Deal records for biopharma BD and investment teams
One deal record, from first screen to sign-off.
Workspace keeps a biopharma deal in one private record: the companies on it, each asset's indication plans and rNPV model, the terms under negotiation and the committee's decision. Every value shows the inputs behind it, and every decision shows who signed it.
Sample Therapeutics, Series B
Sample Therapeutics, counterparty. Your fund, lead investor.
- Screening
- Diligence
- Term sheet
- Negotiation
Deal rNPV
$186.4M
Full ownership, 2 of 2 assets
Assets
2
1 of 2 ready for committee
Committee
1 open
Invest $40.0M, 1 of 2 sign-offs
| Asset | Indication plans | Committee | Asset rNPV |
|---|---|---|---|
| SMP-101Small molecule, Phase II | Second-line NSCLC1 more plan, not valued | Ready | $142.9M |
| SMP-204Antibody, Phase I | Solid tumors | Not readyWorking draft only | $43.5M |
Representative illustration. Sample Therapeutics, its assets and every figure are fictional. The layout follows the Workspace deal page.
How the record fits together
Six linked records behind every deal.
Workspace is built around the objects a drug development deal actually has. Each is its own record with its own history, linked to the others, so a valuation, a term sheet and a committee decision always point at the same asset.
- 01
Company
The counterparties, investors, licensors and advisors on your deals, and the originators and owners of each asset.
Holds: Its role on each deal and on each asset
- 02
Deal
One transaction or review, typed: its stage, the companies and their roles, the assets in scope and the terms under negotiation.
Holds: Type, stage, companies, assets, term sets, decisions
- 03
Asset
A drug program with its modality and stage, and one or more indication plans, each with its own development path and model.
Holds: Indication plans, company roles, scenarios
- 04
Scenario
An rNPV model of an asset: phases, costs, probabilities of success, revenue and deal structure. Fork it, compare it, or commit it for a decision.
Holds: Inputs with their origin, methodology version, results
- 05
Decision
A request to your investment committee, signed off under your organization's decision policy, with a rationale where the policy asks for one.
Holds: Requester, sign-offs, recusals, rationale, outcome
- 06
Holding
What you own or receive once a deal is decided: equity, a license, a royalty. A decided outcome can propose holdings; nothing is recorded until you confirm.
Holds: Ledger of commitments, funding, receipts and write-downs
New opportunities can start in triage: upload a deck or enter the basics, then promote it to a company, a deal or an asset once it is worth a record.
Deal types
Each deal type knows its own terms.
A priced round and an out-license are different transactions. Each type defines its stages, the roles companies play, the terms it records and the outcomes a decision can name. These are the types available for new deals today.
Equity financing
Priced round
An equity investment in a company, from first screen to a signed round, with tranches recorded as separate terms.
Stages, in order
- Screening
- Diligence
- Term sheet
- Negotiation
- Company roles
- Counterparty, Lead investor, Co-investor, Advisor
- Terms it records
- Equity purchase, Tranche
Outcomes a decision can name
- InvestProposes an equity holding
- PassRationale required
- Watch
Deal type definitions are versioned. An open deal keeps the definition it started with, and its type is fixed once a decision has been requested or recorded.
Terms are versioned, and the model says what it valued.
- Draft, proposed, agreed. A term set moves through these states. Proposed and agreed sets are fixed; a counter-proposal or an amendment starts a new draft.
- Model these terms. From a proposed or agreed set, Workspace creates a new scenario pinned to those terms, so the valuation and the term sheet stay matched.
- Modelled and not modelled, side by side. Upfront payments, development, approval and first-sale milestones and royalties your organization receives are valued. Equity terms and sales-threshold milestones are recorded and listed as not modelled, with the reason. A set in which your organization pays one of those is refused.
Out-license of SMP-101
Your company, licensor. Sample Partner, licensee.
| Term | Trigger or scope | Amount |
|---|---|---|
| License grant | Worldwide | |
| Upfront payment | On signing | $25.0M |
| Milestone payment | Phase 3 started | $40.0M |
| Milestone payment | Regulatory approval, US | $75.0M |
| Milestone payment | Annual net sales reach $500M | $50.0M |
| Royalty | On net sales | 10% |
Modelled
- Upfront payment
- Phase 3 milestone
- US approval milestone
- Royalty
Not modelled
- Net sales milestoneSales-threshold milestones are recorded, not valued
Representative illustration. The parties, terms and figures are fictional.
Asset modelling
rNPV built around how drugs are developed.
Each asset model follows its development path phase by phase, prices in what can go wrong at each step, and labels every input with where it came from.
- Development path, phase by phaseEach phase from preclinical to regulatory review carries its own duration, cost and probability of success. Benchmarks prefill them by phase, and any value can be overridden.
- Revenue the way drugs sellPeak sales on an S-curve ramp over a revenue window, split across the US, EU5 and the rest of the world, with COGS, SG&A and tax benchmarks.
