Bioadvance Capital
Nonprofit profile at a glance
- EIN
- 460481876
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Conshohocken, PA, USA
- Phone
- 6102300536
- Rating
- 64
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Research Institutes and Public Policy Analysis
Reported finances
- Revenue
- $7,785,105
- Expenses
- $2,686,198
- Assets
- $86,406,908
- Liabilities
- $6,081,380
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
14 people listed
Executive titles in this filing
- SHAHRAM HEJAZI (CEO & MANAGING DIRECTOR)
Highest reported compensation
- SHAHRAM HEJAZI (CEO & MANAGING DIRECTOR): $453,612 total reported compensation
- DAVID SHIN (COO AND SECRETARY): $332,509 total reported compensation
- ROBERT DRISCOLL (DIRECTOR OF FINANCE): $299,947 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Bioadvance capital (formerly bioadvance) was established in 2001 as one of the three life sciences greenhouses funded with a share of Pennsylvania's national tobacco settlement revenues to promote human health by supporting biomedical innovation in southeastern Pennsylvania. The organization dedicated $25 million of the original grant funding to pre seed and early stage investments to help advance technologies to the next stage of development. Since the original grant funding was expended, bioadvance capital has continued to support emerging life sciences companies in southeastern Pennsylvania and the surrounding mid atlantic region, with a focus on technologies that improve human health.
What it reported doing in 2024
Greenhouse program - the cornerstone of bioadvance investment activities - was launched two months after receiving the dced grant. The program funds young companies for research, development and commercialization activities that will provide enough progress to enable them to attract venture capital or an industry partner. Individual companies are eligible to receive up to $5,000,000 which often is disbursed as milestones are achieved, unless the cap is increased by the board. The investments are in the form of equity or a note that converts into equity upon a specified minimum size of dollar funding.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 30
- Transparency & Controls: 80
- Accountability: 94
- Sustainability: 82
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 16.7%; rating input score 17
- Program expense ratio: 60.9%; rating input score 61
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 65.5%; rating input score 96; 96th percentile among comparable filings
- Total-asset coverage ratio: 32.17; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 65; 65th percentile among comparable filings
- Officer compensation ratio: 63.1%; rating input score 1; 1st percentile among comparable filings
Growth
- Program expense growth: 6.5% per year; rating input score 100; 48th percentile among comparable filings
- Revenue growth: 2.7% per year; rating input score 100; 25th percentile among comparable filings
- Asset growth: 8.1% per year; rating input score 100; 50th percentile among comparable filings
Details
- Where the money goes: 16.7% of revenue deployed · 60.9% of spending went to programs
- Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $1.6M in reported program spending
- Leadership: top reported pay $454K · 14 people listed · 3 of 6 pay-setting controls reported
- Consistency: 33 of 34 current checks pass · 1 finding to review
- Schedules: 7 filed schedules · includes major donors and executive pay
- Filing history: 15 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 6 filed money-flow records
- Related organizations: 2 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 17/100.
- High — Sustainability: Officer compensation ratio scored 1/100.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.