Biotech CFOs Panel: Strategy, Survival, and Scaling in 2025

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Insights from a CFO panel discussion at the 2025 BioBoston Finance & Accounting Summit

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In a year defined by biotech market turbulence, the role of the CFO has never been more mission-critical. At the 2025 BioBoston Finance & Accounting Summit, a standout panel of financial leaders shared how they're navigating the current climate—from strategic capital planning to investor communications and operational discipline. Together, they delivered a pragmatic, behind-the-scenes look at what it takes to lead a clinical-stage biotech through a complex financial landscape. Below are key themes from this discussion.

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Panelists:

• Kelly Gold, CFO at Camp4 Therapeutics

• Daniel Rosan, CFO at Ascidian Therapeutics

• David Arkowitz, CFO at Alkeus Pharmaceuticals

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Moderator: Sarah Ashfaq, Partner at Goodwin

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1. Capital Efficiency Is King

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With capital scarce and timelines longer, CFOs are shifting into high gear to extend runway and preserve optionality. The focus? Smart, lean operations and clear investment priorities.

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• CFOs are prioritizing clinical proof-of-concept (PoC) milestones as key value inflection points.

• Investments in “nice-to-haves” like in-house platforms or early pipeline assets are being delayed.

• Hybrid models—outsourcing vs. in-house—are being reevaluated to optimize burn.

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“It’s not just about cutting costs. It’s about making each dollar go further toward value creation.”

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2. The New Investor Conversation: Transparency + Traction

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Raising capital in 2025 requires more than just a good story—it requires proof points, transparency, and credibility.

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• CFOs are leaning into data-driven storytelling—highlighting clear timelines, measurable milestones, and risk mitigation plans.

• Investor conversations are more iterative now; building trust over time is key.

• There’s a growing appetite for non-dilutive funding—from royalty deals to venture debt—as companies seek flexibility.

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“Investors want clarity on how you’ll manage risk, how far your cash takes you, and where your real differentiators lie.”

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3. Scenario Planning Is the New Norm

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Gone are the days of single-track planning. CFOs are building multiple strategic scenarios to stay agile amid shifting market conditions.

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• Base, downside, and upside cases are modeled across 12–36 months.

• Funding plans often include a mix of sources: equity, partnerships, and creative deal structures.

• Teams are stress-testing operational timelines to avoid downstream surprises.

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“You need plans A, B, and C—and the ability to pivot quickly.”

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4. The Expanding CFO Role: More Than Just Numbers

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Today’s biotech CFOs are far more than finance leads—they're strategic operators, dealmakers, and storytellers.

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• Partnering closely with CEOs, boards, and BD leads to shape corporate strategy.

• Driving decisions on clinical trial design, hiring plans, and partnership terms.

• Playing a central role in external messaging to investors, analysts, and strategic partners.

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“The CFO is the connective tissue between science, strategy, and story.”

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5. People & Culture Still Matter

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Even in a capital-constrained environment, CFOs emphasized the importance of team culture, communication, and alignment.

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• Internal transparency builds trust during budget tightening and tough decisions.

• Remote/hybrid models have introduced new challenges around collaboration and cohesion.

• CFOs are balancing operational discipline with empathy and leadership.

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“We ask a lot from lean teams—transparency and recognition go a long way.”

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Final Thoughts: The CFO as Biotech’s Steady Hand

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The CFOs on this panel aren’t just managing balance sheets—they’re helping biotech companies survive and scale through one of the toughest capital markets in recent memory.

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Their advice?

• Be transparent.
• Plan for multiple paths.
• Invest where it counts.
• Build trust with investors early and often.
• Think like an operator, not just a finance lead.

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What's next? The panel closed with optimism about potential market stabilization in late 2025—and a reminder that companies who stay focused, capital-efficient, and milestone-driven will be best positioned to thrive when the window reopens.