- US drug price negotiationMedicare negotiation under the Inflation Reduction Act, modelled by drug class and eligibility year and applied to US revenue only, with a sweep across negotiated discounts.
- Your side of the dealFull ownership, royalty or license-out, milestone and royalty, or profit split, so the asset is valued as your organization would hold it.
- Uncertainty in viewMonte Carlo with 10,000 iterations for P10, P50 and P90, the probability of a negative rNPV, and the value drivers that move it most.
- Scenarios you can compareSave, fork and compare scenarios. A decision can rely only on a committed scenario, never a working draft.
SMP-101, second-line NSCLC
Small molecule, Phase II. Full ownership. US, EU5 and rest of world.
Risk-adjusted NPV
$142.9M
Unadjusted NPV
$1.18B
If approval were certain
Cumulative PoS
17.7%
Total cost PV
−$66.2M
| Stage | Duration | PoS | Cost | Input origin |
|---|---|---|---|---|
| Phase II | 30 mo | 34% | $45.0M | Benchmark prefill |
| Phase III | 36 mo | 58% | $140.0M | User entered |
| Regulatory review | 12 mo | 90% | $6.0M | PhaseFolio default |
Representative illustration of the Workspace results page. The asset and every figure are fictional. An origin label says where a value came from, not who reviewed it.
Decisions
Committee sign-off, under your own rules.
Each organization keeps a versioned decision policy: who sits on the investment committee, how many sign-offs each outcome needs and when a rationale is required. Workspace applies it to every request.
| Outcome | Sign-offs required | Rationale |
|---|---|---|
| Invest | 2 committee membersOver $10.0M, every eligible member. A rejection blocks the request. | Required |
| Pass | 1 committee member | Required |
| Watch | 1 committee member | Optional |
Invest $40.0M
Sample Therapeutics, Series B. Pins the committed base case.
Representative illustration. Each organization sets its own rules; the request is fictional.
Always on, whatever the policy says
- The requester never signs their own request.
- Each committee member signs once. A sign-off cannot be edited or deleted.
- An Invest request pins a committed model. A working draft cannot support a decision.
- A recusal records its reason and any declared conflict.
- A policy change needs a committee member other than the person who proposed it.
- Every request, sign-off and policy change is written to the audit log.
After the decision
What was decided stays on record.
Holdings that keep their basis.
Equity, license and royalty positions, each with an append-only ledger of commitments, funding, fees, receipts and write-downs.
- A correction voids an entry with a reason. It never rewrites one.
- Each holding states how it is valued: by scenario, share of asset value, cost, or not valued.
- Values on different bases or in different currencies are never added together.
Snapshots you can share.
Export a signed snapshot of a model as PDF, Excel or JSON, and share it by link.
- A link can carry a password and expire after 1 to 365 days.
- See how often a link was viewed, and revoke it at any time.
- Anyone holding a snapshot can check it on the public verify page.
An audit log that holds.
Admins see what happened in the organization, in order, in a log that is append-only and hash-chained.
- Decisions, sign-offs, holdings, policy changes and access denials.
- Filter the log by category and export it as CSV.
- The log checks its own chain and shows whether it is intact.
Boundaries
What Workspace records, and what it won’t claim.
- Private to your organization. Deals, models and decisions belong to your organization, and access is checked on every request.
- Inputs say where they came from. Every model input carries an origin label: PhaseFolio default, benchmark prefill, imported, user entered, or copied from a predecessor. The label describes origin, not review.
- Recorded is not the same as valued. Equity terms, tranches and sales-threshold milestones are recorded on the deal and listed as not modelled, with the reason, rather than given a number. A term set in which your organization pays an upfront, a milestone or a royalty is refused, not valued.
- Estimates, not advice. An rNPV is a model output for your team's analysis. It is not financial, investment or regulatory advice, and Workspace does not tell you whether to invest.
Questions
Small print, in plain words.
Who is Workspace for?
Business development, search and evaluation, and investment teams that value drug programs and take deals to a committee: biopharma companies, biotech investors, and teams spinning out academic research.
How does it relate to Atlas?
Atlas compares public trial records across registries. Workspace is your organization's private record of deals, assets and decisions. Apart from labelled benchmark prefills, the inputs to a Workspace model come from your team.
Can we use our own decision policy?
Yes. Admins set the committee, the sign-offs each outcome needs, thresholds, rationale and expiry. Each change becomes a new policy version once a committee member other than the proposer approves it.
Which deal types are available?
Priced rounds, co-investments, secondary share purchases, out-licenses, co-developments, spin-outs, internal portfolio reviews and reviews of positions you already hold. Deal type definitions are versioned: an open deal keeps the definition it started with, and its type is fixed once a decision has been requested.
How do we get access?
Workspace is set up per organization. Request access and tell us about your team and the deals you want on record, and we will be in touch to set up your organization.
Take the next step
Request access for your organization.
Workspace is set up per organization. Tell us about your team and the deals you want on record.