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Key Metrics for Technology and Life Sciences

Initial Public Offerings2019 Full Year

Key Metrics for Technology and Life Sciences Initial Public Offerings2019 Full Year

Survey Contents

Survey Results ....................................................................................................................2

Offerings Completed ..........................................................................................................3

Size of Offerings, Red Herring Midpoint ............................................................................4

Size of Offerings, Final IPO Price .......................................................................................5

Aggregate Amount Raised, Red Herring Midpoint ............................................................6

Aggregate Amount Raised, Final IPO Price .......................................................................7

Price Changes Between the Red Herring and Initial Offering Price.................................. 8

Days on File......................................................................................................................12

Price Changes Around the Expiration of the Lock-Up .....................................................13

Insider Participation ..........................................................................................................14

Technology Offerings .......................................................................................................15

Life Sciences Offerings ...................................................................................................17

Methodology ....................................................................................................................19

Disclaimer.........................................................................................................................19

Sign-Up Information .........................................................................................................19

Authors

Contact the authors or members of your client service team to discuss the report or for more information.

James D. EvansCo-Chair, Capital Markets &

Public Companies

[email protected] Full Bio

Robert A. FreedmanCo-Chair, Capital Markets

& Public Companies

[email protected] Bio

https://www.fenwick.com/professionals/Pages/jamieevans.aspx

https://www.fenwick.com/professionals/Pages/robertfreedman.aspx

2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS 2019 FULL YEAR

U.S. initial public offerings notched another robust year in 2019 despite bouts of volatility, a number

of high-profile technology IPOs that struggled, and a slight drop in deal volume. A total of 108

companies went public in 2019, down from 112 in 2018—which was a particularly strong year for

public markets. In particular, the second half of 2019 saw 49 life sciences and technology IPOs,

down from the 59 in the first half of 2019.

By the Numbers

In the second half of 2019, 49 life sciences and technology companies made their debut on the

public markets, down from 59 in the first half of the year, continuing a trend of relative stability.

Technology and life sciences offerings represented a bright spot in the market; 23 technology

companies went public (down from 25 in the first half) and 26 life sciences companies completed

offerings (down from 34 in the first half).

Though we do not include SPAC data in this survey, it is worth noting that their numbers continued

to increase, rising from 4% in 2013 to 30% of the total share of annual IPOs in 2019, PwC reported.

We believe the increase in popularity was driven, at least in part, by sophisticated well-known

individuals and entities setting up new SPACs.

The number of companies incorporated offshore listing in the U.S. remained stable, with 14

offerings in the second half compared to 15 in the first half. Those numbers are slightly down from

19 in the second half of 2018.

In the San Francisco Bay Area, 13 companies went public in the second half—seven of them

technology and six life sciences.

Valuations

Technology deal valuations consisted of about 35% of technology deals raising between $20

million and $100 million, about 22% raising between $150 million and $225 million, and another

17% raising between $275 million and $400 million.

In the life sciences space, valuations consisted of the majority of IPOs in the second half of the

year (65.4%) raising between $25 million and $100 million and another 27% coming in between

$125 million and $200 million.

Survey Results Life Sciences and Technology IPOs Stay Strong in Second Half Despite Bumps

Only two technology and life sciences offerings in the second half of 2019 had proceeds of more

than $1 billion, down from five in the first half. SmileDirectClub was the largest life sciences offering

raising $1.3 billion. The other offering, technology-company Peloton Interactive, raised $1.16 billion.

Dual-Class Share Structure

The dual-class capital structure continued to be widely utilized by technology companies, as 11

technology IPOs featured this structure, down from 13 in the first half. Only three life sciences

companies had a dual-class structure, compared to two in the first half.

Pricing

The clear majority of offerings in the first half of 2019 priced within or above-range—91% of

technology offerings and 73% of life sciences offerings—underscoring a relatively strong and

stable market environment.

The results indicate that 2019 IPOs were well priced with healthy but generally had modest first-day

gains. Consistent with prior half-year periods, technology offerings enjoyed solid first-day trading

as 60.9% traded up at first day close compared to 61.5% of life sciences offerings.

Outlook

We remain cautiously optimistic about public market activity despite uncertainties arising from the

global outbreak of the corona virus, international trade tensions and the upcoming U.S. election.

In the life sciences space, rhetoric related to healthcare programs and policies may affect IPO

planning and timing. On the technology side, our data from the second half of 2019 suggests

the head winds from 2019—including U.S.-China trade tensions and concerns about economic

growth—may affect technology deal volume and value. After a spotty 2019, when certain

high-profile technology offerings underperformed, investors are focusing more on the path to

profitability, environmental and social awareness and robust governance as a mark of readiness.

Direct listings continue to generate a tremendous amount of interest and more companies, as

well as board members and investors, are considering the process as an alternative to a public

offering following the debuts of Slack and Spotify in the last two years. If market conditions are

stable, we expect to see at least two and perhaps more direct listings in 2020.

