A structured workflow for building and maintaining biotech company valuations using Claude Code. Designed for equity research analysts covering pre-commercial and clinical-stage biotech companies.
This skill turns Claude Code into a biotech equity research analyst that can:
- Initialize a structured company workspace with knowledge base, raw data store, and valuation models
- Ingest sources (corporate presentations, SEC filings, press releases, analyst notes, scientific papers) into a compounding knowledge base
- Build bottom-up disease revenue models with epidemiology-driven assumptions
- Run Pre-Commercial valuations (risk-adjusted DCF + per-program attribution + scenario-weighted price target) with formula-driven Excel models
- Maintain global disease reference files to ensure consistency across multiple company valuations
- Track catalysts, risks, competitive positioning, and valuation history over time
After initializing a company and ingesting a corporate presentation, you get:
kymera-therapeutics/
CLAUDE.md # Company schema
todo.md # Progress tracker
raw/
other/KYMR_Corporate_Pres.pdf # Immutable source
kb/
pipeline.md # KT-621 STAT6 (Ph2b), KT-579 IRF5 (Ph1), KT-485 IRAK4...
financials.md # Cash $1.6B, burn $87M/qtr, runway to 2029
competitors.md # NX-3911 (Nurix/Sanofi), dupilumab landscape
catalysts.md # BROADEN2 data mid-2027, IRF5 Ph1 data 2H26
...
valuations/
KYMR_Valuation_Model.xlsx # Formula-driven: KT-621 AD, Asthma, IRF5, Partnerships
The Excel model uses all formulas (no hardcoded calculations):
- Blue font = editable inputs (PoS, penetration, pricing)
- Black font = formulas
- Green font = cross-sheet links
# Option A: Clone and install
git clone https://github.com/bquirog/biotech-valuation-workflow.git
cp biotech-valuation-workflow/biotech-valuation.md ~/.claude/skills/
# Option B: Direct download
curl -o ~/.claude/skills/biotech-valuation.md \
https://raw.githubusercontent.com/bquirog/biotech-valuation-workflow/main/biotech-valuation.mdIn Claude Code, navigate to your working directory and run:
/biotech-valuation init Nurix Therapeutics https://www.nurixtx.com/
/biotech-valuation ingest /path/to/corporate-presentation.pdf
/biotech-valuation ingest https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=NRIX&type=10-Q
The skill will extract key data, update the KB, flag valuation impact, and update global disease files for cross-company consistency.
/biotech-valuation value pre-commercial
Produces disease-level revenue models, a formula-driven Excel workbook, risk-adjusted DCF with per-program attribution table, three valuation anchors (base DCF / cash floor / scenario-weighted PT), and sensitivity analysis.
/biotech-valuation query What is the ORR for bexobrutideg in CLL?
Each company gets a self-contained workspace:
| Directory | Purpose |
|---|---|
raw/ |
Immutable source documents (SEC filings, presentations, notes) |
kb/ |
Digested knowledge base (pipeline, financials, catalysts, risks, etc.) |
kb/sources/ |
One summary per ingested source |
kb/clinical-updates/ |
Per-asset clinical development tracking |
valuations/ |
Valuation models, assumptions, Excel workbooks |
todo.md |
Progress tracker |
At the root level, shared across all companies:
| File | Purpose |
|---|---|
portfolio.md |
Master asset tracker — all companies, assets, phases, catalysts, competitive overlaps |
diseases/*.md |
Canonical disease reference — epidemiology, drug landscape, valuation parameters |
Why global docs matter: When you cover multiple companies targeting the same disease (e.g., two companies with STAT6 degraders in atopic dermatitis), the disease file ensures you use the same prevalence numbers, competitive landscape, and pricing assumptions. No discrepancies across models.
