For a Series B biotech, I’d look for a fractional CFO who is much more than a startup financial-modeling person. At this stage, the right partner should understand clinical-trial forecasting, runway/capital strategy, board reporting, investor diligence, audit readiness, and potentially the path toward a Series C, strategic financing, or IPO/M&A.
I found several firms that look particularly relevant:
My initial shortlist
If this were my company, I'd probably interview three:
- Charles River CFO — strongest candidate if you're starting to think seriously about institutional finance infrastructure, audit/controls and eventual public-company readiness.
- G-Squared Partners — particularly attractive if you want the CFO to sit on top of a broader accounting/finance team rather than hiring separate controller/accounting resources.
- CoreView or YH CFO Consulting — worth considering if you want a more embedded, high-touch CFO relationship rather than a larger outsourced organization.
The key distinction I'd investigate is who actually does the work. Some firms sell "fractional CFO" but the engagement is effectively bookkeeping + monthly reporting with a CFO checking in periodically. For a Series B biotech, I'd want the actual CFO spending meaningful time with the CEO, board, investors and clinical/operations leadership.
What I'd require from the CFO
I'd put these in the RFP/interview criteria:
- 13-week cash forecast + long-range runway model
- Program-level clinical-trial forecasting, including CRO accruals and enrollment assumptions
- Scenario modeling around clinical milestones and financing timing
- Monthly board/investor reporting package
- Annual budget and rolling forecast
- Fundraising support and financial diligence/data room preparation
- Cap table and financing modeling
- Audit readiness and coordination with external auditors
- Accounting/controllership oversight
- R&D capitalization/expense policies and grant/tax-credit expertise where applicable
- Partnership/licensing economics and milestone-payment modeling
- Finance systems/ERP strategy
- Support evaluating Series C vs. strategic financing vs. M&A/IPO
- Ability to work directly with your CEO, COO, Head of Clinical, and board—not just the accounting team
One particularly important interview question is:
"Tell me about the last clinical-stage biotech you personally served as CFO. What was its stage, financing history, clinical program, cash balance, and what did you personally own?"
I'd also ask for two CEO/board references from biotech companies that were roughly your size, rather than generic startup references.
If you tell me (1) whether you're preclinical, Phase 1/2/3, (2) approximate annual burn, (3) current cash/runway, (4) whether you have an internal controller/accounting team, and (5) whether another financing is likely in the next 12–18 months, I can narrow this to the 3–5 best fractional CFO firms for your specific situation, including estimated engagement economics and what I'd ask each one in the first call.
If you tell me (1) whether you're preclinical, Phase 1/2/3, (2) approximate annual burn, (3) current cash/runway, (4) whether you have an internal controller/accounting team, and (5) whether another financing is likely in the next 12–18 months, I can narrow this to the 3–5 best fractional CFO firms for your specific situation, including estimated engagement economics and what I'd ask each one in the first call.