NUMBER OF IPO DEALS IN H2 2019

23TECH

26LIFE

SCIENCES

23TECH

26LIFE

SCIENCES

9 INTERNATIONAL

14 UNITED STATES

5 INTERNATIONAL

21 UNITED STATES

https://www.pwc.com/us/en/services/deals/library/us-capital-markets-watch.html

https://www.fenwick.com/publications/Pages/The-Rise-of-Direct-Listings-Understanding-the-Trend-Separating-Fact-from-Fiction.aspx


0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4

2017

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

8

2

4

4

6

2

1

2018

Q1

2019

8

3

5

14

1

12

8

5

1

3

4

5

7

7

3

3

19

5

1015

4

4

14

32

1

10

21

14

3

2 1

8

4

79

2

12 12

2

IPOS PER QUARTER 2012 – 2019

Offerings CompletedThis graph shows the number of technology

and life sciences IPOs completed during each

quarter of 2012 through 2019.

IPOS

IPOS

LIFE

LIFE

SCIE

SCIE

NC

NC

ES

ES

TE

TE

CH

CH

0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4

2017




Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

8

2

4

4

6

2

1

2018

Q1

2019

8

3

5

14

1

12

8

5

1

3

4

5

7

7

3

3

19

5

1015

4

4

14

32

1

10

21

14

3

2 1

8

4

79

2

12 12

2

34 2019 H125

26

232019


RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2019, SECOND HALF

Size of Offerings, Red Herring Midpoint

SharePrice

Number of Shares in Millions

SharePrice


Bubble Size = deal size

$468M

$1.2B

$43M


$589M

$1.35B

$20M

IPO Deal Comparison (Midpoint Price) 2019, 2nd Half

DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

Red Herring Deal Comparison (Midpoint Price) 2019, 2nd Half

Dynatrace

Life Sciences International (5 deals)

Technology International (9 deals)

Life Sciences U.S. (21 deals)

Technology U.S. (14 deals)





SharePrice


SharePrice



$468M

$1.2B

$43M


$589M

$1.35B

$20M


DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70


Dynatrace









SharePrice


SharePrice



$468M

$1.2B

$43M


$589M

$1.35B

$20M


DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70


Dynatrace









The following scatter graphs plot technology and life sciences IPOs

completed during the first and second half of 2019 in terms of the

initial offering price per share and number of shares offered based

on the red herring prospectus.

RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2019, FIRST HALF

Chewy

CrowdStrike

Parsons

Zoom

IPO Deal Comparison (Midpoint Price) 2019, 1st Half

Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60

Red Herring Deal Comparison (Midpoint Price) 2019, 1st Half

Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M

Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M


IPO DEAL COMPARISON 2019, SECOND HALF

Size of Offerings, Final IPO PriceThe following scatter graphs plot technology and life sciences IPOs

completed during the first and second half of 2019 in terms of the

initial offering price per share and number of shares offered based

on actual pricing of the offering.

IPO DEAL COMPARISON 2019, FIRST HALF

SharePrice


SharePrice



$468M

$1.2B

$43M


$589M

$1.35B

$20M


DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70


Dynatrace









SharePrice


SharePrice



$468M

$1.2B

$43M


$589M

$1.35B

$20M


DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70


Dynatrace









SharePrice


SharePrice



$468M

$1.2B

$43M


$589M

$1.35B

$20M


DouYu

DouYu

Dynatrace

10x Genomics

10x Genomics

SmileDirectClub

SmileDirectClub

Cloudflare

Cloudflare

Envista

Envista

Datadog

Datadog

Peloton

Peloton

OneConnect

OneConnect

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70

$0

$10

$20

$30

$40

$5

$15

$25

$35

0 20 40 60 8010 30 50 70


Dynatrace









Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M

Chewy

CrowdStrike

Parsons

Zoom


Avantor

Pinterest

Parsons

Lyft

$0

$20

$40

$60

$0

$20

$40

$60


Uber

Avantor

Pinterest

Uber

Lyft

CrowdStrike

Chewy

ChangeHealthcare

ChangeHealthcare

ZoomSharePrice

SharePrice

0 50 100 150 200 22517525 75 125


0 50 100 150 200 22517525 75 125











$3B

$8.46B

$30M


$8.1B

$2.9B

$27.5M


Aggregate Amount Raised, Red Herring Midpoint

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, SECOND HALF

17.6%

35.3%

23.5%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M

4.0% 4.0% 4.0%

8.0%

Life Sciences Deal Size Distribution

deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$225M $250M $3B

$750M$725M $8.46B$2.0B$1.2B

4.0% 4.0% 4.0%

$250M $275M $325M $350M

4.0% 4.0%

2.9%5.9%5.9%

2.9%

4.0% 4.0%8.0% 8.0% 8.0%

4.0%

12.0% 12.0%

17.6%

35.3%

23.5%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M$375M $400M $625M $650M$225M

4.0% 4.0% 4.0%

8.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$225M $250M $3B

$750M$725M $8.46B$2.0B$1.2B

4.0% 4.0% 4.0%

$250M $275M $325M $350M

4.0% 4.0%

2.9%5.9%5.9%

2.9%

4.0% 4.0%8.0% 8.0% 8.0%

4.0%

12.0% 12.0%

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $225M $275M $325M


$50M $75M $100M $125M $150M$25M $250M $275M$175M deal size

% of deals

38.5%

3.8% 3.8% 3.8% 3.8% 3.8%

19.2%

15.4%

7.7%

4.3%

13.0%

4.3%

13.0% 13.0%

$600M $625M

4.3%

$250M

4.3%

$300M $400M$375M

4.3%

$450M $500M

4.3%

$425M

4.3%

$475M

4.3%4.3%4.3%

8.7%

4.3%4.3%

$1.2B$850M $875M

$1.2B

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2019, FIRST HALF

The following graphs provide information about aggregate deal size at the red herring stage in the first and second half of 2019.

