Practice 02 · Financial models and valuation

Numbers that support the story and survive diligence.

We build the market model, the revenue logic and the valuation behind your raise or partnering discussion, in a working model your team can defend.

Book a 20-minute call What we deliver

Line drawing of a porcupinefish on a square grid, and the same outline redrawn on a curved grid so that it becomes a sunfish.

Bring us in when

Investors ask how big this can get, and the answer is a top-down TAM
A partner asks what the asset is worth
The raise size is not tied to a budget and milestones

What we deliver

Bottom-up market model

Patient or customer funnel, pricing and uptake, built from sourced data.

Revenue and business model

Who pays, how much and when: licensing, product sales or services.

NPV and rNPV valuation

Probability-adjusted value by phase, with peak sales and scenarios.

Operating plan and pro forma

Budget, runway, use of funds and milestones, tied to the raise.

Deal economics

Licensing structures modeled: upfront payments, milestones and royalties.

Investment case summary

A one-page investment case and a model walkthrough for your team.

Typical outputsExcel modelrNPVOperating planInvestment case one-pager

Ways to start

Fixed scope, clear deliverables.

Fees are fixed and agreed before we start. We will recommend the right starting point on the intro call.

Business Model and Valuation Sprint

2 to 3 weeks

A bottom-up market model, revenue logic, NPV or rNPV, and an operating plan tied to the raise.

Best for: A story without numbers behind it

Strategic Advisory

90 days or more, limited availability

Ongoing work with a small number of companies at a time: strategy sessions, review of materials and models, and meeting preparation.

Best for: Senior counsel through a raise or a deal

Related work

Seed · Medical device

Projections investors can believe

Granted patents and real policy traction, but two different raise amounts in the same deck, and revenue projections that ran ahead of the clinical and regulatory evidence.

What changed: A deck and a set of numbers that tell the same story, ready for medtech seed investors and hospital system venture arms.

Read the case

The experience behind this practice

A decade of pharma forecasting and valuation, including oncology commercial assessment at Pfizer.
Earlier career in structured credit and trading: valuation, risk and markets.

From Bio Founder GPS

May 11, 2026

Before we speak.

Other practices

Yes. You receive the working Excel model and a walkthrough, so your team can update it as the company moves.

Book a 20-minute call

Talk through your situation in 20 minutes.

You'll speak with Vadim Shepel

Founder and Principal, Bench2Bio

01
Where you are
Your stage, your science and what is coming next: a raise, a partner conversation or a decision.
02
What investors or partners will test
An honest read on the gaps that will matter most, even if we never work together.
03
Whether and how we can help
A recommended starting point, or a referral if someone else is a better fit.

Prefer email? vadim@bench2bio.com

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