Parabilis Medicines (PBLS) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing Helicon-based therapeutics targeting historically undruggable intracellular protein targets.

• Lead candidate, zolucatetide, targets the b-catenin:TCF interaction in the Wnt/b-catenin pathway, implicated in multiple cancers.

• Proprietary Helicon platform integrates AI-driven design, high-throughput peptide synthesis, and experimental screening.

• Pipeline includes programs for desmoid tumors, FAP, HCC, rare tumors, CRC, and prostate cancer (ERG and ARON degraders).

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

Financial performance and metrics

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

• Research and development expenses: $100.8M (2024), $125.6M (2025); general and administrative expenses: $25.3M (2024), $26.5M (2025).

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

• No product revenue to date; operations funded by equity, convertible preferred stock, SAFE, and collaboration payments.

Use of proceeds and capital allocation

• Estimated net proceeds from IPO: $413.6M (plus $75.0M from concurrent private placement with Regeneron).

• Proceeds allocated to: $150M for zolucatetide in desmoid tumors (including Phase 3), $120M for zolucatetide in additional indications, $130M for advancing pipeline programs, and remainder for platform evolution and general corporate purposes.

• Funds expected to support operations into the second half of 2029, but additional capital will be required for future operations.