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $225M $275M $325M


$50M $75M $100M $125M $150M$25M $250M $275M$175M deal size

% of deals

38.5%

3.8% 3.8% 3.8% 3.8% 3.8%

19.2%

15.4%

7.7%

4.3%

13.0%

4.3%

13.0% 13.0%

$600M $625M

4.3%

$250M

4.3%

$300M $400M$375M

4.3%

$450M $500M

4.3%

$425M

4.3%

$475M

4.3%4.3%4.3%

8.7%

4.3%4.3%

$1.2B$850M $875M

$1.2B


Aggregate Amount Raised, Final IPO Price

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, SECOND HALF

7.7% 7.7%

34.6%

23.1%

11.5%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $275M$225M $300M

17.4%

8.7%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M $575M $600M$25M

8.7%

$0M $25M

4.3% 4.3% 4.3% 4.3% 4.3%

$350M $375M

4.3%

$400M

4.3%

$750M $775M$625M $650M$575M$525M $550M

4.3% 4.3% 4.3% 4.3%

$1.2B

4.3%

8.7%

7.7%3.8% 3.8%

$1.3B

7.7% 7.7%

34.6%

23.1%

11.5%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M $275M$225M $300M

17.4%

8.7%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M $575M $600M$25M

8.7%

$0M $25M

4.3% 4.3% 4.3% 4.3% 4.3%

$350M $375M

4.3%

$400M

4.3%

$750M $775M$625M $650M$575M$525M $550M

4.3% 4.3% 4.3% 4.3%

$1.2B

4.3%

8.7%

7.7%3.8% 3.8%

$1.3B

14.7%

38.2%

8.9%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M

8.0%

4.0% 4.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$2.9B

$625M$600M $8.1B$2.3B$1.4B$1.0B

4.0%4.0% 4.0% 4.0%

$750M $775M

4.0% 4.0%

$300M $325M $350M $375M

4.0%

5.9%

14.7%

2.9% 2.9% 2.9%

$275M $300M $325M $350M

2.9%

4.0%

16.0%

8.0%4.0%

12.0% 12.0% 14.7%

38.2%

8.9%

2.9% 2.9%

deal size

% of deals

Technology Deal Size Distribution$75M $100M $125M $150M $175M $200M $500M $525M $550M $575M$225M

8.0%

4.0% 4.0%


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

$50M$25M

$2.9B

$625M$600M $8.1B$2.3B$1.4B$1.0B

4.0%4.0% 4.0% 4.0%

$750M $775M

4.0% 4.0%

$300M $325M $350M $375M

4.0%

5.9%

14.7%

2.9% 2.9% 2.9%

$275M $300M $325M $350M

2.9%

4.0%

16.0%

8.0%4.0%

12.0% 12.0%

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2019, FIRST HALF

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in the first and second half of 2019.


Price Changes Between the Red Herring and Initial Offering Price

Technology

Life Sciences

$10

$12

$16

$18

$20

$22

$24

$15.00$15.00

$16.00$16.00

$23.99

$15.00$15.00

$15.09

$17.69

$16.00

$15.00

$18.65

Red Herring Final Price 1st Day Close

2019 H22019 H1

AVERAGE PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

MEDIAN PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

Red Herring Final Price 1st Day Close

Technology

$10

$12

$14

$16

$18

$20

$22

$24

$26

$15.13

$16.60

$19.03

$27.26

$20.63

$19.25

$15.63$15.96

$22.02

$16.10$16.23

$17.63

Life Sciences

2019 H22019 H1

Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of marketing

efforts are processes that are equal parts science and art. These graphs show the median and average prices for technology

and life sciences IPOs from the red herring stage to the actual public offering price to the closing price on the first day of

trading, for the first and second half of 2019.


RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, FIRST HALF

RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2019, SECOND HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, FIRST HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2019, SECOND HALF

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

3.8%69.2%

26.9%

47.8%

8.7%

43.5%

The two graphs on the left show the percentage of technology and life sciences IPOs

with a final price that falls above, within or below the red herring range in the first and

second half of 2019. The two graphs on the right show the percentage of technology

and life sciences deals that closed up, down or flat on their first day of trading in the

first and second half of 2019.

Price Changes – Red Herring Range & First Day Trading

ClosedUp

ClosedFlat

ClosedDown

20.0%

Life Sciences

3.8%

61.5%

34.6%

60.9%

13.0%

26.1%

Technology

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

17.6%

17.6%

64.7%

36.0%

52.0%

12.0%

Life Sciences

Technology

ClosedUp

ClosedFlat

ClosedDown

72.0%

28.0%

64.7%

32.4%2.9%


The following graphs show the technology company IPOs with the largest percentage gain and loss

from the red herring midpoint to the actual initial public offering price and from the initial public offering

price to the first day of trading for IPOs completed in the first and second half of 2019.

