Issue
This early-stage biotechnology company had a promising clinical pipeline and was in the process of building out its finance leadership, accounting function, and scalable operational processes. CBIZ was engaged to build and manage the finance function as the company grew toward institutional financing and going public.
Solution
Serving as an extension of management, CBIZ provided interim CFO, controllership, accounting operations, technical accounting, and IPO readiness services that evolved with the company as they grew. Our team:
- Established accounting policies, close processes, reporting packages and internal controls
- Supported multiple financing transactions
- Implemented NetSuite as the company outgrew QuickBooks
- Prepared audit-ready documentation
- Addressed complex equity, stock-based compensation, and SEC reporting matters
- Coordinated with management, auditors, legal counsel, bankers and investors throughout the IPO process
Outcome
CBIZ helped transform the company from a small start-up with limited finance infrastructure into a public company with a sophisticated, scalable finance function. By guiding them through a successful IPO, our team enabled management to stay focused on clinical and strategic growth, leading to one of Connecticut’s most notable IPO success stories.
| Company Information | |
|---|---|
| Industry | Biopharmaceutical Company |
| Entity Type | Public |
| Ownership Structure | Publicly Held |
| Geographic Footprint | National |
| Number of Employees | 21 |
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“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.
