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Key Metrics for Technology and Life Sciences Initial Public Offerings

H1 2017

Key Metrics for Technology and Life Sciences Initial Public Offerings

H1 2017

Survey Introduction and Background

This report has been developed as a resource for our clients and friends interested in understanding recent IPO activity of technology and life sciences companies. This information comprises a number of graphs and charts reflecting selected statistics that we believe provide useful information about activity in these markets. This is followed by the listing of technology and life sciences IPOs priced in the first half of 2017 and second half of 2016. We hope that you find this useful. Please contact Daniel J. Winnike at [email protected] or Jeffrey R. Vetter at [email protected] if you care to discuss this information or, as always, contact members of your client service team for more information.

Survey Contents

Survey Results .............................................................................................................................................................. 2

Offerings Completed .................................................................................................................................................... 3

Size of Offerings, Red Herring Midpoint ...................................................................................................................... 4

Size of Offerings, Final IPO Price ................................................................................................................................. 5

Aggregate Amount Raised, Red Herring Midpoint ...................................................................................................... 6

Aggregate Amount Raised, Final IPO Price ................................................................................................................. 7

Price Changes Between the Red Herring and Initial Offering Price............................................................................. 8

Days on File................................................................................................................................................................ 14

Price Changes Around the Expiration of the Lock-Up ............................................................................................... 15

Insider Participation .................................................................................................................................................... 16

List of Technology Offerings ....................................................................................................................................... 17

List of Life Sciences Offerings ................................................................................................................................... 19

Methodology .............................................................................................................................................................. 22

2KEY METRICS FOR TECHNOLOGY AND LIFE SCIENCES INITIAL PUBLIC OFFERINGS H1 2017

Survey Results IPO Market Maintains Moderate Pace

The market for technology and life sciences IPOs in the first half of 2017 continued the moderate pace of the second

half of 2016. In the 2017 period, there were 12 technology and 15 life sciences IPOs, for a total of 27 offerings. This

compares with the second half of 2016, when 14 technology IPOs and 17 life sciences IPOs were completed, for a

total of 31 deals. In 2017, 20 of the IPOs were for U.S.-based companies and seven were for internationally-based

issuers. The San Francisco Bay Area produced four of the technology and life sciences IPOs in the first half of 2017,

and the rest of California had an additional five, primarily in the life sciences space.

The closely watched Snap transaction was the largest IPO in the first half of 2017, generating proceeds of $3.4

billion. No other technology IPO exceeded the billion dollar threshold. The largest life sciences deal produced gross

proceeds of $168 million.

There was a great deal of publicity about dual-class, high vote/low/no vote capital structures related to the Snap

offering, in which the shares offered to the public were non-voting shares. Of the nine domestic technology

companies completing offerings in the first half of 2017 other than Snap, five had adopted dual class voting

structures, with low-vote shares being sold to IPO investors. None of the life sciences companies completing

offerings in the 2017 period had adopted dual class structures.

Once again, technology deals were larger than their life sciences counterparts, with 75% of technology transactions

exceeding $100 million, while just 20% of the life sciences transactions exceeded $100 million. Technology deals

in 2017 were also larger than in the second half of 2016. In 2017, 55% of the IPOs had gross proceeds over $175

million, compared to 21% in the second half of 2016, and only 25% raised less than $100 million, compared with

57% in the second half of 2016. Although life sciences offerings were smaller than technology offerings, the size

of life sciences offerings increased compared to recent prior periods. In the first half of 2017, 73% of life sciences

transactions produced gross proceeds of $75 million or more, compared to 51%, 43% and 58% in 2016, 2015 and

2014. There were no life sciences IPOs producing less than $50 million in proceeds in the 2017 period, compared

with 16%–18% of such life sciences IPOs in 2016, 2015 and 2014. It is unclear whether this change in 2017 reflects

a greater market appetite for life sciences IPOs, thereby leading to larger deal sizes, a reduced market appetite for

lower valued life sciences IPOs or other factors.

