A complete Seed financial model for Biotech startups. Revenue model, unit economics, hiring plan, cash flow projections, and funding scenarios — structured for investor review.
Projection Horizon
3 years (monthly for Year 1, quarterly for Years 2-3)
Model Tabs
7 core tabs
Format
Excel + Google Sheets
Path to Series A metrics and the unit economics that prove the business model. Seed investors model the path from current to Series A-level KPIs.
Biotech financial models must include a probability-weighted NPV analysis. Investors value companies on risk-adjusted NPV of the program, not DCF of current revenue. Include a sensitivity table showing NPV at different PoS assumptions.
Milestone-based funding model with pre-commercial phase tracking. Map funding events (SBIR awards, partnerships, equity rounds) to clinical trial stages and regulatory milestones.
Seed models should have a clearly documented assumption page. Every assumption should include a source (comparable company benchmark, customer interview data, or market research). Avoid top-down market share assumptions.
Show base case (on-plan), downside (50% of plan), and recovery timeline from downside. Include a Series A readiness milestone tracker showing the KPIs required to raise.
A Seed Biotech financial model should cover 3 years (monthly for Year 1, quarterly for Years 2-3) of projections with these tabs: Assumptions Dashboard, Revenue Cohort Model, Unit Economics, Headcount Plan, P&L Summary, Cash Flow Forecast, Series A Bridge. Path to Series A metrics and the unit economics that prove the business model. Seed investors model the path from current to Series A-level KPIs.
Milestone-based funding model with pre-commercial phase tracking. Map funding events (SBIR awards, partnerships, equity rounds) to clinical trial stages and regulatory milestones. The key revenue drivers are: Collaboration and partnership revenue by agreement; Government grant and SBIR/STTR funding; Licensing milestone payments; Future royalty revenue (post-approval, risk-adjusted).
Biotech unit economics at the Seed stage should include: Cost per patient enrolled in clinical trials; Cost per milestone achieved; NPV of risk-adjusted royalty stream; Cost of goods manufactured (COGS) at commercial scale. Biotech financial models must include a probability-weighted NPV analysis. Investors value companies on risk-adjusted NPV of the program, not DCF of current revenue. Include a sensitivity table showing NPV at different PoS assumptions.
Seed models should have a clearly documented assumption page. Every assumption should include a source (comparable company benchmark, customer interview data, or market research). Avoid top-down market share assumptions. Start with the smallest unit of your business (one customer, one transaction, one seat) and build up from there. Every assumption should have a source or benchmark you can defend in an investor meeting.
Show base case (on-plan), downside (50% of plan), and recovery timeline from downside. Include a Series A readiness milestone tracker showing the KPIs required to raise.
Get the Biotech Seed financial model as a pre-built Excel and Google Sheets template. Assumptions dashboard, revenue model, unit economics, and cash flow — ready to customize.
Includes Excel file, Google Sheets version, and model documentation guide