Key Highlights

  • Total Revenue was USD 2.1 million, with no revenue in the prior-year quarter.
  • Research and development expenses rose to USD 45.6 million from USD 28.2 million.
  • Marketable securities totaled USD 551.7 million at September 30, 2026.
  • The Regeneron agreement included an upfront payment of USD 50.0 million.

Parabilis Medicines (NASDAQ:PBLS) reported third-quarter 2026 total revenue of USD 2.1 million, against an estimate of USD 375 thousand. Loss per share was USD 0.36, in line with the estimate. The company is a clinical-stage biopharmaceutical company developing Helicons, which it describes as stabilized helical peptides engineered to bind and modulate protein targets that have been beyond the reach of conventional medicines.

Revenue consisted of USD 671 thousand of collaboration revenue and USD 1,443 thousand of collaboration revenue from a related party. There was no revenue in the third quarter of 2025. For the nine months, total revenue was USD 2.3 million.

Operating Expenses and Net Loss

Research and development expenses were USD 45.6 million for the quarter, against USD 28.2 million a year earlier. General and administrative expenses were USD 11.3 million, against USD 6.6 million. Total operating expenses were USD 56.9 million, against USD 34.8 million.

For the nine months, Research and Development expenses were USD 122.7 million, against USD 92.2 million, and general and administrative expenses were USD 32.6 million, against USD 19.4 million. Total operating expenses were USD 155.3 million, against USD 111.6 million.

Net cash used in Operating Activities for the nine months was USD 93.9 million. The filing links it to a net loss of USD 142.3 million, offset by non-cash expenses of USD 17.7 million and changes in operating Assets and liabilities of USD 30.6 million. An increase in deferred revenue under the Regeneron agreement of USD 40.8 million drove those changes. The accumulated Deficit was USD 683.8 million at September 30, 2026.

The Regeneron Agreement and Lead Candidate

On May 15, 2026, the company entered into a license and collaboration agreement with Regeneron to discover, develop and commercialize Helicons, with a focus on Antibody-Helicon Conjugates directed to specified targets. The company received an upfront payment of USD 50.0 million under the agreement. It performs research and nonclinical development activities for each collaboration target during the research term, and the agreement has five initial collaboration targets.

The filing states that its lead product candidate, zolucatetide, is, to the company's knowledge, the first drug to directly target the interaction between beta-catenin and a T cell Factor protein family.

Liquidity and Capital History

Total marketable securities were USD 551.7 million at fair value, with USD 350.4 million current and USD 201.3 million non-current. The filing states that the company's cash, cash equivalents and marketable securities are sufficient to fund operations for at least twelve months from the date the financial statements were issued, and that it requires additional financing to support continuing operations and its growth strategy.

Before its IPO, the company received aggregate gross proceeds of USD 811.8 million from sales of convertible preferred stock, USD 15.0 million from term Loan borrowings and USD 50.0 million from the issuance of a SAFE.

Accrued expenses and other current liabilities totaled USD 24.0 million at September 30, 2026, against USD 18.6 million at December 31, 2025. Accrued research and development expenses were USD 11.1 million, against USD 8.3 million. As of September 30, 2026, 11,013,929 shares were available for future issuance under the 2026 Stock Option and Incentive Plan.

The reported items for the quarter are revenue of USD 2.1 million, research and development expenses of USD 45.6 million, the Regeneron collaboration and marketable securities of USD 551.7 million. The company is listed on the Nasdaq Stock Market.