When Casper Sleep was going public early last year, co-founder and CEO Philip Krim told investors that “our mission is to awaken the potential of a well-rested world.” It’s a pity he didn’t aim a little lower—say, to turn Casper into a money-making enterprise. Perhaps Krim would still have a job and a company. 

Instead, an investment firm is buying Casper at a price that is little more than half its IPO selling price—although more than double where it was trading as recently as last Thursday. Krim is being replaced as CEO by the company’s president. That’s all for the best. Casper should never have gone public. The bankers and the board should have called off the IPO as soon as it was clear there wasn’t sufficient investor demand for the offering, originally planned to raise $150 million. Instead, Casper raised $88 million, which was nowhere near enough money for a company that had burned through an average of $91 million annually over the previous three years.