Life Sciences
The life sciences industry operates in a fast-paced, dynamic environment that requires you to be continuously focused on your business operations. Pharmaceutical, biotech and medical device companies operate in a highly competitive market saturated with innovation, disruption and ever-changing regulatory standards. Every company’s needs differ based on their current life cycle stage or stage of product development. Having a trusted advisor who is always available to offer sound guidance and novel and effective solutions can make all the difference in your company’s growth and success.
Withum’s Life Sciences Services Team offers innovative advisory, accounting, audit and tax solutions to privately-owned companies, companies with venture capital, angel or private equity-backing as well as and publicly traded companies. Whether you are an early-stage high-growth startup or an established and growing mature company, pursuing an IPO, secondary offerings or are entering into an exit transaction, our life sciences accountants, tax specialists and business consultants offer solutions backed by our collective knowledge and experience in the life science space.
Our goal is to give you the time you need to focus on your trade secrets, research and development, drive growth and provide unique value propositions within the market.
Who We Help
Sample Client Portfolio
Life Sciences Industry Challenges and Trends
For early-stage and development-stage companies, one of the largest expenses typically incurred are costs associated with research and development activities (R&D). When developing new products and ideas, opportunities may exist to reduce payroll tax liability by qualifying for a refundable R&D tax credit.
Our Solutions
Preparing for an IPO (initial public offering) is an enormous task for any company. Going public requires credible, audited financial statements under PCAOB guidelines that will comply with strict SEC regulations. Withum performs PCAOB audits and ensures financial.
Our Solutions
Properly capturing and understanding company data, especially for early-stage companies, can be difficult without the right tools. Using data analytics and artificial intelligence (AI) can help you store, share, and analyze your data easily to make smarter decisions for your business.
Our Solutions
Life sciences companies are a prime target for cyber crime due to the nature and structure of your business. By identifying areas of vulnerability in your IT infrastructure, you can better mitigate the risk of cyber threats by adopting effective cyber and information security strategies.
Our Solutions
The rapid growth of your life science company can often put a strain on internal finance and accounting operations. Outsourced accounting, finance and CFO services can create greater flexibility, compliance and cost savings in a scalable manner to support the growth of your business.
Our Solutions
Service at Every Stage of Development
Life Sciences Accounting and Tax Services
- Assurance and Accounting
- IPO and SEC Services
- Special Purpose Acquisition Company
- Evaluation of Mergers, Acquisitions and Joint Ventures
- Licensing and Royalty Audits
- ERISA Audits
- Government Grants and SBIR | STTR Services
- ASC 606 Adoption and Ongoing Support
- Tax Compliance
- Tax Structuring
- R&D Tax Credits
- NOL Sales
- State and Local Incentive Programs
- Evaluation of Section 382 NOL Carryovers
- Cost Segregation Studies
- International Tax Matters and Planning
- State Income and Sales Tax Nexus Studies
- Structure of Employee Compensation Plans
Life Sciences Advisory Services
- Strategic Alliance and Partnership Consulting
- Buy-Sell Arrangements
- Buy-Side and Sell-Side Due Diligence
- Business Combinations Valuation and Purchase Price Accounting
- Stock-Based Compensation Valuation/409(A) Valuations
- In-Process R&D Valuations
- Forensic and Damage Claim Services
- Digital and Technology Transformation
- Business Management Consulting
- Business Process Services
- Outsourced Accounting Systems and Services (OASyS)
- Finances Transformation and CFO Solutions
- Cybersecurity Solutions and Services (including on-site incident response)
- Internal Control Reviews and Outsourcing
- Internal Audit Outsourcing
- Benefits Benchmarking Analysis
Withum’s Life Science Services Team is an active member of national and local centers of influence.
Client Testimonials
Withum’s OASyS Team supports all our accounting needs and has provided a flawless and reliable service in preparation for our Series A, and we have been working together with them ever since. As we progressed to our Series B round, an audit became necessary, and Withum assisted us in selecting an auditor and was significantly involved in ensuring a successful PCAOB audit. Their expertise brings peace of mind and confidence not only to our leadership team at Invetx but also to our Board and investors.
Neurogastrx, Inc. is a clinical stage biopharmaceutical company based out of Woburn, MA. Over the years, Withum has provided a range of services to us, as our business needs change, including financial close and reporting, preparation of our tax provision and returns, and audit support. Currently, Withum provides administration of our payroll and accounts payables processes. For an early-stage company such as ours, cash management is key to our success. We are a lean team, but together with Withum, we maintain consistent processes and controls to achieve operational success.
I serve as Interim CFO for a number of Venture-Backed Life Science Companies. We rely on the Withum Outsourced Accounting Services team to provide complete accounting services from bill payment and processing to financial statement reporting which both our leadership teams and investors rely upon. In addition to these services the Withum team assists with our forecasting, cap table management, financial due diligence and a variety of other matters which arise in the course of running a business. Overall, our costs for these services are significantly less expensive than hiring our own full-time employees to staff a department. Further, when matters arise where more sophisticated financial expertise is required, we are able to leverage our team and utilize the services of other financial and tax professionals employed by Withum to provide needed assistance.
Jeffrey S. Troderman, CPA, Esq., Chief Financial Officer and Inside Counsel
Getting to this point wasn’t always as straightforward as we would have hoped, but your support, expertise and dedication throughout the process always made for one less major complexity which is far too often not the case. Thanks to the Withum team for everything. We’re looking forward to moving forward on both the clinical front and business front and are glad you’re both on the audit team!
Contact Us
For more information or to discuss your business needs, contact Withum’s Life Science Services Team.
Leadership
Insights
Exploring IRC Section 382: An Essential Consideration for Life Sciences Entities
In the life sciences sector, the journey from research to a marketable product often spans several years. During this phase, entities typically accrue substantial Net Operating Losses (NOLs), earmarked to […]
Tax Savings Programs for Massachusetts Life Sciences Companies
For those operating or investing in Massachusetts Life Sciences Companies, you should be familiar with the following programs: Massachusetts Companies The Massachusetts Life Sciences Center Tax Incentive Program application window […]
NYC Biotechnology Tax Credit: A Refundable Financial Incentive for Life Science Companies
The NYC Biotechnology Tax Credit offers a valuable financial incentive to investors and owners of qualified biotechnology companies. This credit can offset various taxes including business corporation tax, general corporation […]
Testimonial
Getting to this point wasn’t always as straightforward as we would have hoped, but your support, expertise and dedication throughout the process always made for one less major complexity which is far too often not the case. Thanks to the Withum team for everything. We’re looking forward to moving forward on both the clinical front and business front and are glad you’re both on the audit team!
I serve as Interim CFO for a number of Venture-Backed Life Science Companies. We rely on the Withum Outsourced Accounting Services team to provide complete accounting services from bill payment and processing to financial statement reporting which both our leadership teams and investors rely upon. In addition to these services the Withum team assists with our forecasting, cap table management, financial due diligence and a variety of other matters which arise in the course of running a business. Overall, our costs for these services are significantly less expensive than hiring our own full-time employees to staff a department. Further, when matters arise where more sophisticated financial expertise is required, we are able to leverage our team and utilize the services of other financial and tax professionals employed by Withum to provide needed assistance.
Jeffrey S. Troderman, CPA, Esq., Chief Financial Officer and Inside Counsel