Investor questions
See your company the way a Series A investor will.
How the decision is made, the questions that get tested, what a strong answer looks like — and the deal-killers that end rounds early.
How a Series A decision is made
Five stages, each testing something different. Most rounds are won or lost before full diligence begins.
- Stage 1
First screen
Is this differentiated, is the market large enough, and does the team look credible? Often decided in minutes.
- Stage 2
Partner meeting
Does the story hold together? Can the founders answer "why you, why now, why this"?
- Stage 3
Full diligence
IP and chain of title, data quality, regulatory path, competition, financials and references are verified.
- Stage 4
Investment committee
A partner argues the case in a written memo. Every weak answer becomes a risk on the page.
- Stage 5
Term sheet
Valuation, tranches, milestones, preferences and board terms — all shaped by what came before.
By the time diligence starts, the investor has usually formed a view. Your answers need to be ready at stage 1, not assembled at stage 3.
The questions, as investors ask them
Twelve questions that come up in almost every Series A process. Open each one to see what a strong answer shows — and what raises a red flag.
Q01Why does this beat the standard of care?Differentiation
A strong answer shows
A measurable advantage on the outcome prescribers and payers care about — efficacy, safety, convenience or cost — against today's real standard of care.
Red flag
"There's no real competition," or a comparison against an outdated treatment.
Q02What stops a fast follower?IP & Barriers
A strong answer shows
Layered protection — patents across composition, use and manufacturing, plus data exclusivity, know-how and a head start that together keep competitors out through the investment horizon.
Red flag
A single patent family, no freedom-to-operate view, or claims a competitor could design around.
Q03Who owns this IP — cleanly?IP & Barriers
A strong answer shows
Signed assignments from every inventor, reviewed inventorship, and clear terms with any university or licensor.
Red flag
Unassigned contributions from students, contractors or collaborators, or university rights nobody has checked.
Q04How long does your exclusivity really last?IP & Barriers
A strong answer shows
An exclusivity runway — patent term plus regulatory data exclusivity — that extends well beyond the likely exit and into peak sales.
Red flag
Key patents that expire soon after launch, with no follow-on protection planned.
Q05Why is your regulatory path realistic — and costed?Pathway
A strong answer shows
A chosen pathway backed by precedent or agency feedback, expedited options assessed, a jurisdiction sequence, and a budget and timeline to match.
Red flag
"We'll talk to the FDA once we're funded," or a plan with no cost attached.
Q06Will the data you generate now be accepted later?Pathway
A strong answer shows
Studies designed backwards from what a pivotal trial and regulator will need — endpoints, assays and patient selection chosen with the end in mind.
Red flag
Early data that will have to be repeated because the assay, endpoint or population doesn't carry forward.
Q07What's your fastest route to proof?Speed to Value
A strong answer shows
A deliberate plan to reach validating data sooner — efficient trial sites, an adjacent market or indication, or a partnership that brings evidence or revenue early.
Red flag
One long, expensive path with no earlier point of validation.
Q08What does this round buy — and what is the company worth afterwards?Valuation & Deals
A strong answer shows
A milestone-based use of proceeds that reaches a clear value-inflection point, with buffer, before the money runs out.
Red flag
Runway that ends in the middle of the study meant to prove value.
Q09How is the valuation justified?Valuation & Deals
A strong answer shows
A number grounded in comparable deals and risk-adjusted asset value, with the assumptions visible.
Red flag
A valuation derived from total market size, or from what a peer company "raised at".
Q10Who acquires you, and why would they pay a premium?Leadership
A strong answer shows
Named strategic buyers, why the asset fits their portfolio, and the data package that would trigger their interest.
Red flag
"Big pharma will buy us" — with no view on who, when or why.
Q11How will you stay ahead as new entrants arrive?Leadership
A strong answer shows
A leadership plan — indications, combinations, diagnostics and next-generation assets — and an honest view of where rival technologies could substitute for yours.
Red flag
Assuming being first guarantees leading. In crowded targets, it often doesn't.
Q12Does the whole story hang together?Narrative
A strong answer shows
IP, differentiation, pathway, use of proceeds and exit that reinforce each other — one thesis a partner can defend at committee.
Red flag
Strong individual pieces that contradict each other — for example, a valuation the milestones can't support.
Inside the investment committee memo
Before a fund commits, a partner writes a memo arguing for the deal. These are the sections it typically covers — and where we help you prepare.
- Investment thesisWhy this company, why now, and the return case.We help
- Science and dataMechanism, data package and reproducibility.Specialists
- TeamFounders, gaps, advisors and board.Specialists
- IP positionOwnership, freedom to operate and barriers to entry.We help
- Differentiation and marketStandard of care, competition and addressable population.We help
- Development and regulatory planPathway, milestones, timelines and cost.We help
- Key risks and mitigationsWhat could go wrong and how it is managed.We help
- Deal terms and valuationPrice, structure, tranches and use of proceeds.We help
- ExitLikely buyers, timing and return scenarios.We help
Six common deal-killers
Each of these can end a round — and each is fixable if found early.
Unclear chain of title
Missing assignments or unresolved university rights can stall a round for months.
Weak differentiation
If the advantage over the standard of care isn't measurable, the investment case isn't either.
Proceeds that fall short
A round that runs out before a value milestone forces a down round or a bridge.
An unrealistic valuation
A number the data can't support ends conversations — or sets up a painful next round.
A complicated cross-border structure
Entities, IP location and licences across countries that make investing harder than it should be.
No credible exit story
If an investor can't see who buys the company and why, they can't see their return.
The full diligence picture
Investors will also test your data package, your team and your manufacturing readiness. Those sit outside our work — when they need attention, we'll point you to trusted specialists.
See it in practice
Five engagements covering patent estates, diagnostics, licensing, IND packages and the path to first-line therapy.
Read the case studiesGet the full Investor Question Bank
A printable version of every question on this page, with space to draft your own answers before you pitch.
What's inside
A working document for your founding team and board.
- All twelve questions, with strong answers and red flags
- The investment memo outline
- The six deal-killers, as a pre-raise checklist
- Space to draft your answers
How would your company answer?
Twenty questions, about five minutes. Find your gaps before an investor does.