BioCentury
DATA GRAPHICS | Finance

Down rounds don’t aid post-IPO performance

Neither private down rounds nor IPO step-downs correlate with market performance after IPOs

October 10, 2024 10:52 PM UTC

An analysis of the 2024 class of biotech IPOs shows that taking a down round ahead of or at the IPO doesn’t necessarily translate into aftermarket performance. 

A selection of 16 companies that went public on NASDAQ and NYSE this year shows that the top performers had small up rounds at both their last private raise and the IPO. These include oncolytic immunotherapy play CG Oncology Inc. (NASDAQ:CGON), cardiometabolic company MBX Biosciences Inc. (NASDAQ:MBX) and bispecifics company Bicara Therapeutics Inc. (NASDAQ:BCAX)...