How We Can Assist with Current Life Sciences & Pharmaceutical Accounting & Tax Issues
Pre-revenue life sciences and biotech public companies require financial reporting for SEC reporting purposes, but often lack the internal infrastructure to organize their financials for simplified, repeatable reporting.
How we Help: Briggs & Veselka can provide audit services tailored to a tech company’s growth cycle, as in accordance with the requirements of lenders or Private Equity groups. In addition to reviewing financial statements, we can recommend a scalable structure for your internal financial function, including people and technology infrastructure.
Initial Public Offerings
Life sciences and biotech owners and investors often monetize their investment through an Initial Public Offering, which can be a time-consuming and arduous process for all parties, fraught with delays, regulatory, and financial reporting issues.
How we Help: In the past few years, the firm has completed several IPOs from small cap companies being listed on the NASDAQ exchange. We offer our clients a very hands-on approach and can provide guidance for the overall process and tips for the challenges companies face at each stage of the process.
Start-ups are constantly challenged by the need for working capital for testing, technology, and people.
How we Help: B&V Capital Advisors, a full-service investment bank, can assist with financing, refinancing, recapitalization, buy-side and sell-side transactions. B&VCA works primarily with closely-held businesses and brings a more holistic, long-term relationship approach. Additionally, the resources of the Briggs & Veselka Transaction Advisory Services group can help with the due diligence and often overlooked tax implications of various deal structures—before the fact, so that owners can optimize their return.
As many dynamic companies experience rapid and often exponential growth, their systems and processes can lag the company size and scale. Within such organizations lies the risk of fraud, inefficiencies, and broken processes that can damage profitability, cash flow, and market reputation.
How we Help: Briggs & Veselka’s internal audit team can perform a high-level, low-cost risk assessment to determine gaps and opportunities. And if risks exist, we can advise on structural and process improvements that provide owners and outside investors greater comfort about a company’s operations and controls.
Managing Current and Future Tax Liabilities
Because many life sciences and biotech companies are pre-revenue, they often overlook early tax planning as a way to manage future tax liabilities.
And because of the nature of most life sciences companies, there often can be opportunities for Research & Development tax credits which can offset income or even payroll tax liabilities, depending on the circumstances.
How we Help: By examining your entity structure, joint venture relationships, and domestic and offshore holdings (both tangible and intangible), Briggs & Veselka can advise on entity and operational structures that can have the most positive impact on your foreign or domestic tax positions.
Rapid growth can cause internal accounting systems and processes to lag the organization in scale and sophistication. And oftentimes companies have a need for controller or CFO services, but cannot justify a full-time investment.
How we Help: Briggs & Veselka’s Outsourced Accounting Services gives you budget flexibility and control when you require interim support of full back office accounting functions, from outsourced bookkeeping to part time controller or CFO services that can grow as you do. We can also advise on improved systems, processes, and offer segregation of duties to avoid fraud.