Background 

A clinical-stage dermatology company was facing challenges in managing their R&D accruals, vendor accountability, and financial forecasting, especially as they prepared for their first Phase 3 clinical trial, which involved international sites and a larger patient pool than ever before. 

The Challenge 

Before adopting Condor Software, the company relied on manual, Excel-based methods for tracking clinical accruals. This process was inefficient, inaccurate, and heavily reliant on gross estimates. They lacked precision in site-specific costs, and their financial tracking was prone to errors, affecting both their accruals and overall financial management. The company's R&D accrual process was limited, often leaving the accounting team uncertain about the accuracy of actual trial expenses and financial reporting accruals. 

Solution with Condor Software

“Condor has given us the tools to make more informed financial decisions, and the support from their team has been incredible every step of the way."

—KKVH, Chief Financial Officer, Clinical Stage Dermatology Company 

• ‍Precision and Efficiency: Condor enabled the team to move to precise, site-specific cost tracking. The ability to calculate costs per visit drastically improved the accuracy of accruals, helping the company upgrade its process from just passing to "A" grade accuracy. The company could now see exactly where they stood in terms of clinical trial expenses. ‍
• Segregation of Duties and Team Morale: Condor's platform facilitated the segregation of duties within the accounting team, allowing for a clearer division of labor between preparers and reviewers. This not only improved internal controls but also supported team members, who were now more engaged with the clinical accrual process. The system's transparency and accuracy made the task less daunting for more junior team members and allowed for further understanding of the trial operations and finances across the organization. ‍
• Vendor Accountability: The system’s implementation uncovered significant cost discrepancies at individual sites. The company's Contract Research Organization (CRO) became more accountable, knowing the company was digging into site-level data and validating it against the Electronic Data Capture (EDC) system. This level of scrutiny helped improve the CRO's timeliness and responsiveness, ensuring better vendor management and budget alignment. ‍
• Audit Readiness and SOX Compliance: With Condor in place, the company's auditors (Moss Adams) appreciated the transparency and validation built into the system, which allowed for more accurate accrual calculations. While the company has not yet completed a full audit cycle with Condor, the software's robust compliance features provide peace of mind for future audits and SOX compliance. ‍
• FP&A and Forecasting: The ability to predict expenses and cash outflows based on real-time clinical trial data became a game changer for the company’s financial planning. Before Condor, the team had to rely on straight-line projections, which were often inaccurate. Now, they can account for upfront costs, patient enrollment curves, and site-specific expenses, allowing for more dynamic forecasting. 

User Experience

"The user experience with Condor has been excellent. The implementation process was seamless and the system's built-in checks and balances give us peace of mind. The Condor team has always been there to guide us, making sure we’re fully supported."

—KKVH, Chief Financial Officer, Clinical Stage Dermatology Company 

The company highlighted Condor’s user-friendly interface and the strong support provided during the training and implementation process, the software is made by financial processionals for financial professionals. They emphasized that Condor’s services team was always available to offer support. The software’s checks and balances provided confidence in the data, making it far superior to their previous manual Excel-based methods. 

Key Results

• Improved accuracy and precision in clinical accruals. 
• More efficient financial close process, reducing reliance on external vendors. 
• Greater vendor accountability, leading to improved relationships and cost management. 
• Enhanced audit readiness and SOX compliance. 
• Great user experience and consistent services support. 
• Clearer financial forecasting, especially around clinical trial costs.

"Condor’s team has been phenomenal. They were always ahead of the CRO, ready to support us through every step of the process. We’ve gained so much control and visibility over our clinical trials, it’s been a game changer for us."

—KKVH, Chief Financial Officer, Clinical Stage Dermatology Company