In the 2000s, Bay Area Internet/SaaS IPOs outnumbered Biotech IPOs by a factor of 3. In the 2010s, that ratio dropped to 1.8. So far in 2020, there have been more Bay Area Biotech IPOs than Internet/SaaS IPOs. Nationally, this trend is even stronger with Biotech accounting for more than twice as many IPOs as traditional tech companies. Moreover, with the VIX stabilizing, conditions look healthy for the IPO market in general.
I discuss these trends in my latest video on the 2020 Biotech IPO market.