SAN FRANCISCO – In the wake of last year's hot IPO market, this year's climate is likely to be significantly cooler, giving way to between 25 and 30 U.S. biopharma IPOs, projected venture captialist Brent Ahrens and banker Jennifer Jarrett during a "crystal ball" panel at the CalBio 2015 conference, a gathering of California industry mavens organized by BayBio and Biocom, the state's biggest life sciences trade associations.