First Tracks Biotherapeutics (TRAX) Balance Sheet
TRAX balance sheet, 2025
December 31, 2025 · U.S. dollars$330.5M assets = $43.1M liabilities + $287.5M equity
Both columns are drawn to the same scale: what TRAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRAX financial health
Descriptive bands, not a rating. Fiscal 2025.
TRAX balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $444.1M2023 | $330.5M2025 | −13.7%/yr | |
| Total liabilities | $34.3M2023 | $43.1M2025 | +12.1%/yr | |
| Shareholders’ equity | $409.8M2023 | $287.5M2025 | −16.2%/yr | |
| Cash & short-term investments | $390.9M2023 | $311.6M2025 | −10.7%/yr | |
| Total debt | $17.8M2023 | $14.1M2025 | −11.0%/yr | |
| Net cash (debt) | $373.1M2023 | $297.5M2025 | −$75.6M | |
| Working capital | $380.3M2023 | $285.4M2025 | −$95.0M | |
| Book value per share | $11.792023 | $8.272025 | −16.2%/yr | |
| Debt / equity | 0.042023 | 0.052025 | +0.01 | |
| Shares outstanding | 34.7M2023 | 34.7M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRAX assets
TRAX liabilities and equity
TRAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRAX balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $311.6M | $385.4M | $390.9M |
| Cash & equivalents | $238.2M | $123.1M | $36.0M |
| Short-term investments | $73.4M | $262.3M | $354.9M |
| Receivables | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 |
| Other current assets | $4.8M | $4.6M | $7.7M |
| Total current assets | $316.4M | $389.9M | $398.6M |
| Property, plant & equipment (net) | $13.9M | $16.2M | $18.3M |
| Goodwill & intangible assets | $0 | $0 | $0 |
| Long-term investments | $0 | $35.5M | $27.0M |
| Other non-current assets | $256,000 | $256,000 | $256,000 |
| Total assets | $330.5M | $441.9M | $444.1M |
| Liabilities | |||
| Accounts payable | $3.1M | $3.8M | $2.4M |
| Short-term debt | $2.1M | $1.9M | $1.8M |
| Total current liabilities | $31.0M | $36.2M | $18.2M |
| Long-term debt | $0 | $0 | $0 |
| Lease obligations | — | $16.0M | $17.8M |
| Other long-term liabilities | $12.0M | $14.1M | $16.0M |
| Total liabilities | $43.1M | $50.3M | $34.3M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $287.5M | $391.3M | $410.6M |
| Accumulated other comprehensive income | −$24,000 | $305,000 | −$797,000 |
| Total shareholders' equity | $287.5M | $391.6M | $409.8M |
| Key figures | |||
| Total debt | $14.1M | $16.0M | $17.8M |
| Net cash (debt) | $297.5M | $369.3M | $373.1M |
| Working capital | $285.4M | $353.8M | $380.3M |
| Tangible book value | $287.5M | $391.6M | $409.8M |
| Book value per share | $8.27 | $11.27 | $11.79 |
| Shares outstanding | 34.7M | 34.7M | 34.7M |
| Current ratio | 10.20 | 10.78 | 21.87 |
| Quick ratio | 10.05 | 10.65 | 21.45 |
| Debt / equity | 0.05 | 0.04 | 0.04 |
| Equity / assets | 87.0% | 88.6% | 92.3% |
| Jun '26 | Mar '26 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $168.0M | $286.5M |
| Cash & equivalents | $168.0M | $248.5M |
| Short-term investments | $0 | $38.0M |
| Receivables | $0 | $0 |
| Inventory | $0 | $0 |
| Other current assets | $9.7M | $2.9M |
| Total current assets | $177.7M | $289.4M |
| Property, plant & equipment (net) | $5.4M | $1.2M |
| Goodwill & intangible assets | $0 | $0 |
| Long-term investments | $0 | $0 |
| Other non-current assets | $0 | $0 |
| Total assets | $183.1M | $290.6M |
| Liabilities | ||
| Accounts payable | $2.6M | $7.5M |
| Short-term debt | $2.4M | $2.1M |
| Total current liabilities | $12.4M | $33.1M |
| Long-term debt | $0 | $0 |
| Lease obligations | $4.3M | $0 |
| Other long-term liabilities | $1.9M | $12.0M |
| Total liabilities | $14.3M | $33.1M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $35,000 | — |
| Retained earnings (deficit) | −$24.6M | — |
| Accumulated other comprehensive income | — | −$146,000 |
| Total shareholders' equity | $168.8M | $257.5M |
| Key figures | ||
| Total debt | $4.3M | $14.1M |
| Net cash (debt) | $163.7M | $272.3M |
| Working capital | $165.3M | $256.3M |
| Tangible book value | $168.8M | $257.5M |
| Book value per share | $4.77 | $7.41 |
| Shares outstanding | 35.4M | 34.7M |
| Current ratio | 14.28 | 8.74 |
| Quick ratio | 13.50 | 8.65 |
| Debt / equity | 0.03 | 0.05 |
| Equity / assets | 92.2% | 88.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
TRAX financial position
At the end of fiscal 2025 (December 31, 2025), First Tracks Biotherapeutics had total assets of $330.5 million (down 25.2% from a year earlier), total liabilities of $43.1 million and shareholders' equity of $287.5 million. It held $311.6 million in cash and short-term investments against $14.1 million of debt, a net cash position of $297.5 million. Its current ratio was 10.20. In the latest quarter (ended June 30, 2026) total assets were $183.1 million and equity $168.8 million.
Related: TRAX income statement, TRAX cash flow statement, TRAX key metrics. See the TRAX stock overview for the latest quote and news.
TRAX balance sheet FAQ
What are First Tracks Biotherapeutics's total assets?
First Tracks Biotherapeutics reported total assets of $330.5 million at the end of fiscal 2025 (December 31, 2025), compared with $441.9 million a year earlier.
How much debt does First Tracks Biotherapeutics have?
First Tracks Biotherapeutics had $14.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.05.
How much cash does First Tracks Biotherapeutics have?
First Tracks Biotherapeutics held $311.6 million in cash and short-term investments at the end of fiscal 2025; with $14.1 million of debt that is net cash of $297.5 million.
What is First Tracks Biotherapeutics's book value?
First Tracks Biotherapeutics's shareholders' equity (book value) was $287.5 million at the end of fiscal 2025, or $8.27 per share.
What is First Tracks Biotherapeutics's current ratio?
First Tracks Biotherapeutics had current assets of $316.4 million and current liabilities of $31.0 million, a current ratio of 10.20 (it can cover its short-term obligations).