DEERFIELD MANAGEMENT COMPANY, L.P. 4
4 · Parabilis Medicines, Inc. · Filed Jun 11, 2026
Research Summary
AI-generated summary of this filing
Parabilis (PBLS) 10% Owner James Flynn Converts Preferred into Common
What Happened
- James E. Flynn (reported as a 10% owner and on behalf of affiliated Deerfield entities) reported multiple automatic conversions of preferred securities into Parabilis common stock on June 11, 2026. The filing shows aggregate conversions that resulted in 1,880,704 common shares acquired and 2,042,004 derivative shares disposed (net change: -161,300 shares). No per‑share prices or cash amounts are reported (N/A) — these were automatic IPO-related conversions rather than open‑market trades.
Key Details
- Transaction date: June 11, 2026 (Form 4 filed the same day).
- Transaction type: automatic conversion of Series A, B, C and D preferred into common; several related derivative dispositions reported.
- Aggregate reported amounts: +1,880,704 common shares (acquired via conversion) and -2,042,004 derivative shares (disposed); net -161,300 shares.
- Price paid/received: N/A — conversions tied to IPO mechanics, not purchases/sales at a market price.
- Shares owned after transaction: not detailed in the provided extract; the filing reports holdings for the Funds and related entities and includes disclaimers about beneficial ownership (see footnotes).
- Notable footnotes: conversion ratios after a 1-for-1.5389 reverse split — Series A ≈ 0.7406 common/share, Series B ≈ 1.0389, Series C ≈ 1.0578, Series D ≈ 0.8764 (see F1–F4). Filing covers multiple reporting entities and includes disclaimers about indirect pecuniary interests (F5–F6). Attorney-in-fact note included in remarks.
Context
- These conversions arose from the closing of the issuer’s IPO and related corporate adjustments (including a reverse split). They are corporate recapitalization events, not open‑market buys or sales, so they generally reflect capital structure changes rather than a trading signal by the insider. Because Flynn is reported as a 10% owner and the filing is on behalf of institutional funds, the report largely reflects institutional holdings and conversion mechanics rather than individual executive trading.
Insider Transaction Report
Form 4Exit
Flynn James E
10% OwnerOther
Transactions
- Conversion
Voting Common Stock
[F1][F5][F6]2026-06-11+122,990→ 122,990 total(indirect: Through Deerfield Private Design Fund III, L.P.) - Conversion
Voting Common Stock
[F1][F5][F6]2026-06-11+122,990→ 122,990 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.) - Conversion
Voting Common Stock
[F2][F5][F6]2026-06-11+149,238→ 272,228 total(indirect: Through Deerfield Private Design Fund III, L.P.) - Conversion
Voting Common Stock
[F2][F5][F6]2026-06-11+149,238→ 272,228 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.) - Conversion
Voting Common Stock
[F3][F5][F6]2026-06-11+260,992→ 533,220 total(indirect: Through Deerfield Private Design Fund III, L.P.) - Conversion
Voting Common Stock
[F3][F5][F6]2026-06-11+260,992→ 533,220 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.) - Conversion
Voting Common Stock
[F4][F5][F6]2026-06-11+407,132→ 940,352 total(indirect: Through Deerfield Private Design Fund III, L.P.) - Conversion
Voting Common Stock
[F4][F5][F6]2026-06-11+407,132→ 940,352 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.) - Conversion
Series A Preferred Stock
[F1][F5][F6]2026-06-11−166,070→ 0 total(indirect: Through Deerfield Private Design Fund III, L.P.)→ Voting Common Stock (122,990 underlying) - Conversion
Series A Preferred Stock
[F1][F5][F6]2026-06-11−166,070→ 0 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.)→ Voting Common Stock (122,990 underlying) - Conversion
Series B Preferred Stock
[F2][F5][F6]2026-06-11−143,650→ 0 total(indirect: Through Deerfield Private Design Fund III, L.P.)→ Voting Common Stock (149,238 underlying) - Conversion
Series B Preferred Stock
[F2][F5][F6]2026-06-11−143,650→ 0 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.)→ Voting Common Stock (149,238 underlying) - Conversion
Series C Preferred Stock
[F3][F5][F6]2026-06-11−246,732→ 0 total(indirect: Through Deerfield Private Design Fund III, L.P.)→ Voting Common Stock (260,992 underlying) - Conversion
Series C Preferred Stock
[F3][F5][F6]2026-06-11−246,732→ 0 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.)→ Voting Common Stock (260,992 underlying) - Conversion
Series D Preferred Stock
[F4][F5][F6]2026-06-11−464,550→ 0 total(indirect: Through Deerfield Private Design Fund III, L.P.)→ Voting Common Stock (407,132 underlying) - Conversion
Series D Preferred Stock
[F4][F5][F6]2026-06-11−464,550→ 0 total(indirect: Through Deerfield Healthcare Innovations Fund, L.P.)→ Voting Common Stock (407,132 underlying)
Footnotes (6)
- [F1]Each share of Series A Preferred Stock automatically converted into approximately 0.7406 shares of the Issuer's voting common stock upon the closing of the Issuer's initial public offering (on an adjusted basis after giving effect to the 1-for-1.5389 reverse split of the Issuer's common stock effected by the Issuer on June 3, 2026).
- [F2]Each share of Series B Preferred Stock automatically converted into approximately 1.0389 shares of the Issuer's voting common stock upon the closing of the Issuer's initial public offering (on an adjusted basis after giving effect to the 1-for-1.5389 reverse split of the Issuer's common stock effected by the Issuer on June 3, 2026).
- [F3]Each share of Series C Preferred Stock automatically converted into approximately 1.0578 shares of the Issuer's voting common stock upon the closing of the Issuer's initial public offering (on an adjusted basis after giving effect to the 1-for-1.5389 reverse split of the Issuer's common stock effected by the Issuer on June 3, 2026).
- [F4]Each share of Series D Preferred Stock automatically converted into approximately 0.8764 shares of the Issuer's voting common stock upon the closing of the Issuer's initial public offering (on an adjusted basis after giving effect to the 1-for-1.5389 reverse split of the Issuer's common stock effected by the Issuer on June 3, 2026).
- [F5]This Form 4 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement attached as an exhibit hereto (the "Reporting Persons"). Deerfield Mgmt III, L.P. is the general partner of Deerfield Private Design Fund III, L.P. ("Fund III"). Deerfield Mgmt HIF, L.P. is the general partner of Deerfield Healthcare Innovations Fund, L.P. ("Deerfield Innovations" and together with Fund III, the "Funds"). Deerfield Management Company, L.P. is the investment manager of the Funds.
- [F6]In accordance with Instruction 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by each Fund is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.
Signature
/s/ Jonathan Isler, Attorney-In-Fact|2026-06-11