Life sciences IPOs also appeared to experience more predictable pricing in the 2017 period, as 93% of the

transactions priced in or above their red herring price range. This compares with approximately 50%–60% of life

sciences IPOs pricing in or above the range in 2016, 2015 and 2014. In the first half of 2017, 83% of the technology

IPOs priced in or above the range, which was consistent with pricing results in each of the previous three years.

Of the 12 technology IPOs in the 2017 period, 10 concluded their first day of trading above the IPO price, while of the

15 life sciences offerings, eight traded up and three closed their first day of trading at the IPO price.

In the life sciences space, significant insider participation continued, with insider participation ranging from 23% to

83% of the offering size. Of the life sciences deals, 10 reported insider purchases. In the technology space, five IPOs

had some modest levels of insider participation, more in the nature of typical “directed share” programs, with insiders

generally purchasing under 10% of the offering size.

In recent periods, life sciences IPO filings experienced a shorter time for SEC review than technology offerings.

However, for offerings completed in the first half of 2017, technology and life sciences IPOs had, largely, similar

times from initial submission with the SEC until pricing. Excluding offerings where the period from the initial filing to

pricing exceeded 200 days (which we suspect involved discretionary delay by the issuer beyond simply time for SEC

processing), technology and life sciences IPO filings each had average periods from initial submission to pricing of

approximately 110 days.


Offerings Completed

The graph below shows the number of technology and life sciences IPOs completed during each quarter of 2012,

2013, 2014, 2015, 2016 and the first half of 2017.

IPOS PER QUARTER 2012–H1 2017

0

3

6

9

12

15

18

21

24

27

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2

2017

Life Sciences—International

Technology—International

Life Sciences—U.S.

Technology—U.S.

6

8 87

9 98

32

5 5 5

0

443 3

5

31

3

13 13

11 1110 10 10

1212 121

1

21

4

4

44

4

4

3

1213

16 1615

18

6

2

2

2

3

93

53

51

2

8

2

4

4

6

2

1

7

7


RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2016, SECOND HALF

Size of Offerings, Red Herring Midpoint

The following scatter graphs plot technology and life sciences IPOs completed during the first half of 2017 and

second half of 2016 in terms of the initial offering price per share and number of shares offered based on the red

herring stage of the offering.

RED HERRING DEAL COMPARISON (MIDPOINT PRICE): 2017, FIRST HALF

LINECorporation

Patheon

Medpace Holdings

Nutanix

Myovant Sciences

GDS Holdings

$0

$10

$20

$30

$35

$40

$25

$15

$5

SharePrice

Number of Shares in Millions

10 5 0 15 25 35 4020 30 Bubble Size = deal size

$1.015B

$525M

$45M

Life Sciences International (5 deals)

Technology International (4 deals)

Life Sciences U.S. (12 deals)

Technology U.S. (10 deals)

$0

$5

$10

$15

$20

Alteryx

Yext

SharePrice


Presidio

Netshoes

MuleSoftOkta

CarvanaBiohaven

Cloudera

10 0 20 5 15





Bubble Size = deal size

$125M

$250M

$45M

This graph excludes the outlier Snap, with a deal size of $3.0 billion, a share price of $15.00 and 200 million shares.


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1 10 100 1000

Number of Shares in Millions (logarithmic scale)

Number of Shares in Millions (logarithmic scale)

SharePrice

SharePrice

$10.6B

$1B

$12M

$16B

$1B



Life Sciences (27 deals)

Technology (63 deals)

Life Sciences (27 deals)

Technology (63 deals)

Red Herring Deal Comparison (Midpoint Price): 2011-2012

IPO Deal Comparison: 2011-2012

Groupon

GrouponVantiv

Vantiv

Workday

Workday

Facebook

FreescaleSemiconductor

Zynga

Freescale Semiconductor

Zynga

Facebook

Size of Offerings, Final IPO Price

The following scatter graphs plot technology and life sciences IPOs completed during the first half of 2017 and

second half of 2016 in terms of the initial offering price per share and number of shares offered based on actual

pricing of the offering.

