As it stands today, 2022 is shaping up to be a rocky year for biopharma. As Fierce Biotech reports, dozens of companies – from top 20 to emerging biotechs – have announced layoffs at an unrelenting pace throughout the first half of the year.
Certainly, not all headwinds are related to financials: pipeline shrinkage, regulatory setbacks, M&A, or the obvious culprits of efficacy/safety are the majority contributors to this corporate volatility. But with nearly a quarteror more therapeutics failing due to commercial reasons not related to efficacy or safety, strategically managing a biotech’s finance function can increase the chance of long-term viability for your organization. Auxilius finds that a vast majority of clinical trial financials are managed via spreadsheet, bereft of real-time tracking and lacking accurate accruals, risk analysis or visibility, in addition to being a huge chore for the team or individual responsible. Our team set out to change that and to help biotech leaders like you.
When creating a tailor-made product to solve the complex and evolving nature of clinical trials, Auxilius directed effort toward three objectives that are especially relevant in today’s landscape:
If you don’t have a clear view of your ledger, you can’t effectively plan. Auxilius incorporates contract data, change orders, accruals, and other pertinent data to give you a clear view of your financial state, across trials, across vendors, and across sites – all in a software package designed specifically for clinical trials. With this clear view, you can maximize your spend, understand your cash runway, and plan towards your goals and clinical or financial milestones.
The compliance journey is complicated and uncoordinated – from IND to IPO, there are a multitude of steps necessary to adhere to GAAP across the company lifecycle. Auxilius makes them easier, with clear documentation in place, a strong process for planning, month- and quarter-close made simple, and a backbone of professionals to help you grow and scale.
Having visibility into your financial state – accruals, budgets across studies, vendor contracts – can be a key differentiator for financially resilient companies. Without visibility, you can flounder; with visibility, you can steer your finances with confidence. With Auxilius, you gain even more: the ability to model scenarios and risk, with a clear view of what variation might mean to your ability to execute. Change orders, trial contracts, and other data can all be woven together into a clear view, then tweaked to forecast different possibilities – all easily, seamlessly, and informed by the data that matters to you.
Importantly, as your organization changes, Auxilius exists to complement and empower FP&A and accounting teams that might not be right sized for the important work they are asked to do. Don’t risk a loss of rigor or process through change, and don’t make short term tradeoffs that could impact the long term. With the support, continuity, and technology Auxilius provides, your organization will stand more resilient against a shifting market.
Our team of industry experts is ready to show you how Auxilius can help. Demo the solution today: