The investors from the last funding round paid about the same share price as the IPO price, so they haven't really made or lost any money. It certainly wasn't a

The investors from the last funding round paid about the same share price as the IPO price, so they haven't really made or lost any money. It certainly wasn't a good investment for them (0% return), but I don't think they have taken a haircut yet. It will ultimately depend on where the stock price goes.