2025 IPO Pricing and Performance

IPO - Pricing (25)
Cowen and Company

Date	Company Name	Sector	Price ($)	Size (M)	1	2	3	Turnover	Gain
						UnderWriters*
Dec 18	908 Devices Inc	Health-Care	20	6	COWN	LRNK	Stifel	64.9%	145%
Nov 19	Olema Pharmaceu	Health-Care	19	11	JPM	JEFF	COWN	13.9%	157.9%
Oct 23	Foghorn Therape	Health-Care	16	7	GS	MS	COWN	37.9%	13.3%
Oct 16	PRAXIS PRECISIO	Health-Care	19	10	COWN	EVCR	WBSH	43.2%	46.3%
Oct 9	Spruce Bioscien	Health-Care	15	6	COWN	CS	RBC	42.7%	13.3%
Oct 9	Kronos Bio Inc.	Health-Care	19	13	GS	JEFF	COWN	28.4%	42.5%
Oct 8	Aziyo Biologics	Health-Care	17	2	PPRJ	COWN		70.5%	-14.7%
Sep 25	PMV Pharmaceuti	Health-Care	18	11	GS	BAML	COWN	27%	108.4%
Aug 21	Kymera Therapeu	Health-Care	20	8	MS	BAML	COWN	44.5%	66.3%
Aug 18	COMPASS Pathway	Health-Care	17	7	COWN	EVCR		40%	70.6%
Jul 24	Annexon Inc.	Health-Care	17	14	JPM	BAML	COWN	33.2%	4.5%
Jul 24	Inozyme Pharma	Health-Care	17	14	BAML	COWN	PPRJ	11.8%	3.2%
Jul 17	Berkeley Lights	Health-Care	22	8	JPM	MS	COWN	55.6%	197.5%
Jul 16	Relay Therapeut	Health-Care	20	20	JPM	COWN	GGNH	35.5%	75.3%
Jul 10	Nkarta Inc.	Health-Care	18	14	COWN	EVCR	Stifel	9.4%	166.1%
Jun 26	Fusion Pharmace	Health-Care	17	12	MS	JEFF	COWN	41.3%	0%
Jun 26	Akoustis Techno	Public-Utilities	17	12	BAML	COWN	SNDL	298.3%	-9.1%
Jun 19	Repare Therapeu	Health-Care	20	11	MS	GS	COWN	43.7%	54%
Jun 12	Avidity Bioscie	Health-Care	18	14	COWN	CS	WLFG	40.3%	58.3%
Jun 3	Pliant Therapeu	Health-Care	16	9	CITI	COWN	SNDL	47.4%	33.1%
May 15	ADC Therapeutic	Health-Care	19	12	MS	BAML	COWN	6.7%	57.9%
Feb 28	Passage BIO Inc	Health-Care	18	12	JPM	GS	COWN	41.3%	23.3%
Feb 11	Revolution Medi	Health-Care	17	14	JPM	COWN	GGNH	52.3%	70%
Jan 31	Arcutis Biother	Health-Care	17	9	GS	COWN	GGNH	31.3%	28.2%
Jan 30	Black Diamond T	Health-Care	19	10	JPM	JEFF	COWN	50.6%	107.8%

* Lead manager or one of top three managers in an underwriting team.