<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001906837</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.0001 par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001657677</issuerCik>
        <issuerName>Parabilis Medicines, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>698955101</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">30 Acorn Park Drive</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Cambridge</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">MA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">02140</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>ARCH Venture Fund XII, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>ARCH Venture Partners XII, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>ARCH Venture Partners XII, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Robert Nelsen</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Keith Crandell</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Kristina Burow</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Steven Gillis</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>6412780</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>6412780</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6412780</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Parabilis Medicines, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>30 Acorn Park Drive, Cambridge, MA 02140</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>ARCH Venture Fund XII, L.P. ("AVF XII"); ARCH Venture Partners XII, L.P. ("AVP XII LP"); ARCH Venture Partners XII, LLC ("AVP XII LLC") (collectively, the "Reporting Entities" and individually, each a "Reporting Entity"); and Keith Crandell ("Crandell"), Robert Nelsen ("Nelsen"), Kristina Burow ("Burow") and Steven Gillis ("Gillis") (collectively, the "Investment Committee" and individually, each a "Committee Member"). The Reporting Entities and the Committee Members collectively are referred to as the "Reporting Persons." The Reporting Persons are filing this report with respect to shares of Common Stock, par value $0.0001 per share (the "Common Stock") of Parabilis Medicines, Inc. (the "Issuer").</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The business address of each of the Reporting Persons is 8755 West Higgins Road, Suite 1025, Chicago, IL, 60631.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>AVF XII and AVP XII LP are limited partnerships organized under the laws of the State of Delaware. AVP XII LLC is a limited liability company organized under the laws of the State of Delaware.  Each Committee Member is a US citizen.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>AVF XII is the record owner of 6,412,780 shares of Common Stock (the "Record Shares") as of June 30, 2026.  AVP XII LP, as the sole general partner of AVF XII, may be deemed to beneficially own the Record Shares.  AVP XII LLC, as the sole general partner of AVP XII, may be deemed to beneficially own the Record Shares.  As Committee Members of AVP XII LLC, each Committee Member may also be deemed to share the power to direct the disposition and vote of the Record Shares.

Each Reporting Person disclaims beneficial ownership of such shares of Common Stock except for the shares, if any, such Reporting Person holds of record.</amountBeneficiallyOwned>
        <classPercent>The information required by Item 4(b) is incorporated by reference to Row 11 of the cover pages hereto. The percentages set forth on the cover sheet for each Reporting Person are based upon 121,952,030 shares of Common Stock outstanding as of August 10, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 13, 2026.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See row 5 of the cover pages.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See row 6 of the cover pages.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See row 7 of the cover pages.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See row 8 of the cover pages.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>Exhibit 1 - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>ARCH Venture Fund XII, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>ARCH Venture Partners XII, L.P.</signature>
        <title>its General Partner</title>
        <date>08/14/2026</date>
      </signatureDetails>
      <signatureDetails>
        <signature>ARCH Venture Partners XII, LLC</signature>
        <title>its General Partner</title>
        <date>08/14/2026</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>ARCH Venture Partners XII, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>ARCH Venture Partners XII, LLC</signature>
        <title>its General Partner</title>
        <date>08/14/2026</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>ARCH Venture Partners XII, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Keith Crandell, Managing Director</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Robert Nelsen</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Robert Nelsen</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Keith Crandell</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Keith Crandell</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Kristina Burow</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Kristina Burow</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Steven Gillis</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark McDonnell*</signature>
        <title>Mark McDonnell, as Attorney-in-Fact for Steven Gillis</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>This Schedule 13G was executed by Mark McDonnell pursuant to a Power of Attorney filed as Exhibit 24 to the Form 3 relating to the beneficial ownership of shares of Neumora Therapeutics, Inc. by the Reporting Persons filed with the Securities and Exchange Commission on September 14, 2023 and incorporated herein in its entirety by reference.  </signatureComments>
  </formData>

</edgarSubmission>
