Ventyx, a leading biopharmaceutical company, faced certain challenges in their R&D accrual process before adopting Condor Software. The reliance on CRO reporting, manual processes, and the lack of detailed data made clinical accruals a cumbersome task. However, after implementing Condor, Ventyx experienced substantial improvements in efficiency, accuracy, and collaboration across teams. This case study highlights the key metrics and benefits realized by Ventyx post-Condor integration.
Before Condor, Ventyx's R&D accruals process spanned between 3 to 4 weeks to complete each month. Clinical trials; clinical development; and chemistry, manufacturing, and control journal entries were historically the last to be journalized, as quarterly meetings to discuss status and activity became tedious and often required extensive follow-ups. There was a heavy reliance on vendors to provide accrual accounting, further complicating monthly closes. This process was not only time-consuming but also prone to errors and often required manual adjustments. With over a handful Phase 1 and five Phase 2 trials, the large volume of data amplified these issues, often leading to audit adjustments and related SAB99s in 2022, additionally the company began the transition to 404(b) in June 2023. These compliance challenges, and the lack of detailed data further complicated budgeting and forecasting, making it difficult to achieve accurate financial reporting.
Condor stood out to Ventyx due to its automation capabilities, user-friendly interface, and data-driven approach. The flexibility of support models that can evolve with business needs also appealed to Ventyx, as it allowed them to tailor the software to their specific trials. Upon implementation, Condor focused on Ventyx's concerns to ensure a smooth transition. With the platform's intuitive interface and comprehensive UAT process, Condor's team ensured Ventyx was well-prepared to utilize the new system. It was evident that the implementation of Condor had resulted in significant improvements.
"Previously, our close process spanned between 3 to 4 weeks and heavily relied on our CRO, Condor enabled us to streamline our monthly close process, cutting it down to under a week."
—Roy Gonzales, Senior Vice President of Finance, Ventyx Bioscience
Efficiency and Time Savings: Time to finalize clinical accruals was reduced from 3-4 weeks to less than one week, a 78% decrease in time to close.
Accuracy: Accruals are now data-driven, leading to more accurate financial reporting and fewer post-close adjustments.
Collaboration: Improved communication between accounting, FP&A, and Clinical Operations, allowing for more detailed and meaningful reporting discussions.
Vendor Management & Accountability: Enhanced visibility and accountability, resulting in better negotiation and adherence to project timelines. Condor also allows Ventyx to compare change orders in progress alongside their current contract and provide clear data points for negotiating with its CROs.
Audit/Compliance: Streamlined SOX compliance and audit readiness with SOC-1 certification. Significantly reduced audit questions with defensible expense amounts and a clear audit trail. The company ended 2023 with no significant deficiencies, material weaknesses, and no audit adjustments.
"Condor provides us with a level of detail that allows us to hold our vendors accountable and also provides us with intel to formulate a strategy when negotiating change orders with a specific outcome in mind."
—Roy Gonzales
The integration of Condor Software enabled Ventyx to drastically improve their R&D accrual process, reducing time and increasing accuracy. These advancements have positioned Ventyx for continued success and more effective financial management.
"Condor allows us to bridge the communication gap between teams, we have evolved into a business partner to our clinical operations team, and can provide more accurate assumptions to FP&A."
—Roy Gonzales
