Parabilis Medicines set a record for biotech going public by pricing a $670 million IPO at $20 per share, topping prior 2026 listings in the sector. The oncology-focused company—formerly Fog Pharmaceuticals—priced an upsized 3.5 million-share deal on Nasdaq under the ticker PBLS, with proceeds earmarked for its clinical pipeline. The company’s lead asset, zolucatetide (FOG-001), is positioned across multiple solid tumor studies, including a path toward a Phase 3 program in desmoid tumors. Parabilis also plans to continue early clinical work across additional programs and to advance next candidates emerging from its Helicon platform. The IPO comes as the market remains selective, with capital flowing toward better-funded and more advanced clinical stories. Parabilis also disclosed plans for a concurrent private placement involving Regeneron, extending immediate funding for trial execution.