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# Managing Money Managing Success - 05.10.2016

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Slide deck for finance lecture of MSKCC (NYC) Biomedical Science Leadership course. May 2016.

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### Managing Money Managing Success - 05.10.2016

1. 1. May 10, 2016 © UniTechAdvisors, LLC Eric Vieira PhD Managing Money Managing Success
2. 2. The Language of Finance & Accounting • Budgets • Capital • Cash • Costs • Cost of Capital • Cost of Goods Sold • Direct Costs • Discount Rate • Discounted Cash Flows • EBITDA • Equity • Expenses • Facilities & Administration ( F&A rates) • Fringe Benefits • Indirect Costs • Interest Rate • Internal Rate of Return • Liabilities • Loss • Net Present Value • Opportunity Costs • Probability of technical success • Profits • Revenue • Revenue Projections • Return on Investment • Risk • Royalty • S,G, and A • Time Value of Money © UniTechAdvisors, LLC 2
3. 3. The Black-Scholes pricing formula for call options Call option: is an agreement that gives an investor the right, but not the obligation, to buy a stock, bond, commodity or other instrument at a specified price within a specific time period. 3
4. 4. The Black-Scholes pricing formula for call options Shows the expected benefit of purchasing the underlying outright 4
5. 5. The Black-Scholes pricing formula for call options Shows the expected benefit of purchasing the underlying outright Provides the current value of paying the exercise price upon expiration 5
7. 7. Mathematical Operations Add (+) Probability & Statistics Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 7
8. 8. Mathematical Operations Add (+) Probability & Statistics Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 8
9. 9. Mathematical Operations Add (+) Probability & Statistics ‘For all else, there’s a calculator for that Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 9
10. 10. book·keep·ing /ˈbo͝okˌkēpiNG / noun: bookkeeping the activity or occupation of keeping records of the financial affairs of an individual or business, and part of the process of accounting. © UniTechAdvisors, LLC 10
11. 11. Budgeting your life Grad School (20s-30s) Income \$28,000 \$1,500 \$100 \$130 EXPENSES, monthly \$23,700 Expenses, annually + taxes \$28,554 ANNUAL SAVINGS (LOSS), Net \$(554) Rent/Mortgage+ Utilities Phone Childcare Transportation Student Loans Debt Incidentals EXPENSES, annually \$150 \$35 \$60 \$1,975 © UniTechAdvisors, LLC 11
12. 12. Budgeting your life Grad School (20s-30s) Post-Grad (30s-40s) Income \$28,000 \$1,500 \$100 \$130 EXPENSES, monthly \$23,700 Expenses, annually + taxes \$28,554 ANNUAL SAVINGS (LOSS), Net \$(554) Rent/Mortgage+ Utilities Phone Childcare Transportation Student Loans Debt Incidentals EXPENSES, annually \$150 \$35 \$60 \$1,975 \$160,000 \$3,200 \$400 \$200 \$101,400 \$156,000 \$4,000 \$2000 \$1000 \$500 \$350 \$800 \$8,450 © UniTechAdvisors, LLC 12
13. 13. Setting up a lab YR1 YR2 YR3 Salary PI (50%) \$50K \$50K \$50K Tech (100%) \$35K \$35K \$35K Student (100%) \$25K \$25K Fringe (35% F/S, 15% Stu) \$30K \$34K \$34K Reagents \$10K \$15K \$15K Equipment \$15K TOTAL DIRECT Cost \$140K \$159K \$159K F & A / Indirect Cost (56%) \$70K \$89K \$89K Modified Total Direct Cost \$125K \$159K \$159K TOTAL NEED \$210K \$247K \$247K © UniTechAdvisors, LLC 13
