Is TRAX halal?
First Tracks Biotherapeutics, I
Doubtful
No clear verdict is possible for First Tracks Biotherapeutics, I — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NASDAQ
Price
34.46
Day
-4.38%
Market cap
$1.23B
Industry
Biotechnology
Sector
Healthcare
What the company does
First Tracks Biotherapeutics (IPO 2026) develops immunology drugs (ANB033, rosnilimab, ANB101) for autoimmune and inflammatory diseases, in clinical trials. No revenue.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $0 ÷ current market cap $1.23B = 0.0%
0.0%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $168.02M ÷ current market cap $1.23B = 13.6%
13.6%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict.
For information (AAOIFI 3/1 note): cash + receivables are 94.5% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Biotechnology — for comparison.
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Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.