Parabilis Medicines (PBLS) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing medicines for historically undruggable protein targets using a proprietary Helicon platform.

• Lead product candidate, zolucatetide, targets the Wnt/β-catenin pathway, with promising data in desmoid tumors and other solid tumors.

• Pipeline includes preclinical programs for prostate cancer (ERG and ARON degraders) and additional discovery-stage programs.

• Helicon platform integrates AI and high-throughput peptide synthesis to design stabilized helical peptides for intracellular targets.

• Strategic collaborations, including with Regeneron, to expand platform applications and pursue Antibody-Helicon Conjugates.

Financial performance and metrics

• Net losses of $117.9 million in 2024 and $145.9 million in 2025; accumulated deficit of $586.8 million as of March 31, 2026.

• Research and development expenses were $100.8 million in 2024 and $125.6 million in 2025, with $37.8 million in Q1 2026.

• Cash and cash equivalents of $329.0 million as of March 31, 2026.

• Raised $305.2 million in Series F preferred stock in January 2026 and $50.0 million from a SAFE in March 2026.

• No revenue from product sales to date; expects continued operating losses for the foreseeable future.

Use of proceeds and capital allocation

• Net proceeds from the IPO and concurrent private placement, plus existing cash, will fund clinical development of zolucatetide in desmoid tumors and other indications, advance pipeline programs, and support platform evolution and general corporate purposes.

• Additional proceeds from a $75 million private placement with Regeneron, at 90% of the IPO price, contingent on IPO completion.

• Expects current funds, IPO proceeds, and Regeneron upfront payment to fund operations through a specified period; additional capital will be needed for future operations.