IPO DEAL COMPARISON: 2017, FIRST HALF

IPO DEAL COMPARISON: 2016, SECOND HALF

LINECorporation

Patheon

Medpace Holdings

Nutanix

Myovant Sciences

GDS Holdings

$0

$10

$20

$30

$35

$40

$25

$15

$5

SharePrice


10 5 0 15 25 35 4020 30 Bubble Size = deal size

$1.15B

$525M

$30M





YextSharePrice


PresidioAlteryx

Okta

Carvana

Cloudera

BiohavenNetshoes

MuleSoft

10 0 20 5 15 $0

$5

$10

$15

$20





This graph excludes the outlier Snap, with a deal size of $3.4 billion, a share price of $17.00 and 200 million shares.


$149M

$233M

$56M


Aggregate Amount Raised, Red Herring Midpoint

The following graphs provide information about aggregate deal size at the red herring stage in the first half of 2017

and second half of 2016.

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2017, FIRST HALF

DISTRIBUTION OF DEAL SIZE (RED HERRING MIDPOINT): 2016, SECOND HALF

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M $275M $3.0B

Life Sciences Deal Size Distribution

$50M $75M $100M $125M $150M$25M $625M$600M deal size

% of deals

33.3%

6.7% 6.7%

46.7%

8.3%8.3%8.3%

16.7% 16.7% 16.7%

25.0%

13.3%

deal size

% of deals

Technology Deal Size Distribution

$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M $275M $1.0B


$50M $75M $100M $125M $150M $175M $200M$25M $525M$500M deal size

% of deals

23.5%

11.8%

41.2%

5.9%5.9% 5.9%

7.1% 7.1%7.1%7.1%

14.3%

28.6%

21.4%

7.1%

5.9%


Aggregate Amount Raised, Final IPO Price

The following graphs provide information about aggregate deal size based on the actual pricing of the offering in

the first half of 2017 and second half of 2016.

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2017, FIRST HALF

26.7%

13.3%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M

25.0%

16.7%16.7%

8.3%8.3%8.3%8.3%

53.3%

$3.4B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M

8.3%

6.7%

DISTRIBUTION OF DEAL SIZE (FINAL IPO PRICE): 2016, SECOND HALF

5.9%

29.4%

35.3%

11.8%

5.9% 5.9% 5.9%

deal size

% of deals

Technology Deal Size Distribution$50M $75M $100M $125M $150M $175M $200M$25M $250M$225M

7.1%

14.3%

35.7%

14.3%

7.1% 7.1% 7.1% 7.1%

$1.1B


deal size

% of deals

$50M $75M $100M $125M $150M $175M $200M$25M $225M $625M $650M


Price Changes Between the Red Herring and Initial Offering Price

Estimating the offering price for the IPO in the red herring prospectus and pricing the IPO upon completion of

marketing efforts are processes that are part science and part. The graphs below show the median and average

prices for technology and life sciences IPOs from the red herring stage to the actual public offering price to the

closing price on the first day of trading, for the first half of 2017 and second half of 2016.

MEDIAN PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

Technology Life Sciences

$10

$12

$16

$18

$20

$22

$24

$16.00

$14.00

$14.09

$13.50$13.50

$14.00

$15.00 $15.00

$13.98

$15.26

$14.50

$20.26

2017 H12016 H2

Red Herring Final Price 1st Day Close

AVERAGE PRICES FOR TECHNOLOGY & LIFE SCIENCES IPO DEALS

Red Herring Final Price 1st Day Close

Technology

$10

$12

$14

$16

$18

$20

$22

$24

$14.15

$15.32

$21.88

$15.04

$14.68$14.50

$14.00$13.63

$14.92

$16.41

$14.75

$15.56

2017 H12016 H2

Life Sciences


RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2016, SECOND HALF

RELATION OF FINAL IPO PRICE TO ORIGINAL RED HERRING RANGE (% OF DEALS) 2017, FIRST HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2016, SECOND HALF

