Spin-off grants load up First Tracks (TRAXV) CMO with RSUs, options
Rhea-AI Filing Summary
Lizzul Paul F. reported acquisition or exercise transactions in this Form 4 filing.
First Tracks Biotherapeutics, Inc. Chief Medical Officer Paul F. Lizzul reported equity awards and holdings tied to the spin-off from AnaptysBio, Inc. On the common stock line, he is shown holding 42,669 shares directly.
Footnotes explain that these shares, as well as stock options and restricted stock units, were received or adjusted in connection with a pro rata distribution under a Separation and Distribution Agreement between AnaptysBio and First Tracks. Multiple RSU awards and stock options over First Tracks common stock were listed, with future vesting over several years, reflecting compensation and spin-off adjustments rather than open-market trading.
Positive
- None.
Negative
- None.
Insider Trade Summary
12 transactions reported
Mixed
12 txns
Insider
Lizzul Paul F.
Role
Chief Medical Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Option (right to buy) | 83,500 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 45,000 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 70,000 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 67,070 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 115,540 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 97,200 | $0.00 | $0.00 |
| Grant/Award | Stock Option (right to buy) | 29,000 | $0.00 | $0.00 |
| Grant/Award | Restricted Stock Unit | 6,145 | $0.00 | $0.00 |
| Grant/Award | Restricted Stock Unit | 21,110 | $0.00 | $0.00 |
| Grant/Award | Restricted Stock Unit | 25,575 | $0.00 | $0.00 |
| Grant/Award | Restricted Stock Unit | 21,400 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 507,310 shares (Direct);
Restricted Stock Unit — 74,230 shares (Direct);
Common Stock — 42,669 shares (Direct)
Footnotes (12)
- F1. Consists of shares of common stock received in connection with the spin-off of First Tracks Biotherapeutics, Inc. ("First Tracks") from AnaptysBio, Inc. ("AnaptysBio").
- F2. 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.
- F3. The stock option is fully vested and exercisable.
- F4. 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.
- F5. 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.
- F6. 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.
- F7. Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.
- F8. 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.
- F9. The 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.
- F10. 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.
- F11. 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.
- F12. 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.
Key Figures
Common stock held: 42,669 shares
RSU award: 21,400 units
RSU award: 25,575 units
+4 more
7 metrics
Common stock held
42,669 shares
Direct holdings after reported activity
RSU award
21,400 units
Each unit for 1 common share at settlement
RSU award
25,575 units
Contingent right to common shares, time-based vesting
Stock option grant
29,000 shares at $11.75
Option to buy common stock, expiration 2036-01-06
Stock option grant
97,200 shares at $3.97
Option to buy common stock, expiration 2035-01-06
Stock option grant
115,540 shares at $5.67
Option to buy common stock, expiration 2034-01-02
Stock option grant
83,500 shares at $4.95
Option to buy common stock, expiration 2030-07-29
Key Terms
Restricted Stock Unit, Stock Option (right to buy), pro rata distribution, Separation and Distribution Agreement
4 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) with an option to acquire First Tracks shares"
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.
Separation and Distribution Agreement financial
"pursuant to the Separation and Distribution Agreement dated as of April 20, 2026"
A separation and distribution agreement is the legal plan that sets out how a company splits into two parts and how ownership of the new business is handed to shareholders. Think of it like a divorce settlement and moving checklist combined — it allocates assets, debts, tax responsibilities and short‑term services so both businesses can operate on their own. Investors care because the terms determine who bears future risks, costs and potential value when the split completes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity did First Tracks Biotherapeutics (TRAXV) report for its CMO?
First Tracks reported that Chief Medical Officer Paul F. Lizzul holds 42,669 common shares and multiple equity awards. These include restricted stock units and stock options that were adjusted or received in connection with the company’s spin-off from AnaptysBio under a Separation and Distribution Agreement.
What restricted stock unit awards did the First Tracks (TRAXV) CMO report?
The filing lists RSU awards over 21,400, 25,575, 21,110 and 6,145 First Tracks shares, each representing one share upon settlement for no consideration. Footnotes describe annual vesting in 25% increments on specified January dates, contingent on continued service to the company.
How is the AnaptysBio spin-off linked to the First Tracks (TRAXV) equity awards?
Footnotes state that, effective with a pro rata distribution under a Separation and Distribution Agreement, outstanding AnaptysBio options and RSUs were adjusted. Each became awards over both AnaptysBio and First Tracks shares, so the CMO acquired corresponding First Tracks options and RSUs determined under that agreement.
Do the reported First Tracks (TRAXV) insider transactions involve open-market buying or selling?
The transactions are coded as grants or awards and a holdings entry, not open-market trades. They reflect spin-off related adjustments and compensation awards in options and RSUs, with no reported open-market purchases or sales in this Form 4 for Chief Medical Officer Paul F. Lizzul.