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Director, Financial Reporting

New York, NY; Boston, MA

About Formation Bio

Formation Bio is a tech and AI driven pharma company differentiated by radically more efficient drug development. 

Advancements in AI and drug discovery are creating more candidate drugs than the industry can progress because of the high cost and time of clinical trials. Recognizing that this development bottleneck may ultimately limit the number of new medicines that can reach patients, Formation Bio, founded in 2016 as TrialSpark Inc., has built technology platforms, processes, and capabilities to accelerate all aspects of drug development and clinical trials. Formation Bio partners, acquires, or in-licenses drugs from pharma companies, research organizations, and biotechs to develop programs past clinical proof of concept and beyond, ultimately helping to bring new medicines to patients. The company is backed by investors across pharma and tech, including a16z, Sequoia, Sanofi, Thrive Capital, John Doerr, Spark Capital, SV Angel Growth, and others. 

You can read more at the following links:

At Formation Bio, our values are the driving force behind our mission to revolutionize the pharma industry. Every team and individual at the company shares these same values, and every team and individual plays a key part in our mission to bring new treatments to patients faster and more efficiently.

About the Position 

Formation Bio is hiring a Director of Financial Reporting to lead financial reporting functions, prepare technical accounting analysis, lead complex financial close functions and manage audit process. 

This is a senior, hands-on position for someone who is well versed in financial reporting, financial close and consolidations and can convert complex accounting conclusions into clear and simplified action items and processes. The Director is responsible for GAAP compliant ASC 810 consolidation, prepares the financial statements and footnotes, converts technical accounting conclusions into calculations, entries, workpapers and repeatable processes, manages the day-to-day flow of the external audit, and supports the reporting and audit of the company’s separately audited venture fund.

The role begins as a senior individual contributor position with the opportunity to build reporting resources as the organization scales.

Responsibilities

Financial Statement Preparation

  • Own preparation of the annual US GAAP financial statements, including footnotes, disclosure, supporting workpapers, calculations and tie-outs.
  • Own the financial reporting process, including coordination of cross functional stakeholders.
  • Prepare supporting analysis for  board reporting, and investor and data room financial information requests.

Financial Close and Consolidations

  • Prepare and review manual, non-routine and period-end journal entries arising from non-routine transactions.
  • Determine and document non-routine and/ or judgmental accounting transactions, including, accruals,  stock based compensation and other judgemental transactions.
  • Lead consolidation process and entries for complex organizational structure, including application of ASC 810.
  • Review complex account reconciliations and related close documentation.
  • Translate new business activity and new accounting conclusions into operational close processes, then implement them.
  • Lead year-end GL preparation for audit.

Technical Accounting Implementation

  • Assist with preparing technical accounting analysis for complex transactions and complex accounting matters. Write technical accounting memos.
  • Convert approved technical accounting conclusions into calculations, workpapers, journal entries, disclosures and recurring processes, and ensure such accounting conclusions are reflected properly in the books and records.
  • Implement and maintain the accounting for financial instruments, equity issuances, share-based compensation, noncontrolling interests and other ASC 810 matters, leases, licensing transactions and other business development transactions.
  • Prepare accounting policy manual and document accounting policy decisions.

External Audit

  • Serve as the day-to-day point of contact for the external auditors. Coordinate audit requests, gather information, and manage the flow of information and support to the auditors.
  • Respond to audit inquiries, escalating significant and technical matters.
  • Assemble audit-ready workpapers and support packages for the financial statements, footnotes, complex entries and other significant accounting areas.
  • Support the resolution and remediation of audit findings.

Fund Reporting and Audit

  • Support reporting and accounting for the company’s special purposes financial statements, which is serviced by a third-party fund administrator. 
  • Support capital call and capital transaction accounting.
  • Establish policy, resolve and document accounting issues related to special purpose financial statements. Coordinate with third-party fund administrator.
  • Review and comment on the fund financial statements, reconcile administrator reporting to internal records.
  • Support coordination of the fund’s annual audit against the corporate audit timeline.

Controls and Documentation

  • Establish and maintain controls around complex and non-routine transactions.
  • Raise the standard of internal controls and related documentation for significant accounting and reporting processes, as well as the quality of support behind significant accounting areas.
  • Drive the establishment of audit-ready documentation as a standing practice.

Business Partnership

  • Provide execution capacity on complex, ongoing accounting processes, including those arising from business development activity and other non-routine transactions.
  • Work with Legal, Business Development, R&D and Clinical Operations to understand new contracts, arrangements and study activity, and reflect them accurately in the accounting records.
  • Build capabilities and provide training across the Finance team to drive quality and effectiveness in Finance output 

Qualifications

Required

  • CPA
  • Ten or more years of progressive accounting experience, including direct responsibility for preparing audited US GAAP financial statements and footnotes and for supporting an external audit.
  • Experience in technical accounting, preferably as part of an in-house corporate accounting group. 
  • Big Four or comparable public accounting experience strongly preferred.
  • Demonstrated ability to convert complex accounting guidance into practical calculations, journal entries, disclosures and repeatable processes, with experience including the following: consolidations (including experience with VIEs), noncontrolling  interests and other ASC 810 issues, financial instruments, liability and equity accounting, share-based compensation,  revenue recognition, ASC 820 fair value, licensing and collaboration arrangements, leases, capitalized software and R&D related accounting,.
  • Experience in Consolidation of a complex organizational structure. 
  • Ability to prepare clear, concise technical accounting memoranda and organized, audit-ready workpapers and financial statement support.
  • Ability to run multiple reporting and audit workstreams simultaneously, work independently at both a detailed and strategic level, and constructively challenge auditors, consultants and internal stakeholders.
  • NetSuite, or other comparable ERP experience and strong spreadsheet skills.

Preferred

  • Biotechnology, pharmaceutical or broader life sciences experience.

Total Compensation Range: $185,500 - $232,000

Compensation Individual compensation is determined by several factors, including role scope, geographic location, and skills & experience. Your offer will reflect where you fall within the range based on these considerations. In addition to base salary, we offer equity, comprehensive benefits, and generous perks. If the posted range doesn't match your expectations, we still encourage you to apply!

Where We Hire Formation Bio is prioritizing hiring in key hubs, primarily the New York City and Boston metro areas, with a hybrid model requiring 3 days per week in office. Applicants from the Research Triangle (NC) and San Francisco Bay Area may also be considered. Please apply only if you reside in these locations or are willing to relocate.

Equal Opportunity Formation Bio is committed to building a diverse and inclusive team. We are an equal opportunity employer and welcome candidates from all backgrounds. All qualified applicants will receive consideration for employment without regard to race, color, creed, religion, national origin, ancestry, sex (including pregnancy, childbirth, breastfeeding, and related medical conditions), gender identity or expression, sexual orientation, age, disability, genetic information, marital status, military or veteran status, or any other characteristic protected by federal, state, or local law.

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