Parabilis Medicines is like Moderna for "undruggable" intracellular protein targets, pioneering a new class of helical peptide medicines (Helicons) that can access disease drivers beyond the reach of traditional drugs.

Parabilis Medicines is akin to Mirati Therapeutics but focused on cracking the historically intractable Wnt/β-catenin pathway with its novel 'Helicon' drug platform, similar to how Mirati targeted KRAS.

Parabilis Medicines (PBLS) major products are investigational drug candidates and its proprietary drug discovery platform:

• Zolucatetide: A lead investigational Helicon therapy that inhibits the β-catenin:TCF interaction, currently in clinical trials for desmoid tumors, FAP, HCC, and CRC.
• ERG degrader: A preclinical Helicon program designed to degrade the ERG protein, an oncogenic driver in prostate cancer.
• ARON degrader: A preclinical Helicon program targeting the active state of the androgen receptor (ARON) for degradation in prostate cancer, aiming to overcome resistance to existing AR-targeted therapies.
• β-catenin Degrader: A discovery-stage Helicon program exploring novel β-catenin targeting agents, including degraders, beyond the mechanism of zolucatetide.
• Helicon Discovery Platform: A proprietary technology platform integrating AI and physics-based computational modeling with high-throughput peptide synthesis for discovering and developing Helicon therapeutics.
• Antibody-Helicon Conjugates (AHCs): A collaborative program with Regeneron exploring a novel therapeutic approach that combines antibody targeting capabilities with Helicon payloads to modulate intracellular proteins.

Parabilis Medicines (PBLS) is a clinical-stage biopharmaceutical company focused on the research and development of novel therapeutic medicines. As such, the company does not currently have any approved products available for commercial sale to individuals or other companies.

Therefore, Parabilis Medicines does not have major commercial customers at this time. Its operations are primarily focused on preclinical and clinical development, with its lead product candidate, zolucatetide, expected to initiate a global registrational Phase 3 trial in desmoid tumors in the first half of 2027.

Mathai Mammen, M.D., Ph.D., Chairman, CEO and President

Mathai Mammen is a world-renowned innovator in drug discovery, development, and team and company building. He currently serves as Chairman, CEO, and President of Parabilis Medicines. Most recently, he was Global Head of R&D and a member of the Executive Committee at Johnson & Johnson, where he spearheaded a significant evolution of Janssen's R&D, one of the largest R&D organizations globally, securing global approvals for eight new medicines and overseeing over 40 acquisitions and licenses, and more than 350 strategic partnerships. Prior to Johnson & Johnson, he was Senior Vice President at Merck. He also co-founded Theravance, Inc. out of graduate school, leading R&D to five approved pharmaceutical products, and oversaw its separation into two companies: Theravance Biopharma, Inc. and Innoviva, Inc. In total, he has led the discovery/development of 18 approved medicines. Mathai serves on the boards of Sandoz, Xaira, Kelonia, and GBH, and is an advisor to General Atlantic and Foresite Capital.

Thomas Kotarakos, Chief Financial Officer

Thomas Kotarakos was promoted to Chief Financial Officer of Parabilis Medicines in April 2026, having joined the company in 2021 and serving in finance leadership positions of increasing responsibility. During his tenure at Parabilis, he has been instrumental in multiple private financings, including the company's $178 million Series D, $145 million Series E, and a recent $305 million Series F rounds. Before joining Parabilis, Mr. Kotarakos was Senior Vice President of Finance and Business Operations at Codiak BioSciences, where he oversaw finance, accounting, IT, and facilities, and supported public-company operations. He also held senior finance roles at Seres Therapeutics and contributed to preparing the company for a public offering.

Helen Ho, Ph.D., Chief Business and Strategy Officer

Helen Ho, Ph.D., joined Parabilis Medicines as Chief Business and Strategy Officer in April 2026. She brings over 20 years of extensive experience in biopharmaceutical strategy and corporate development. Most recently, Dr. Ho served as Chief Business Officer at Blueprint Medicines, where she played a key role in leading corporate development strategies and executing high-impact partnerships and transactions across various stages from research through commercialization. Her background includes a strong track record of helping biopharmaceutical companies grow from early innovation to late-stage development and commercialization.

Fawzi Benzaghou, M.D., Chief Medical Officer

Fawzi Benzaghou, M.D., joined Parabilis Medicines as Chief Medical Officer in 2025.

John McGee, Ph.D., Scientific Co-Founder and Executive Vice President, Head of Platform

John McGee, Ph.D., is a Scientific Co-Founder of Parabilis Medicines. In the early years of the company, he was responsible for leading the development of discovery technology platforms.

