EcoR1 reports 3.17M shares (9.1%) in First Tracks

First Tracks Biotherapeutics ownership disclosure: EcoR1 Capital, LLC and affiliated reporting persons state beneficial ownership of Common Stock following a distribution received April 20, 2026.

Rhea-AI Filing Summary

First Tracks Biotherapeutics ownership disclosure: EcoR1 Capital, LLC and affiliated reporting persons state beneficial ownership of Common Stock following a distribution received April 20, 2026. EcoR1 and Oleg Nodelman each report 3,174,519 shares (9.1% of the class); EcoR1 Capital Fund Qualified, L.P. reports 2,981,908 shares (8.5%). The reporting persons received 7,880,094 shares in the distribution and sold 4,705,575 shares in a private placement on the distribution date. Shares outstanding are listed as 34,892,381 as of April 20, 2026.

Insights

Institutional Ownership Analyst

EcoR1 reports sizable passive stake after distribution and partial resale.

EcoR1 and related reporting persons list shared voting and dispositive power over 3,174,519 shares (9.1%) and 2,981,908 shares (8.5%) respectively, based on April 20, 2026 outstanding figures. The filing states these shares arose from a distribution and that an aggregate 4,705,575 were sold in a private placement on the same date.

Cash‑flow treatment for proceeds and any ongoing sale plans are not detailed in the excerpt; subsequent filings would disclose further transfers or plan details.

Corporate Governance Specialist

Filing emphasizes shared control and standard non-control certification.

Each reporting person disclaims acquisition for control purposes and the signatures certify the shares were not acquired to influence control. The filing also identifies EcoR1 as adviser/general partner and Mr. Nodelman as control person of EcoR1, clarifying reporting roles.

Watch for any amendments that would convert this passive position into a Section 13D group or change voting arrangements.

Key Figures

EcoR1 shares beneficially owned: 3,174,519 shares Qualified Fund shares beneficially owned: 2,981,908 shares Percent of class (EcoR1 / Nodelman): 9.1% +3 more

6 metrics

EcoR1 shares beneficially owned 3,174,519 shares reported by EcoR1 and Oleg Nodelman

Qualified Fund shares beneficially owned 2,981,908 shares reported by EcoR1 Capital Fund Qualified, L.P.

Percent of class (EcoR1 / Nodelman) 9.1% based on 34,892,381 shares outstanding as of April 20, 2026

Shares received in distribution 7,880,094 shares received by reporting persons on April 20, 2026

Shares sold in private placement 4,705,575 shares sold by reporting persons on the distribution date

Shares outstanding 34,892,381 shares outstanding as of April 20, 2026

Key Terms

Schedule 13G, beneficially owned, shared dispositive power, private placement

4 terms

Schedule 13G regulatory

"Identification and classification of members of the group"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned regulatory

"Amount beneficially owned: EcoR1: 3,174,519"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Shared Dispositive Power 3,174,519.00"

private placement financial

"the reporting persons sold an aggregate of 4,705,575 of those shares in a private placement"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

FAQ

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

What stake does EcoR1 hold in First Tracks (TRAXV)?

EcoR1 Capital and Oleg Nodelman report beneficial ownership of 3,174,519 shares, representing 9.1% of First Tracks' common stock based on April 20, 2026 outstanding shares of 34,892,381.

How many shares were received and sold on April 20, 2026?

The reporting persons received an aggregate of 7,880,094 shares in the distribution and sold 4,705,575 shares in a private placement on April 20, 2026, according to the filing's Item 4 disclosure.

Does the filing say EcoR1 intends to change control of TRAXV?

No; the filing includes a certification stating the securities were not acquired to change or influence control and disclaims participation in any transaction having that purpose, per the signed statement in the schedule.

Who has voting or dispositive power over the reported shares?

The filing shows shared voting power and shared dispositive power for EcoR1 and Mr. Nodelman over the reported shares: EcoR1 and Nodelman each report shared power over 3,174,519 shares, Qualified Fund reports shared power over 2,981,908 shares.

What entity relationships are disclosed in the Schedule 13G?

The filing states EcoR1 is the general partner and investment adviser to funds including the Qualified Fund, and that Mr. Nodelman is the control person of EcoR1, explaining why multiple reporting persons are listed jointly.

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

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Accepted by SEC EDGAR 04/22/2026 - 05:09 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Tracks Biotherapeutics, Inc.

(Name of Issuer)

Comon Stock

(Title of Class of Securities)

337185102

(CUSIP Number)

04/20/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

EcoR1 Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,174,519.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,174,519.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,174,519.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.1 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Percentage calculated based on 34,892,381 shares of Common Stock outstanding as of April 20, 2026.

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

Oleg Nodelman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,174,519.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,174,519.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,174,519.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Percentage calculated based on 34,892,381 shares of Common Stock outstanding as of April 20, 2026.

SCHEDULE 13G

CUSIP Number(s): 337185102

1

Names of Reporting Persons

EcoR1 Capital Fund Qualified, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,981,908.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,981,908.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,981,908.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Percentage calculated based on 34,892,381 shares of Common Stock outstanding as of April 20, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Tracks Biotherapeutics, Inc.
(b)	Address of issuer's principal executive offices: 10770 Wateridge Circle, Suite 210, San Diego, CA 92121
Item 2.
(a)	Name of person filing: EcoR1 Capital, LLC, a Delaware limited liability company ("EcoR1") EcoR1 Capital Fund Qualified, L.P., a Delaware limited partnership ("Qualified Fund") Oleg Nodelman Qualified Fund is filing this statement jointly with the other reporting persons, but not as a member of a group, and it expressly disclaims membership in a group. In addition, the filing of this Schedule 13G on behalf of Qualified Fund should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any securities covered by this Schedule 13G. Each reporting person also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein.
(b)	Address or principal business office or, if none, residence: 357 Tehama Street #3 San Francisco, CA 94103
(c)	Citizenship: See Item 4 of the cover sheet for each reporting person.
(d)	Title of class of securities: Comon Stock
(e)	CUSIP Number(s): 337185102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: EcoR1: 3,174,519 Oleg Nodelman: 3,174,519 Qualified Fund: 2,981,908 The reporting persons received 7,880,094 shares of the Issuer's Common Stock on April 20, 2026, as a distribution from AnaptysBio, Inc. On the date of the distribution, the reporting persons sold an aggregate of 4,705,575 of those shares in a private placement.
(b)	Percent of class: EcoR1: 9.1% Oleg Nodelman: 9.1% Qualified Fund: 8.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: EcoR1: 0 Oleg Nodelman: 0 Qualified Fund: 0
	(ii) Shared power to vote or to direct the vote: EcoR1: 3,174,519 Oleg Nodelman: 3,174,519 Qualified Fund: 2,981,908
	(iii) Sole power to dispose or to direct the disposition of: EcoR1: 0 Oleg Nodelman: 0 Qualified Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: EcoR1: 3,174,519 Oleg Nodelman: 3,174,519 Qualified Fund: 2,981,908
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. EcoR1 is the general partner and investment adviser of investment funds, including Qualified Fund. Mr. Nodelman is the control person of EcoR1.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

EcoR1 Capital, LLC

Signature:	/s/ Oleg Nodelman
Name/Title:	Manager
Date:	04/22/2026

Oleg Nodelman

Signature:	/s/ Oleg Nodelman
Name/Title:	Reporting person
Date:	04/22/2026

EcoR1 Capital Fund Qualified, L.P.

Signature:	/s/ Oleg Nodelman
Name/Title:	Manager of the General Partner, EcoR1 Capital, LLC
Date:	04/22/2026

Exhibit Information

EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G