Condor in Action: From Reactive to Intelligent Finance in Biopharma

Preston Rodman (Condor): We're at time, so let's get started. Welcome, and thank you for joining us today. I'm Preston Rodman, Director of Business Development at Condor, and I'm joined by my colleague Jeff. Today we're going to show what's possible when clinical finance teams have the right data infrastructure underneath them.

We'd like to keep this interactive. There are a few polls built in, and we'll hold time at the end for Q&A, but at any point please drop questions in the chat as we go and we'll make sure they get addressed.

Here's what we'll cover. We'll start with a quick intro to Condor, then walk through the industry challenges we hear most often, with a quick poll to see where you sit in your evolution today. The bulk of our time will be a live platform demo of accruals and forecasting, and how it all ties together. We're planning to be out of here in about 45 minutes, so there will be time at the end for questions.

Some of you may have heard this before, but let me give a quick picture of who Condor is. Condor was founded in 2020 by our CEO, Jen, who spent years at EY watching clinical finance teams struggle with exactly the problems we'll talk about in a moment.

Today we're managing over $20 billion in R&D spend across our enterprise customers, closing 70 percent faster, hitting 90 percent forecast accuracy, and scaling trial portfolios without adding headcount, which is a big one. We co-developed our methodology with the Big Four, so the accrual logic and audit packages are built to the standard your auditors expect. Earlier this year we closed a $24 million Series A with Insight Partners, which is accelerating our AI platform build-out - I'll talk about that toward the end.

The customer logos here - Acadia, Ilumis, BridgeBio, Magical - represent teams at different stages of trial maturity, which is exactly why the platform was designed to meet you where you are. If you have questions about our background, please drop those in the chat as well.

Before we get into what Condor does, I want to make sure we're aligned on the right problems. These four challenges come up in nearly every conversation we have with clinical finance teams. The core issue is that R&D finance is being asked to move fast and be precise, and the tools and processes haven't kept up. Disconnected systems mean visibility is always lagging. And when your estimates depend on vendor confirmations, you're always one missed update away from a bad number reaching your CFO - or worse, your board and your auditors.

We see clinical finance teams sitting in one of three places. Most land somewhere between reactive and transitional, and the gap is usually not a people problem, it's systems and data. Let me pull up a poll. I'd love to hear which maturity stage best describes where your team is today.

Most teams we talk to know exactly what stage they're in. They just haven't had a clear path to move forward, and that's what the next section is about. We have a healthy mix here: about two-thirds of you are in the transitional phase and about a third in the reactive phase. Unsurprisingly, not many are in the intelligent finance phase, which is where Condor helps you get to. We have clients across the entire maturity spectrum.

Next, let's go a little deeper into the why behind it. On the left, we're asking about accruals and audit readiness: how you calculate trial accruals today, how long CRO reconciliation takes each month, and whether a catch-up accrual has ever caught your leadership off guard at quarter or year-end. In the middle, forecasting: how quickly you can reflect a protocol amendment, how many files go into a consolidated forecast, and how long it takes to produce a scenario view. On the right, scale: how many active trials you're managing, whether you're growing your portfolio without adding headcount, and whether you have a connected system where R&D, accounting, FP&A, and clin ops can all trust the numbers.

Let me launch another quick poll. I'd love to hear what your biggest challenge area is, and we'll use that to shape the demo.

About three-quarters of you are in accruals and audit readiness as the biggest issue, and another group is in scale and strategic visibility. Thank you all for sharing that.

Diving into Condor: the foundation of our solution is Condor Connect, our integration core. It's how we pull data from your EDC, vendors like CROs, site contracts, and your ERP into a unified platform. There are no manual uploads and no scheduled reporting with delayed turnaround before it shows up in the system. Everything flows automatically in real time, so you can do your work when you want without relying on a third party - or worse, on Excel.

This is where it gets more concrete. What you're looking at is the full data flow: how Condor takes inputs from your contracts, CRO agreements, CTAs, and clinical assumptions, and pulls live data from your CTMS, EDC, IRT, ERP, and procurement systems. It runs accrual and forecasting calculations in a single governed environment. On the output side you get journal entries ready for the ERP, audit-ready accrual reports, change order and vendor management workflows, and multi-scenario forecasts, with SOX and IT controls built in rather than bolted on. Most teams are doing this manually across five or six disconnected systems. Condor collapses that into one connected layer, so your accounting, FP&A, and clinical teams all work from the same pane of glass.