The key risks to Parabilis Medicines' business are:

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Parabilis Medicines' success is heavily dependent on the successful outcome of its clinical trials and the subsequent regulatory approval of its product candidates. The company's lead product candidate, zolucatetide, is currently in ongoing Phase 1/2 clinical trials across multiple solid tumor indications, with a global registrational Phase 3 trial planned for desmoid tumors in the first half of 2027. The failure of zolucatetide or any other pipeline candidate in clinical trials, or the inability to obtain necessary regulatory approvals, would significantly jeopardize the company's future and commercial prospects.
2. Novel Technology and Modality Risk: Parabilis Medicines' proprietary platform leverages Helicons, a novel therapeutic modality described as the "first-in-industry" approach designed to address historically undruggable protein targets. While this offers a significant opportunity, it also presents risks associated with a new and unproven technology. There is a lack of extensive long-term data on Helicons, and potential unforeseen challenges related to their development, manufacturing, safety, efficacy, or the establishment of clear regulatory pathways for this specific modality.
3. Reliance on a Single Lead Product Candidate: Parabilis Medicines' pipeline is heavily centered around zolucatetide, which is positioned as the "pipeline-in-a-product" due to its potential across multiple tumor types. The company states that zolucatetide provides "clinical validation of our first-in-industry Helicon approach." While preclinical programs exist, a disproportionate amount of the company's near-term value and strategic focus is tied to the successful development and commercialization of zolucatetide. Any significant setback for zolucatetide could have a profound negative impact on the company's overall viability and valuation.

Parabilis Medicines' main product candidate, zolucatetide, addresses several oncology indications with the following addressable market sizes:

• Desmoid Tumors: The estimated addressable market is approximately 11,000 patients in the United States. The market for desmoid tumor treatments was approximately $2.9 billion in 2024 and is forecast to reach $5.3 billion by 2033.
• Familial Adenomatous Polyposis (FAP): This orphan disease impacts an estimated 34,000 people in the United States.
• Hepatocellular Carcinoma (HCC): There are an estimated 38,000 new HCC cases annually in the United States and approximately 700,000–800,000 new cases worldwide.
• Additional Rare Wnt/ß-catenin-driven Tumors: Wnt/β-catenin pathway alterations are present in over 10% of all cancers, encompassing more than 70 tumor types with APC or β-catenin mutations, affecting an estimated 1.8 million patients in the United States.
• Colorectal Cancer (CRC): There are approximately two million new cases annually globally.

Here are the expected drivers of future revenue growth for Parabilis Medicines (PBLS) over the next 2-3 years:

• Advancement of Zolucatetide in Desmoid Tumors: The planned initiation of a global registrational Phase 3 trial for zolucatetide in desmoid tumors in the first half of 2027 is a significant step towards potential market approval and subsequent revenue generation from this lead indication.

• Expansion of Zolucatetide into Additional Tumor Indications: Parabilis Medicines is pursuing a "pipeline-in-a-product" strategy for zolucatetide, with ongoing clinical development and planned cohorts for Familial Adenomatous Polyposis (FAP) starting in the second half of 2026, Hepatocellular Carcinoma (HCC), additional rare Wnt/ß-catenin-driven tumors, and Colorectal Cancer (CRC). This broadens the future market opportunity for zolucatetide beyond desmoid tumors.

• Progression of Preclinical Prostate Cancer Programs: The advancement of the ERG degrader and ARON degrader programs for prostate cancer into Investigational New Drug (IND)-enabling studies represents the growth of the company's future product pipeline and increases the potential for subsequent clinical development and commercialization of new Helicon-based therapies.

• Parabilis Medicines completed an initial public offering (IPO) on June 10, 2026, selling 33.5 million shares at $20.00 per share and raising gross proceeds of $670 million.
• The company granted underwriters a 30-day option to purchase an additional 5.025 million shares at the IPO price.
• Prior to its IPO, Parabilis Medicines (formerly FOG Pharmaceuticals, Inc.) raised significant private capital, including a $107 million Series C in 2021, a $178 million Series D in 2022, a $145 million Series E in 2024, and a $305 million Series F in January 2026.

• Regeneron Pharmaceuticals agreed to invest approximately $75 million by purchasing 4,166,666 shares of Parabilis Medicines' common stock in a concurrent private placement at $18.00 per share, which is 90% of the IPO price.
• Regeneron also provided a $50 million upfront payment as part of a strategic collaboration agreement.

• Parabilis Medicines plans to allocate $150 million of the IPO proceeds to the clinical development of zolucatetide for desmoid tumors.
• An additional $120 million from the IPO proceeds is designated for the continued clinical development of zolucatetide in other indications, such as Familial Adenomatous Polyposis (FAP) and Hepatocellular Carcinoma (HCC).
• Approximately $190 million of the IPO proceeds are intended to advance the company's preclinical pipeline, including ERG, ARON, and β-catenin degraders.