The recipe biotech startups use to go public is being thrown out. 5 startups CEOs reveal how they’re changing their focus

• Biotech-startup CEOs are taking more nuanced approaches to going public amid a downturn.
• Insider talked to the leaders of five privately held biotechs for their views on IPOs in 2023.
• Financial consistency and solid clinical results are among the priorities for these CEOs.

SAN FRANCISCO — After record years of initial public offerings in 2020 and 2021, biotech leaders told Insider that the “recipe” for going public no longer works.