I want to highlight a quick customer case study. We worked with a mid-size pharma sponsor running a four-week manual close, growing their portfolio fast, and doing it all in spreadsheets. After Condor, they cut close time by two-thirds and tripled their trial volume without adding a single finance headcount, which was the main goal for the organization given the growth they had planned over a six to twelve month period. They also saved $3 million, with a clean audit record throughout.

Before we hop into the demo, I want to make sure you leave with something useful. We put together a guide specifically for biotech clinical finance teams. It covers how to think about transformation within your R&D finance model, what the maturity journey looks like in practice, and where teams get most stuck. If you'd like a copy sent directly, reach out to one of our team members, or you can find it on our website.

If what we show you today resonates, one of the most valuable things we offer is what we call a pressure test session. It's a working session, not a sales call, where we bring our finance and clinical advisory teams together with your finance leadership to stress test your R&D finance assumptions against how your trials are actually running. We look at where your controls rely on people instead of process, where CRO-driven variance and cost leakage tends to surface, and whether it makes sense to systematize - and where it doesn't. Your clin ops team can join, and we can loop in an advisory or audit partner if that's useful. It usually surfaces something meaningful even for teams who think they have it dialed in. If that sounds valuable, reach out to someone at Condor, or drop "pressure test" into the chat and we'll get something on the calendar.

One more thing before the demo. We get a lot of questions about how to properly implement AI, so we published a best practices series covering the AI layer that many companies are missing, plus governance, security, and data hygiene. Next month's webinar goes deep on the AI layer specifically, and we'll be sending invites soon. It's a big topic across industries, but there's a huge opportunity for accounting and finance teams within biotech and pharma to leverage it.

With that, I'll pass it over to Jeff.

Jeff Jahnke (Condor): Thanks, Preston. Good to see the attendance, and I see some familiar names, so thanks everyone for joining.

For those who don't know me, my name is Jeff and I lead customer success here at Condor. Before joining Condor in 2020, I worked for a large CRO doing financial analysis for clinical trials and for the R&D sponsors using that CRO's services, so I'm very deep in clinical finance. I have about ten years of experience, and I've watched and helped Condor evolve to where it is today. I'm excited to show you the platform we've built for clinical accruals, forecasting, reporting, and analytics.

To set the table, and to refresh what Preston showed: Condor is a data unification platform. It connects the disparate systems housing the clinical and financial data that's critical to your trials, and puts it all in the same pane of glass so you can do analysis, glean insights, and understand how the trial is progressing both clinically and financially.

I'm going to walk through the workflow of how you'd close the books in Condor on a monthly or quarterly basis. I'll also show our scenario planning platform, which allows granular trial-level forecasting based on clinical data, and our reporting and analytics module, where you can surface insights that frankly haven't been available to most R&D teams because of how disconnected the data is.

When you log into Condor, this is the homepage for a particular clinical trial on the accrual side. You're greeted with a dashboard showing spend over time graphically, trended against the enrollment curve. As I move across this graph you can see each individual month by category and how it compares to enrollment. We also have trial activity, which shows detailed enrollment figures over time, trended site activation and closure, and trial expense - how much you're spending on the trial by vendor and by cost category.

Jumping into the financial close checklist: this is the nerve center for a close. We designed it to be simple to use, and it gets to the heart of the out-of-the-box SOX-controlled environment we've built. Each step in the close process is listed here, with SOX controls and user permissions that let certain users sign off as preparers and others as reviewers - segregation of duties is important to the SOX process. We'll also work with you and your teams to refine your controls as needed to fit the Condor process, and we map those controls to the steps in the close, so it's clear to your auditors which controls are satisfied at each step.

To close the books there are four or five basic steps. The first is uploading your PO and invoice listings. The PO listing serves as a completeness and accuracy check - we want to make sure the correct contracts are configured in Condor. We grab a full PO listing across your organization from your procurement system or ERP to make sure the complete contract population is loaded. That check shows up at the top of the checklist. You can see all the contracts associated with this trial, and it flags, for example, that this Medidata contract is in Condor but not in your procurement system, which might mean you need to load that contract into procurement. The reverse is also true: if a contract is in your procurement system but doesn't show up in Condor, it flags and suggests there may have been a change order or something similar.