30.0%

36.7%

51.9%

43.5%

49.1%50.7%

61.4%

76.4%

SiT

ime

Cor

pora

tion

Dyn

atra

ce

Hea

lth C

atal

yst

Bill

.com

Hol

ding

s

Med

allia

89bi

oApr

ea T

hera

peut

ics

IGM

Bio

scie

nces

-29.9%

Vir

Bio

tech

nolo

gy

Sm

ileD

irect

Clu

b

-27.5%

-15.6%

Ful

crum

The

rape

utic

s

Miru

m P

harm

aceu

tical

s

Cen

toge

ne B

.V.

-11.9% -10.8%

32.7%

Exa

gen

33.8%

Cas

tle B

iosc

ienc

es

-26.5%

You

dao

Pel

oton

Inte

ract

ive

-11.2% -9.9%

36K

r H

oldi

ngs

Sun

nova

Ene

rgy

Inte

rnat

iona

l

Can

aan-6.3%

-0.1%


Technology—U.S.

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, SECOND HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019 SECOND HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF

Price Changes – Biggest Tech Movers

12.2%

31.7% 30.2%

36.4% Dat

adog

Livo

ngo

Hea

lth

33.3%

Dyn

atra

ce

Clo

udfla

re

29.4%

Bill

.com

Hol

ding

s

Sm

ileD

irect

Clu

b

6.7%

Cas

tle B

iosc

ienc

es

5.9%

Spr

ingW

orks

The

rape

utic

s

-9.8%

Dou

Yu

Inte

rnat

iona

l Hol

ding

s

-10.0%

Can

aan

-23.1%

One

Con

nect

Fin

anci

al T

echn

olog

y

-10.3%

Mol

ecul

ar D

ata

-29.4%

Sun

nova

Ene

rgy

Inte

rnat

iona

l

-20.0% -20.0%

-13.3%

Bio

NTe

ch S

E

RA

PT

Ther

apeu

tics

Gal

era

Ther

apeu

tics

Pro

gyny-21.1%

Cab

alet

ta B

io

-26.7%

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF

Geographical Distribution of Technology Company IPOs – H2 2019

7CALIFORNIA

1COLORADO

1UTAH

9CHINA

13.3%

25.0%

20.0% 20.0%

61.9%

25.0%20.0%

Zoom

Vid

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Pag

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Cro

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Che

wy

18.8%

Pin

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Sho

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ave

Med

ical

13.3%

Per

sona

lis

App

lied

Ther

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tics

Trev

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Silk

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edic

al

Ada

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logi

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Sto

ke T

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peut

ics

-21.4%

Son

im T

echn

olog

ies

-14.3%

Cam

bium

Net

wor

ks

-25.7%

Cha

nge

Hea

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re

-8.3%

Yun

ji

-8.7%

Jiay

in G

roup

-28.6% -28.6%

Kal

eido

Bio

scie

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IDE

AY

A B

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es

-28.2%

Ava

ntor

-33.3% -33.3%

79.4%

101.5%

75.6%72.2%

90.0%93.5%

80.9%

Jum

ia T

echn

olog

ies

AG

88.9%

Five

rr In

tern

atio

nal

Rev

olve

Gro

up

70.6%

Cro

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Zoom

Vid

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Sho

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Med

ical

67.6%

Per

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lis

Ada

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e B

iote

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logi

es

Cor

texy

me

Silk

Roa

d M

edic

al

-3.3%

Linx

S.A

.

-37.2%

Ruh

nn H

oldi

ng L

imite

d

-19.2%

Cam

bium

Net

wor

ks

-7.6%

Ube

r Te

chno

logi

es

-4.7%

Sci

Pla

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orpo

ratio

n

Trev

i The

rape

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s

-21.1%

Pre

vail

Ther

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-20.0%

Bic

ycle

The

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s

-14.3%

Ave

dro

-12.2%

Axc

ella

Hea

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3NEW YORK

1MASSACHUSETTS


The following graphs show the life sciences company IPOs with the largest

percentage gain and loss from the red herring midpoint to the actual initial

public offering price and from the initial public offering price to the first day of

trading for IPOs completed in the first and second half of 2019.

30.0%

36.7%

51.9%

43.5%

49.1%50.7%

61.4%

76.4%

SiT

ime

Cor

pora

tion

Dyn

atra

ce

Hea

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atal

yst

Bill

.com

Hol

ding

s

Med

allia

89bi

oApr

ea T

hera

peut

ics

IGM

Bio

scie

nces

-29.9%

Vir

Bio

tech

nolo

gy

Sm

ileD

irect

Clu

b

-27.5%

-15.6%

Ful

crum

The

rape

utic

s

Miru

m P

harm

aceu

tical

s

Cen

toge

ne B

.V.