14. 14. Setting up a lab YR1 YR2 YR3 YR4 Salary PI (50%) \$50K \$50K \$50K \$65K Tech (100%) \$35K \$35K \$35K \$40K Student (100%) \$25K \$25K \$50K Fringe (35% F/S, 15% Stu) \$30K \$34K \$34K \$44K Reagents \$10K \$15K \$15K \$20K Equipment \$15K \$20K TOTAL DIRECT Cost \$140K \$159K \$159K \$239K F & A / Indirect Cost (56%) \$70K \$89K \$89K \$123K \$125K \$159K \$159K \$219K TOTAL NEED \$210K \$247K \$247K \$362K © UniTechAdvisors, LLC 14 Modified Total Direct Cost
15. 15. Running a company YR1 YR2 YR3… Revenues Product Sales Licensing Income \$35K \$45K \$60K Contract Services \$50K \$80K \$100K \$150K \$300K \$10K \$20K \$120K \$116K \$180K \$434K Taxes Earnings before I,T,D,A \$(56K) \$(85K) \$(234K) PROFIT (LOSS) \$(56K) \$(85K) \$(294K) \$25K Expenses Research & Development Sales, General & Administration \$6K \$10K \$14KCosts of Goods Sold TOTAL REVENUE TOTAL EXPENSES \$60K \$95K \$140K © UniTechAdvisors, LLC 15
16. 16. Running a company YR1 YR2 YR3… …YR6 Revenues Product Sales \$1,800K Licensing Income \$35K \$45K \$60K \$75K Contract Services \$50K \$80K \$100K \$100K \$150K \$300K \$400K \$10K \$20K \$120K \$300K \$116K \$180K \$434K \$1,188K Taxes \$130k Earnings before I,T,D,A \$(56K) \$(85K) \$(234K) \$787K PROFIT (LOSS) \$(56K) \$(85K) \$(294K) \$656K \$25K Expenses Research & Development Sales, General & Administration \$6K \$10K \$14K \$488KCosts of Goods Sold TOTAL REVENUE TOTAL EXPENSES \$60K \$95K \$140K \$1,975K © UniTechAdvisors, LLC 16
17. 17. Regeneron Pharmaceuticals Income Statement – YR 2015 10-K © UniTechAdvisors, LLC 17
18. 18. fore·cast /ˈfôrˌkast / verb gerund or present participle: forecasting to predict or estimate a future event or trend. © UniTechAdvisors, LLC 18
19. 19. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy (\$) Annual Product Sales (\$) © UniTechAdvisors, LLC 19
20. 20. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy (\$) Annual Product Sales (\$) Income Statement Product Sales IncomeExpensesProfits/Losses Licensing Revenue COGS R & D S,G & A Earnings/Losses per Share © UniTechAdvisors, LLC 20
21. 21. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy (\$) Annual Product Sales (\$) Income Statement Product Sales IncomeExpensesProfits/Losses Licensing Revenue COGS R & D S,G & A Earnings/Losses per Share © UniTechAdvisors, LLC 21
22. 22. fi·nan·cial mod·el·ling / fəˈnan(t)SHəl,fīˈnan(t)SHəl / /ˈmädliNG / Adjective gerund or present participle: modelling the task of building an abstract representation (a model) of a real world (financial) situation. © UniTechAdvisors, LLC 22
23. 23. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) Modelling Disease 23
24. 24. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) Modelling Disease 24
25. 25. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) Modelling Disease \$ 25
26. 26. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 Modelling Disease 26
27. 27. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 2020 17% 56M \$372M 335M 10% 5.6M 75% 4.2M 10% 0.4M \$880 Modelling Disease 27
28. 28. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 2020 17% 56M \$372M 335M 10% 5.6M 75% 4.2M 10% 0.4M \$880 2025 19% 66M \$939M 347M 10% 6.6M 75% 4.9M 20% 1M \$950 Modelling Disease 28
29. 29. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 2020 17% 56M \$372M 335M 10% 5.6M 75% 4.2M 10% 0.4M \$880 2025 19% 66M \$939M 347M 10% 6.6M 75% 4.9M 20% 1M \$950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M \$950 \$2,112M Modelling Disease 29
