<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Sirenia Capital Management LP -->
          <cik>0002115022</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002091349</issuerCik>
        <issuerName>First Tracks Biotherapeutics, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>337185102</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>10770 Wateridge Circle</com:street1>
          <com:street2>Suite 210</com:street2>
          <com:city>San Diego</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92121</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Sirenia Capital Management LP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2495777.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2495777.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2495777.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.2</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Alex Silverstein</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2495777.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2495777.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2495777.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.2</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>First Tracks Biotherapeutics, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>10770 Wateridge Circle, Suite 210, San Diego, CA 92121</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by:

(i) Sirenia Capital Management LP ("Sirenia") with respect to the common stock, par value $0.001 per share ("Common Stock"), of First Tracks Biotherapeutics, Inc. (the "Issuer") held by investment funds it manages (the "Sirenia Funds") and a managed account it manages (the "Sirenia Account"); and

(ii) Alex Silverstein ("Mr. Silverstein"), the managing member of Sirenia Capital Management GP LLC, the general partner of Sirenia, with respect to the Common Stock held by the Sirenia Funds and Sirenia Account.

The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."

The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934 (the "Act"), the beneficial owner of the securities reported herein.

Sirenia and Mr. Silverstein have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of Sirenia and Mr. Silverstein is 1674 Meridian Avenue, Suite 320, Miami Beach, FL 33139.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Sirenia is a Delaware limited partnership. Mr. Silverstein is a United States citizen.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 34,892,381 shares of Common Stock outstanding as of May 12, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 14, 2026.</amountBeneficiallyOwned>
        <classPercent>7.2%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 2(a). The Sirenia Account, which is an account of Point72 Associates II, LLC, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the outstanding Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Item 2(a) and Item 3.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 99.1: Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Sirenia Capital Management LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kolby Loft</signature>
        <title>Kolby Loft, General Counsel &amp; Chief Compliance Officer</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Alex Silverstein</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Alex Silverstein</signature>
        <title>Alex Silverstein, individually</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
