Introduction

Ventyx, a leading biopharmaceutical company, faced certain challenges in their R&D accrual
process before adopting Condor Software. The reliance on CRO reporting, manual processes,
and the lack of detailed data made clinical accruals a cumbersome task. However, after
implementing Condor, Ventyx experienced substantial improvements in efficiency, accuracy,
and collaboration across teams. This case study highlights the key metrics and benefits realized
by Ventyx post-Condor integration.

The Challenge

Before Condor, Ventyx's R&D accruals process spanned between 3 to 4 weeks to complete
each month. Clinical trials; clinical development; and chemistry, manufacturing, and control
journal entries were historically the last to be journalized, as quarterly meetings to discuss
status and activity became tedious and often required extensive follow-ups. There was a heavy
reliance on vendors to provide accrual accounting, further complicating monthly closes. This
process was not only time-consuming but also prone to errors and often required manual
adjustments. With over a handful Phase 1 and five Phase 2 trials, the large volume of data
amplified these issues, often leading to audit adjustments and related SAB99s in 2022,
additionally the company began the transition to 404(b) in June 2023. These compliance
challenges, and the lack of detailed data further complicated budgeting and forecasting,
making it difficult to achieve accurate financial reporting.

Why Condor?

Condor stood out to Ventyx due to its automation capabilities, user-friendly interface, and
data-driven approach. The flexibility of support models that can evolve with business needs
also appealed to Ventyx, as it allowed them to tailor the software to their specific trials. Upon
implementation, Condor focused on Ventyx’s concerns to ensure a smooth transition. With the
platform’s intuitive interface and comprehensive UAT process, Condor’s team ensured Ventyx
was well-prepared to utilize the new system. It was evident that the implementation of Condor
had resulted in significant improvements.

"Previously, our close process spanned between 3 to 4 weeks and heavily relied on our CRO,
Condor enabled us to streamline our monthly close process, cutting it down to under a week."

—Roy Gonzales
Senior Vice President of Finance, Ventyx Bioscience

The Results

• ‍Efficiency and Time Savings: Time to finalize clinical accruals was reduced from 3-4
  weeks to less than one week, a 78% decrease in time to close.‍
• Accuracy: Accruals are now data-driven, leading to more accurate financial reporting
  and fewer post-close adjustments.‍
• Collaboration: Improved communication between accounting, FP&A, and Clinical
  Operations, allowing for more detailed and meaningful reporting discussions.‍
• Vendor Management & Accountability: Enhanced visibility and accountability,
  resulting in better negotiation and adherence to project timelines. Condor also allows
  Ventyx to compare change orders in progress alongside their current contract and
  provide clear data points for negotiating with its CROs.‍
• Audit/Compliance: Streamlined SOX compliance and audit readiness with SOC-1
  certification. Significantly reduced audit questions with defensible expense amounts
  and a clear audit trail. The company ended 2023 with no significant deficiencies,
  material weaknesses, and no audit adjustments.

“Condor provides us with a level of detail that allows us to hold our vendors accountable and
also provides us with intel to formulate a strategy when negotiating change orders with a
specific outcome in mind.”
‍
—Roy Gonzales

‍
Conclusion

The integration of Condor Software enabled Ventyx to drastically improve their R&D accrual
process, reducing time and increasing accuracy. These advancements have positioned Ventyx
for continued success and more effective financial management.

“Condor allows us to bridge the communication gap between teams, we have evolved into a
business partner to our clinical operations team, and can provide more accurate assumptions
to FP&A.”
‍
—Roy Gonzales