-11.9% -10.8%

32.7%

Exa

gen

33.8%

Cas

tle B

iosc

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es

-26.5%

You

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Pel

oton

Inte

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-11.2% -9.9%

36K

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Sun

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aan-6.3%

-0.1%



BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, SECOND HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, SECOND HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2019, FIRST HALF

Price Changes – Biggest Life Sciences Movers

12.2%

31.7% 30.2%

36.4% Dat

adog

Livo

ngo

Hea

lth

33.3%

Dyn

atra

ce

Clo

udfla

re

29.4%

Bill

.com

Hol

ding

s

Sm

ileD

irect

Clu

b

6.7%

Cas

tle B

iosc

ienc

es

5.9%

Spr

ingW

orks

The

rape

utic

s

-9.8%

Dou

Yu

Inte

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iona

l Hol

ding

s

-10.0%

Can

aan

-23.1%

One

Con

nect

Fin

anci

al T

echn

olog

y

-10.3%

Mol

ecul

ar D

ata

-29.4%

Sun

nova

Ene

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Inte

rnat

iona

l

-20.0% -20.0%

-13.3%

Bio

NTe

ch S

E

RA

PT

Ther

apeu

tics

Gal

era

Ther

apeu

tics

Pro

gyny-21.1%

Cab

alet

ta B

io

-26.7%

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2019, FIRST HALF

Geographical Distribution of Life Sciences IPOs – H2 2019

2GERMANY 1CHINA

13.3%

25.0%

20.0% 20.0%

61.9%

25.0%20.0%

Zoom

Vid

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Pag

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22.2%

Cro

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Che

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18.8%

Pin

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Sho

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Med

ical

13.3%

Per

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lis

App

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Ther

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tics

Trev

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Silk

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Ada

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Sto

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peut

ics

-21.4%

Son

im T

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ies

-14.3%

Cam

bium

Net

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-25.7%

Cha

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Hea

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-8.3%

Yun

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-8.7%

Jiay

in G

roup

-28.6% -28.6%

Kal

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Bio

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IDE

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A B

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-28.2%

Ava

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-33.3% -33.3%

79.4%

101.5%

75.6%72.2%

90.0%93.5%

80.9%

Jum

ia T

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olog

ies

AG

88.9%

Five

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tern

atio

nal

Rev

olve

Gro

up

70.6%

Cro

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Med

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67.6%

Per

sona

lis

Ada

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e B

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logi

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Cor

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Silk

Roa

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al

-3.3%

Linx

S.A

.

-37.2%

Ruh

nn H

oldi

ng L

imite

d

-19.2%

Cam

bium

Net

wor

ks

-7.6%

Ube

r Te

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logi

es

-4.7%

Sci

Pla

y C

orpo

ratio

n

Trev

i The

rape

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s

-21.1%

Pre

vail

Ther

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-20.0%

Bic

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The

rape

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s

-14.3%

Ave

dro

-12.2%

Axc

ella

Hea

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-31.0%

8CALIFORNIA

3MASSACHUSETTS

3PENNSYLVANIA

1FRANCE

1MARYLAND 1NEW YORK

1NEW JERSEY1TENNESSEE


3.8% 3.8%7.7% 7.7%

11.5%

34.6%

15.4% 15.4%

number of days

% of deals

75 90 105 120 135 150 165 180 195 210 225

8.7% 8.7% 8.7%

21.7%

4.3%

17.4% 17.4%

number of days

% of deals

60 75 90 105 120 135 150 165 225 365 380240

Life Sciences

Technology

4.3% 4.3%

315 330 345

4.3%

Days on FileDISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2019, FIRST HALFThese graphs display the percentage of deals that priced

within each 15-day period from the initial confidential

submission date or, rarely, initial public submission.

DISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2019, SECOND HALF

number of days

% of deals

60 75 90 105 120 135 150 165 180 270 285 324255

8.0%

20.0% 20.0%

12.0% 12.0%

4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

240

number of days

% of deals

45

Life Sciences

Technology

3.0%3.0%3.0%

15.2%18.2% 18.2%

12.1%15.2%

6.1%3.0%

414

4.0%

513

60 75 90 105 120 135 150 165 180 195 21045 225 240

3.0%


Price Changes Around the Expiration of the Lock-Up

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2019, FIRST HALF

-10%

-5%

0%

5%

2 wks prior Lock-up 2 wks post

Technology Median-3.3%

Life Sciences Median-12.8%

Life Sciences Avg0.0%

Technology Avg-4.8%

End of Lock-UpIn order to assist the development of an orderly market for the

shares being offered, IPO underwriters require the stockholders

of the offering company to agree not to sell shares of the

company’s common stock for a specified period without the

underwriters’ consent. Customarily, this period is 180 days

and applies equally to all holders delivering the “lock-up”

agreement, although in a few instances the lock-up may roll

off in stages, and different holders may be subject to different

restrictive periods. Upon expiration of the lock-up period, there

generally is an influx of “supply,” as pre-IPO stockholders

have their first ability to sell shares into the public market. The

graphs on this page show the average and median changes

in the closing trading price of the subject company shares for

the period beginning two weeks prior, and ending two weeks

following, the scheduled expiration of the lock-up period for

lock-ups expiring in the first half of 2019 and second half of

2019. Those companies completing IPOs in the second half

of 2018 and a follow-on offering within 180 days are excluded

from the top graph. Those companies completing IPOs in the

first half of 2019 and a follow-on offering within 180 days are

excluded from the bottom graph.

