In this inaugural issue of the 2022 Technology and Life Sciences PIPE Report, we present analysis related to 108 private investments in public equity (PIPEs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2022, in which each company raised at least $10 million.

This report examines PIPEs by operating companies and sets forth quantitative and qualitative results concerning proceeds and security types; registration rights; transfer restrictions; governance terms; protective covenants; conversion and redemption rights; anti-dilution protections; and other material transaction terms.

The significant reduction in U.S. public capital markets activity experienced in 2022 has continued to affect companies' access to the markets in 2023. We expect that these market challenges—along with the additional financing difficulties resulting from high-profile bank failures during the first quarter of 2023—will continue to complicate capital raises for the immediate future, and companies may increasingly turn to PIPEs as a way to meet their financing needs.