The invoice listing, uploaded or ingested through a direct integration, lets us understand your AP situation for each PO: how much you've been invoiced and how much you've paid. That plays an important part in the journal entry. Then we upload operational activity as well - patient activity, site and lab activity, and FX rate activity in the case of multi-currency.

It's straightforward. You click into each section, perform the action, and sign off as complete. We have full commenting to document any review or updates needed from a SOX perspective, and indicators that tell you which steps are complete and which still need work.

Let me jump into a CRO contract, since those tend to be -

Preston Rodman: Quick question first. I got a direct message from one of our attendees - can you show what the checklist looks like when a period is locked, specifically with preparer and reviewer sign-off?

Jeff Jahnke: Sure. When the period is locked, the lock button shows as locked. If we drill in, all of the fields are locked as well. The period becomes immutable, so you can't edit any of the data within the trial. It also takes snapshots of the PO listing, invoice listing, FX rates, GL codes, and users and permissions for that period, creating a holistic snapshot of the trial's status and saving it down. If you ever need to go back in time and look at a previous period, you don't have to worry about values having changed.

Preston Rodman: I'd add that this is a big piece of the audit readiness question from the poll earlier, and a quarter of you were wondering about that. I also want to remind everyone you can chat to all attendees, not just the host and panelists.

Jeff Jahnke: Another thing to highlight at the company level, while we're on audit readiness and snapshotting: we have a full audit log, developed in partnership with the EY FAAS team - Financial Accounting Advisory Services - that captures every interaction with the software. As your team works through a close or updates settings or prices, each interaction is captured in this audit log, which is exportable. So if you're ever curious whether a change was made, who made it, and what the previous value was, it's in there.

For example, on this particular forecast I changed the enrollment rate from 0.3 to 0.6 and then changed it back to 0.3. I made that change earlier this morning at 8:41 AM Pacific. Every single interaction with the software is logged, so if you need to trace a change or understand why it was made, it's all captured automatically and available for export and analysis.

Let's drill into a contract. The CRO tends to be the most complex, though we support all kinds of contracts - lab contracts, data management vendor contracts, you name it. But for customers using CROs, this view is helpful.

During implementation we ingest the full CRO budget directly from your contract and load every line item at the line item detail level across all three categories: direct fees, pass-throughs, and investigator grants. We also load contract assumptions - the study timeline directly from the contract, the regionality of the contract, and the associated patient enrollment targets, site activation targets, and so on. That serves as the foundation for the expense estimate methodology, because Condor takes your clinical data and your contracts and generates an independent expense estimate, so you no longer have to rely on vendor reporting to understand the progress made on your trial.

Once the contract is loaded, we set recognition methodologies or triggers - we call them drivers. They tie to three overarching parameters: month, which is basically straight-line; patient, which relates to patient activity ingested via the EDC; and site-based activity, ingested via a site listing or an IRT system. Each time there's an actual clinical event associated with one of those drivers, the system knows how to calculate the expense on each individual line item. So it's a truly independent, defensible expense estimate, because it's tied to measurable clinical activity on the trial.

When we look at direct fees, the other nice thing is that we ingest your CRO-reported expenses. I'm sure all of you receive some sort of vendor confirmation, whether from a CRO or another clinical vendor, showing the work they say has been expensed to date. We ingest that reporting and give it a place here within the CRO, so you can compare the variance between Condor's estimate and what the vendor says has been worked. To the right, you can choose which one you're using. For example, you might talk to your clin ops team and decide the CRO forgot to bill for a project management unit, so you go with the Condor estimate. Or the CRO did site activation work beyond the sites that were recruited or activated, you agree with what they're reporting, and you select CRO reported. That creates a final reconciled expense, which is used for your expense estimate.

Preston Rodman: We have a question. How is data input handled for systems like EDC that don't currently have an auto link with Condor?

Jeff Jahnke: Happy to show that. Obviously the most seamless experience is an auto link, but not all systems have one available - and in the case of an EDC, it might be owned by the CRO. You might be contracting directly with the CRO using their instance of Medidata or Veeva for EDC. In that case we always have the ability to manually upload a CSV flat file.

