Case Study: Learn how Solaris helped a public preclinical biotech company

Learn how Solaris helped a public preclinical biotech company with its quarterly reporting, general ledger management, controls, and eventual wind-down.

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Context:

Solaris’ client was waiting to receive their final trial results while undergoing heavy turnover due to the uncertainty of the company's future, particularly within their critical finance and accounting positions.

Issues:

1. The client required a full-time Solaris accounting manager to seamlessly parachute in and take ownership of the general ledger work and review.
2. Due to being publicly traded, the client needed Solaris to come in and assist with the full 10Q preparation and review process, and ensure the quarterly review was completed and filed promptly.
3. Our client required Solaris to take ownership of treasury, including modifying controls and processes to accommodate a small finance team, and assist with and track budgets and budget to actuals.
4. Our client required future flexibility in their decision-making process, resulting in an urgent need to complete all outstanding regulatory requirements.

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Solutions:

1. Successfully deployed an accounting manager with immediate relief of duty and no delay in operations. Our deployment included assistance in a variety of transactions including a $25M equity raise, assistance in technical accounting review of lease terminations and debt modification, impairment of fixed assets and subsequent sale, and preparation and disclosure of reverse share split.
2. Successful filing for two quarterly filings while enduring a short-staffed finance team and several unusual accounting transactions.
3. Successful ownership of treasury and improvement to cash controls that accommodated a small finance team and assistance during company wind-down. Solaris also continued to assist as operations slowed and ensured day-to-day operations continued without error.
4. Successfully completed earlier outstanding financial statement audits and assisted with all income tax filings in the US and UK, as well as all other regulatory filings. 

Overall, Solaris demonstrated exceptional proficiency and adaptability in guiding our client, a public biotech company, through a tumultuous period marked by financial uncertainty and significant personnel turnover. By providing a dedicated accounting manager, facilitating critical quarterly reporting, managing general ledger tasks, and overseeing treasury functions, Solaris ensured seamless financial operations and regulatory compliance. Solaris’ strategic interventions enabled the company to meet its financial obligations, maintain operational integrity, and ultimately navigate the complexities of winding down. This collaboration underscores Solaris's commitment to delivering tailored financial solutions and steadfast support during the most challenging phases of a company's lifecycle.