Parabilis Medicines—formerly FogPharma—has priced an upsized $670 million biotech IPO, setting a new record for venture-backed drug companies going public. The offering totals 33.3 million shares at $20 each, after the company increased its initial plan, positioning Parabilis for a Nasdaq debut under the ticker PBLS. The proceeds are earmarked to advance the Wnt/β-catenin pathway inhibitor zolucatetide (FOG-001) through multiple clinical settings, including planned Phase 3 work in desmoid tumors. The company also intends to expand early clinical programs spanning rare genetic and oncology indications with additional pathway degraders. The IPO comes as investors appear more selective than broad-based, with capital concentrating on later-stage clinical momentum and institutional backing. Parabilis has previously raised more than $800 million across multiple rounds, including a $305 million Series F earlier this year.