So you're always getting automatic data ingestion in the sense that the system reads your data and makes determinations about it to complete the accruals process. The question is just whether it's the click of a button, where it's auto linked and pulls the data it needs, or a CSV export where you download a report - say a Medidata visit report - and upload it into Condor. That's a slightly more manual workflow, but still much quicker than reading that data manually and keeping your models updated in Excel. I'm happy to show that in a moment.

Jumping down to investigator grants, since we're talking about EDC ingestion. We ingest a site listing so we understand which sites are active and which are closed, and we ingest your schedule of assessments so we understand the visit schedule. From each individual CTA during implementation, we load the costs associated with every visit type specific to your protocol on this study. We also set up and manage all the visit types and how they're categorized. From there we can determine the relative timing between visits, which plays an important part in a second, after I upload the EDC report.

What we're able to do is take the visit reporting and ingest it into Condor to map against these individual visits. We also have helpful flags and warnings. For example, this alert says there are 24 EDC visit names that haven't been mapped to a schedule of assessments visit name. That's a useful completeness and accuracy check as you work through the process.

Let me upload a visit report - you can upload anything from this little upload window. I selected my EDC file and uploaded it. It's processing now, and it says the file was successfully uploaded, with a column count of seven and a row count of 603. The row count matters for completeness and accuracy when you're dealing with a flat file or CSV-based integration, because it confirms what came through.

Once you click next, this is where Condor Copilot kicks in. Copilot is an AI-based tool embedded as a layer within Condor. Here it knows which fields are required to proceed, and it automatically maps the fields in your upload to the field types it needs to calculate correctly. You can see basic EDC report fields: site name, site number, subject ID, folder name - which is the visit name - visit date, and patient cohort. Once it has all the required fields, everything turns green. If you ever need to change a mapping, it remembers your preferences so the following month it uses the correct mapping.

Click save and it runs a basic data validation. It makes sure the visit dates are actually dates, that nothing is missing such as a subject ID or site number - a quick validation of all the data fields to confirm everything is there. In this case it's telling me all issues are resolved. If there were issues, it would pop out with a red warning and suggest how to correct the file.

Once you click next and save, it ingests the data. It's now timestamped with the row count, here's the source file I just uploaded, and by clicking it you can view the source data. The status here is green. If we go to patient activity, the upload also updated all the patient counts automatically. From that report the system infers the status of every patient on the trial: if they've had a screening visit, they're screened; if there's a screen fail event, screen failed; if they've had a day one type visit, enrolled; and once they have an end of study visit, complete. You can see, site by site, the counts of each visit type that has occurred, all coming directly from the EDC automatically.

We also have a patient journey view, which shows line by line each individual patient, which site they're at, their status, and the date of visit.

What's really useful is that relative visit-to-visit timing I mentioned, because it lets you account for lag in the EDC. Some auditors have realized that even a live pulled EDC report might not be 100 percent accurate, because if sites conduct visits and never log them in the EDC, you have a data completeness issue. Condor addresses that using the protocol day for each visit, and from that we can suggest which visits might be missing from the visit schedule. For the purposes of this demonstration there are quite a few. In practice it usually tends to be a handful at the end of the month - visits that happened in the last three or four days before you run your close. You can examine all of those visits, work with clin ops to determine which ones likely happened, and select those to be used in the calculations. Once you select them, the system looks at the site and lab cost matrix, grabs the correct visit cost from each site where that visit may have occurred, and increases your expense estimate by that amount.

Preston Rodman: Jeff, taking a quick step back, we have another question in the chat. Is there a capability to monitor and capture retroactive budget and price changes, CTA site amendments, and changes to direct and service fees?

Jeff Jahnke: Yes, 100 percent. You can see this particular site has two budget versions - the original and amendment one. For site fees, we input the different versions and time-bound them to their effective dates. This contract became effective on September 1, 2022, and was no longer effective as of August 6. On August 7, amendment one took effect.

For any temporal admin fees - we capture admin costs too - it applies the correct annual, quarterly, or monthly fees to the relevant dates. It also looks at the visit schedule, and if there were pricing changes, it applies the updated pricing to any visits that occurred beyond the expiration date of the original contract. We have customers with a lot of site amendments, some up to amendment seven or eight, and they feel much more comfortable that they're capturing accurate pricing for patient visits.

