They made a profit, actually... From the annual report on that offering: The final pricing of the Offering was $0.05346.... https://www.sec.gov/Archives/edgar/data/1534287/000156459018007185/bioa-10k_20171231.htm page 4 The PPS was above that until the middle of February... https://walletinvestor.com/stock-forecast/bioa-stock-history