DEERFIELD MANAGEMENT COMPANY, L.P. 4

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.