Cambridge biotech tracker · Cambridge
Parabilis Medicines
Listed on Nasdaq as PBLS, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $1.12B
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $47.3M
- net loss less stock comp
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $52.5M
- Q2 '26
- R&D expense
- $39.4M
- 77% of opex
- Raised, last 4 qtrs
- $0
- net financing cash flow
- Next readout
- Apr 2027
- Phase 1/2 · cash past the catalyst
Cash & investments
Quarter-end balance
Not reported in a standard XBRL tag for this company.
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
5+ years
Cash at Q2 '26 divided by the average burn of the last four quarters, $15.8M a month.
Management’s own date
Into 2030
Jan–Dec 2030
That implies $20.7M to $26.6M a month, 1.3–1.7× the recent pace.
Planning to spend faster“We believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into 2030.”
Cash against the calendar
What the runway has to reach.
Apr 2027estimated
FOG-001 in Locally Advanced or Metastatic Solid Tumors
Cancer · Colorectal Cancer · Solid Tumor
NCT05919264 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 5+ years
- Time to the date
- 5 months
It is about 5 months out. At the current burn there is roughly 66 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
1 active trial, through phase 1/2.
Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| FOG-001 in Locally Advanced or Metastatic Solid TumorsNCT05919264 · Cancer, Colorectal CancerPhase 1/2Apr 2027est. | Phase 1/2 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1/2 readout in Apr 2027, about 5 months out. That leaves roughly 66 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 5+ years of runway
Cash and investments of $1.12B at Q2 '26 against an average operating cash burn of $47.3M per quarter over the last four reported quarters runs out around May 2032. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $1.07B since Q4 '24
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 77% of operating expenses
$39.4M of R&D against $51.0M of total operating expenses in Q2 '26, with G&A at $11.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $148K in Q2 '26
The balance sheet carries $41.5M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $639M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $50.1M | — | — | — | — | — | — | — |
| Q1 '25 · Mar 31, 25 | — | — | −$38.3M | — | — | — | — | — |
| Q2 '25 · Jun 30, 25 | $80.4M | — | −$34.8M | $30.1M | $6.4M | $0 | $823K | — |
| Q4 '25 · Dec 31, 25 | $27.7M | — | — | — | — | — | — | — |
| Q1 '26 · Mar 31, 26 | — | — | −$45.3M | — | — | — | — | — |
| Q2 '26 · Jun 30, 26 | $1.12B | — | −$52.5M | $39.4M | $11.7M | $148K | $3.6M | — |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.