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On the Road to Recap:

abovethecrowd.com

In late 2015, many public technology companies saw a significant retrenchment in their share prices primarily as a result of a reduction in valuation multiples. In Q1 of 2016 there were zero VC-backed technology IPOs. They use the reputation of the other investors as a proxy for due diligence.

IPO 40
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Out of the Crisis #5, ANA Therapeutics: a possible COVID-19 treatment and prophylactic

Startup Lessons Learned

And then, when COVID happened, we felt an obligation to see if our technology had any application there and went with it once we saw there was promise. And our core technology focuses on disabling sperm cells from getting close to the egg, and ultimately fertilize an egg. You ratchet up a drug that has known side effects.