AnaptysBio Inc. (NASDAQ: ANAB) completed the spinoff of its biopharma operations business, First Tracks Biotherapeutics Inc., according to a company statement. The company will now operate as Anaptys and focus exclusively on managing royalties from Jemperli with GSK and imsidolimab with Vanda.

The taxable spinoff distributed one share of First Tracks Bio common stock for every share of Anaptys common stock owned as of April 6, 2026. First Tracks Bio began trading on the Nasdaq Global Select Market under the ticker "TRAX," while Anaptys continues trading under "ANAB."

Anaptys launched with a virtual business model that includes limited full-time employees and minimal operating expenses. The company reported having approximately $140-$145 million in net cash.

"This structure positions us to operate without complexity and deliver maximum value to shareholders," said Daniel Faga, president and chief executive officer. The company stated it expects to achieve a greater than 95% EBIT margin through its streamlined operations.

The restructuring separates Anaptys' royalty management operations from its former drug development activities, which will continue under First Tracks Biotherapeutics as an independent entity.