Parabilis Medicines priced its upsized IPO at $20 per share, raising $670 million and setting a record for a venture-backed pure-play biopharma debut on Nasdaq. The oncology-focused company sold 33.5 million shares and said proceeds will fund development of its lead program zolucatetide. Parabilis plans $150 million to develop zolucatetide for desmoid tumors and additional capital to expand early-stage programs across multiple solid tumors and genetic subtypes. The company also reported plans for later-stage trial readouts, including Phase 3 work in desmoid. The IPO comes amid a more selective public-market environment, with investors prioritizing advanced clinical assets and institutional backing. Parabilis’ scale and funding intensity highlight renewed appetite for well-capitalized oncology-focused startups after large IPOs earlier in 2026.