In the healthcare field, Adagio Therapeutics is working to develop drugs to prevent and treat COVID-19 and other diseases that have pandemic potential. Those themes include healthcare, digital services, and supply chains. The top five IPOs in 2021 reflect several major themes that investors have focused on in recent years, most recently in response to the pandemic. Roblox's stock closed its first day of trading up 54.4%. The direct-listing route significantly reduces the cost of capital for the company because it no longer has to pay the intermediaries. Companies that do a direct listing issue their shares directly to the public rather than using intermediaries, such as investment banks, broker-dealers, and underwriters. Instead of an IPO, Roblox went public through a direct listing, or direct public offering (DPO), on the NYSE. The company said that its own business plan predicted the rise of the " metaverse", the expansive virtual world that Chief Executive Officer (CEO) Mark Zuckerberg wants to build at his company, Meta Platforms Inc. They also can purchase virtual currency called "Robux" in order to obtain virtual items from the company's Avatar Marketplace to enhance their experience on the platform. Users who sign up for the platform can personalize their own Roblox identity, or avatar. Roblox is an entertainment and communication company that operates what it calls a "human co-experience platform." The platform allows users to interact with one another to explore and develop immersive, user-generated 3D experiences. The company's stock closed its first trading day 22.8% above its IPO price. Adagio said that it does not expect to generate any revenue from product sales until it has successfully completed clinical development and obtained marketing approvals or emergency use authorization (EUA) for one or more of its product candidates. It said that its operations have primarily been financed by sales of preferred stock and from capital raised in its IPO, which took place in August. The company has not generated any revenue as of its latest quarterly filing with the SEC for the quarter ended Sept. Adagio intends that ADG20 be used to both prevent and treat COVID-19. The company began clinical trials of its lead product candidate, ADG20, in February 2021. Its initial focus is SARS-CoV-2, the virus that causes COVID-19. The year has also been characterized by several IPOs that valued businesses in the multibillion-dollar range, like the debuts from Dropbox and DocuSign, and a strong showing from healthcare and pharmaceutical companies.Adagio Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing antibody-based solutions for infectious diseases with pandemic potential. This year has already surpassed 2017's totals in deal value and IPO count. That means 2018 is set for nearly $12.4 billion in total deal value, which would surpass every year since 2008, except 2012 (an outlier because the $21.2 billion total for that year includes Facebook's massive IPO, which contributed roughly $16 billion). With less than two months left in the year, the total deal value for US VC-backed IPOs is $10.56 billion, also according to PitchBook data. And the current year is on pace to see around 94 VC-backed IPOs before it's over, more than any year in the last decade except 2015, when 125 such companies made their debuts. So far in 2018, 80 VC-backed companies in the United States have hit the public markets, per PitchBook data. VC-backed IPOs are booming in the US this year.
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