TRAXFirst Tracks Biotherapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$178M
- 1.1% YoY
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$67M netNet sales over $10M in 12 months
Financials
| Metric | FY2024 | FY2025 | YoY |
|---|---|---|---|
| Operating income | −$181M | −$179M | 1.2% |
| Net income | −$164M | −$166M | 1.5% |
| Operating cash flow | −$126M | −$143M | 14% |
| Capex | $358K | $87K | 76% |
| Stock-based comp | $27M | $32M | 20% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $67M · 2
- Net
- −$67M
Pay vs performance
No pay-versus-performance disclosure yet.