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2019, SECOND HALF

Life Sciences Median

Life Sciences Avg

-10%

-5%

0%

5%

2 wks prior Lock-up 2 wks post

Technology Median-1.6%-2.3%

Technology Avg-4.9%

-1.2%

End of Lock-Up


PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, FIRST HALF

PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2019, SECOND HALF

34.8%34.6%

Life Sciences Technology

PERCENT OF OFFERING

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

Insider Participation These charts show the percentage of life sciences and technology IPOs in which the final prospectus indicated that specified “insiders”

had expressed an interest in purchasing shares in the offering or in a concurrent private placement. Insiders are directors and officers of a

company as well as existing stockholders. In this case, insiders are typically existing investors who buy additional shares in the IPO or in a

concurrent private placement. Among life sciences IPOs with insider interest, the inset shows the breakdown of shares set aside for insiders.

24.0%

64.7%

Life Sciences Technology

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Technology Offerings H1 20191, 2

COMPANY NAME / TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL

SHARES3 FINAL PRICING FINAL DEAL SIZE

Lyft, Inc. NasdaqGS:LYFT $65.00 3/29/19 32,500,000 $72.00 $2,340,000,000

Ruhnn Holding Limited NasdaqGS:RUHN $12.50 4/3/19 10,000,000 $12.50 $125,000,000

PagerDuty, Inc. NYSE:PD $20.00 4/11/19 9,070,000 $24.00 $217,680,000

Tufin Software Technologies Ltd. NYSE:TUFN $13.00 4/11/19 7,700,000 $14.00 $107,800,000

Jumia Technologies AG NYSE:JMIA $14.50 4/12/19 13,500,000 $14.50 $195,750,000

Pinterest, Inc. NYSE:PINS $16.00 4/18/19 75,000,000 $19.00 $1,425,000,000

Zoom Video Communications, Inc. NasdaqGS:ZM $30.00 4/18/19 20,869,565 $36.00 $751,304,340

So-Young International Inc. NasdaqGM:SY $12.80 5/2/19 13,000,000 $13.80 $179,400,000

SciPlay Corporation NasdaqGS:SCPL $15.00 5/3/19 22,000,000 $16.00 $352,000,000

Yunji Inc. NasdaqGM:YJ $12.00 5/3/19 11,000,000 $11.00 $121,000,000

Parsons Corporation NYSE:PSN $27.00 5/8/19 18,518,500 $27.00 $499,999,500

HeadHunter Group PLC NasdaqGS:HHR $12.25 5/9/19 16,304,348 $13.50 $220,108,698

Jiayin Group Inc. NasdaqGM:JFIN $11.50 5/10/19 3,500,000 $10.50 $36,750,000

Sonim Technologies, Inc. NasdaqGM:SONM $14.00 5/10/19 3,571,429 $11.00 $39,285,719

Uber Technologies, Inc. NYSE:UBER $47.00 5/10/19 180,000,000 $45.00 $8,100,000,000

COMPANY NAME / TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL


Fastly, Inc. NYSE:FSLY $15.00 5/17/19 11,250,000 $16.00 $180,000,000

GSX Techedu Inc. NYSE:GSX $10.50 6/6/19 19,800,000 $10.50 $207,900,000

Revolve Group, Inc. NYSE:RVLV $17.00 6/7/19 11,764,706 $18.00 $211,764,708

CrowdStrike Holdings, Inc. NasdaqGS:CRWD $21.00 6/12/19 18,000,000 $34.00 $612,000,000

Fiverr International Ltd. NYSE:FVRR $19.00 6/13/19 5,263,158 $21.00 $110,526,318

Chewy, Inc. NYSE:CHWY $18.00 6/14/19 46,500,000 $22.00 $1,023,000,000

Cambium Networks Corporation NasdaqGM:CMBM $14.00 6/26/19 5,800,000 $12.00 $69,600,000

Linx S.A. NYSE:LINX $8.69 6/26/19 32,774,601 $9.40 $308,081,249

Change Healthcare Inc. NasdaqGS:CHNG $17.50 6/27/19 42,857,142 $13.00 $557,142,846

The RealReal, Inc. NasdaqGS:REAL $18.00 6/28/19 15,000,000 $20.00 $300,000,000


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Yellow rows represent U.S. and orange rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Technology Offerings H2 20191, 2

COMPANY NAME TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL


DouYu International Holdings Limited NasdaqGS:DOYU $12.75 7/17/19 67,387,110 $11.50 $774,951,765

AssetMark Financial Holdings, Inc. NYSE:AMK $20.00 7/18/19 12,500,000 $22.00 $275,000,000

Phreesia, Inc. NYSE:PHR $16.00 7/18/19 9,288,194 $18.00 $167,187,492

Medallia, Inc. NYSE:MDLA $17.00 7/19/19 15,500,000 $21.00 $325,500,000

Health Catalyst, Inc. NasdaqGS:HCAT $21.50 7/25/19 7,000,000 $26.00 $182,000,000

Livongo Health, Inc. NasdaqGS:LVGO $21.50 7/25/19 12,687,000 $28.00 $355,236,000

Sunnova Energy International Inc. NYSE:NOVA $17.00 7/25/19 14,000,000 $12.00 $168,000,000

Dynatrace, Inc. NYSE:DT $12.00 8/1/19 35,609,612 $16.00 $569,753,792

9F Inc. NasdaqGM:JFU $8.50 8/15/19 8,900,000 $9.50 $84,550,000

10x Genomics, Inc. NasdaqGS:TXG $33.00 9/12/19 10,000,000 $39.00 $390,000,000

Cloudflare, Inc. NYSE:NET $11.00 9/13/19 35,000,000 $15.00 $525,000,000

Datadog, Inc. NasdaqGS:DDOG $20.50 9/19/19 24,000,000 $27.00 $648,000,000

Ping Identity Holding Corp. NYSE:PING $15.00 9/19/19 12,500,000 $15.00 $187,500,000

