Yes. Biotechnology and pharmaceuticals. It's relatively common for companies to IPO while they're still in clinical trials, which by definition means they can't

Yes. Biotechnology and pharmaceuticals. It's relatively common for companies to IPO while they're still in clinical trials, which by definition means they can't earn any revenue (unless they sell some IP or research oriented products like biological models/reagents/etc to other pharma/biotech researchers on the side). Tech companies with actual revenue have a step up in that regard.