For CRO direct fees and pass-throughs, we also offer an amendment in progress feature. This is helpful for anyone who has received a CRO change order that came with a surprise bill. Sometimes those are hundreds of thousands or even millions of dollars, and they trigger a lot of questions from auditors: how did you know, or why didn't you know, that this expense was coming? When did these expenses occur? Did anything happen retrospectively across quarters or even across years?

This lets you load in amendments that are under negotiation and run the Condor algorithm against those amendments in progress to determine what your expense estimate would be if the amendment were live today. In practice, customers who use this don't end up with a lot of questions from auditors, because instead of a big spike at amendment execution they see that spike flattened across many periods while the contract is being negotiated. Contract negotiations can take months - I've seen them take over a year. As you iterate the budget, you keep loading each iteration and rebaselining your expenses against the new amendment. Then when the amendment is signed there's no surprise bill: you've accounted for everything in the period in which the work occurred, and your auditors are satisfied.

Preston Rodman: Another question. How do you validate CRO pass-through cost estimates during forecasting, given that site contracts are finalized later and costs remain variable? And in your experience, what magnitude of error should sponsors expect in these estimates, particularly for high-cost tests or procedures?

Jeff Jahnke: If I'm understanding the question correctly, it's about the site contracts and the invoiceable procedures and site invoiceables, rather than the pass-through portion of the CRO budget specifically - correct me if I'm wrong.

One thing we offer is the ability to load in high-dollar procedure costs from the CTAs. I'm showing that here: this is an oncology trial with biopsies, PET scans, MRIs, CT scans, and so on. We can ingest a procedure report from the EDC, either individual reports per procedure type or a master procedures report containing everything, and it automatically calculates the incurred cost essentially in real time. As you upload a report, it looks at it.

What we've found is that reporting coming into Condor from the EDC is much more timely than what the CRO reports. I think at the root of the question is the concern about inherent delays in investigator payments from a CRO. Sometimes sites don't invoice in a timely manner. Sometimes the CRO takes several months to process or review an invoice. I've seen situations where a site didn't invoice for ten-plus years - they did an audit and realized they hadn't billed for $15,000 of MRIs performed back in 2015.

The key is that we're trying to capture expense in real time using the clinical data that's available. The EDC has rich reporting: as procedures are performed, they're logged in the EDC for validation, and that's the evidence the procedure occurred. So we upload that report into Condor, or connect directly to your EDC and import it via direct integration, and these costs calculate in real time. Hopefully that answers the question.

Preston Rodman: If not, please put a follow-up in the chat. There's another question that's fairly specific to the attendee's company. They use both EDC and IRT data when compiling accruals. They're in the early stages of a Phase 3 trial, and IRT showed about 30 more patients enrolled as of March 31, 2026 than the EDC did. Are there capabilities in Condor that would let them factor in the IRT report?

Jeff Jahnke: Absolutely. There are a few ways we can handle IRT data. We have customers who view their IRT as more accurate and more timely than the EDC, and it sounds like this is a similar situation. Once we've identified that the IRT should be the source of truth, we can map reports from it. Sometimes there are dosing reports or similar in the IRT, since it's used for drug management, that we can leverage instead of an EDC visit report.

The other place the IRT tends to be useful is a patient status report, which can also be uploaded into Condor. That's a status showing key milestone dates for a patient: when they enrolled, when their last visit was, when they dropped. Often you can't infer from the EDC directly when a patient dropped, especially in an indication like oncology where a patient may drop because they unfortunately passed away. The IRT report lets us capture the true patient status, as opposed to a visit-driven status where a patient works through the protocol and has either an end of treatment visit or an early termination visit.

We also like to leverage the IRT for site status, although that isn't set in stone - we can use any number of systems or reports. The reason is that since you're shipping drug to those sites, the IRT is usually the most timely system for understanding whether a site has been activated or is still pending activation.

I'd love to jump into forecasting and scenario planning, and then into reporting and analytics. But first I want to show this screen, because this is where all of that work comes together. We uploaded the patient reports, we have all the contracts loaded, and we have the drivers. From all of that we understand what your expenses should be, because we've reconciled against the vendor reporting.