30. 30. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 2020 17% 56M \$372M 335M 10% 5.6M 75% 4.2M 10% 0.4M \$880 2025 19% 66M \$939M 347M 10% 6.6M 75% 4.9M 20% 1M \$950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M \$950 \$2,112M 2035 21% 79M 370M 10% 7.9M 75% 5.9M 60% 3.6M \$950 \$3,386M Modelling Disease 30
31. 31. Modelling Disease Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; \$) 2015 15% \$0 48M 321M 10% 4.8M 75% 3.6M 0% 0 \$800 2020 17% 56M \$372M 335M 10% 5.6M 75% 4.2M 10% 0.4M \$880 2025 19% 66M \$939M 347M 10% 6.6M 75% 4.9M 20% 1M \$950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M \$950 \$2,112M 2035 21% 79M 370M 10% 7.9M 75% 5.9M 60% 3.6M \$950 \$3,386M 2040 22% 82M 380M 10% 8.2M 75% 6.2M 15% 0.9M \$80 \$74M 31
33. 33. val·u·a·tion /ˌvalyəˈwāSH(ə)n / noun: valuation; plural noun: valuations an estimation of something's worth, especially one carried out by a professional appraiser. © UniTechAdvisors, LLC 33
34. 34. Expected Value & Royalties Product Sales © UniTechAdvisors, LLC 2015 \$0 2020 \$372M 2025 \$939M 2030 \$2,112M 2035 \$3,386M 2040 \$74M 34
35. 35. Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 \$0 \$0 2020 \$93M \$372M 2025 \$94M \$939M 2030 \$211M \$2,112M 2035 \$339M \$3,386M 2040 \$7M \$74M Product Sales, Net \$0 \$279M \$845M \$1,901M \$3,048M \$67M Expected Value & Royalties 35
36. 36. Royalty Rate (8% of Net Product Sales) Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 8% \$0 \$0 2020 8% \$93M \$372M 2025 8% \$94M \$939M 2030 8% \$211M \$2,112M 2035 8% \$339M \$3,386M 2040 8% \$7M \$74M Product Sales, Net \$0 \$279M \$845M \$1,901M \$3,048M \$67M Royalty Payments \$0 \$22M \$68M \$152M \$244M \$5M Expected Value & Royalties 36
37. 37. Royalty Rate (8% of Net Product Sales) Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 8% \$0 \$0 2020 8% \$93M \$372M 2025 8% \$94M \$939M 2030 8% \$211M \$2,112M 2035 8% \$339M \$3,386M 2040 8% \$7M \$74M Product Sales, Net \$0 \$279M \$845M \$1,901M \$3,048M \$67M Royalty Payments \$0 \$22M \$68M \$152M \$244M \$5M Lifetime (20+ yrs) Total Net Product Sales: \$30B Lifetime Total Royalty Payments: \$2B Expected Value & Royalties Lifetime Total Inventor Share: \$0.6B 37
38. 38. Year 0 \$100.00 Year 1 \$50.00 Year 2 \$30.00 Year 3 \$100.00 \$20.00 Year 0 \$100.00 \$86.38 \$92.11 Year 1 \$50.00 Year 2 \$30.00 Year 3 \$115.76 \$100.00 \$20.00 Year 0 \$100.00 \$100.00 \$86.38 \$86.38 \$92.11 \$92.11 Year 1 \$105.00 \$90.70 \$50.00 \$47.62 Year 2 \$110.25 \$95.24 \$30.00 \$27.21 Year 3 \$115.76 \$115.76 \$100.00 \$100.00 \$20.00 \$17.28 Scenario 3Scenario 2Scenario 1 Scenario 1 Scenario 2 Scenario 3 Scenario 1 Scenario 2 Scenario 3 Future Value Present Value Assume: Interest Rate (i) = 5% Discount Rate (r) = 5% FV=PV*(1+i)^n PV=FV/(1+d)^n PV={FV1/(1+d)^1} + {FV2/(1+d)^2} + {FV3/(1+d)^3} Time Value of Money © UniTechAdvisors, LLC 38
39. 39. Year 0 \$100.00 Year 1 \$50.00 Year 2 \$30.00 Year 3 \$100.00 \$20.00 Year 0 \$100.00 \$86.38 \$92.11 Year 1 \$50.00 Year 2 \$30.00 Year 3 \$115.76 \$100.00 \$20.00 Year 0 \$100.00 \$100.00 \$86.38 \$86.38 \$92.11 \$92.11 Year 1 \$105.00 \$90.70 \$50.00 \$47.62 Year 2 \$110.25 \$95.24 \$30.00 \$27.21 Year 3 \$115.76 \$115.76 \$100.00 \$100.00 \$20.00 \$17.28 Scenario 3Scenario 2Scenario 1 Scenario 1 Scenario 2 Scenario 3 Scenario 1 Scenario 2 Scenario 3 Future Value Present Value Assume: Interest Rate (i) = 5% Discount Rate (r) = 5% FV=PV*(1+i)^n PV=FV/(1+r)^n PV={FV1/(1+r)^1} + {FV2/(1+r)^2} + {FV3/(1+r)^3} Time Value of Money © UniTechAdvisors, LLC 39
