10,497,054 Shares of Common Stock

FIRST TRACKS BIOTHERAPEUTICS, INC.

This prospectus relates to the sale by the selling stockholders named in this prospectus of up to 10,497,054 shares of common stock of First Tracks Biotherapeutics, Inc. ("First Tracks Biotherapeutics," "we," "us," "our" or the "Company"), par value $0.001 per share (the "Resale Shares"). We will not receive proceeds from the sale of the Resale Shares. The Selling Stockholders (as defined herein) may sell their Resale Shares at prevailing market prices or in privately negotiated transactions. We provide more information about how a Selling Stockholder may sell its Resale Shares in the section titled "Plan of Distribution" on page 140.

First Tracks Biotherapeutics was a wholly owned subsidiary of AnaptysBio, Inc. Following the Spin-Off (as defined herein), on April 20, 2026, First Tracks Biotherapeutics became a separate public company.

Our common stock is listed on the Nasdaq Stock Market, LLC (the "Exchange") under the symbol "TRAX." On May 7, 2026, the closing price of our common stock as reported on the Exchange was $17.82 per share.

We are an "emerging growth company" and a "smaller reporting company" as defined under the federal securities laws, and, as such, we may elect to comply with certain reduced public company reporting requirements for this prospectus and future filings.