Biotech IPO activity stayed hot as Parabilis Medicines priced an upsized $670 million offering, underscoring investor willingness to back later-stage oncology developers with credible cash plans. The deal positions Parabilis to fund its lead zolucatetide program across multiple solid tumor types and maintain development momentum through earlier platform-derived candidates. In parallel, another high-profile public-market signal appeared when Summit Therapeutics pulled a $500 million IPO a day after announcing it, citing “market conditions.” The reversal highlights how quickly sentiment can shift even amid otherwise active fundraising markets, with proceeds and valuation expectations becoming increasingly selective by asset maturity and investor appetite.