The lackluster performance of this year’s tech company IPOs hasn’t just hurt shareholders. A significant proportion of stock options, typically held by employees and directors, are underwater, data shows.

For instance, 30% of outstanding stock options issued by Apigee, a software company that went public in April, were underwater, where the exercise price is above the current stock price, according to its most recent filings. That means the options don’t have any immediate value, although as options typically have a 10-year life span, there is plenty of time for stocks to rise and make the options valuable.