When RayzeBio restarted down the initial public offering (IPO) path on an accelerated timeline, Stout played a key role in the company’s IPO readiness on equity and liability valuation issues, including ASC 718 common stock valuations and the valuation of certain embedded derivatives, including anti-dilution provisions triggered by a crossover funding round.

RayzeBio was on an IPO path in 2022 but instead raised a private $160 million Series D considering public market conditions. Already partially prepped for public readiness, the company decided to pursue an IPO again, a year later, and did so in a three-month time frame from initial outreach to Stout, requiring accelerated action and responsiveness.

The company successfully executed an upsized $358 million IPO by the initial target date. Just months after going public, the company announced its acquisition by Bristol Myers Squibb in a deal valued at over $4 billion.