RELATION OF PRICE AT 1ST DAY CLOSE TO FINAL IPO PRICE (% OF DEALS) 2017, FIRST HALF

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

11.8%

47.1%

41.2%

50.0%

28.6%

21.4%

Life Sciences

Technology

DealsAboveRange

WithinRange

BelowRange

20.0%

73.3%

6.7%

41.7%

41.7%

16.7%

ClosedUp

ClosedFlat

ClosedDown

Technology

92.9%

7.1%

Life Sciences

52.9%

11.8%

35.3%

ClosedUp

ClosedFlat

ClosedDown

Technology

83.3%

16.7%

Life Sciences

53.3%

20.0%

26.7%

Price Changes (continued)

The first two graphs show the percentage of technology and life sciences IPOs with a final price that falls above,

within or below the red herring range in the first half of 2017 compared with the second half of 2016. The lower

graphs show the percentage of technology and life sciences deals that closed up, down or flat on their first day of

trading in the first half of 2017 compared with the second half of 2016.



The graphs below show the technology company IPOs with the largest percentage increase, and largest

percentage decrease, from the red herring midpoint to the actual initial public offering price for IPOs completed in


7.0%

33.3%

11.1%

21.4% 20.0%14.3%

33.3%

The

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BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2017, FIRST HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2016, SECOND HALF

0.1%

14.3%

6.3%

13.3%

21.4%15.4%

30.8%

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The graphs below show the five life sciences company IPOs with the largest percentage increase, and largest

percentage decrease, from the red herring midpoint to the actual initial public offering price for IPOs completed in


7.0%

33.3%

11.1%

21.4% 20.0%14.3%

33.3%

The

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21.4%

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13.2%

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14.3%

6.3%

13.3%

21.4%15.4%

30.8%

Okt

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22.2%

Yex

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BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2017, FIRST HALF

BIGGEST MOVERS – RED HERRING PRICE TO FINAL IPO PRICE 2016, SECOND HALF



The graphs below show the five technology company IPOs with the largest percentage gain and those with a loss,

on the first day of trading for IPOs completed in the first half of 2017 and second half of 2016.

19.0%

53.2%

64.6%

40.9%41.7%

67.2%

84.9%

131.3%

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BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2017, FIRST HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2016, SECOND HALF

13.3%

24.5%

35.3%

22.3%25.1%

38.3%44.0%45.6%

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The graphs below show the five life sciences company IPOs with the largest percentage gain and loss on the first

day of trading for IPOs completed in the first half of 2017 and second half of 2016.

19.0%

53.2%

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40.9%41.7%

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131.3%

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35.3%

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38.3%44.0%45.6%

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BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2017, FIRST HALF

BIGGEST MOVERS – IPO PRICE TO PRICE AT 1ST DAY CLOSE 2016, SECOND HALF


11.8% 11.8%

5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9%

11.8%

number of days

% of deals

60 75 90 105 120 135 150 165 180 225 240 255 270 285 300

7.1%7.1%7.1%

14.3%14.3%

7.1%7.1%7.1%7.1%7.1%7.1%7.1%

number of days

% of deals

60 75 90 105 120 135 150 165 180 225 240 255 270 330 390285 300 315 420405 795 810

Life Sciences

Technology

360 375 405 420 735 750435 450 465

number of days

% of deals

60 75 90 105 120 135 465 480

6.7%6.7%6.7%6.7%6.7%6.7%6.7%6.7%6.7%

13.3%

20.0%

6.7%

8.3% 8.3%

25.0%

41.7%

8.3% 8.3%

number of days

% of deals

60 75 90 105 120 135 150 165 180 195 420 435 450 465 555 570480 525 540 645 660

Life Sciences

Technology

990 1005

Days on File

The graphs display the percentage of deals that priced within each 15-day period from the initial confidential

submission date or, rarely, initial public submission.

DISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2017, FIRST HALF

DISTRIBUTION OF DAYS BETWEEN INITIAL SUBMISSION AND FINAL PRICING 2016, SECOND HALF


Price Changes Around the Expiration of the Lock-Up

In order to assist the development of an orderly market for the shares being offered, IPO underwriters require the

stockholders of the offering company to agree not to sell shares of the company’s common stock for a specified

period without the underwriters’ consent. Customarily, this period is 180 days and applies equally to all holders

delivering the “lock-up” agreement, although in a few instances the lock-up may roll off in stages, and different holders

may be subject to different restrictive periods. Upon expiration of the lock-up period, there generally is an influx of

“supply,” as pre-IPO stockholders have their first ability to sell shares into the public market. The graphs below show

the average and median changes in the closing trading price of the subject company shares for the period beginning

two weeks prior, and ending two weeks following, the scheduled expiration of the lock-up period for lock-ups expiring

in the first half of 2017 and second half of 2016. Those companies completing IPOs in the second half of 2016 and a

follow-on offering within 180 days are excluded from the first graph below. Those companies completing IPOs in the

first half of 2016 and a follow-on offering within 180 days are excluded from the second graph below.

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2017, FIRST HALF

PERCENT CHANGE OF SHARE PRICES SURROUNDING END OF LOCK-UP PERIOD 2016, SECOND HALF

Life Sciences Median

Life Sciences Avg

-15%

-10%

-5%

5%

0%

2 wks prior Lock-up 2 wks post

Technology Median-11.0%

-2.6%

Technology Avg-11.6%

-6.1%

End of Lock-Up

Life Sciences MedianLife Sciences Avg

-10%

-5%

0%

10%

5%

2 wks prior Lock-up 2 wks post

Technology Median1.1%

-0.4%

Technology Avg1.3%

-0.8%

End of Lock-Up


Insider Participation

The charts below show the percentage of life sciences and technology IPOs where the final prospectus indicated

that specified “insiders” had expressed an interest in purchasing shares in the offering. Insiders are directors and

officers of a company as well as existing stockholders. In this case, insiders are typically existing investors who

buy additional shares in the IPO. Among life sciences IPOs with insider interest, the inset shows the breakdown of

shares set aside for insiders.

PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2017, FIRST HALF

PERCENTAGE OF DEALS WITH INSIDER PARTICIPATION AND PERCENTAGE OF OFFERING MADE AVAILABLE TO INSIDERS 2016, SECOND HALF

41.7%

66.7%

Life Sciences Technology

PERCENT OF OFFERING

1-25% OF OFFERING

25-50% OF OFFERING

50%+ OFOFFERING

21.4%

70.6%

Life Sciences Technology

PERCENT OF OFFERING

1-25% OF OFFERING25-50% OF

OFFERING

50%+ OFOFFERING


Technology Offerings: H1 20171, 2

1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Rows shaded in orange represent International Technology IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

COMPANY NAME / TICKER SYMBOLRED HERRING

MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Snap Inc. NYSE:SNAP $15.00 3/2017 200,000,000 $17.00 $3,400,000,000

Presidio, Inc. NasdaqGS:PSDO $15.00 3/2017 16,666,666 $14.00 $233,333,324

MuleSoft, Inc. NYSE:MULE $13.00 3/2017 13,000,000 $17.00 $221,000,000

Alteryx, Inc. NYSE:AYX $13.00 3/2017 9,000,000 $14.00 $126,000,000

Okta, Inc. NasdaqGS:OKTA $14.00 4/2017 11,000,000 $17.00 $187,000,000

Netshoes (Cayman) Limited NYSE:NETS $19.00 4/2017 8,250,000 $18.00 $148,500,000

Yext, Inc. NYSE:YEXT $9.00 4/2017 10,500,000 $11.00 $115,500,000

Carvana Co. NYSE:CVNA $15.00 4/2017 15,000,000 $15.00 $225,000,000

Cloudera, Inc. NYSE:CLDR $13.00 4/2017 15,000,000 $15.00 $225,000,000

SMART Global Holdings, Inc. NasdaqGS:SGH $14.00 5/2017 5,300,000 $11.00 $58,300,000

