First Tracks Biotherapeutics, Inc. 8-K

What Happened

• On June 15, 2026, First Tracks Biotherapeutics, Inc. announced it entered a Sublease Agreement with AnaptysBio, Inc. for approximately 45,057 rentable square feet at 10770 Wateridge Circle, San Diego, CA. The Sublease commenced June 15, 2026 and has an initial term of 12 months. The company may (with three months’ prior written notice) extend the Sublease into a renewal period that runs until the earlier of April 4, 2028 or 12 months from the renewal start, and may also terminate the Sublease at any time with at least three months’ prior written notice.

Key Details

• Premises: ~45,057 rentable sq ft at 10770 Wateridge Circle, San Diego; Sublease date: June 15, 2026.
• Term & options: 12‑month initial term; renewal option (notice ≥3 months) to run until earlier of April 4, 2028 or 12 months from renewal start; early termination allowed with ≥3 months’ notice.
• Rent & payments: Company pays monthly rent equal to AnaptysBio’s Basic Rent under the Master Lease plus Additional Rent, payable in advance on the first day of each month; company also pays charges for services it requests that AnaptysBio owes the Master Landlord.
• Lease mechanics/risks: Sublease is subordinate to the Master Lease; AnaptysBio remains primarily liable to the Master Landlord and has covenanted not to surrender/terminate or materially amend the Master Lease without the company’s consent; if AnaptysBio’s lease ends, the Sublease will terminate.

Why It Matters

• This agreement gives First Tracks immediate, short‑term occupancy of a large San Diego facility with contractual flexibility (renewal and early termination rights), while tying rent and service charges to the underlying Master Lease terms.
• Investors should note the Sublease is subordinate to the Master Lease and that AnaptysBio remains liable to the landlord—meaning the company’s occupancy could end if AnaptysBio’s master tenancy is terminated. The company said the full Sublease will be filed as an exhibit to its Form 10‑Q for the quarter ending June 30, 2026 for more detail.