Peloton Interactive, Inc. NasdaqGS:PTON $27.50 9/26/19 40,000,000 $29.00 $1,160,000,000

Youdao, Inc. NYSE:DAO $16.50 10/25/19 5,600,000 $17.00 $95,200,000

COMPANY NAME TICKER SYMBOLRED

HERRING MIDPOINT

PRICEDFINAL


Fangdd Network Group Ltd. NasdaqGM:DUO $14.00 11/1/19 6,000,000 $13.00 $78,000,000

36Kr Holdings Inc. NasdaqGM:KRKR $16.00 11/8/19 1,380,000 $14.50 $20,010,000

Canaan Inc. NasdaqGM:CAN $10.00 11/21/19 10,000,000 $9.00 $90,000,000

SiTime Corporation NasdaqGM:SITM $14.00 11/21/19 4,300,000 $13.00 $55,900,000

Bill.com Holdings, Inc. NYSE:BILL $17.00 12/12/19 9,823,529 $22.00 $216,117,638

EHang Holdings Limited NasdaqGM:EH $13.50 12/12/19 3,200,000 $12.50 $40,000,000

OneConnect Financial Technology Co., Ltd. NYSE:OCFT $13.00 12/13/19 31,200,000 $10.00 $312,000,000

Molecular Data Inc. NasdaqCM:MKD $6.00 12/30/19 11,500,000 $5.38 $61,870,000


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue row represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings

COMPANY NAME / TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Alector, Inc. NasdaqGS:ALEC $19.00 2/7/19 9,250,000 $19.00 $175,750,000

Gossamer Bio, Inc. NasdaqGS:GOSS $16.00 2/8/19 17,250,000 $16.00 $276,000,000

Harpoon Therapeutics, Inc. NasdaqGS:HARP $14.00 2/8/19 5,400,000 $14.00 $75,600,000

Avedro, Inc. NasdaqGM:AVDR $15.00 2/14/19 5,000,000 $14.00 $70,000,000

TCR2 Therapeutics Inc. NasdaqGS:TCRR $15.00 2/14/19 5,000,000 $15.00 $75,000,000

Stealth BioTherapeutics Corp. NasdaqGM:MITO $13.00 2/15/19 6,500,000 $12.00 $78,000,000

Kaleido Biosciences, Inc. NasdaqGS:KLDO $21.00 2/28/19 5,000,000 $15.00 $75,000,000

ShockWave Medical, Inc. NasdaqGS:SWAV $15.00 3/7/19 5,700,000 $17.00 $96,900,000

GENFIT S.A. NasdaqGS:GNFT $20.32 3/27/19 6,650,000 $20.32 $135,128,000

Precision BioSciences, Inc. NasdaqGS:DTIL $16.00 3/28/19 7,900,000 $16.00 $126,400,000

NGM Biopharmaceuticals, Inc. NasdaqGS:NGM $15.00 4/4/19 6,666,667 $16.00 $106,666,672

Silk Road Medical, Inc. NasdaqGM:SILK $16.00 4/4/19 6,000,000 $20.00 $120,000,000

Brainsway Ltd. NasdaqGM:BWAY $11.94 4/17/19 2,500,000 $11.00 $27,500,000

Turning Point Therapeutics, Inc. NasdaqGS:TPTX $17.00 4/17/19 9,250,000 $18.00 $166,500,000

HOOKIPA Pharma Inc. NasdaqGS:HOOK $15.00 4/18/19 6,000,000 $14.00 $84,000,000

TransMedics Group, Inc. NasdaqGM:TMDX $16.00 5/2/19 5,690,000 $16.00 $91,040,000

H1 20191, 2

COMPANY NAME / TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Trevi Therapeutics, Inc. NasdaqGM:TRVI $15.00 5/7/19 5,500,000 $10.00 $55,000,000

Axcella Health Inc. NasdaqGM:AXLA $21.00 5/9/19 3,571,428 $20.00 $71,428,560

Cortexyme, Inc. NasdaqGS:CRTX $17.00 5/9/19 4,412,000 $17.00 $75,004,000

Milestone Pharmaceuticals Inc. NasdaqGS:MIST $15.00 5/9/19 5,500,000 $15.00 $82,500,000

NextCure, Inc. NasdaqGS:NXTC $15.00 5/9/19 5,000,000 $15.00 $75,000,000

Applied Therapeutics, Inc. NasdaqGM:APLT $15.00 5/14/19 4,000,000 $10.00 $40,000,000

Avantor, Inc. NYSE:AVTR $19.50 5/17/19 207,000,000 $14.00 $2,898,000,000

Bicycle Therapeutics plc NasdaqGS:BCYC $15.00 5/23/19 4,333,333 $14.00 $60,666,662

IDEAYA Biosciences, Inc. NasdaqGS:IDYA $14.00 5/23/19 5,000,000 $10.00 $50,000,000

Stoke Therapeutics, Inc. NasdaqGS:STOK $15.00 6/19/19 7,891,110 $18.00 $142,039,980