On this page you get a summary of all the contracts associated with this trial and their cost categories, with the contract values. From your ERP, you can see what's been invoiced and paid against each contract. The reconciled expense is the output of the vendor reconciliation exercise I showed, whether you're booking to the Condor contracted estimate, the CRO or vendor-reported estimate, or the amendment in progress estimate - so if you want to book line items to that new revised budget, you can.

From there you get to your classification, accrued or prepaid. We show your unadjusted debit and credit balance, your balance in AP, any net downs, your accrued expense, and your short-term prepaid. In the case of CRO long-term deposits, or vendors that require an upfront payment, we can plug those in - and if they aren't planned to be exhausted within twelve months, they go in as a long-term prepaid.

We also have a balance sheet flux, which shows period over period or quarter over quarter what the difference is between the current and prior period. In this case, as of March 31, here's our reconciled expense, accrued expense, short-term prepaid, and long-term prepaid, and as of December 31, the same values - so you can look at the variances and understand whether they make sense. We have full commenting throughout this entire workflow.

All of that comes together in a journal entry. We load in your GL account structure, and the output of the analytics screen I just showed is all of the debits and credits associated with this trial. All of these tables are exportable - not just on this screen but throughout the entire platform. You can export any table to CSV or Excel for ingestion into your ERP if you're booking a journal entry, or for Excel-based analysis. Even when you're using Condor, we all know that as accountants and finance professionals we love Excel too.

Let's hop over to forecasting. I know we're running a little short on time, but I want to showcase how powerful this model becomes once it's built out on the accrual side - not just for historicals, but for forward-looking planning.

This is an example of a forecast for that same trial. The forecast reads all the contracts loaded on the accrual side and links them directly here. The life-to-date actual amount comes directly from accruals, so as your accounting team works through their close in Condor, the FP&A team can pick it up and start scenario planning instantly.

You can also see the operational actuals. Through this period we have 11 sites, 15 patients, and 20 months. And you can see what we're projected to do: the system calculates that we're projected to go about $2.2 million over budget and about six months over on timeline. All of that is based on your actual trended activity - it looks at your enrollment rate from the EDC report and projects it forward. It also looks at the drivers we set for each line item and rebaselines what the trial duration should be, adding anything that's monthly, like additional months of project management effort tied to a timeline extension.

What's great is that you have full control to update any number of parameters and create scenarios tailored to your reality or your plans. For example, in the full projected enrollment you can see that Europe is lagging far behind the rest of the world - Europe runs out to February 2026. So what would happen if your team invested in marketing or recruitment activities in Europe and boosted the enrollment rate from 0.3 to 0.6?

You can see the enrollment curve just changed, and Europe is now almost a year ahead of where it was in the previous scenario. That calculation didn't just recalculate the enrollment curve on this screen, it rebaselined the entire scenario. With that change we're now projected to be $5 million under budget, with a four-month timeline reduction from baseline.

You can also see all the detail behind it: how each contract is projected to run over time, and from a clinical expense standpoint, each contract and each detailed line item with its new projections. You can tweak parameters in here too. If the accounting team is using month startup as their accrual basis but you know the work won't occur until later, you can adjust those parameters for forecasting purposes.

It's rich in terms of customization. What would it look like if we added more patients to the trial? If we reduced our patient count? If we added sites, and what impact would that have on enrollment? There are a lot of variables you can play with to create custom scenarios for your situation, so you can go into board meetings and executive leadership meetings with confidence.

The other benefit is that it happens instantly. There's no more, "My CFO asked what would happen if we added 25 patients to that cohort." You go into Condor, plug in the 25 patients, and have an answer in minutes, instead of banging on an Excel model for a few days and hoping you can get something back that makes sense.

It also unifies the accounting and FP&A approach. When you miss a forecast - and none of us have crystal balls - you can tell the story behind what happened. It's no longer, "We straight-lined last quarter's accrual going forward because we didn't have insight into what the cost would look like, since our CRO didn't provide an updated forecast." It's, "Based on the forecast, we targeted enrolling ten patients. We enrolled six. That resulted in a two-month timeline extension, and the study budget is increasing accordingly." That really helps with storytelling as well as with confidence in the numbers.

Let me stop there, because we covered a lot and I want to be conscious that there are probably questions.

