IPO returns for IPO buyers who hold past lockup expiry, yes, it's been really bad.
Biotech IPOs are even worse. There are 5-year segments where only about 1 in 40 biotech & pharmaceutical IPOs trade above their IPO price at expiry.
On the flip side, in biotech, biopharma and SaaS, 2025 IPOs had nearly 10x the valuations of 2015 IPOs. So you may trade below expiry, but the structure of the earlier deals you participated in, you make way more money anyway.
Biotech IPOs are even worse. There are 5-year segments where only about 1 in 40 biotech & pharmaceutical IPOs trade above their IPO price at expiry.
On the flip side, in biotech, biopharma and SaaS, 2025 IPOs had nearly 10x the valuations of 2015 IPOs. So you may trade below expiry, but the structure of the earlier deals you participated in, you make way more money anyway.