US IPO Pipeline SEC S-1 Filings — October 26, 2026

26-10-2026

First Tracks Biotherapeutics, Inc. (TRAX) filed a Form S-1 registration statement on October 26, 2026, in connection with its spin-off from AnaptysBio, Inc. The excerpt provided is primarily footnote and supporting disclosure text covering substitute equity awards issued in the Spin-Off, debt and investment maturity schedules, and expense classification definitions, with no headline offering size, share price, or use-of-proceeds terms visible in the excerpt.

• · Substitute equity awards (6,641,885 options and 2,623,840 combined awards) were issued in the Spin-Off, replacing AnaptysBio Equity Plan awards
• · All leasehold improvements remained with AnaptysBio as part of the Spin-Off
• · Substantial decline in short-dated U.S. Treasury holdings from $249.0M (Dec 2024) to $63.3M (Dec 2025)
• · Licensing relationship with Centessa Pharmaceuticals UK Limited (license agreement dated November 24, 2023) and milestone disclosures tied to Vanda Pharmaceuticals Inc., including FDA and EU regulatory approval milestones for GPP treatment
• · Operating segments disclosed include ANB033, Rosnilimab, ANB101, and ANB032, plus preclinical and unallocated costs

26-10-2026

Greenland Mines Ltd. (formerly Klotho Neurosciences, Inc.; Nasdaq: GRML) filed a Form S-1 registration statement on October 26, 2026 to register the resale of 1,400,000 shares of common stock by former stockholders of NNSR Holdings Inc., issued as merger consideration on September 1, 2026. The company will receive no proceeds from the resale, and the shares trade at an average of $5.98 (October 22, 2026), with stock price volatility and a high degree of investment risk noted. Mixed financial performance data was not presented in the excerpt provided, so balanced performance comparisons cannot be drawn from this filing alone.

• · Filing is an S-1 registration for resale only; the company receives no proceeds from the sale of shares by selling stockholders
• · Series R Preferred conversions cannot occur until stockholder approval is obtained
• · Company is a Delaware corporation with SIC code 2836 (Biological Products), filer name history includes Klotho Neurosciences, ANEW Medical, and Redwoods Acquisition Corp.
• · Company is a smaller reporting company and emerging growth company; non-accelerated filer
• · Principal executive offices listed in Charlotte, NC, while the EDGAR header lists an Omaha, NE business address

26-10-2026

PUBLIC CO MANAGEMENT CORP (PCMC), a Nevada-incorporated blank check company headquartered in Beverly Hills, CA, filed a Form S-4 registration statement on October 26, 2026 (SEC File No. 333-299629) in connection with a proposed business combination. The filing body provided to this analysis consists largely of XBRL tagging and financial statement context data, with references to Physicians Capital Management Corporation, Specialty Capital Lenders LLC, Academy Bank, Ivie Health Consultants, and an Indiana property (PC Indiana Carmel LLC), but the narrative terms of the transaction, the counterparty's full identity, and the deal consideration are not discernible from the excerpt provided.

• · Filing is an S-4 registration statement (SEC File No. 333-299629) filed October 26, 2026, with 205 public documents, indicating a registered securities offering tied to a business combination.
• · Company fiscal year ends September 30; the filing references financial periods through June 30, 2026.
• · Filing references debt and financing arrangements with Specialty Capital Lenders LLC, including a Note Transfer and Settlement Agreement dated within the period ending June 30, 2026.
• · Filing references subsequent events dated October 24 and October 27–28, 2025, including Indiana property matters and related-party loans and SAFE notes involving Physicians Capital Management Corporation.
• · Filing references a revolving credit line and notes payable with related party Physicians Capital Management Corporation, including a bifurcated derivative liability as of September 30, 2025.

26-10-2026

Traws Pharma, Inc. (TRAW), a clinical-stage biopharmaceutical company developing antivirals for respiratory viral diseases, filed a Form S-1 registration statement on October 26, 2026 to register the resale by Roth Principal Investments of up to 135,135,135 shares of common stock. The shares relate to a $50,000,000 committed equity facility entered into on October 23, 2026, under which the company may, at its sole discretion, sell shares to Roth over a 36-month commitment period. The filing is a resale registration tied to a standby equity line rather than a traditional underwritten IPO, and the company receives no obligation to sell.

• · Commencement requires the registration statement to be declared effective by the SEC and other purchase conditions to be satisfied; Roth has no discretion over commencement.
• · Company may not deliver Purchase Notices while in possession of material non-public information or during specified blackout periods.
• · Shares are sold at a fixed 6.0% discount to VWAP, which implies potential dilution to existing shareholders at a discounted price.
• · Merger with Trawsfynydd Therapeutics closed April 1, 2024, shifting focus from oncology to respiratory viral diseases.
• · Company holds four clinical programs: tivoxavir marboxil (bird flu and seasonal influenza), ratutrelvir (COVID-19), narazaciclib (solid tumors and hematologic malignancies), and rigosertib (various cancers).

26-10-2026

LIS Technologies Inc., a Nevada corporation headquartered in Oak Ridge, Tennessee (SIC 2810), filed a preliminary Form S-1 registration statement on October 26, 2026 for a firm-commitment initial public offering of 2,833,334 shares of common stock at an assumed price of $6.00 per share (range $5.00–$7.00), with listing applied for on the Nasdaq Capital Market under the symbol "LIS." The offering is led by Titan Partners as lead bookrunning manager. Because this is a registration statement with no reported operating results in the excerpt, the filing contains no period-over-period performance data to assess.

• · Company qualifies as an emerging growth company and smaller reporting company, allowing reduced public reporting requirements
• · Offering is on a firm-commitment basis; listing is conditional on Nasdaq approval, and the offering will not close without it
• · Reverse stock split of 1-for-2.5 effective April 22, 2024 applies retroactively to share amounts in the prospectus
• · Insider Shares are subject to a 180-day lock-up in favor of the underwriters and may only be resold under Rule 144 due to affiliate status
• · Underwriters receive warrants for 7% of shares sold at 115% of the IPO price, plus a 0.5% non-accountable expense allowance
• · Prospectus lists a Risk Factors section beginning on page 20 and MD&A beginning on page 57; the excerpt does not include revenue, earnings, or balance sheet figures

26-10-2026

Anthropic, PBC filed an S-1 registration statement on October 26, 2026 in connection with a proposed IPO on the Nasdaq Global Select Market. The excerpt focuses on risk factors: interest rate and foreign currency exposure, and a novel governance structure in which a Long-Term Benefit Trust (LTBT) elects a majority of the board via Class T stock and the Founder LLC holds Class F stock carrying 50.1% of general voting power, with economic interests not proportionate to voting power. The company will rely on controlled-company exemptions from certain Nasdaq independence requirements, except for its nominating and governance committee.

• · Class T common stock carries no economic rights and is held by the LTBT, which generally elects and removes the Class T directors, who together constitute a majority of the board.
• · Class E common stock, to be issued to employees excluding co-founders after the offering, votes only on limited matters and carries no economic rights.
• · Class F Sunset Time is tied to the Class F Transition Period, a Supermajority of Continuing Founders can agree to redeem Class F stock, and dissolution of Founder LLC also ends it.
• · Multi-class structure may make Anthropic ineligible for index inclusion, potentially depressing valuation versus peers.
• · Company is a Delaware PBC and must report at least biennially on its public benefit performance under DGCL Section 366; it cannot assure achievement of its Company Purpose.
• · Sales are denominated in U.S. dollars, euros, and pound sterling; a stronger U.S. dollar could raise real costs for non-U.S. customers and reduce demand.