Preston Rodman: One just came in about budget versus actuals. I know that's in our analytics module - can you walk us through it?

Jeff Jahnke: Absolutely, that was the next thing I wanted to show. Can everybody see this reporting view?

Preston Rodman: Yes.

Jeff Jahnke: This is a brand new module just released in Condor: a full suite of customizable reporting. Think of it like a customizable dashboard. We can work with your team to create the visualizations and reporting that have the most impact for your organization.

Specific to budget versus actual, you can see it here. As you create scenarios in the FP&A module, you can tag and save them as specific instances. You might tag one scenario as the budget, or as the scenario being used for your 2025 budget. Then as accruals close, these graphs populate with actuals so you're comparing budget versus actual. As you reforecast, you can tag that as the official reforecast for that trial, and it displays here in an easy-to-read graph.

In this case, in Q1 2025 the actuals were $54.1 million against a budget of $46.8 million - $4.6 million above budget, or 9.3 percent.

All of this also rolls up to a program or company level. The views I showed in the previous modules were study specific; this one pulls everything together into a unified view you could present to your board or financial leadership. Not just where we are on a particular study, but how we're trending on a program, or overall as a company.

These visualizations are rich and useful, and because there historically hasn't been a platform that unifies clinical and financial data the way Condor does, this would have taken an incredible amount of manual effort to pull together in Excel - and it would have been a bear to update. Here it updates automatically as your teams work through their normal workflows in Condor.

You can see on this particular study: patients and site activation, total budget, life-to-date actual, cost per patient, variances, budget committed, actual, forecasted, and overall spend. In this example the company is projected to spend $32 million across its entire suite of trials. You can see spend by vendor and trials by therapeutic area. All of it is customizable, so if something on this view doesn't resonate and you have something in mind that would work better for your organization, our team can spin it up quickly.

Preston Rodman: Thank you. I think that's where we'll call it. Before we let you go, two things. First, go to our website for our transforming clinical finance guide - it's a great piece to share with your team. Second, if what we showed today resonated, a good next step is a pressure test session, a working session where we dig into your specific assumptions and help identify the gaps. Drop "pressure test" into the chat, or send a request to one of our representatives at Condor or through our website, and we'll get something on the calendar.

Thank you everyone for showing up, and thank you, Jeff, for walking through that. We'll stay on for Q&A for a few minutes, but if you're all set, have a great rest of your Thursday. Expect to hear from us.

There's a question in the chat, perfect timing. Specific to oncology: how does Condor handle scan accruals within investigator grants, knowing there are varying assumptions we'd have to feed into the system, and that scan data typically lags significantly in EDC reporting and invoicing?

Jeff Jahnke: Great question. Today we tend to handle it based on an incidence rate, and this also works for standard of care scans. In the United States there are cases where high-dollar procedures are covered by a patient's insurance and therefore never billed through to the sponsor.

What we generally do is look at the data, compare the EDC reporting to the reporting that comes through from your vendor, and determine the incidence rate for both standard of care and scans. It's based on look-back trend analysis: here's what Condor calculated from the EDC through a certain period, and here's what was actually invoiced through that same period. If a higher amount was invoiced, we apply that same logic going forward and iterate through the trial to arrive at a general incidence rate that makes sense for your trial.

What I've seen for standard of care is that something in the 30 percent range tends to apply - in other words, about 30 percent of standard of care scans eventually get billed through to a sponsor rather than covered by insurance. Every trial and every indication operates differently, but that's how we approach it.

Preston Rodman: A quick follow-up: if it's mapped out in the protocol which visits scans will occur at, could we use that in combination with the incidence rate?

Jeff Jahnke: Absolutely. We can set the incidence rate per visit type. If we're fairly certain a scan is going to occur even if it's not on the report, we can tell the system we believe 85 percent of visit twos will have a scan, and it will apply that. Any time it sees a visit two occur without a corresponding scan for that patient ID, it applies the incidence rate. And it works the same way for forecasting.

Preston Rodman: Thank you so much for all the questions today, everybody. We'll stay on another minute, and I hope people get a break before their next call.

All right, I think it's fair to call it. Thank you everybody again. We look forward to being in touch - expect a follow-up, and we'll be talking soon. Thank you.

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