Sara Bonstein on biotech financing
From How To Be A CFO With Insmed's Sara Bonstein · · Life Science Connect
“For a biotech that isn't yet profitable, the focus is the balance sheet — cash and dilution — not the income statement; you can never have too much cash in this industry, so financing must be structured thoughtfully and assessed afterward to determine if you did right by the company.”
On , Sara Bonstein, Chief Financial Officer at Insmed Incorporated, spoke about biotech financing during How To Be A CFO With Insmed's Sara Bonstein on Life Science Connect.
About Sara Bonstein
Sara Bonstein, Chief Financial Officer at Insmed, appeared on the podcast "The Business of Biotech" on April 26, 2025. During the interview, she discussed her leadership philosophy, stating that she leads with empathy and encourages team members to bring their authentic selves to work. She noted that she does not want "a whole bunch of little Sarahs" reporting to her, but rather wants people to be themselves for the best outcomes. Bonstein also offered advice on financial strategy for biotechnology companies. She stated that it costs "well over a billion dollars to bring a drug from bench to commercialization" and that most drugs fail, with only about 20% moving on to pivotal trials. For a biotech that is not yet profitable, she said the focus should be on the balance sheet — cash and dilution — rather than the income statement, adding that "you can never have too much cash in this industry." She advised companies to map out clinical catalysts and structure financing thoughtfully, warning that losing credibility with the investment community by asking for money without delivering results is "almost impossible to regain."