Chaos to Clarity - Finance discussion group

1. How much runway is actually enough?

Twelve months of cash doesn’t always mean twelve months of runway.

Clinical timelines slip. Experiments need repeating. Manufacturing takes longer than expected. Regulators ask another question. And the next raise nearly always takes longer than everyone hopes.

For most biotechs, I’d be much more comfortable seeing 18–24 months of cash, particularly if there is an important clinical, regulatory or manufacturing milestone ahead.

The important question isn’t just:

“When do we run out of cash?”

Five things worth talking about if you’re building a biotech and approaching the “valley of death”:

1. How much runway is actually enough?

   Is 12 months really 12 months when trials slip, milestones move and the next raise takes longer than expected?

   
   

2. When do you start raising again?

   If you’ve just closed Series A, when should Series B conversations really begin — and what needs to be true before you go back to investors?

   
   

3. Where should you spend the next dollar?

   
   

Welcome to our group Chaos to Clarity - Finance discussion group! A space for us to connect and share with each other.

From cash runway and fundraising to forecasting, systems, governance and scaling the finance function — a practical forum for comparing notes, sharing experiences and tackling the financial challenges that come with building a biotech.

Real stories are important, so post anonymously if you like!