’s Form 10-Q.

How many TRAX shares are beneficially owned by Affinity Asset Advisors and Michael Cho?

Affinity Asset Advisors and Michael Cho beneficially own 2,032,012 shares of First Tracks Biotherapeutics common stock. These shares are held directly by Affinity Healthcare Fund, LP, over which the adviser has voting and investment power.

Who holds the First Tracks Biotherapeutics (TRAX) shares reported in this Schedule 13G?

The 2,032,012 TRAX shares are held directly by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC is the investment manager, and Michael Cho, as managing member of the adviser, may be deemed a beneficial owner of these securities.

Does Affinity Asset Advisors have sole or shared voting power over its TRAX stake?

Affinity Asset Advisors and Michael Cho report sole voting power over 2,032,012 TRAX shares and no shared voting power. They also report sole dispositive power over the same number of shares and no shared dispositive power.

What share count was used to calculate the 5.8% TRAX ownership for Affinity Asset Advisors?

The 5.8% ownership figure is based on 34,892,381 shares of First Tracks Biotherapeutics common stock outstanding as of May 12, 2026, as set forth in the company’s Form 10-Q filed on May 14, 2026.

Where is Affinity Asset Advisors, owner of TRAX shares, based?

Affinity Asset Advisors, LLC’s principal business office is at 450 Park Avenue, Suite 1403, New York, NY 10022. It is a Delaware limited liability company, and Michael Cho, its managing member, is a citizen of the United States.

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Available on EDGAR 08/13/2026 - 04:10 PM Accepted by SEC EDGAR 08/13/2026 - 04:09 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Tracks Biotherapeutics, Inc

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

337185102

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

Affinity Asset Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,032,012.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,032,012.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,032,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

Michael Cho

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,032,012.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,032,012.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,032,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Tracks Biotherapeutics, Inc
(b)	Address of issuer's principal executive offices: 10770 Wateridge Circle, Suite 210, San Diego, California, 92121
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP Number(s): 337185102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund. As of June 30, 2026, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 2,032,012 shares of common stock, par value $0.001 per share ("Common Stock"), of First Tracks Biotherapeutics, Inc. (the "Issuer").
(b)	Percent of class: As of June 30, 2026, the Reporting Persons beneficially own approximately 5.8% of the Common Stock outstanding The percentages disclosed above are based on 34,892,381 shares of Common Stock of the Issuer outstanding as of May 12, 2026, as set forth in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 14, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of June 30, 2026, the Reporting Persons have sole power to vote or to direct the vote of 2,032,012 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: As of June 30, 2026, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of June 30, 2026, the Reporting Persons have sole power to dispose or to direct the disposition of 2,032,012 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: As of June 30, 2026, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	08/13/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	08/13/2026