First Tracks ANB033 Limits Gluten Damage in 32-Patient Celiac Trial

Two slices of bread a day, for 14 days. That was the gluten challenge 32 people with celiac disease signed up for, and the ones on First Tracks Biotherapeutics’ drug came through with their gut lining mostly intact. Caribou Biosciences spent the same stretch deciding it could no longer afford to finish what it started.

First Tracks’ ANB033 Limits Gluten Damage in Celiac Phase 1b Trial

First Tracks Biotherapeutics (Nasdaq: TRAX) reported positive top-line Phase 1b results on October 12 for ANB033, an investigational antibody for celiac disease. Seventeen patients got the drug and 15 got placebo. All 32 ate 6 grams of gluten a day for two weeks.

The main readout was the villus height to crypt depth ratio, a biopsy measure of how intact the small intestine’s lining is. It slipped 0.17 on ANB033 and fell 0.66 on placebo (p=0.009). Intraepithelial lymphocyte density, a count of immune cells attacking that lining, dipped 1.20 on the drug and rose 18.83 on placebo.

Symptoms lined up with the biopsies. Of the placebo patients, 47% took permitted medication for stomach symptoms during the challenge. On ANB033, 6% did. No serious, severe or discontinuation-causing adverse events were reported on the drug.

Then the stock ran out of breath. Shares opened at $39.45, touched $40.50, about 27% above the prior close, and finished at $34.05, up 6.91%. Market cap: roughly $1.22 billion.

This is a 32-patient, two-week study. ANB033 holds FDA Fast Track designation, which is not an approval. Cohort 2, about 40 patients over 12 weeks, tests whether the drug can heal damage already done. Top-line data is due in the first quarter of 2027, and the company expects to start a late-stage trial that same year.

Caribou Biosciences Halts Both CAR-T Programs, Opens Strategic Review

Caribou Biosciences (Nasdaq: CRBU) said after the close on October 6 that it will discontinue vispa-cel, for lymphoma, and CB-011, for multiple myeloma. Those were its two clinical programs. A substantial workforce cut follows, mostly done in the fourth quarter. Wedbush is advising on options that include a merger or acquisition.

CEO Rachel Haurwitz said the decision was not about the data. Vispa-cel already had FDA alignment on a Phase 3 design. The issue was funding: the company said capital for allogeneic CAR-T, built from donor cells instead of the patient’s own, has become increasingly hard to raise.

Shares fell 45.6% on October 7 and another 22% the day after. They closed October 9 at $0.4602, a market cap of about $49.3 million.

Caribou held $113.8 million in cash and securities on June 30. That number predates the restructuring, and no updated balance was given.

The stock now trades below Nasdaq’s $1 minimum bid price requirement. No timeline was set for the review. Caribou says it won’t update shareholders until the board picks a course of action.

TRAX, CRBU: Forward-Looking FAQ

Sources

• Investing.com: First Tracks Biotherapeutics stock surges 20% on celiac trial data, October 12, 2026
• StockAnalysis: First Tracks Biotherapeutics (TRAX) price data and October 12, 2026 press release filing
• First Tracks Biotherapeutics IR: Second Quarter 2026 Financial Results and Business Update (Cohort 2 design), August 12, 2026
• GlobeNewswire: Caribou Biosciences to Evaluate Strategic Alternatives, October 6, 2026
• Finviz / GlobeNewswire: Caribou Biosciences release and October 7-8, 2026 share moves
• StockAnalysis: Caribou Biosciences (CRBU) price and market cap data, October 9, 2026 close

Editorial Disclosure

Sources: company press releases, SEC filings, named financial press. Securities discussed: First Tracks Biotherapeutics, Inc. (Nasdaq: TRAX) and Caribou Biosciences, Inc. (Nasdaq: CRBU). aktiego.com has received no compensation from any company, IR firm, or third party mentioned. No aktiego.com staff or principal holds a position in TRAX or CRBU. First Tracks Biotherapeutics: press release dated October 12, 2026; ANB033 is investigational and not FDA approved; Fast Track designation is not an approval; results are top-line data from a 32-patient Phase 1b cohort; market cap approximately $1.22 billion. Caribou Biosciences: press release dated October 6, 2026; both clinical programs discontinued; strategic review has no set timeline and no assured outcome; substantial workforce reduction underway; most recent disclosed cash balance is as of June 30, 2026, before restructuring costs; shares trade below $1; market cap approximately $49 million. Both companies are unprofitable and clinical-stage. Small cap and micro-cap securities are speculative and carry a high risk of total loss. This content is for informational purposes only, is not financial or investment advice, and aktiego.com is not a registered investment advisor. Consult a qualified financial advisor before investing. Full DISCLAIMER