Risk compounds across disciplines
A promising mechanism can still fail on trial design, a thin composition-of-matter claim, or a financing gap before the next readout. Generalist diligence tends to catch one of these and miss the rest.
For life sciences investors
Every angle a biotech deal can fail on, reviewed before you commit.
Upload the deck, data room, and cap table. Seven independent reviewers cover the science, the clinical plan, the regulatory path, the patent estate, the market, and the deal economics. A Chair then turns their disagreements into one cited recommendation.
The problem
Where diligence usually breaks down.
Claims outrun the data
Decks call a small open-label cohort "best-in-class" or mention "clear FTO" with no opinion attached. Any fact without a page citation fails validation, and an unsupported FTO or validity claim is treated as an open question.
Specialist time is scarce
You can't send every inbound deal to a KOL, a regulatory consultant, and patent counsel. A first-pass committee shows which deals are worth their time and what to ask them.
Capital has to reach a catalyst
The Financial reviewer asks whether this round gets the company to a value-inflecting readout, and what dilution looks like if it doesn't.
Your committee
The Life Sciences committee.
- Scientific Reviewer
- Whether the science or technology works: target biology for a drug, engineering and bench data for a device, analytical performance for a diagnostic.
- Clinical Development Reviewer
- Study design, endpoints, safety and efficacy signals, and whether the clinical plan can prove the product out.
- Regulatory Reviewer
- The FDA pathway and its precedent: IND/NDA/BLA, 510(k), De Novo, or PMA, or the IVD and lab-developed-test route.
- IP / Freedom-to-Operate Reviewer
- Patent estate, chain of title, licenses, regulatory exclusivity, and freedom to operate against third-party patents.
- Commercial / Market Reviewer
- Market size, standard of care, competition, pricing, reimbursement, and adoption.
- Financial / Venture Reviewer
- Valuation, dilution, burn and runway, and the capital needed to reach the next catalyst.
- Devil’s Advocate
- The strongest evidence-based case not to invest, focused on risks the other reviewers are likely to miss.
What the committee looks at in a life sciences deal
Every reviewer gets a narrow mandate and reads the same materials without seeing anyone else's report. The Scientific reviewer stays on the underlying science or technology: target biology for a drug, engineering and bench data for a device, analytical performance for a diagnostic. The Clinical reviewer assumes the science works and asks whether the trial plan can prove it. The Regulatory reviewer looks at the pathway and approval precedent. Keeping them apart stops one strong opinion from pulling the others along.
The IP / Freedom-to-Operate reviewer covers composition-of-matter and method-of-use claims, chain of title, in-licensed rights, remaining patent life, and regulatory exclusivity. The Devil's Advocate then makes the strongest evidence-based case against investing, looking for correlated risks such as a financing gap that lands just before a pivotal readout.
The sample report on our home page comes from a fictional Series A biotech's data room, so you can see the output before you upload anything of your own.
Built for confidential materials
Private by default. Disciplined by design.
Your workspace is isolated from every other organization. Factual claims must cite the source material, and assumptions and judgments are labeled as such, so evidence and opinion stay separate.
Read about security and data handling →Frequently asked questions
What documents can I upload for a biotech deal?
PDF and text files: pitch decks, scientific summaries, clinical protocols, patent lists, cap tables, SAFEs, and term sheets. Text is extracted page by page, so every cited fact points back to a specific document and page.
Does Conviction replace a freedom-to-operate opinion?
No. The IP reviewer checks what the materials say about the patent estate and flags the gaps. If the data room claims FTO or validity without an analysis to back it, the report lists that as an open diligence question rather than a fact. Formal opinions still come from patent counsel.
Does it work for medtech and diagnostics?
Yes. Each reviewer adjusts to the product type. For a medical device, the committee looks at the engineering and bench data, the 510(k), De Novo, or PMA route, and how the procedure gets reimbursed. For a diagnostic, it looks at analytical and clinical validity, whether the test goes through FDA review or launches as a lab-developed test, and coverage and coding. For a software-first health company, the SaaS / Technology committee is usually a better fit.
Free to start
Bring a deal. Leave with a more defensible decision.
Create a free workspace and run your first committee analysis in minutes. No credit card required.
Start free →Conviction is decision-support software, not investment, medical, or legal advice.