First Tracks Biotherapeutics (TRAXV) director receives RSUs and options after spin-off

Rhea-AI Filing Summary

Orwin John A reported acquisition or exercise transactions in this Form 4 filing.

First Tracks Biotherapeutics director John A. Orwin reported new equity awards tied to the spin-off from AnaptysBio. He holds 10,665 shares of common stock received in a pro rata distribution at separation.

On April 20, 2026, he was credited with three restricted stock unit blocks of 6,000, 6,030 and 1,300 RSUs, each representing one common share upon settlement for no cash consideration. These RSUs include tranches vesting in thirds on September 15, 2024, 2025 and 2026, plus separate grants vesting 100% on the company’s 2026 and 2027 annual shareholder meeting dates, subject to continued service.

He also received or had adjusted stock options over common shares, including 8,250 options at $11.75 per share that are fully vested, and additional options for 16,510 shares at $3.97, 16,510 at $5.67, and 10,600 and 3,311 at $5.22 per share, with expirations between 2033 and 2036 and vesting schedules commencing monthly from February 6, 2026. Footnotes state these option and RSU positions were adjusted so that AnaptysBio awards became awards in both AnaptysBio and First Tracks under their Separation and Distribution Agreement.

Insider Trade Summary

9 transactions reported

Mixed 9 txns

Insider Orwin John A

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	3,311	$0.00	--
Grant/Award	Stock Option (right to buy)	10,600	$0.00	--
Grant/Award	Stock Option (right to buy)	16,510	$0.00	--
Grant/Award	Stock Option (right to buy)	16,510	$0.00	--
Grant/Award	Stock Option (right to buy)	8,250	$0.00	--
Grant/Award	Restricted Stock Unit	1,300	$0.00	--
Grant/Award	Restricted Stock Unit	6,030	$0.00	--
Grant/Award	Restricted Stock Unit	6,000	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 3,311 shares (Direct, null); Restricted Stock Unit — 1,300 shares (Direct, null); Common Stock — 10,665 shares (Direct, null)

Footnotes (1)

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"). Effective as of a pro rata distribution by AnaptysBio to holders of its shares of common stock pursuant to the Separation and Distribution Agreement dated as of April 20, 2026, by and between AnaptysBio and First Tracks (the "Separation Agreement"), each outstanding option to acquire AnaptysBio shares of common stock was adjusted so that such option became an option to acquire First Tracks shares of common stock and an option to acquire AnaptysBio shares of common stock. As a result, the Reporting Person acquired options to acquire First Tracks shares of common stock in an amount determined in accordance with the Separation Agreement. The stock option is fully vested and exercisable. The stock option vests as to 1/12 of the total shares monthly commencing on February 6, 2026 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date. Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration. Effective as of a pro rata distribution by AnaptysBio to holders of its shares of common stock pursuant to the Separation Agreement, each outstanding RSU with respect to AnaptysBio shares of common stock was adjusted so that such RSU became an RSU with respect to First Tracks shares of common stock and an RSU with respect to AnaptysBio's shares of common stock. As a result, the Reporting Person acquired RSU s with respect to First Tracks shares of common stock in an amount determined in accordance with the Separation Agreement. The RSUs shall vest as to 1/3 of the total shares on September 15, 2024, and thereafter vests as to 1/3 of the total RSUs on September 15, 2025; and as to 1/3 of the total RSUs on September 15, 2026, subject to the provision of services to the Company on each vesting date. The RSUs vests as to 100% of the total RSUs on the date of the Issuer's 2026 annual meeting of shareholders, subject to the Reporting Person's provision of service to the Issuer on each vesting date. The RSUs vests as to 100% of the total RSUs on the date of the Issuer's 2027 annual meeting of shareholders, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

Key Figures

Common stock holding: 10,665 shares RSU grant 1: 6,000 RSUs RSU grant 2: 6,030 RSUs +5 more

8 metrics

Common stock holding 10,665 shares First Tracks common stock after spin-off distribution

RSU grant 1 6,000 RSUs Contingent right to First Tracks common stock

RSU grant 2 6,030 RSUs Contingent right to First Tracks common stock

RSU grant 3 1,300 RSUs Contingent right to First Tracks common stock

Option grant (fully vested) 8,250 shares at $11.75 Stock option exercise price; fully vested and exercisable

Option grant 16,510 shares at $3.97 Stock option exercise price; expires 2035-01-06

Option grant 16,510 shares at $5.67 Stock option exercise price; expires 2034-01-02

Option grants 10,600 & 3,311 at $5.22 Stock option exercise price; expire 2033-09-14

Key Terms

Restricted Stock Unit, Stock Option (right to buy, spin-off, Separation and Distribution Agreement, +1 more

5 terms

Restricted Stock Unit financial

"Each restricted stock unit ("RSU") represents a contingent right to receive 1 share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Stock Option (right to buy financial

"Stock Option (right to buy) ... underlying security title: Common Stock"

spin-off financial

"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.

