PBLS
PBLSCIK 0001657677
Mid by assets
Assets $1.2B
as of Oct 11, 2026
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8-K
Filed Sep 15, 2026
· Period ending Sep 15, 2026
Summary not yet generated.
8-K
Filed Sep 2, 2026
· Period ending Aug 28, 2026
Summary not yet generated.
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8-K
Filed Aug 25, 2026
· Period ending Aug 22, 2026
Summary not yet generated.
10-Q
Filed Aug 13, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Aug 13, 2026
· Period ending Aug 13, 2026
Summary not yet generated.
8-K
Filed Jun 11, 2026
· Period ending Jun 9, 2026
Summary not yet generated.
S-1/A
Filed Jun 9, 2026
Red flag
PBLS files S-1/A to raise $600M in IPO at $18/share, with $75M Regeneron private placement
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Collaboration revenue | 148 | — | 148 | — |
| Operating expenses: | ||||
| Research and development | 39,377 | 30,126 | 77,130 | 64,031 |
| General and administrative | 11,657 | 6,394 | 21,357 | 12,730 |
| Total operating expenses | 51,034 | 36,520 | 98,487 | 76,761 |
| Loss from operations | (50,886) | (36,520) | (98,339) | (76,761) |
| Other income (expense): | ||||
| Interest income | 4,189 | 1,049 | 6,618 | 2,306 |
| Interest expense | (210) | (396) | (502) | (795) |
| Sublease income related party | — | 1,057 | — | 2,114 |
| Change in fair value of simple agreement for future equity | (5,556) | — | (5,556) | — |
| Total other (expense) income, net | (1,577) | 1,710 | 560 | 3,625 |
| Net loss | (52,463) | (34,810) | (97,779) | (73,136) |
| Cumulative dividends on convertible preferred stock | (14,492) | (10,184) | (32,181) | (19,965) |
| Deemed dividend upon down-round of convertible preferred stock | — | — | (7,875) | — |
| Net loss allocable to common stockholders | (66,955) | (44,994) | (137,835) | (93,101) |
| Net loss per share allocable to common stockholders, basic and diluted | (2.32) | (22.28) | (8.86) | (46.13) |
| Weighted average common shares outstanding, basic and diluted | 28,908,277 | 2,019,111 | 15,553,335 | 2,018,354 |
| Comprehensive loss: | ||||
| Net loss | (52,463) | (34,810) | (97,779) | (73,136) |
| Change in unrealized gains (losses) on marketable securities | (18) | (5) | (18) | (21) |
| Comprehensive loss | (52,481) | (34,815) | (97,797) | (73,157) |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 1,087,060 | 27,711 |
| Marketable securities | 33,637 | — |
| Prepaid expenses and other current assets | 4,699 | 1,647 |
| Total current assets | 1,125,396 | 29,358 |
| Property and equipment, net | 6,718 | 6,715 |
| Restricted cash | 2,855 | 2,855 |
| Operating lease right-of-use assets | 36,007 | 39,360 |
| Other assets | 4,286 | 2,532 |
| Total assets | 1,175,262 | 80,820 |
| Liabilities, convertible preferred stock and stockholders’ equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable | 18,525 | 17,272 |
| Accrued expenses and other current liabilities | 19,972 | 18,630 |
| Operating lease liabilities, current portion | 7,592 | 7,174 |
| Deferred revenue, current portion | 10,371 | — |
| Finance lease liabilities, current portion | 669 | 638 |
| Term loan, net of discount | 5,710 | 13,077 |
| Total current liabilities | 62,839 | 56,791 |
| Operating lease liabilities, net of current portion | 32,413 | 36,341 |
| Finance lease liabilities, net of current portion | 1,128 | 1,470 |
| Deferred revenue, net of current portion | 31,148 | — |
| Other liabilities | — | 2,742 |
| Total liabilities | 127,528 | 97,344 |
| Commitments and contingencies (Note 11) | ||
| Convertible preferred stock, $0.0001 par value; no shares and 53,296,426 shares authorized at June 30, 2026 and December 31, 2025, respectively; no shares and 53,296,426 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively (liquidation preference of $0 and $658,972 at June 30, 2026 and December 31, 2025, respectively) | — | 509,971 |
| Stockholders’ equity (deficit): | ||
| Preferred stock, $0.0001 par value; 10,000,000 shares and no shares authorized at June 30, 2026 and December 31, 2025, respectively; no shares issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value; 600,000,000 and 81,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 121,938,652 and 2,035,357 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 12 | — |
| Non-voting common stock, $0.0001 par value; 200,000,000 shares and no shares authorized at June 30, 2026 and December 31, 2025, respectively; 1,581,210 shares and no shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 1,687,023 | 15,009 |
| Accumulated other comprehensive loss | (18) | — |
| Accumulated deficit | (639,283) | (541,504) |
| Total stockholders’ equity (deficit) | 1,047,734 | (526,495) |
| Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | 1,175,262 | 80,820 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | (97,779) | (73,136) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,199 | 1,272 |
| Accretion of discounts on marketable securities | (208) | 473 |
| Stock-based compensation expense | 4,938 | 1,675 |
| Non-cash interest expense | 133 | 165 |
| Non-cash lease expense | 3,353 | 3,066 |
| Change in fair value of simple agreement for future equity | 5,556 | — |
| Changes in operating assets and liabilities: | ||
| Rent receivable related party | — | 120 |
| Due from related party | — | 51 |
| Prepaid expenses and other assets | (5,364) | 66 |
| Operating lease liabilities | (3,510) | (3,081) |
| Deferred revenue | 41,519 | — |
| Accounts payable, accrued expenses and other liabilities | (2,659) | 4,085 |
| Net cash used in operating activities | (52,822) | (65,244) |
| Cash flows from investing activities | ||
| Purchases of marketable securities | (33,447) | (16,664) |
| Proceeds from maturities of marketable securities | — | 47,954 |
| Purchases of property and equipment | (985) | (90) |
| Net cash (used in) provided by investing activities | (34,432) | 31,200 |
| Cash flows from financing activities | ||
| Proceeds from issuance of Series E convertible preferred stock and preferred stock tranche right liability | — | 67,491 |
| Proceeds from issuance of Series F convertible preferred stock | 305,249 | — |
| Payments of convertible preferred stock issuance costs | (680) | (62) |
| Proceeds from issuance of simple agreement for future equity | 50,000 | — |
| Proceeds from initial public offering, net of underwriting discounts and commissions | 718,240 | — |
| Payments of initial public offering costs | (2,499) | — |
| Proceeds from concurrent private placement of common stock | 83,333 | — |
| Principal payments on finance leases | (311) | (284) |
| Principal payments on debt | (7,500) | — |
| Proceeds from exercise of stock options | 771 | 9 |
| Net cash provided by financing activities | 1,146,603 | 67,154 |
| Increase in cash, cash equivalents and restricted cash | 1,059,349 | 33,110 |
| Cash, cash equivalents and restricted cash at beginning of period | 30,566 | 50,139 |
| Cash, cash equivalents and restricted cash at end of period | 1,089,915 | 83,249 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 414 | 632 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Purchases of property and equipment included in accounts payable | 277 | 30 |
| Initial public offering costs included in accounts payable and accrued expenses | 2,853 | — |
| Conversion of convertible preferred stock into common stock and non-voting common stock | 814,540 | — |
| Conversion of simple agreement for future equity into common stock | 55,556 | — |
| Settlement of Series E preferred stock tranche right liability | — | 2,167 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