For venture and growth investors

Scientific risk is the one you price. Operational risk is the one that moves dates.

You underwrite the molecule. What no one underwrites is whether the company behind it can carry that molecule to a first commercial sale — and that is where the dates actually slip.

140readiness items
8stage gates
21departments
4health signals per item

What an investor gets that a company alone does not

1

Comparability.

Every company reports readiness in its own format. One framework produces scores you can set side by side.

2

Early warning.

The gaps that move a date take 12–24 months to close. Found with two years to run, it is a budget line; found with six months, it is the date.

3

Operating leverage.

Nobody covers a dozen companies evenly. The index says where to go first and what waiting costs.

4

Diligence.

The same 140 items score a target before the term sheet rather than after it, against the companies you already hold.

Two things worth saying plainly

Why the score is real

Every item is scored on whether it has an owner, a process, a budget and a system behind it, so a capability that exists on paper but has none of those reads as a gap rather than a tick.

Where a portfolio has leverage

Every company chooses its own CRO, CDMO, regulatory consultancy and quality system, and should. But each one starts from a blank page and repeats a search the last company already ran. A pre-vetted bench with portfolio terms already negotiated takes nothing away from that choice. It removes the blank page.

What the portfolio view looks like

One readiness index per company, on the same scale, with the gate each one is working.

Sample Fund · Portfolio readinessSix companies · quarter to date
Q4 2026
66
Portfolio readiness index
▲ +4 vs last quarter
Companies by status
6
2 on track2 attention2 at risk
High & critical risks open
9
across the portfolio
Milestones in six months
3
submission, PDUFA or launch
Company AGate 7 · Approval84
Company BGate 5 · Pivotal Start71
Company CGate 6 · NDA/BLA58
Company DGate 3 · First Patient Dosed66
Company EWorth a callGate 6 · NDA/BLA39
Company FGate 2 · IND Submission77
Company E is the one worth a call. Not because the score is lowest, but because it is lowest at gate 6, where the remaining lead times no longer fit the remaining time.

Illustrative only — sample portfolio.

Portfolio Readiness for a fund: the portfolio readiness index, companies by status, open high and critical risks, and each company's score at every stage gate
Portfolio Readiness in the product, shown with a different sample fund. Illustrative only.

What stays inside each company

Portfolio companies keep their working detail. The fund sees enough to compare and to act.

Visible to the fund

  • Readiness index scores and per-gate detail
  • Coverage: how much of each gate has been assessed
  • Gap and risk titles, with owners and target dates
  • A printable read-out

Stays inside each company

  • Assessment answers
  • Internal notes and commentary
  • Uploaded documents
  • Vendor request content

The framework is the enterprise operating plan refined across two biopharma companies through commercial launch and a $1.2B exit.

Ready to see where you stand?

Request an evaluation: a scored baseline across two portfolio companies, with a comparable readiness picture before your next portfolio review.