In biotech, the CFO (Chief Financial Officer) role is far from just managing spreadsheets – it’s about navigating uncertainty with strategic foresight. Michaela Gertz knows this terrain intimately. 

“It’s a high-risk environment,” she says. “As a CFO, if you don’t thrive on complexity and ambiguity, this isn’t the place for you.”

You raise funds based on an investment case, then reality hits – everything often takes longer and costs more.

Unlike other industries, life sciences CFOs must contend with long development timelines, unpredictable trial outcomes, and capital-intensive R&D. “You raise funds based on an investment case, then reality hits – everything often takes longer and costs more,” Gertz explains. “You need to be agile and creative to continue to deliver results within changing parameters.”

The intersection of finance and biotech innovation

Michaela Gertz didn’t set out to become a life science CFO. With a master’s in business and economics from Uppsala University and early career stints in banking and private equity, her trajectory seemed headed for the financial sector. But a portfolio company in biotech changed everything. 

“They needed support, and I started working with them,” she recalls. “I switched over to that company, worked on a lot of different projects and tried to build companies around scientific ideas, and financing them.”

Since then, she has carved out a niche at the intersection of finance and biotech innovation. Her first offer to take on the CFO role came unexpectedly when her employer – a Swedish life science company – listed on Nasdaq. “I told my boss I didn’t know much accounting, my expertise was more financing,” she laughs. “He said: ‘How hard can it be? Just do it.’” 

It was a lot of self-learning. I was quite alone in that role as I was surrounded by biotech experts and I had to catch up fast.

The learning curve was steep – reporting, accounting, following-up, and the realities of being a listed company – but Gertz embraced it. “It was a lot of self-learning. I was quite alone in that role as I was surrounded by biotech experts and I had to catch up fast,” she recalls.

While that first step into life sciences was happenstance, Gertz soon felt the appeal of life sciences goes beyond business. “It’s the people that made me stay in the industry. We’re doing something good for humanity and it’s very fulfilling to work within this industry. Everyone I know is so smart, has deep expertise in their areas, and is genuinely interested in building something. It’s a really nice business to be in,” she says.

“Women’s health is gaining traction”

Eventually, Gertz established her own consultancy, where she has primarily supported biotech firms that want to go public. She’s been with Gesynta for five years, and she describes her job as anything but routine. 

“No two days are the same,” she says, reflecting on the dynamic demands of a clinical-stage biotech. Fundraising has long been a central theme – securing the capital needed to advance Gesynta’s anti-inflammatory pipeline through clinical trials. 

Gesynta has made headlines this year due to their successful Series B round, which reached SEK 390 million in October. The financing round was led by Innovestor Life Science with participation from a number of VCs.

The company is preparing a Phase 2 clinical trial for vipoglanstat, a novel non-hormonal, non-opioid treatment for endometriosis. This chronic inflammatory disease, which affects 190 million women of reproductive age globally, can cause intense pain, a lower quality of life, and infertility. Gesynta has made headlines this year due to their successful Series B round, which reached SEK 390 million in October. The financing round was led by Innovestor Life Science with participation from a number of VCs.

“We’re thrilled,” Gertz says. “It’s not just about the money – it’s about the quality of our investors, their expertise, and the confidence they’ve placed in our science and strategy.”

Securing SEK 390 million in a Series B round is no small feat – especially in a cautious funding climate. But for Gesynta, the stars aligned. “Women’s health is gaining traction among investors, it’s been a hotter and hotter area to invest in,” she says, and continues: “We have some investors who are really keen on doing something in that area.” 

Much of the credit, Gertz insists, goes to CEO Patric Stenberg: “He’s been working tirelessly, meeting hundreds of VC investors, and getting the word out about Gesynta and telling the world about us.”

Maximize value and scenario planning

In a VC-backed company, the CFO’s job is so different compared to being a CFO for a listed company, describes Gertz. “I have done so many capital raises in the listed environment, where the investors are mostly generalists and we talk the same language. But when you’re out meeting VCs, they are very sciencey, and they want to meet the scientists, hear about the mechanism and those details,” she says.

“My role as the CFO has been to work on the investment case to really put numbers on the development plan, and of course, answer all the due diligence questions concerning the financial information,” she explains.

The proceeds from their Series B financing round will fund the Phase II clinical trial in endometriosis, now underway in the UK and expanding across Europe. 

With the funding secured, her focus has shifted: “Now it’s about delivering on the promises we made to the investors.” 

That means rigorous cash management, detailed budgeting for clinical studies, and ensuring that every team member – from scientists to board members – has the financial clarity needed to make informed decisions. The proceeds from their Series B financing round will fund the Phase II clinical trial in endometriosis, now underway in the UK and expanding across Europe. 

“We spend a lot of time in the management team discussing forecasts and how to maximize value so that we’re able to do everything that we want to,” she explains.

With enough funding to support Gesynta to the next inflection point, Michaela Gertz’s role now also entails looking beyond the next few years. She and her colleagues are already laying the groundwork for the future, exploring different potential routes – such as partnerships, financing, or other strategic alternatives – without ruling out any path.

“We’re scenario planning. What do our owners want? What do we want to build? Whatever path we choose, we need to be ready and we’re preparing for every possible reality,” she concludes.