Akero Therapeutics, Inc. NasdaqGS:AKRO $15.00 6/20/19 5,750,000 $16.00 $92,000,000

Atreca, Inc. NasdaqGS:BCEL $17.00 6/20/19 7,350,000 $17.00 $124,950,000

Personalis, Inc. NasdaqGM:PSNL $15.00 6/20/19 7,921,500 $17.00 $134,665,500

Prevail Therapeutics Inc. NasdaqGM:PRVL $17.00 6/20/19 7,353,000 $17.00 $125,001,000

Adaptive Biotechnologies Corporation NasdaqGS:ADPT $16.00 6/27/19 15,000,000 $20.00 $300,000,000

BridgeBio Pharma, Inc. NasdaqGS:BBIO $15.00 6/27/19 20,500,000 $17.00 $348,500,000

Morphic Holding, Inc. NasdaqGM:MORF $15.00 6/27/19 6,000,000 $15.00 $90,000,000

Karuna Therapeutics, Inc. NasdaqGM:KRTX $16.00 6/28/19 5,578,124 $16.00 $89,249,984


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Green rows represent U.S. and blue rows represent International IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings (continued)

H2 20191, 2

COMPANY NAME TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Fulcrum Therapeutics, Inc. NasdaqGM:FULC $17.00 7/18/19 4,500,000 $16.00 $72,000,000

Mirum Pharmaceuticals, Inc. NasdaqGM:MIRM $15.00 7/18/19 5,000,000 $15.00 $75,000,000

Castle Biosciences, Inc. NasdaqGM:CSTL $15.00 7/25/19 4,000,000 $16.00 $64,000,000

InMode Ltd. NasdaqGS:INMD $15.00 8/8/19 5,000,000 $14.00 $70,000,000

SmileDirectClub, Inc. NasdaqGS:SDC $20.50 9/12/19 58,537,000 $23.00 $1,346,351,000

Satsuma Pharmaceuticals, Inc. NasdaqGM:STSA $15.00 9/13/19 5,500,000 $15.00 $82,500,000

SpringWorks Therapeutics, Inc. NasdaqGS:SWTX $17.00 9/13/19 9,000,000 $18.00 $162,000,000

IGM Biosciences, Inc. NasdaqGS:IGMS $16.00 9/18/19 10,937,500 $16.00 $175,000,000

Envista Holdings Corporation NYSE:NVST $22.50 9/18/19 26,768,000 $22.00 $588,896,000

Exagen Inc. NasdaqGM:XGN $15.00 9/19/19 3,600,000 $14.00 $50,400,000

Frequency Therapeutics, Inc. NasdaqGS:FREQ $15.00 10/3/19 6,000,000 $14.00 $84,000,000

Aprea Therapeutics, Inc. NasdaqGS:APRE $15.00 10/3/19 5,666,667 $15.00 $85,000,005

Viela Bio, Inc. NasdaqGS:VIE $20.00 10/3/19 7,900,000 $19.00 $150,100,000

BioNTech SE NasdaqGS:BNTX $19.00 10/10/19 10,000,000 $15.00 $150,000,000

Vir Biotechnology, Inc. NasdaqGS:VIR $21.00 10/11/19 7,142,858 $20.00 $142,857,160

COMPANY NAME TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Innate Pharma S.A. NasdaqGS:IPHA $7.50 10/17/19 12,500,000 $5.50 $68,750,000

Cabaletta Bio, Inc. NasdaqGS:CABA $15.00 10/25/19 6,800,000 $11.00 $74,800,000

Progyny, Inc. NasdaqGS:PGNY $15.00 10/25/19 10,000,000 $13.00 $130,000,000

Phathom Pharmaceuticals, Inc. NasdaqGS:PHAT $19.00 10/25/19 9,563,157 $19.00 $181,699,983

Oyster Point Pharma, Inc. NasdaqGS:OYST $17.00 10/31/19 5,000,000 $16.00 $80,000,000

RAPT Therapeutics, Inc. NasdaqGM:RAPT $15.00 10/31/19 3,000,000 $12.00 $36,000,000

Galera Therapeutics, Inc. NasdaqGM:GRTX $15.00 11/7/19 5,000,000 $12.00 $60,000,000

Centogene B.V. NasdaqGM:CNTG $15.00 11/7/19 4,000,000 $14.00 $56,000,000

TELA Bio, Inc. NasdaqGM:TELA $15.00 11/8/19 4,000,000 $13.00 $52,000,000

ECMOHO Limited NasdaqGM:MOHO $11.00 11/8/19 4,375,000 $10.00 $43,750,000

89bio, Inc. NasdaqGM:ETNB $16.00 11/11/19 5,304,687 $16.00 $84,874,992


MethodologyData points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration dates from EDGAR Online IPO Deal Data and daily stock-trading price data. The exact dates upon which lock-ups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.

The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on the midpoint of the range and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to the public and the aggregate number of shares offered, as reflected on the cover page of the final prospectus. The closing price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.

DisclaimerThe preparation of the information contained herein involves assumptions, compilations and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.

Sign-Up InformationTo be placed on an email list for future editions of this survey, please visit fenwick.com/iposurvey and go to the sign-up link at the bottom of the page.

© 2020 Fenwick & West LLP

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