How to balance research and business needs in Life Sciences
Running successful life sciences companies requires good science that goes toward filling an unmet medical need. But as any growing company in the life sciences industry knows, it takes more than research acumen to steer your initial concept all the way through to exit. Most of the time, you’re trying to make your funding stretch to the next research milestone, so you can apply for new grants or pitch to potential investors. You’re also looking for ways to cut down on administrative tasks that distract from mission-critical research. Brex for Life Sciences can help you get back to your research, by taking the burden of financial busywork off your plate and by offering credit card rewards that put precious funding back in your pocket.
Reduce your time-to-science through better expense management
As your research progresses, your team will expand and tracking your expenses will become more complex. When Brex customer and biotech company Miroculous closed a $17 million funding round in 2018, their Head of Finance, Manuel Sescosse, knew he would have to streamline his expense management before it made the month-end closing process onerous. They were hiring quickly, and Sescosse was already spending too much time chasing down employees for their receipts—including the scientists on his research team, who would prefer to spend their time on R&D.
When you swipe your Brex card, you’ll get a text or mobile push notification prompting you to reply with a photo of your receipt—and then Brex will automatically match it to the expense. Knowing that his team wouldn’t come to him with piles of of paper receipts freed Sescosse from burdensome expense management so he could focus on tightening his operation elsewhere and prepare for the growth ahead.
The same was true for biotech company Othram, who recently raised a $4 million Series A funding round. Their lab operates by making large bulk purchases, and their bookkeeper faced a massive task in tracking lab purchases that went toward R&D. Brex’s automatic receipt-capture also comes with the option to include a memo, which gave the admin context for every transaction. It’s been so convenient, they’ve stopped using other expense tracking tools.
Brex allows you to integrate with your accounting tool of choice, such as QuickBooks, NetSuite, Xero, and Expensify. Brex for Life Sciences also gives you a bird’s-eye view on your expenses. Managers can customize the spending limits for each individual user’s corporate card, whether physical or virtual. Every dollar you help your employees save goes toward getting that hard data you need to secure your next funding source. And if you have grant accounting audits to satisfy, having the complete picture of your expenses is crucial to show the grant institution that your funding is truly going toward the award criteria.
Make your funding go farther with Brex card rewards
Fundraising in the life science industry is complex. You’re often applying for and managing the audit accounting for a patchwork of funding in the form of grants from various sources. You’re pitching to angel investors, applying to incubators and accelerators, or looking for partnerships with big pharma. Whatever your path, you’re investing a lot of your time and energy into making sure your research has a runway.
Choosing a credit card that gives you points on your research spend is a great way to make sure your current funding lasts long enough to get you to the next milestone. The Brex for Life Sciences credit card allows you to optimize money back to your business. Brex will give you points on subscription services that help you run and grow your company. It offers 10% off your first 90 days of Quartzy spend, a 15% discount on enterprise licenses through Science Exchange, and $5,000 in Amazon Web Services credit over a year, among many others.
For young biotech companies working on drug development, it's all about getting the data you need to get to clinical trials, and that means burning through lab supplies at a high rate. Many early-stage life science startups will pay for memberships at incubators or accelerators that offer lab space and equipment, or look to partner with pharmaceutical companies who can provide infrastructure and expertise in exchange for equity. Whichever option works best for your disease area, Brex offers 2x points on lab supplies to help you validate your initial therapeutic candidates and attract the attention you need.
If you’re trying to get your name out there, create a network, and attract private investment, you’ll likely need to do a lot of traveling. You’ll want to meet with patient advocacy groups in your disease area, with family offices and corporate foundations, with angel networks and venture capitalists. You’ll also want to present your research at life sciences industry conferences. The Brex card gives you 4x points on travel booked through Brex and 7x points on conference tickets, which may help you get to that one extra meeting where you land your next source of funding.
Visit the Brex for Life Sciences page for more details about how the credit card and rewards work.