In biotech, most companies go public without any prospect of revenue for years. But these tech companies are actually burning more money pre-IPO than biotech c

In biotech, most companies go public without any prospect of revenue for years. But these tech companies are actually burning more money pre-IPO than biotech companies -- the ~50 biotech startups that went public from 2018-Q1 2019 raised $150-180M in VC pre-IPO However, in biotech these days, an IPO is a funding event, not just an exit. On average biotech companies that IPO do so ~3 years after Series A. Average post-money of recent biotech IPOs is $754M, and 20% see their share price double in the year after IPO. Many of these companies raise additional cash in the public markets before they are acquired. So in biotech, public offerings are analogous to late stage VC / growth rounds in tech, and IPOs in tech are more akin to M&A exits in biotech (although big M&A exits in biotech are actually happening faster than big IPO exits in tech) Source is analysis I did of SEC filings: https://www.baybridgebio.com/blog/ipo_2018_q12019.html https://www.baybridgebio.com/blog/ipo_2018_q12019.html