Appian Corporation NasdaqGM:APPN $12.00 5/2017 6,250,000 $12.00 $75,000,000

Tintri, Inc. NasdaqGM:TNTR $11.50 6/2017 8,572,000 $7.00 $60,004,000



MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

LINE Corporation NYSE:LN $29.00 7/2016 35,000,000 $32.84 $1,149,400,000

Impinj, Inc. NasdaqGS:PI $13.00 7/2016 4,800,000 $14.00 $67,200,000

Talend S.A. NasdaqGM:TLND $16.00 7/2016 5,250,000 $18.00 $94,500,000

Everbridge, Inc. NasdaqGM:EVBG $12.00 9/2016 7,500,000 $12.00 $90,000,000

The Trade Desk, Inc. NasdaqGM:TTD $15.00 9/2016 4,666,667 $18.00 $84,000,006

Apptio, Inc. NasdaqGM:APTI $14.00 9/2016 6,000,000 $16.00 $96,000,000

Gridsum Holding Inc.NasdaqGS:GSUM $11.50 9/2016 6,700,000 $13.00 $87,100,000

Nutanix, Inc. NasdaqGS:NTNX $12.00 9/2016 14,870,000 $16.00 $237,920,000

Coupa Software Incorporated NasdaqGS:COUP $17.00 10/2016 7,400,000 $18.00 $133,200,000

Everspin Technologies, Inc.NasdaqGM:MRAM $12.00 10/2016 5,000,000 $8.00 $40,000,000

BlackLine, Inc. NasdaqGS:BL $14.00 10/2016 8,600,000 $17.00 $146,200,000

Quantenna Communications, Inc. NasdaqGS:QTNA $15.00 10/2016 6,700,000 $16.00 $107,200,000

GDS Holdings Limited NasdaqGM:GDS $13.00 11/2016 19,250,000 $10.00 $192,500,000

Ichor Systems, Inc. NasdaqGS:ICHR $13.00 12/2016 5,877,778 $9.00 $52,900,002

1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Rows shaded in orange represent International Technology IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Technology Offerings: H2 20161, 2


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Rows shaded in blue represent International Life Sciences IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings: H1 20171, 2


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

AnaptysBio, Inc. NasdaqGS:ANAB $15.00 1/2017 5,000,000 $15.00 $75,000,000

ObsEva SA NasdaqGS:OBSV $15.00 1/2017 6,450,000 $15.00 $96,750,000

Jounce Therapeutics, Inc. NasdaqGS:JNCE $14.00 1/2017 6,365,000 $16.00 $101,840,000

Tocagen Inc. NasdaqGS:TOCA $11.00 4/2017 8,500,000 $10.00 $85,000,000

Verona Pharma plc NasdaqGM:VRNA $13.49 4/2017 5,924,875 $13.50 $79,985,813

Zymeworks Inc. NYSE:ZYME $14.50 4/2017 4,500,000 $13.00 $58,500,000

Biohaven Pharmaceutical Holding Company Ltd. NYSE:BHVN

$15.00 5/2017 9,900,000 $17.00 $168,300,000

UroGen Pharma Ltd. NasdaqGM:URGN $13.00 5/2017 4,473,373 $13.00 $58,153,849

Ovid Therapeutics Inc. NasdaqGS:OVID $16.00 5/2017 5,000,000 $15.00 $75,000,000

G1 Therapeutics, Inc. NasdaqGS:GTHX $16.00 5/2017 7,000,000 $15.00 $105,000,000

argenx SE NasdaqGS:ARGX $18.18 5/2017 5,865,000 $17.00 $99,705,000

Athenex, Inc. NasdaqGS:ATNX $12.00 6/2017 6,000,000 $11.00 $66,000,000

Mersana Therapeutics, Inc. NasdaqGS:MRSN $15.00 6/2017 5,000,000 $15.00 $75,000,000

