The IPO window has closed
The problem is that in the current market the chances of getting a successful IPO are slim. And some of the high-profile IPOs of recent years have (correctly) gone down to Earth somewhat. So, you have to keep on going for now and hope that the "good times" of easy IPOs returns. I think things are going to get worse rather than better however, so we'll see lots of startups go down or downsize just to keep themselves alive.