Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
First Tracks BiotherapeuticsTRAX +1.36%12 Net-Net Working Capital is $9.64 as of Dec. 2024. GuruFocus rates TRAX with a GF Score™ of 12/100. The stock has 2 warning signs investors should review. Among 809 Biotechnology companies, First Tracks Biotherapeutics ranks better than 56.24% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
First Tracks Biotherapeutics (NAS:TRAX) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
First Tracks Biotherapeutics Net-Net Working Capital Related Terms
First Tracks Biotherapeutics Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Tracks Biotherapeutics Net-Net Working Capital Chart
First Tracks Biotherapeutics Annual Data
Trend
Dec23
Dec24
Net-Net Working Capital
10.26
9.64
First Tracks Biotherapeutics Semi-Annual Data
Dec23
Dec24
Net-Net Working Capital
10.26
9.64
TRAX vs AVLN, IMTX, ARDX: Net-Net Working Capital Comparison
For the Biotechnology subindustry, First Tracks Biotherapeutics's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Tracks Biotherapeutics Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, First Tracks Biotherapeutics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where First Tracks Biotherapeutics's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $9.64 mean?
First Tracks Biotherapeutics (TRAX) has a Net-Net Working Capital of $9.64 as of Dec. 2024. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on First Tracks Biotherapeutics According to the industry distribution chart, First Tracks Biotherapeutics ranks #354 out of 809 companies in the Biotechnology industry, placing it in the top 43.8%.
Is First Tracks Biotherapeutics' Net-Net Working Capital too high?
First Tracks Biotherapeutics' current Net-Net Working Capital is $9.64. The Biotechnology industry median Net-Net Working Capital is 5.50. First Tracks Biotherapeutics' value of $9.64 is 75.3% above this industry median. Based on the distribution chart, First Tracks Biotherapeutics ranks #354 out of 809 companies in the Biotechnology industry, which is above the industry midpoint. Overall, First Tracks Biotherapeutics has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does First Tracks Biotherapeutics' Net-Net Working Capital compare to AVLN and IMTX?
According to the Biotechnology industry distribution chart, First Tracks Biotherapeutics ranks #354 out of 809 companies for Net-Net Working Capital. This puts First Tracks Biotherapeutics in the upper half of its industry. The industry median Net-Net Working Capital is 5.50. First Tracks Biotherapeutics' value of $9.64 is 75.3% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.50, based on 809 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Tracks Biotherapeutics's current Net-Net Working Capital of $9.64 is 75.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on First Tracks Biotherapeutics For the Biotechnology industry, the median Net-Net Working Capital is 5.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Tracks Biotherapeutics's current Net-Net Working Capital is $9.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Tracks Biotherapeutics stock overvalued right now?
First Tracks Biotherapeutics (TRAX) has a current Net-Net Working Capital of $9.64. The current Net-Net Working Capital is $9.64 and 75.3% above the Biotechnology industry median of 5.50. First Tracks Biotherapeutics' overall GF Score™ is 12/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For First Tracks Biotherapeutics (TRAX), the current Net-Net Working Capital is $9.64 as of Dec. 2024. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Address10770 Wateridge Circle, Suite 210, San Diego, CA, USA, 92121
First Tracks Biotherapeutics Inc is a clinical-stage biotechnology company focused on delivering immunology therapeutics for autoimmune and inflammatory diseases. Its clinical-stage pipeline includes rosnilimab, a selective pathogenic T cell depleter, for which it completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (RA), ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (CeD) and eosinophilic esophagitis (EoE), and ANB101, a BDCA2 modulator, in a Phase 1a trial. The company operates in one reportable segment focused on research and development activities to deliver immunology therapeutics for autoimmune and inflammatory diseases.
12GF Score
Get the complete analysis for TRAX
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TRAX has been successfully added to your 
