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It was almost a billion-dollar week for life sciences IPOs last week, following a Q1 for IPOs overall that we haven’t seen since the tech bubble in 2000.

If you were hoping for a SPAC deal to come along to fund your startup, don’t hold your breath. One seemingly small change in accounting guidance from the SEC has triggered an almost complete shutdown of the enthusiasm for SPACs.

One of the key drivers shaping the industry: new financing structures are emerging as viable options. The traditional angel/VC route is no longer the only option for the substantial capital raises needed for R&D and clinical trials.

Another one that’s given up control and the lion’s share of the rewards of their company. 7% to Y Combinator. 41.33%(!) in their 2017 seed round.

Something is worth what someone is willing to pay for it, and apparently investors are willing to pay $65M for 10% of Substack. This begs the question: how much have they given up along the way to raise that money?

SPACs have been all over the headlines the past year, but they’re not the only alternative to traditional IPOs that are booming. Rod Turner explains the differences between SPACs, direct listings, and Regulation A+ offerings.

What’s especially interesting about this story isn’t the sensational headline so much as his business model.

The 2015 JOBS Act, including Regulation A+, is driving the biotech industry forward. Biotech companies are getting to their IPOs faster, at higher valuations, and using the money to fund further R&D, and hiring to support it.

The push to video conferencing during the pandemic has changed the world of raising capital forever. This CEO raised over $3 billion in their “virtual IPO”, meeting over 1,000 people, including high-profile fund managers, in one-on-ones and groups, via zoom over a 7-day period.