Schmid John P. 4
4 · First Tracks Biotherapeutics, Inc. · Filed Apr 22, 2026
Research Summary
AI-generated summary of this filing
First Tracks (TRAX) Director John Schmid Receives 117,350-Share Award
What Happened
John P. Schmid, a director of First Tracks Biotherapeutics, acquired a total of 117,350 shares or share-equivalents (options and restricted stock units and/or common shares) on April 20, 2026 at an acquisition price of $0.00. These awards and adjustments arose in connection with First Tracks’ spin-off from AnaptysBio and included multiple grants and converted awards/options; the total reported value at grant was $0 (derivative awards, not cash purchases or sales).
Key Details
- Transaction date: April 20, 2026; Form 4 filed April 22, 2026 (appears timely).
- Total reported amount acquired: 117,350 shares/share-equivalents, all reported at $0.00.
- Instruments involved: mix of common stock received in the spin-off, converted stock options, and restricted stock units (RSUs) per the Separation and Distribution Agreement.
- Shares owned after the transaction: not specified in the filing.
- Notable footnotes:
- F1: Some common shares were received directly from the spin-off.
- F2: Outstanding AnaptysBio options were adjusted pro rata and converted into First Tracks options.
- F3/F4: Some stock options are fully vested (F3); others vest monthly (1/12 per month starting 2/6/2026) (F4).
- F5/F6/F7/F8: RSUs represent rights to 1 share each; certain RSUs were converted from AnaptysBio RSUs and vest either 100% at the 2026 annual meeting or 100% at the 2027 annual meeting.
- Transaction type code: A = Award/Grant (derivative awards), not a market purchase or sale.
Context
These entries reflect spin-off-related award conversions and new grants rather than open-market buying or selling. Options noted include some that are fully vested and some subject to time-based vesting; RSUs convert into shares upon settlement for no additional consideration. Such awards are common in corporate separations and reflect compensation/adjustments tied to the spin-off rather than a director buying or selling stock for market sentiment.
Insider Transaction Report
- Award
Stock Option (right to buy)
[F2][F3]2026-04-20+15,000→ 15,000 totalExercise: $6.58Exp: 2027-02-23→ Common Stock (15,000 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+6,000→ 6,000 totalExercise: $28.03Exp: 2028-02-01→ Common Stock (6,000 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+6,000→ 6,000 totalExercise: $18.43Exp: 2029-02-07→ Common Stock (6,000 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+11,000→ 11,000 totalExercise: $4.43Exp: 2030-02-11→ Common Stock (11,000 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+11,000→ 11,000 totalExercise: $7.95Exp: 2031-02-09→ Common Stock (11,000 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+9,200→ 9,200 totalExercise: $8.14Exp: 2032-02-09→ Common Stock (9,200 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+10,600→ 10,600 totalExercise: $6.22Exp: 2033-01-05→ Common Stock (10,600 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+16,510→ 16,510 totalExercise: $5.67Exp: 2034-01-02→ Common Stock (16,510 underlying) - Award
Stock Option (right to buy)
[F2][F3]2026-04-20+16,510→ 16,510 totalExercise: $3.97Exp: 2035-01-06→ Common Stock (16,510 underlying) - Award
Stock Option (right to buy)
[F2][F4]2026-04-20+5,500→ 5,500 totalExercise: $11.75Exp: 2036-01-06→ Common Stock (5,500 underlying) - Award
Restricted Stock Unit
[F5][F6][F7]2026-04-20+6,030→ 6,030 total→ Common Stock (6,030 underlying) - Award
Restricted Stock Unit
[F5][F6][F8]2026-04-20+4,000→ 4,000 total→ Common Stock (4,000 underlying)
- 31,622
Common Stock
[F1]
Footnotes (8)
- [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 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.
- [F5]Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.
- [F6]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.
- [F7]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.
- [F8]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.