Parabilis Medicines, Inc. (PBLS)

Price$22.75Cached quoteAs of 2026-10-16 23:39 UTC

AI: Fair-priced

Price checkThe shares look roughly fair because strong cash support is balanced by expensive clinical expectations.

At the observed quote, Parabilis is valued at about $4.8 billion in the stock market. June-quarter cash and marketable securities were about $1.12 billion, while standardized debt was roughly $48 million, leaving about $1.07 billion of net cash, meaning cash and securities minus debt. Investors are therefore assigning roughly $3.75 billion to zolucatetide, the Helicon platform, and future partnerships before any approved product sales. That is a substantial speculative premium, but the cash cushion and credible clinical progress make the shares neither a clear bargain nor clearly excessive, supporting a Fair-priced verdict.

Big pictureParabilis is a cash-rich research company whose value depends on trial results, not current profits.

Parabilis has no approved product and reported only $148,000 of collaboration revenue in the second quarter. The SEC-derived history shows a 2025 net loss of $145.9 million versus $117.9 million in 2024, while the first half of 2026 used $52.8 million of operating cash. Management says the post-financing cash position should fund operations into 2030, even as research spending rises. This is not a normal economic-cycle business: value can move sharply around clinical data, regulatory decisions, and trial execution rather than consumer demand or interest-rate cycles.

Business strengthThe balance sheet is unusually strong, but shareholders paid for it through heavy share issuance.

The June quarter ended with about $1.09 billion of cash and $33.6 million of Treasury bills against modest financial debt and lease obligations. The strength came largely from financing: the initial public offering sold 38.525 million shares, and Regeneron bought another 4.17 million shares in a concurrent placement. Preferred securities also converted into common stock at the listing. Common shares outstanding reached about 121.9 million, plus 1.58 million non-voting shares. This sharply lowers near-term financing risk, but future trial expansion or setbacks could still require dilution, meaning existing holders would own a smaller percentage.

What could change the storyUpcoming zolucatetide data could justify the premium, while weak results would expose how much hope is priced in.

Early desmoid data were encouraging: all 10 evaluable patients had disease control, and four of five with multiple scans met the standard definition of objective tumor response. The bull case strengthens if more mature fourth-quarter data preserve those results and the U.S. Food and Drug Administration agrees on a Phase 3 plan for a 2027 start. The bear case is weaker durability, safety problems, or demands for additional studies. At the current valuation, zolucatetide likely needs commercial relevance beyond one small indication, with familial adenomatous polyposis or other Wnt-driven diseases adding meaningful value.

AI: News

Record public offeringParabilis raised far more cash than planned, and investors rewarded its listing with a strong first-day gain.

On June 11, Parabilis closed an upsized initial public offering of 38.525 million shares, including the underwriters’ full option, for $770.5 million of gross proceeds. The stock had finished its June 10 debut 58% above the offer level, showing unusually strong demand. A concurrent Regeneron placement added about $75 million. The event materially reduced financing risk and supplied several years of development capital, although the much larger share count also spread future value across more owners.

Quarterly update and Phase 3 planThe company paired a long cash runway with a clearer path toward a decisive desmoid study.

On August 13, Parabilis reported about $1.1 billion of cash and marketable securities and said that should fund operations into 2030. It also set fourth-quarter timing for more mature desmoid data and a U.S. Food and Drug Administration meeting, with a Phase 3 study targeted for the first half of 2027. Shares fell about 4.7% that day and rebounded the next session; the timing is observable, but it does not prove the update caused the move.

Regeneron platform collaborationRegeneron validated the platform with upfront cash, an equity investment, and large milestone potential.

Announced May 18, the collaboration gave Parabilis $50 million upfront plus a $75 million equity investment and could provide up to about $2.2 billion of development, regulatory, and commercial milestones, plus tiered royalties. Regeneron will combine its antibody technology with Parabilis’s Helicon peptides to target hard-to-reach intracellular proteins. Because PBLS had not yet begun public trading, there is no direct same-day stock reaction to measure; the deal instead strengthened the financing and technology-validation story carried into the June listing.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

2026

Financial statements

	2025	2024
Revenue	$0	$0
Research & development	$125.6M	$100.8M
Operating expenses	$152.1M	$126.1M
Operating income	−$152.1M	−$126.1M
EBITDA	−$149.6M	−$124.0M
Net income	−$145.9M	−$117.9M
Basic EPSper basic share	-$1.81	-$2.01
Diluted EPSper diluted share	-$92.40	-$83.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of PBLS
Holder	Shares held
RA CAPITAL MANAGEMENT, L.P.	28.93M
FMR LLC	10.29M
ARCH Venture Management, LLC	6.41M
venBio Partners LLC	5.27M
Alphabet Inc.	4.92M
Nextech Invest Ltd.	4.66M
Cormorant Asset Management, LP	4.62M
REGENERON PHARMACEUTICALS, INC.	4.17M
Siren, L.L.C.	2.99M
FARALLON CAPITAL MANAGEMENT, L.L.C.	2.37M
Jupiter Topco LLC	2.3M
Frazier Life Sciences Management, L.P.	1.92M
DEERFIELD MANAGEMENT COMPANY, L.P.	1.88M
General Catalyst Group Management, LLC	1.6M
GENERAL ATLANTIC, L.P.	1.54M
Soleus Capital Management, L.P.	1.47M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.3M
VANGUARD CAPITAL MANAGEMENT LLC	1.16M
JPMORGAN CHASE & CO	1.04M
Foresite Capital Management VI LLC	999.04K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys14$441.42M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jul 22, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +4Director,TenPercentOwner	BuyVoting Common Stock · indirect	47.3K	$29.77	$1.41M	26.53M
Jul 21, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +4Director,TenPercentOwner	BuyVoting Common Stock · indirect	37.7K	$30.00	$1.13M	26.48M
Jul 21, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +4Director,TenPercentOwner	BuyVoting Common Stock · indirect	6.5K	$29.17	$189.7K	26.44M
Jul 21, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +4Director,TenPercentOwner	BuyVoting Common Stock · indirect	21.7K	$27.96	$606.6K	26.44M
Jul 20, 2026Form 4	RA CAPITAL MANAGEMENT, L.P. +4Director,TenPercentOwner	BuyVoting Common Stock · indirect	33.0K	$27.72	$914.4K	26.42M

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat12 days ago
Parabilis advances desmoid-tumor program after updated response data
Parabilis Medicines ($PBLS) reported a 72.2% response rate for investigational zolucatetide in a 32-week analysis of desmoid-tumor patients who started at doses of at least 450 milligrams. That figure represents 13 responses among 18 evalua ...
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Parabilis Medicines, Inc. (PBLS)

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Parabilis advances desmoid-tumor program after updated response data