> I've heard of exits for companies without a business model or revenue, but how many companies have an exit event (e.g. get acquired or IPO) with no product at

> I've heard of exits for companies without a business model or revenue, but how many companies have an exit event (e.g. get acquired or IPO) with no product at all? Depends on your definition of "no product at all" but it happens all the time in biotech. Most biotech companies don't have a product until FDA approval because they can't legally sell anything (unless it's a product other biotech/pharma companies can use for their own R&D).