Separation and Distribution Agreement financial

"pursuant to the Separation and Distribution Agreement dated as of April 20, 2026"

pro rata distribution financial

"Effective as of a pro rata distribution by AnaptysBio to holders of its shares"

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.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Orwin John A

(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)
04/20/2026

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								10,665(1)	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)	$5.22	04/20/2026		A(2)		3,311		(3)	09/14/2033	Common Stock	3,311	$0	3,311	D
Stock Option (right to buy)	$5.22	04/20/2026		A(2)		10,600		(3)	09/14/2033	Common Stock	10,600	$0	10,600	D
Stock Option (right to buy)	$5.67	04/20/2026		A(2)		16,510		(3)	01/02/2034	Common Stock	16,510	$0	16,510	D
Stock Option (right to buy)	$3.97	04/20/2026		A(2)		16,510		(3)	01/06/2035	Common Stock	16,510	$0	16,510	D
Stock Option (right to buy)	$11.75	04/20/2026		A(2)		8,250		(4)	01/06/2036	Common Stock	8,250	$0	8,250	D
Restricted Stock Unit	(5)	04/20/2026		A(6)		1,300		(7)	(7)	Common Stock	1,300	$0	1,300	D
Restricted Stock Unit	(5)	04/20/2026		A(6)		6,030		(8)	(8)	Common Stock	6,030	$0	6,030	D
Restricted Stock Unit	(5)	04/20/2026		A(6)		6,000		(9)	(9)	Common Stock	6,000	$0	6,000	D

Explanation of Responses:

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").

2. Effective as of a pro rata distribution by AnaptysBio to holders of its shares of common stock pursuant to the Separation and Distribution Agreement dated as of April 20, 2026, by and between AnaptysBio and First Tracks (the "Separation Agreement"), each outstanding option to acquire AnaptysBio shares of common stock was adjusted so that such option became an option to acquire First Tracks shares of common stock and an option to acquire AnaptysBio shares of common stock. As a result, the Reporting Person acquired options to acquire First Tracks shares of common stock in an amount determined in accordance with the Separation Agreement.

3. The stock option is fully vested and exercisable.

4. The stock option vests as to 1/12 of the total shares monthly commencing on February 6, 2026 until fully vested, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

5. Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.

6. Effective as of a pro rata distribution by AnaptysBio to holders of its shares of common stock pursuant to the Separation Agreement, each outstanding RSU with respect to AnaptysBio shares of common stock was adjusted so that such RSU became an RSU with respect to First Tracks shares of common stock and an RSU with respect to AnaptysBio's shares of common stock. As a result, the Reporting Person acquired RSU s with respect to First Tracks shares of common stock in an amount determined in accordance with the Separation Agreement.

7. The RSUs shall vest as to 1/3 of the total shares on September 15, 2024, and thereafter vests as to 1/3 of the total RSUs on September 15, 2025; and as to 1/3 of the total RSUs on September 15, 2026, subject to the provision of services to the Company on each vesting date.

8. The RSUs vests as to 100% of the total RSUs on the date of the Issuer's 2026 annual meeting of shareholders, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

9. The RSUs vests as to 100% of the total RSUs on the date of the Issuer's 2027 annual meeting of shareholders, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

	/s/ Ajim Tamboli, Attorney-in-Fact	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 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)

FAQ

What insider activity did First Tracks Biotherapeutics (TRAXV) report for John A. Orwin?

The Form 4 reports John A. Orwin holding 10,665 shares of First Tracks common stock received via a pro rata spin-off from AnaptysBio, plus multiple restricted stock units and stock options over additional shares, all reflecting equity positions following the companies’ Separation and Distribution Agreement.

How many restricted stock units did John A. Orwin receive at First Tracks Biotherapeutics (TRAXV)?

John A. Orwin was credited with RSU grants of 6,000, 6,030 and 1,300 units. Each RSU represents a contingent right to receive one First Tracks common share for no cash payment, with vesting tied to specific calendar dates and continued service conditions described in the footnotes.

What stock option grants does John A. Orwin hold in First Tracks Biotherapeutics (TRAXV)?

He holds options over 8,250 shares at $11.75 per share, 16,510 shares at $3.97, 16,510 shares at $5.67, and 10,600 and 3,311 shares at $5.22. One grant is fully vested; others vest monthly from February 6, 2026, with expirations between 2033 and 2036.

How did the AnaptysBio spin-off affect John A. Orwin’s equity in First Tracks Biotherapeutics (TRAXV)?

The spin-off triggered a pro rata distribution of First Tracks shares to AnaptysBio stockholders, giving him 10,665 common shares. Footnotes explain each outstanding AnaptysBio option and RSU was adjusted so he also received corresponding First Tracks options and RSUs under the Separation and Distribution Agreement.

What are the key vesting terms for John A. Orwin’s RSUs at First Tracks Biotherapeutics (TRAXV)?

One RSU grant vests in three equal parts on September 15, 2024, 2025 and 2026. Separate RSU blocks vest 100% on the dates of First Tracks’ 2026 and 2027 annual shareholder meetings, in each case contingent on his continued service to the company on those vesting dates.