Parabilis priced an upsized $670 million IPO on Nasdaq, setting a new record for biotech initial public offerings. The oncology-focused company priced at $20 per share after earlier plans and is also raising additional capital via a concurrent private placement. The debut comes amid a selective revival in public markets, where investors are funding well-capitalized companies with clear clinical programs. Parabilis plans to allocate IPO proceeds across zolucatetide development and earlier-stage degraders, with Wnt/β-catenin targeting among the stated priorities. In a separate IPO development, Kardigan is seeking $320 million through a planned Nasdaq listing as it advances late-stage cardio assets. The two listings illustrate how momentum is building for clinical-stage biotechs with defined late-phase or registrational paths.