A complete Series B financial model for Biotech startups. Revenue model, unit economics, hiring plan, cash flow projections, and funding scenarios — structured for investor review.
Projection Horizon
5 years with AOP detail for current year (monthly)
Model Tabs
8 core tabs
Format
Excel + Google Sheets
Path to profitability, market leadership, and capital efficiency. Series B investors are modeling the exit multiple — they want to see EBITDA timing and revenue quality.
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.
Series B models require a formal AOP (Annual Operating Plan) for the current year with monthly actuals-vs-plan tracking. Investors will ask for monthly actuals in the data room and will model variance trends.
Include a capital allocation memo that justifies the Series B use of proceeds. Show how each dollar maps to specific growth levers and the expected return on that investment.
A Series B Biotech financial model should cover 5 years with AOP detail for current year (monthly) of projections with these tabs: Board-Level P&L Summary, Revenue Model by Segment, Sales Capacity Model, Headcount by Function, Departmental Budget vs. Actual, Balance Sheet Forecast, Cash Flow Statement, Capital Allocation Plan. Path to profitability, market leadership, and capital efficiency. Series B investors are modeling the exit multiple — they want to see EBITDA timing and revenue quality.
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 Series B 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.
Series B models require a formal AOP (Annual Operating Plan) for the current year with monthly actuals-vs-plan tracking. Investors will ask for monthly actuals in the data room and will model variance trends. 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.
Include a capital allocation memo that justifies the Series B use of proceeds. Show how each dollar maps to specific growth levers and the expected return on that investment.
Get the Biotech Series B 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