EcoR1 reports 7.88M First Tracks shares on Form 3

EcoR1 Capital, LLC filed an initial Form 3 for First Tracks Biotherapeutics, Inc., reporting indirect beneficial ownership of 7,880,094 shares of Common Stock held by its investment funds.

Rhea-AI Filing Summary

EcoR1 Capital, LLC filed an initial Form 3 for First Tracks Biotherapeutics, Inc., reporting indirect beneficial ownership of 7,880,094 shares of Common Stock held by its investment funds. A key fund, EcoR1 Capital Fund Qualified L.P., beneficially owns 7,401,972 shares. These shares were received by the funds through a pro rata distribution of First Tracks Common Stock by AnaptysBio, Inc. on April 20, 2026, which the filing states qualified for the exemption provided by Rule 16a-9 under the Exchange Act.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider EcoR1 Capital, LLC

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 7,880,094 shares (Indirect, See Note)

Footnotes (3)

1. F1. The reporting persons are EcoR1 Capital, LLC ("EcoR1"), EcoR1 Capital Fund Qualified L.P. ("Qualified Fund") and Oleg Nodelman. EcoR1 is the general partner and investment adviser of private funds, including Qualified Fund (the "Funds"). Mr. Nodelman is the manager and controlling owner of EcoR1. EcoR1 is filing this Form 3 for itself, Mr. Nodelman and Qualified Fund. The reporting persons are filing this Form 3 jointly, but not as a group, and each expressly disclaims membership in a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934. The Funds hold these securities directly for the benefit of their investors. EcoR1 may be deemed to indirectly beneficially own them as the investment adviser to the Funds. Mr. Nodelman may be deemed to indirectly beneficially own them as the control person of EcoR1. The reporting persons disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.
2. F2. The Funds received these shares as part of the pro rata distribution of the Issuer's Common Stock by AnaptysBio, Inc. on April 20, 2026, that qualified for the exemption provided by Rule 16a-9 under the Securities Exchange Act of 1934.
3. F3. Qualified Fund beneficially owns 7,401,972 shares of Common Stock.

Key Figures

Indirectly beneficially owned shares: 7,880,094 shares Qualified Fund holdings: 7,401,972 shares Distribution date: April 20, 2026

3 metrics

Indirectly beneficially owned shares 7,880,094 shares Total Common Stock reported on Form 3

Qualified Fund holdings 7,401,972 shares Common Stock beneficially owned by EcoR1 Capital Fund Qualified L.P.

Distribution date April 20, 2026 Pro rata distribution of First Tracks Common Stock by AnaptysBio, Inc.

Key Terms

pro rata distribution, Rule 16a-9, beneficially owns, beneficial ownership, +1 more

5 terms

pro rata distribution financial

"The Funds received these shares as part of the pro rata distribution of the Issuer's Common Stock by AnaptysBio, Inc."

A pro rata distribution is when a company or organization shares out money, assets, or benefits evenly among all eligible people based on their size or share. For example, if a company makes a profit and distributes it to shareholders, each person gets a portion proportional to how many shares they own. It ensures everyone gets their fair part based on their ownership or stake.

Rule 16a-9 regulatory

"that qualified for the exemption provided by Rule 16a-9 under the Securities Exchange Act of 1934."

beneficially owns financial

"Qualified Fund beneficially owns 7,401,972 shares of Common Stock."

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

beneficial ownership financial

"The reporting persons disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interests financial

"disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does EcoR1 Capital report on its Form 3 for First Tracks Biotherapeutics (TRAXV)?

EcoR1 Capital reports indirect beneficial ownership of 7,880,094 shares of First Tracks Biotherapeutics Common Stock. These shares are held by EcoR1-managed funds, with EcoR1 and Oleg Nodelman potentially deemed indirect beneficial owners through their advisory and control roles.

How many First Tracks (TRAXV) shares does EcoR1 Capital Fund Qualified L.P. hold?

EcoR1 Capital Fund Qualified L.P. beneficially owns 7,401,972 shares of First Tracks Common Stock. The filing identifies this fund as one of EcoR1’s private funds, and its holdings form the majority of the total 7,880,094 shares reported on the Form 3.

How did EcoR1’s funds obtain their First Tracks Biotherapeutics (TRAXV) shares?

The funds received their First Tracks shares via a pro rata distribution of Common Stock by AnaptysBio, Inc. on April 20, 2026. The filing states this distribution qualified for the exemption provided by Rule 16a-9 under the Securities Exchange Act of 1934.

Who are the reporting persons related to EcoR1’s First Tracks (TRAXV) Form 3?

The reporting persons are EcoR1 Capital, LLC, EcoR1 Capital Fund Qualified L.P., and Oleg Nodelman. EcoR1 is the general partner and investment adviser to the funds, and Mr. Nodelman is EcoR1’s manager and controlling owner, potentially giving them indirect beneficial ownership.

Does EcoR1 Capital claim full beneficial ownership of its First Tracks (TRAXV) shares?

The filing states that EcoR1, Qualified Fund, and Oleg Nodelman disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests. The funds hold the securities directly for the benefit of their investors, with EcoR1 acting as investment adviser.

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

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Accepted by SEC EDGAR 04/22/2026 - 05:07 PM Learn about SEC filing dates

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

EcoR1 Capital, LLC

(Last) (First) (Middle)

357 TEHAMA STREET #3

(Street)

SAN FRANCISCO CALIFORNIA 94103

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/20/2026

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

3a. Foreign Trading Symbol

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	7,880,094(3)	I	See Note(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting persons are EcoR1 Capital, LLC ("EcoR1"), EcoR1 Capital Fund Qualified L.P. ("Qualified Fund") and Oleg Nodelman. EcoR1 is the general partner and investment adviser of private funds, including Qualified Fund (the "Funds"). Mr. Nodelman is the manager and controlling owner of EcoR1. EcoR1 is filing this Form 3 for itself, Mr. Nodelman and Qualified Fund. The reporting persons are filing this Form 3 jointly, but not as a group, and each expressly disclaims membership in a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934. The Funds hold these securities directly for the benefit of their investors. EcoR1 may be deemed to indirectly beneficially own them as the investment adviser to the Funds. Mr. Nodelman may be deemed to indirectly beneficially own them as the control person of EcoR1. The reporting persons disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

2. The Funds received these shares as part of the pro rata distribution of the Issuer's Common Stock by AnaptysBio, Inc. on April 20, 2026, that qualified for the exemption provided by Rule 16a-9 under the Securities Exchange Act of 1934.

3. Qualified Fund beneficially owns 7,401,972 shares of Common Stock.

	/s/ Oleg Nodelman, Manager of EcoR1 Capital, LLC	04/22/2026
	** 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 5 (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 3: SEC 1473 (03-26)