Spin-off grants load up First Tracks (TRAXV) CMO with RSUs, options

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

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.

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	--
Grant/Award	Stock Option (right to buy)	45,000	$0.00	--
Grant/Award	Stock Option (right to buy)	70,000	$0.00	--
Grant/Award	Stock Option (right to buy)	67,070	$0.00	--
Grant/Award	Stock Option (right to buy)	115,540	$0.00	--
Grant/Award	Stock Option (right to buy)	97,200	$0.00	--
Grant/Award	Stock Option (right to buy)	29,000	$0.00	--
Grant/Award	Restricted Stock Unit	6,145	$0.00	--
Grant/Award	Restricted Stock Unit	21,110	$0.00	--
Grant/Award	Restricted Stock Unit	25,575	$0.00	--
Grant/Award	Restricted Stock Unit	21,400	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 83,500 shares (Direct, null); Restricted Stock Unit — 6,145 shares (Direct, null); Common Stock — 42,669 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"). 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 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. 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 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. 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.

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"

Form 4 Insider Transactions: What Each Field Means →

04/22/2026 - 04:05 PM

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
Estimated average burden
hours per response:			0.5

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^*

Lizzul Paul F.

(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)

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								42,669⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$4.95	04/20/2026		A⁽²⁾		83,500		⁽³⁾	07/29/2030	Common Stock	83,500	$0	83,500	D
Stock Option (right to buy)	$7.95	04/20/2026		A⁽²⁾		45,000		⁽³⁾	02/09/2031	Common Stock	45,000	$0	45,000	D
Stock Option (right to buy)	$8.14	04/20/2026		A⁽²⁾		70,000		⁽³⁾	02/09/2032	Common Stock	70,000	$0	70,000	D
Stock Option (right to buy)	$6.22	04/20/2026		A⁽²⁾		67,070		⁽³⁾	01/05/2033	Common Stock	67,070	$0	67,070	D
Stock Option (right to buy)	$5.67	04/20/2026		A⁽²⁾		115,540		⁽⁴⁾	01/02/2034	Common Stock	115,540	$0	115,540	D
Stock Option (right to buy)	$3.97	04/20/2026		A⁽²⁾		97,200		⁽⁵⁾	01/06/2035	Common Stock	97,200	$0	97,200	D
Stock Option (right to buy)	$11.75	04/20/2026		A⁽²⁾		29,000		⁽⁶⁾	01/06/2036	Common Stock	29,000	$0	29,000	D
Restricted Stock Unit	⁽⁷⁾	04/20/2026		A⁽⁸⁾		6,145		⁽⁹⁾	⁽⁹⁾	Common Stock	6,145	$0	6,145	D
Restricted Stock Unit	⁽⁷⁾	04/20/2026		A⁽⁸⁾		21,110		⁽¹⁰⁾	⁽¹⁰⁾	Common Stock	21,110	$0	21,110	D
Restricted Stock Unit	⁽⁷⁾	04/20/2026		A⁽⁸⁾		25,575		⁽¹¹⁾	⁽¹¹⁾	Common Stock	25,575	$0	25,575	D
Restricted Stock Unit	⁽⁷⁾	04/20/2026		A⁽⁸⁾		21,400		⁽¹²⁾	⁽¹²⁾	Common Stock	21,400	$0	21,400	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 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.

5. 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.

6. 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.

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

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

	/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)

Source: View Original Filing on SEC EDGAR

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.

How many First Tracks (TRAXV) common shares does Paul F. Lizzul hold after the reported transactions?

The Form 4 shows Paul F. Lizzul holding 42,669 shares of First Tracks common stock directly after the reported activity. Footnotes indicate these shares were received in connection with the spin-off distribution from AnaptysBio, rather than through open-market purchases or sales.

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.

What stock options over First Tracks (TRAXV) shares were disclosed in this Form 4?

Several stock option grants were reported, including 29,000 options at $11.75, 97,200 at $3.97, 115,540 at $5.67, 67,070 at $6.22, 70,000 at $8.14, 45,000 at $7.95 and 83,500 at $4.95. These options are exercisable into First Tracks common stock with various expiration dates.

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.