40. 40. Net Present Value © UniTechAdvisors, LLC 2015 2020 2025 2030 2035 2040 Royalty Payments \$0 \$22M \$68M \$152M \$244M \$5M Net Present Value (r=25%) \$0 \$7M \$7M \$5M \$3M \$0.02M Lifetime Total, Royalty Payments: \$2B via Discounted Cash Flows (DCF) Net Present Value (via DCF): \$100M 40
41. 41. de·ci·sion-mak·ing / dəˈsiZHən / /ˈmākiNG / noun: decision-making the action or process of making decisions, especially important ones. © UniTechAdvisors, LLC 41
42. 42. Cash Flow Curve Break-even Point Net cash flow Positive(+)Negative(-) Time Product Launch 20 yrs Profits Investment © UniTechAdvisors, LLC 42
44. 44. Regeneron Pharmaceuticals © UniTechAdvisors, LLC (\$‘000) 44 Net Cash Flows
45. 45. Expected Value Net cash flow Positive(+)Negative(-) Time20 yrs Project A Project B Profits of Project B are projected to be 35% > than the projected profits of Project A ? What do you do ?© UniTechAdvisors, LLC 45 SCENARIO ANALYSIS
46. 46. • Definition: A performance measure that allows the comparison of investment opportunities ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment © UniTechAdvisors, LLC 46
47. 47. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment Project A \$6.0B - \$0.5B \$0.5B = Project B \$8.0B - \$0.6B \$0.6B = \$5.5B \$0.5B = \$7.4B \$0.6B = © UniTechAdvisors, LLC 47
48. 48. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment \$0.5B = \$0.6B = = = \$5.5B \$0.5B = \$7.4B \$0.6B = 11X return 12X return © UniTechAdvisors, LLC Project A Project B 48 \$6.0B - \$0.5B \$8.0B - \$0.6B
49. 49. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment \$0.5B = \$0.6B = = = 11X return 12X return \$5.5B \$0.5B = \$7.4B \$0.6B = © UniTechAdvisors, LLC Project A Project B 49 \$6.0B - \$0.5B \$8.0B - \$0.6B
50. 50. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016)50
51. 51. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} 51
52. 52. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} 52
53. 53. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} Phase II -> Approval = 20% p{TS} 53
54. 54. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} Phase II -> Approval = 20% p{TS} Phase III -> Approval = 56% p{TS} 54
55. 55. Considering Risk Net cash flow Positive(+)Negative(-) Time20 yrs Project A Project B Project B has a 10% chance of success, while Project A has a 20% chance of success. ? What do you do ?© UniTechAdvisors, LLC 55 PROBABILISTIC VALUATION
56. 56. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk \$6B*(.20) - \$0.5B \$0.5B = \$8B*(.10) - \$0.6B \$0.6B = © UniTechAdvisors, LLC Project A Project B 56
57. 57. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk \$6B*(.20) - \$0.5B \$0.5B = \$8B*(.10) - \$0.6B \$0.6B = \$0.7B \$0.5B = \$0.2B \$0.6B = © UniTechAdvisors, LLC 1.4X return= = Project A Project B 57 (a loss)
58. 58. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk \$6B*(.20) - \$0.5B \$0.5B = \$8B*(.10) - \$0.6B \$0.6B = \$0.5B = \$0.6B = © UniTechAdvisors, LLC = = Project A Project B 58 1.4X return (a loss) \$0.7B \$0.2B
