First Tracks Biotherapeutics (TRAX) gains 7.2% ownership position from Sirenia

Rhea-AI Filing Summary

Sirenia Capital Management LP and Alex Silverstein report a significant ownership position in First Tracks Biotherapeutics, Inc. common stock. They report beneficial ownership of 2,495,777 shares of common stock, representing 7.2% of the class, based on 34,892,381 shares outstanding as of May 12, 2026 as reported by the company.

All reported shares are held with shared voting and dispositive power; neither Sirenia nor Mr. Silverstein reports sole voting or dispositive power. The position is held through investment funds and a managed account overseen by Sirenia, with Point72 Associates II, LLC’s account having the right to receive dividends or sale proceeds for more than 5% of the outstanding common stock.

Key Figures

Shares beneficially owned: 2,495,777 shares Percent of class owned: 7.2% Shares outstanding: 34,892,381 shares +4 more

7 metrics

Shares beneficially owned 2,495,777 shares Common stock of First Tracks Biotherapeutics reported by Sirenia and Alex Silverstein

Percent of class owned 7.2% Percentage of First Tracks Biotherapeutics common stock beneficially owned

Shares outstanding 34,892,381 shares Common stock outstanding as of May 12, 2026, used for ownership calculation

Shared voting power 2,495,777 shares Shares over which the reporting persons have shared power to vote

Shared dispositive power 2,495,777 shares Shares over which the reporting persons have shared power to dispose

Sole voting power 0 shares Shares over which the reporting persons have sole power to vote

Sole dispositive power 0 shares Shares over which the reporting persons have sole power to dispose

Key Terms

beneficial owner, shared voting power, dispositive power, Schedule 13G, +1 more

5 terms

beneficial owner regulatory

"for the purposes of Section 13 of the Securities Exchange Act of 1934 (the "Act"), the beneficial owner of the securities"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 2,495,777.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 2,495,777.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Schedule 13G regulatory

"pursuant to which they have agreed to file this jointly in accordance with the provisions of Rule 13d-1(k)"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Joint Filing Agreement regulatory

"Sirenia and Mr. Silverstein have entered into a Joint Filing Agreement, a copy of which is filed with this"

FAQ

What stake in TRAX does Sirenia Capital Management report on this Schedule 13G?

Sirenia Capital Management and Alex Silverstein report beneficial ownership of 2,495,777 shares of First Tracks Biotherapeutics (TRAX) common stock, representing 7.2% of the outstanding shares based on the company’s May 12, 2026 share count.

How many First Tracks Biotherapeutics (TRAX) shares are outstanding for the 13G calculation?

The reported 7.2% stake is calculated using 34,892,381 shares of First Tracks Biotherapeutics (TRAX) common stock outstanding as of May 12, 2026, as disclosed in the company’s Quarterly Report for the period ended March 31, 2026.

Does Sirenia Capital Management have sole or shared voting power over TRAX shares?

Sirenia Capital Management and Alex Silverstein report 0 shares with sole voting power and 2,495,777 shares with shared voting power in First Tracks Biotherapeutics (TRAX), indicating decisions are made jointly regarding these shares.

Who ultimately benefits from the TRAX shares reported by Sirenia Capital Management?

The shares are held for investment funds and a managed account run by Sirenia; the Sirenia Account of Point72 Associates II, LLC has the right to receive dividends or sale proceeds from more than 5% of TRAX’s outstanding common stock.

Who are the reporting persons on this Schedule 13G for First Tracks Biotherapeutics (TRAX)?

The reporting persons are Sirenia Capital Management LP and Alex Silverstein. Silverstein is the managing member of Sirenia Capital Management GP LLC, the general partner of Sirenia, and they have entered a Joint Filing Agreement to report their TRAX holdings.

What class of securities in TRAX is covered by Sirenia’s Schedule 13G?

The filing covers common stock of First Tracks Biotherapeutics (TRAX), with a par value of $0.001 per share and CUSIP 337185102, reflecting Sirenia’s and Alex Silverstein’s beneficial ownership position in this class.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 08:34 AM Accepted by SEC EDGAR 08/14/2026 - 08:33 AM 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

Sirenia Capital Management LP

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 0.00
6	Shared Voting Power 2,495,777.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,495,777.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,495,777.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

Alex Silverstein

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 0.00
6	Shared Voting Power 2,495,777.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,495,777.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,495,777.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

HC, IN

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, CA 92121
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Sirenia Capital Management LP ("Sirenia") with respect to the common stock, par value $0.001 per share ("Common Stock"), of First Tracks Biotherapeutics, Inc. (the "Issuer") held by investment funds it manages (the "Sirenia Funds") and a managed account it manages (the "Sirenia Account"); and (ii) Alex Silverstein ("Mr. Silverstein"), the managing member of Sirenia Capital Management GP LLC, the general partner of Sirenia, with respect to the Common Stock held by the Sirenia Funds and Sirenia Account. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934 (the "Act"), the beneficial owner of the securities reported herein. Sirenia and Mr. Silverstein have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of Sirenia and Mr. Silverstein is 1674 Meridian Avenue, Suite 320, Miami Beach, FL 33139.
(c)	Citizenship: Sirenia is a Delaware limited partnership. Mr. Silverstein is a United States citizen.
(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 information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 34,892,381 shares of Common Stock outstanding as of May 12, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 14, 2026.
(b)	Percent of class: 7.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Sirenia Account, which is an account of Point72 Associates II, LLC, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the outstanding Common Stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2(a) and Item 3.
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.

Sirenia Capital Management LP

Signature:	/s/ Kolby Loft
Name/Title:	Kolby Loft, General Counsel & Chief Compliance Officer
Date:	08/14/2026

Alex Silverstein

Signature:	/s/ Alex Silverstein
Name/Title:	Alex Silverstein, individually
Date:	08/14/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement