Table of Contents

Executive Summary

ZX Market Snapshot: April, 2022:

  • SpaceX, Epic Games and Databricks were the three most active companies on ZX in April.
  • ZX received 289% more asks than bids in April, marking the thirteenth consecutive month the order book has been skewed to the sell-side.
  • April transactions priced from a 28.6% discount to a 30.8% premium to February average reported holding values.

Reported Holdings: Quarter Ending February 28th, 2022

  • This quarter reporting holders marked down their private portfolios 2.1% with an average mark-down of 1.3%. The period saw a 1:2 advance-decline ratio.
  • Sentiment up:
  • Sentiment down:

Heat Map: February 28th, 2022 Reporting Period

-2.1%

Appreciation/Depreciation of All Reported Holdings1

-1.3%

Average Mark-Up/Mark-Down Across All Reported Holdings2
FLEXE
93.9%
Delhivery
63.8%
Cava
55.4%
Freenome
53.3%
Resilience
36.9%
Rapyd
34.0%
Pine Labs
30.5%
Tenstorrent
26.2%
Xsight Labs
24.8%
Astranis
22.4%
Astera Labs
20.2%
PrognomIQ
20.2%
BYJU's
16.4%
Bytedance
15.8%
MOD Pizza
10.6%
Diamond Foundry
9.0%
goPuff
4.8%
Goop
4.4%
RefleXion Medical
4.0%
SpaceX
2.6%
Redwood Materials
1.7%
Aristea Therapeutics
1.6%
Starry
0.7%
Blink Health
0.2%
PsiQuantum
0.2%
AgBiome
0.0%
Algolia
0.0%
Asimov
0.0%
BETA Technologies
0.0%
Bolt Threads
0.0%
Bombas
0.0%
Bowery
0.0%
Celonis
0.0%
Color Genomics
0.0%
D2iQ
0.0%
Discord
0.0%
Druva
0.0%
Enevate
0.0%
GaN Systems
0.0%
HaulHub
0.0%
Honor Tech
0.0%
Insitro
0.0%
Kardium
0.0%
Lime
0.0%
MasterClass
0.0%
Meesho
0.0%
MNTN
0.0%
Nuro
0.0%
Rad Power
0.0%
Reddit
0.0%
Savage X
0.0%
ServiceTitan
0.0%
Sila Nano
0.0%
SiMa ai
0.0%
Skyryse
0.0%
Tempus Labs
0.0%
Verily
0.0%
Waymo
0.0%
Magic Leap
-0.1%
Checkr
-0.2%
Convoy
-0.5%
ElevateBio
-3.1%
Farmers Business Network
-4.0%
SambaNova
-4.4%
Ant Financial
-4.9%
Instacart
-5.9%
DNA Script
-6.1%
Databricks
-6.3%
JUUL
-7.2%
ABL Space
-9.1%
Epic Games
-9.1%
Relativity Space
-9.1%
Aledade
-11.8%
Rappi
-11.9%
GupShup
-12.4%
Unqork
-12.6%
Seismic
-13.6%
Stripe
-14.2%
FlixBus
-16.2%
Caris
-16.9%
Heal
-17.1%
Inscripta
-17.2%
Dataminr
-18.8%
Element Bio
-19.9%
Treeline Bio
-20.5%
Sonoma Bio
-21.1%
Laronde
-21.3%
Conformal Medical
-21.5%
Skyhawk
-22.6%
Ankyra
-23.6%
Signifyd
-23.7%
Evozyne
-24.4%
Deep Genomics
-24.7%
Generate Bio
-25.3%
Tory Burch
-26.1%
Scorpion Therapeutics
-26.5%
Castle Creek
-26.6%
Dragonfly Therapeutics
-26.6%
Boundless Bio
-26.7%
Faraday Pharma
-26.7%
Wugen
-26.8%
ValenzaBio
-27.4%
T-Knife
-27.7%
dMed
-28.3%
Quell
-28.6%
Chime
-28.7%
Intarcia Therapeutics
-100.0%

1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings

Analysis

Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
PrognomIQ
3
SpaceX
3
Delhivery
2
Epic Games
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Element Bio
6
Heal
6
Conformal Medical
5
Inscripta, Rappi
4

3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat

Highest Variance in Reported Marks5
CompanyNormalized Std Dev5$ Weighted AvgMaxMin
Epic Games.19$922.18$1095.70$735.86
Instacart.17$108.03$119.96$80.50
Ant Financial.13$1.96$3.66$1.92
PsiQuantum.12$23.46$26.23$20.54
Stripe.10$38.00$41.07$32.18

5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.

ZX Marketed Bids at Greatest Premium to Latest Reported Median Holding Value6
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6

6 Premium and Discount agnostic to share class

ZX Market Snapshot: April, 2022

We’re excited to introduce our new Most Active Companies section to our ZX Monthly Movers report.

Most Active Companies7

1
SpaceX
2
Epic Games
3
Databricks
4
Animoca Brands
5
Rubrik
6
Bolt Financial
7
Stripe
8
ConsenSys
9
Discord
10
Kraken

7 Companies that received the most ticket and profile view activity over the last 30 days

SpaceX, Epic Games and Databricks were the three most active companies on ZX in April.

ZX received 289% more asks than bids in April, marking the thirteenth consecutive month the order book has been skewed to the sell-side. April transactions priced from a 28.6% discount to a 30.8% premium to February average reported holding values.

Reported Holdings Commentary: Quarter Ending February 28th, 2022

This quarter reporting holders marked down their private portfolios 2.1% with an average mark-down of 1.3%. The period saw twice the number of companies declining for every one company advancing.

FLEXE saw the largest mark-up this reporting period, with Delhivery, Cava, and Freenome rounding out the largest gainers. Intarcia Therapeutics saw the largest mark-down this reporting period as funds wrote-off their positions. Chime, Quell and dMed saw the next largest markdowns.

PrognomIQ and SpaceX saw their first positive reversals in three quarters while Element Bio and Heal saw their first negative reversals in six quarters.

This period, Epic Games ($735.86 - $1,095.70) saw the highest share price variance across funds.

Disclaimer

This report is based on data reported by 200+ funds. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.

Zanbato, Inc. (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information is believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

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