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There are multiple companies that went public in that 2019 - 2021 time frame that have negative EBITDA and are hard to price because of it.

Ginkgo Bioworks, IPO Date: Sept. 2021, EBITDA: -$325m Rivian, IPO Date: Nov. 2021, EBITDA: -$455m

Beyond Meat has seen less growth than their some of these examples, but my conclusion is still the same: it would have been better for them to find their footing as a private company, then use the IPO money to expand, rather than to pour the IPO money into R&D. Publicly trading stock causes more overhead and restricts the companies ability to pivot. Investors, founders, and employees are able to cash out before the real value has been created. The money generated does not guarantee longer term success or better long term investments as much as they thought it would.

I am still bullish on many of these companies but if I were to get in my time machine back to 2019, I would have avoided investing.