First Tracks (TRAXV) CBO Benjamin Stone details Form 3 equity stakes
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
First Tracks Biotherapeutics, Inc. Chief Business Officer Benjamin Stone has filed a Form 3 showing his equity holdings in the company. He directly holds 17,262 shares of common stock, including shares received in the spin-off of First Tracks from AnaptysBio.
Stone also holds performance stock units covering 50,000 underlying shares of common stock that vest based on performance metrics, with potential vesting dates in July 2025, July 2026 and July 2028. In addition, he has multiple tranches of restricted stock units, including awards tied to annual 25% vesting schedules beginning in January 2024, January 2025, January 2026 and January 2027.
The filing further lists several employee stock options with exercise prices ranging from $3.97 to $11.75 per share and expirations between 2032 and 2036, reflecting a mix of fully vested and time-vested option grants that align with his ongoing service to the company.
Positive
- None.
Negative
- None.
Insider Trade Summary
12 transactions reported
Mixed
12 txns
Insider
STONE BENJAMIN
Role
Chief Business Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Restricted Stock Unit | -- | -- | -- |
| holding | Performance Stock Unit | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 43,750 shares (Direct, null);
Restricted Stock Unit — 4,425 shares (Direct, null);
Performance Stock Unit — 50,000 shares (Direct, null);
Common Stock — 17,262 shares (Direct, null)
Footnotes (1)
- Consists of shares of common stock received in connection with the spin-off of First Tracks Biotherapeutics, Inc. ("First Tracks") from AnaptysBio, Inc. ("AnaptysBio"). The stock option vests as to 25% of the total shares on June 15, 2023, and thereafter vests as to 1/48 of the total shares monthly until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The stock option vests as to 25% of the total shares on January 6, 2024, and thereafter vests as to 1/48 of the total shares monthly until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The stock option vests as to 25% of the total shares on January 3, 2025, and thereafter vests as to 1/48 of the total shares monthly until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The stock option vests as to 25% of the total shares on January 7, 2026, and thereafter vests as to 1/48 of the total shares monthly until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The stock option vests as to 25% of the total shares on January 6, 2027, and thereafter vests as to 1/48 of the total shares monthly until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. This stock option is fully vested. The restricted stock units ("RSUs") vests as to 25% of the total RSUs annually commencing on January 6, 2024 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. Each RSU represents a contingent right to receive 1 share of the Issuer's common stock upon settlement for no consideration. The RSUs vests as to 25% of the total RSUs annually commencing on January 3, 2025 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The RSUs vests as to 25% of the total RSUs annually commencing on January 7, 2026 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The RSUs vests as to 25% of the total RSUs annually commencing on January 6, 2027 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. Shares earned upon the vesting of a percentage of the performance stock units ("PSUs") granted to the Reporting Person on July 22, 2024. Each PSU represents a contingent right to receive one share of Issuer common stock upon the Issuer's achievement of performance data metric goals ("Performance Metrics"). 50% of the total number of shares subject to the PSU shall vest each on July 1, 2025 and July 1, 2026 ("Vestings"), upon Performance Metrics achieved. If such Vestings do not occur, 100% of the PSUs shall fully vest on July 1, 2028. subject to the Reporting Person' service to the Issue on each vesting date. Each PSU represents a contingent right to receive 1 share of the Issuer's common stock upon settlement for no consideration.
Key Figures
Common stock held: 17,262 shares
Performance stock units: 50,000 underlying shares
RSU grant: 27,100 underlying shares
+5 more
8 metrics
Common stock held
17,262 shares
Direct common stock ownership reported on Form 3
Performance stock units
50,000 underlying shares
PSUs contingent on performance metrics
RSU grant
27,100 underlying shares
Restricted stock units vesting 25% annually from January 6, 2024
RSU grant
24,337 underlying shares
Restricted stock units vesting 25% annually from January 3, 2025
Stock option position
3,100 shares at $7.66
Employee stock option expiring December 14, 2032
Stock option position
36,700 shares at $11.75
Employee stock option expiring January 5, 2036
Stock option position
92,500 shares at $3.97
Employee stock option expiring January 2, 2035
Stock option position
112,790 shares at $5.67
Employee stock option expiring January 2, 2034
Key Terms
performance stock units, restricted stock units, Employee Stock Option (right to buy), spin-off, +1 more
5 terms
performance stock units financial
"Shares earned upon the vesting of a percentage of the performance stock units ("PSUs") granted to the Reporting Person on July 22, 2024."
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
restricted stock units financial
"The restricted stock units ("RSUs") vests as to 25% of the total RSUs annually commencing on January 6, 2024..."
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.
Employee Stock Option (right to buy) financial
"Security title: "Employee Stock Option (right to buy)" with specified exercise prices and expiration dates."
spin-off financial
"Consists of shares of common stock received in connection with the spin-off of First Tracks Biotherapeutics, Inc. from AnaptysBio, Inc."
A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.
performance data metric goals financial
"Each PSU represents a contingent right to receive one share ... upon the Issuer's achievement of performance data metric goals ("Performance Metrics")."
FAQ
What does Benjamin Stone’s Form 3 show for First Tracks Biotherapeutics (TRAXV)?
The Form 3 reports Chief Business Officer Benjamin Stone’s existing equity stake in First Tracks Biotherapeutics, including 17,262 common shares, performance stock units, restricted stock units, and multiple employee stock options. It establishes his baseline ownership position as a reporting insider.
What performance stock units does Benjamin Stone report in his First Tracks (TRAXV) Form 3?
Stone reports performance stock units linked to 50,000 underlying common shares. These PSUs vest based on achievement of specified performance metrics, with 50% potentially vesting on July 1, 2025 and July 1, 2026, or fully vesting on July 1, 2028 if earlier vesting conditions are not met.
What restricted stock units does Benjamin Stone hold in First Tracks Biotherapeutics?
The filing lists several restricted stock unit grants, including blocks of 27,100, 24,337, 20,605 and 4,425 underlying shares. These RSUs generally vest 25% annually starting on January 6, 2024, January 3, 2025, January 7, 2026 and January 6, 2027, subject to Stone’s continued service.
Which employee stock options are reported for Benjamin Stone at First Tracks (TRAXV)?
Stone holds multiple employee stock options to buy common stock, including options over 3,100 shares at $7.66, 36,700 shares at $11.75, 92,500 shares at $3.97 and other grants. Expiration dates range from 2032 to 2036, with vesting schedules tied to ongoing service.
How is the AnaptysBio spin-off reflected in Benjamin Stone’s Form 3 holdings?
A footnote explains that Stone’s common stock position includes shares received in connection with the spin-off of First Tracks Biotherapeutics, Inc. from AnaptysBio, Inc. This clarifies that part of his reported 17,262 common shares originated from that corporate separation event.