Parabilis Medicines is preparing to advance the development of zolucatetide, its Wnt/β-catenin pathway inhibitor, with plans to launch a phase 3 study in patients with desmoid tumors. The investigational therapy, which received fast-track designation from the FDA for the indication in November 2025, is also being studied in familial adenomatous polyposis, hepatocellular carcinoma and other solid tumors involving Wnt pathway-activating mutations.
The Massachusetts biotechnology company, formerly known as FogPharma, disclosed in a Securities and Exchange Commission filing on May 19 that funding for the phase 3 desmoid tumor study will be a primary priority for proceeds from its planned initial public offering (IPO). The company has not yet disclosed the number of shares it intends to offer or a proposed price range.
Desmoid tumors are rare, noncancerous growths that form in connective tissue. Parabilis said part of the planned IPO proceeds would also be used to continue phase 1 studies of zolucatetide in familial adenomatous polyposis, a rare genetic condition, hepatocellular carcinoma and other solid tumors harboring mutations that activate the Wnt pathway.
Zolucatetide targets beta-catenin, an intracellular protein implicated across a broad range of cancer types. Scientists have sought to develop therapies aimed at beta-catenin since the protein’s discovery in the early 1990s.
The treatment is one example of Parabilis’ helicon peptides, engineered to bind to flat protein surfaces that are difficult for conventional small molecules to target.
Earlier this week, Regeneron agreed to pay $50 million upfront and make a $75 million equity investment in Parabilis under a partnership that will explore helicons as standalone therapies and combine them with Regeneron’s antibodies.
In addition to its helicon platform, Parabilis said in its SEC filing that some of the IPO proceeds would be directed toward advancing additional programs into clinical development, including ERG, AR and beta-catenin degraders.
Before the Regeneron payment, Parabilis reported approximately $329 million in cash and equivalents. The company has also completed several financing rounds, 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 earlier this year.
Parabilis employs 145 full-time employees and 31 full-time consultants. The company is led by CEO Mathai Mammen, M.D., Ph.D., former global head of research and development at Johnson & Johnson.
“I want to be a company that does research, development, manufactures and commercializes product,” Mammen said in an interview in January.
Mammen also said that evaluating zolucatetide in smaller patient populations that are easier to commercialize is part of the company’s strategy. He further noted that partnerships with pharmaceutical companies would be needed to help finance those plans, while the company has now also moved toward public markets.
If completed, the IPO would place Parabilis among other biotechnology companies joining the Nasdaq this year, including Seaport Therapeutics, Hemab Therapeutics, Odyssey Therapeutics and Generate:Biomedicines. Last month, Kailera Therapeutics completed an upsized $625 million offering.
Parabilis Announces Phase 3 Development Plans
Parabilis is preparing to launch a Phase 3 clinical trial evaluating zolucatetide as a potential treatment for desmoid tumors. The latest development highlights how Parabilis continues to focus on innovative therapies designed to address challenging and rare diseases with limited treatment options.
The upcoming Phase 3 trial is expected to assess the safety and effectiveness of zolucatetide in patients affected by desmoid tumors, a rare form of soft tissue tumor that can become aggressive despite not typically spreading to distant organs.
Parabilis Targets Rare Desmoid Tumors With Zolucatetide
Parabilis aims to provide improved therapeutic options for patients living with desmoid tumors through the advancement of zolucatetide. Current treatment approaches for these tumors can involve surgery, radiation therapy, or systemic treatments, but recurrence rates and treatment-related complications remain significant concerns.
The company believes that zolucatetide may offer a targeted approach capable of improving patient outcomes while potentially reducing disease progression. The Phase 3 trial will play a key role in determining the future regulatory pathway for the therapy.
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