Following a record-breaking year for IPOs and other going-public transactions in 2021, the beginning of 2022 has presented a challenging environment. That’s largely a result of volatile market conditions due to the ongoing conflict in Ukraine, rising interest rates and the depressed performance of newly public companies that began in fall 2021. As of late March 2022, there had been 21 total IPOs—only a handful of which were significant in either the tech sector or life sciences—well off the pace in the first and second halves of last year.