Life Sciences
The life sciences industry moves at a rapid pace, driven by constant innovation, market disruption, and evolving regulatory standards. Companies across pharmaceuticals, biotech, medical devices, MedTech, and HealthTech each face unique challenges depending on their stage of growth or product development. From tax credits and compliance to streamlining your back office or IT solutions and cybersecurity, navigating this complex landscape requires a trusted advisor who understands the nuances of the life science industry and can provide strategic guidance.
Withum’s Life Sciences Services Team delivers tailored advisory, accounting, audit, and tax solutions to privately held, venture-backed, private equity-funded, and publicly traded companies. Whether you’re an early-stage startup, scaling rapidly, preparing for an IPO, or considering an exit, our life science accountants and consultants offer deep industry insight to support your goals.
Backed by decades of experience, we help you stay focused on innovation and growth—while we handle the complexities behind the scenes—so you can continue delivering value in a competitive market.
Who We Help
- Pharmaceuticals
- Medical Devices
- MedTech and HealthTech
- Therapeutics and Diagnostics
- Genetics and Genomics
- Contract Research Organizations
- BioLogics and BioTech
- Bio/Nutrition Nutraceuticals
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 R&D Tax Solutions
Previously known as OMB A-133 Audits, Uniform Guidance Audits (UGA) are essential to ensure compliance, enhance internal controls, and strengthen an organization’s financial and operational integrity. Withum’s Life Science Services Team is among the few firms with decades of experience understanding and applying Uniform Guidance, the Federal Acquisition Regulation, agency specific grant regulations and guidance, as well as award-specific terms and conditions. Additionally, we have performed numerous program-specific audits for life science companies receiving funding from a variety of Federal agencies.
Our Government Grant 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 consulting services can create greater flexibility, compliance and cost savings in a scalable manner to support the growth of your business.
Our Outsourced Accounting Solutions
Preparing for an IPO (initial public offering) is an enormous task for any company. Going public requires financial statement audits under PCAOB guidelines that will comply with strict SEC regulations. Withum as a firm is registered with the PCAOB and the Center for Audit Quality. Withum is among the firms nationwide that are required to meet the highest level of quality standards for life sciences companies.
Our Audit Solutions
Life science companies are a prime target for cyber crime due to the nature and structure of the 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 Cybersecurity Solutions
Insights
The Top 10 Questions You Should Be Asking Your CPA This Tax Season
Navigating the complex landscape of tax regulations in the life sciences and technology industries requires a knowledgeable CPA and a proactive approach to identifying tax-saving opportunities and ensuring compliance. Here […]
From Inspiration to Innovation: Women Making Waves in Life Sciences
Join us in celebrating the achievements and contributions of these extraordinary women. Their stories not only inspire but also pave the way for future generations. In honor of Women’s History […]
The End of the Massachusetts Angel Investor Tax Credit
In a significant policy shift, the Massachusetts Life Sciences Center (MLSC) announced the end of its Angel Investor Tax Credit program, which was repealed by Chapter 238 of the Acts […]
Service at Every Stage of Development
Life Sciences Accounting 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
- ASC 606 Adoption and Ongoing Support
Life Sciences Tax Services
- 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 Sciences 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.
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.
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, please connect with a member of our team.
