A wave of biotech financing activity highlighted Parabilis’ IPO plans and Create Medicines’ Series B round to support its in vivo CAR-T mRNA platform. Parabilis, fresh off a Regeneron collaboration, filed with the SEC indicating IPO proceeds will prioritize a Phase 3 push for zolucatetide in desmoid tumors, plus ongoing Phase 1 studies across multiple solid tumors and familial adenomatous polyposis. Create Medicines closed a $122 million Series B financing to fund therapies using mRNAs delivered by liquid nanoparticles to express CARs directly in patients’ cells. The company estimated capital would last through 2028 and pointed to four clinical programs expressing CARs targeting TROP2, GPC3, HER2, and HER2×TROP2, plus autoimmune applications. These transactions illustrate two funding patterns: platform companies using capital-efficient delivery modalities to keep multiple clinical assets moving, and asset-led IPO strategies that link public markets proceeds to specific late-stage studies. For biotech investors and operators, both deals underscore that the capital stack is increasingly tailored to modality risk—conjugates, nanoparticle delivery, and in vivo cell engineering all come with distinct development milestones.