59. 59. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering IRR / Hurdles \$6B*(.20) - \$0.5B \$0.5B = \$8B*(.10) - \$0.6B \$0.6B = \$0.5B = \$0.6B = © UniTechAdvisors, LLC = = Project A Project B Internal Rate of Return … Hurdle Rate : Growth => 1.8X 59 1.4X return (a loss) \$0.7B \$0.2B
60. 60. in·vest /inˈvest/ verb gerund or present participle: investing expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture. © UniTechAdvisors, LLC 60
61. 61. Assets Debt Cash Making an Investment © UniTechAdvisors, LLC 61
62. 62. Assets Debt Cash Assets Liabilities Shareholder Equity Making an Investment Balance Sheet © UniTechAdvisors, LLC 62
63. 63. House Mortgage (Debt) Down payment + principal payments on mortgage Making an Investment © UniTechAdvisors, LLC 63
64. 64. House Mortgage (Debt) Down payment + principal payments on mortgage \$1000K \$800K \$200K Making an Investment © UniTechAdvisors, LLC 64
65. 65. House Mortgage (Debt) Down payment + principal payments on mortgage \$1000K \$800K \$200K \$1300K \$700K \$600K (\$200K+\$100K+\$300K) Interest Making an Investment © UniTechAdvisors, LLC 65
66. 66. House Mortgage (Debt) Down payment + principal payments on mortgage \$1000K \$800K \$200K \$850K \$700K \$150K \$1300K \$700K Interest Interest Making an Investment \$600K (\$200K+\$100K+\$300K) (\$200K+\$100K-\$150K) © UniTechAdvisors, LLC 66
67. 67. House Mortgage (Debt) Down payment + principal payments on mortgage \$1000K \$800K \$200K \$850K \$700K \$150K \$1300K \$700K Interest Interest Debt/Equity Ratio \$600K (\$200K+\$100K+\$300K) (\$200K+\$100K-\$150K) © UniTechAdvisors, LLC 67 D/E=400% D/E=117% D/E=467%
68. 68. The Language of Finance & Accounting • Budgets • Capital • Cash • Costs • Cost of Capital • Cost of Goods Sold • Direct Costs • Discount Rate • Discounted Cash Flows • EBITDA • Equity • Expenses • Facilities & Administration ( F&A rates) • Fringe Benefits • Indirect Costs • Interest Rate • Internal Rate of Return • Liabilities • Loss • Net Present Value • Opportunity Costs • Probability of technical success • Profits • Revenue • Revenue Projections • Return on Investment • Risk • Royalty • S,G, and A • Time Value of Money © UniTechAdvisors, LLC 68
69. 69. Resources • How to Read a Financial Report (2014) by John Tracy • At the Helm: Leading Your Laboratory, Second Edition (2010) By Kathy Barker • Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious (2014) by Steven Rogers and Roza Makonnen • Commercializing Successful Biomedical Technologies: Basic Principles for the Development of Drugs, Diagnostics and Devices (2011) by Shreefal S. Mehta • Biotechnology Valuation: An Introductory Guide (2008) by Karl Keegan • Getting to Yes: Negotiating Agreement Without Giving In (2011) by Roger Fisher, Bruce Patton (Editor), William Ury • The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (2013) by Noam Wasserman © UniTechAdvisors, LLC 69 BOOKS
70. 70. Resources • Investopedia (www.investopedia.com) • NIH Grants & Funding site (www.grants.nih.gov/oer.htm) • Daily Worth (www.dailyworth.com) © UniTechAdvisors, LLC 70 WEBSITES University/Medical Centers • Grants & Contracts Office {pre-award} • Office of Research & Projects Administration {post-award} NYC Small Business Services (SBS) • NYC Business Solutions centers NY Public Library • Science, Industry and Business Library (SIBL)- 34th street LOCAL ADMINISTRATORS & SUPPORT
71. 71. Stay in touch… Eric Vieira, PhD www.linkedin.com/in/ericvieira @emvieira00 71 THANK YOU!