Aileron Therapeutics, Inc. NasdaqGM:ALRN $16.00 6/2017 3,750,000 $15.00 $56,250,000

Dova Pharmaceuticals, Inc. NasdaqGM:DOVA $16.00 6/2017 4,415,000 $17.00 $75,055,000


1 The survey does not include offerings on the OTC Bulletin Board, Nasdaq Capital Market or those with proceeds of less than $10 million.2 Rows shaded in blue represent International Life Sciences IPOs.3 Final share numbers do not reflect any exercise of the over-allotment option.

Life Sciences Offerings: H2 20161, 2


MIDPOINTPRICED

FINAL SHARES3

FINAL PRICING

FINAL DEAL SIZE

Audentes Therapeutics, Inc. NasdaqGM:BOLD $15.00 7/2016 5,000,000 $15.00 $75,000,000

Patheon N.V. NYSE:PTHN $20.50 7/2016 29,761,905 $21.00 $625,000,005

Kadmon Holdings, LLC NYSE:KDMN $18.00 7/2016 6,250,000 $12.00 $75,000,000

Tactile Systems Technology, Inc. NasdaqGM:TCMD $15.00 7/2016 4,000,000 $10.00 $40,000,000

Gemphire Therapeutics Inc. NasdaqGM:GEMP $12.00 8/2016 3,000,000 $10.00 $30,000,000

Medpace Holdings, Inc. NasdaqGM:MEDP $21.50 8/2016 7,000,000 $23.00 $161,000,000

Protagonist Therapeutics, Inc. NasdaqGM:PTGX $12.00 8/2016 7,500,000 $12.00 $90,000,000

Novan, Inc. NasdaqGM:NOVN $12.00 9/2016 4,100,000 $11.00 $45,100,000

AC Immune SA NasdaqGM:ACIU $12.00 9/2016 6,000,000 $16.00 $96,000,000

Fulgent Genetics, Inc. NasdaqGM:FLGT $13.00 9/2016 4,200,000 $9.00 $37,800,000

Tabula Rasa HealthCare, Inc. NasdaqGM:TRHC $14.00 9/2016 4,300,000 $12.00 $51,600,000

Obalon Therapeutics, Inc. NasdaqGM:OBLN $15.00 10/2016 5,000,000 $15.00 $75,000,000

CRISPR Therapeutics AG NasdaqGM:CRSP $16.00 10/2016 4,000,000 $14.00 $56,000,000

iRhythm Technologies, Inc. NasdaqGM:IRTC $14.00 10/2016 6,294,118 $17.00 $107,000,006

Ra Pharmaceuticals, Inc. NasdaqGM:RARX $13.00 10/2016 7,049,230 $13.00 $91,639,990

Myovant Sciences Ltd. NYSE:MYOV $13.50 10/2016 14,500,000 $15.00 $217,500,000

TiGenix NasdaqGS:TIG $19.20 12/2016 2,300,000 $15.50 $35,650,000


Methodology

Data points used in the compilation and analysis of this information were gathered using a variety of resources,

including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lock-up expiration

dates from EDGAR Online IPO Deal Data and daily stock-trading price data. The exact dates upon which lock-ups

expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of

dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors

based on SIC codes and other company descriptors.

The information in the graphs and tables regarding offering size does not reflect any exercise of the underwriters’

over-allotment, or green shoe, option. Information at the red herring stage is based on the midpoint of the range

and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring,

prospectus. The information regarding the actual offering size is based on the price to the public and the

aggregate number of shares offered, as reflected on the cover page of the final prospectus. The closing price on

the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of

the shares following the pricing of the offering.

Disclaimer

The preparation of the information contained herein involves assumptions, compilations and analysis, and there

can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of

its partners, associates, staff or agents shall have any liability for any information contained herein, including any

errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal

advice or opinion.

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