Each disease file contains:
# Disease Name
## Epidemiology
- Prevalence, incidence, addressable populations (canonical numbers)
## Drug Landscape
- Approved drugs with sales
- Pipeline competitors with phase and key data
## Portfolio Assets
- Which of your covered companies target this disease
- Links back to company KB pages
## Valuation Parameters (Canonical)
- Standard pricing, penetration, EU/US ratios
- Use these numbers across ALL company modelsDesigned for pre-revenue biotech with identifiable pipeline programs:
- Disease-level revenue models — Bottom-up: epidemiology → addressable → penetration → pricing → revenue
- Risk-adjusted roll-up — Program-level probability of success (PoS)
- Expense build — R&D and SG&A with growth rate formulas; expense risk-adjustment applied only to R&D + SG&A, not COGS (COGS is variable cost tied to already-risk-adjusted revenue — double-counting the risk factor inflates peak-year margins)
- Risk-adjusted DCF — FCF discounted at WACC (12-13%); terminal value via perpetuity growth
- Per-program attribution — Decomposition of the DCF by program, showing $/share contribution and % of total. This is NOT a second valuation method — it reconciles to the DCF total by construction. Its purpose is to answer "where is the value coming from?"
- Three valuation anchors — (a) Base DCF, (b) Cash floor per share, (c) Scenario-weighted PT (25% bull / 50% base / 25% bear, bear floored at cash). These are genuinely independent lenses with different inputs. Do NOT compute a "blended DCF + SOTP" — that averages a number with itself.
| Tool | Purpose | Question |
|---|---|---|
| DCF / rNPV | Valuation | How much is the equity worth? |
| Per-program SOTP | Attribution | Where is that value coming from? |
| Sensitivity table | Risk framing | Which assumptions move the value? |
| Scenario analysis | Distribution | What's the range of outcomes? |
All Excel models are formula-driven:
| Convention | Meaning | Example |
|---|---|---|
| Blue font | Hardcoded inputs | PoS, penetration rates, pricing, WACC |
| Black font | Formulas | Revenue, FCF, PV calculations |
| Green font | Cross-sheet links | ='Disease Sheet'!D24 |
| Red font | External links or overrides | Negative adjustments |
Revenue formula: Revenue ($M) = Treated Patients (K) x Net Price ($K/yr) — units cancel naturally (K x $K = $M).
| Stage | PoS Range |
|---|---|
| Phase 2 pivotal (strong data) | 35-50% |
| Phase 1b (with efficacy signal) | 15-25% |
| Phase 1 (early) | 10-15% |
| Preclinical (named target) | 5-10% |
| Discovery | 3-5% |
| Market Type | Peak Penetration |
|---|---|
| Large competitive (AD, asthma, RA) | 3-8% |
| Medium competitive (CLL 2L+, MS) | 15-35% |
| Niche/orphan (wAIHA, rare) | 25-40% |
The templates/ directory contains starter scaffolds:
# Copy company template to start a new workspace
cp -r templates/company/ my-new-company/
# Copy disease template to create a new disease reference
cp templates/diseases/disease-template.md diseases/my-disease.md- Start with the corporate presentation — best single overview of pipeline, clinical data, strategy, financials
- Then the 10-K/10-Q — ground truth for detailed financials, IP, risk factors
- Ingest analyst notes — calibrate your model against street consensus
- Check disease files first when building revenue models — ensures consistency
- Update portfolio.md after every init/ingest that changes pipeline status
| Priority | Source | What You Get |
|---|---|---|
| 1 | Corporate/Investor Presentation | Pipeline overview, clinical data, strategy, market sizing |
| 2 | 10-K / 10-Q | Full financials, IP portfolio, risk factors, share count |
| 3 | Earnings PR | Latest quarterly financials, cash position, guidance |
| 4 | Clinical data presentations (ASH, ASCO) | Detailed efficacy/safety data |
| 5 | Analyst notes | Street consensus, valuation benchmarks |
- Claude Code (CLI, desktop app, or IDE extension)
- Python 3 with
openpyxl(for Excel model generation) - Optional: LibreOffice (for automated formula recalculation)
MIT
Pull requests welcome. Key areas for contribution:
- Additional disease templates (oncology, rare disease, neurology)
- Valuation methodology improvements
- Integration with financial data APIs (EDGAR, Bloomberg)
- Additional Excel model templates