# Castor Financial Model

SaaS platform enabling self-service decentralized clinical trials (DCT) for pharma, biotech, and research institutions.

- Canonical: https://finamodel.com/startups/castor
- Excel download: https://finamodel.com/startup-models/castor.xlsx
- Category: Biotech/Pharma
- Model type: SaaS ARR / Valuation
- Funding round: Series B
- Funding: $45M
- Founded: 2021
- Geography: Global. Offices Amsterdam (HQ) and New Jersey; servers in NL, UK, US, AU; deployments in 90+ countries [DECK slide 2].
- Customer: B2B

## About the company

Castor is a self-service platform for decentralised clinical trials, covering eConsent, data capture, monitoring, and EHR or data-pipeline imports. It follows ICH GCP, FDA Part 11, ISO 27001, GDPR, and HIPAA requirements, with 99% of customers reportedly building their own studies.

The SaaS product can be priced by study or module, with direct self-service and enterprise sales to research organisations, pharma, and biotech. The research does not disclose tiers, seats, ACV, or a meaningful services layer; its self-service design suggests implementation revenue should remain limited.

Castor supports more than 7,500 studies across 90 countries, 75,000 researchers, 2.6 million enrolled patients, and 250 million-plus data points. It powered the WHO SOLIDARITY trial. The model should forecast sponsor customers, studies, modules, ARR, expansion, churn, cloud cost, and support.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Unified DCT platform covering four modules: Enroll (eConsent), Capture (eCRF / data collection), Manage (monitoring), and data pipeline/EHR imports.
- Self-service by design: 99% of customers build their own studies.
- Compliance stack: ICH GCP, FDA 21 CFR Part 11, ISO 27001, GDPR, HIPAA.
- Claimed operational benefits vs. traditional trials: 60% shorter time to first patient in, 30% less time on data cleaning, 70% time saved with EHR imports.
- Flagship reference: powering WHO SOLIDARITY Trial (COVID-19 therapeutics + vaccine) - ~1.5m data points, 3,000 investigators, 15K+ patients, 30 countries.

## Market

- Global DCT Market: $2.5Bn → $10Bn by 2026 (source cited as Accenture / Grand View Research).
- Virtual component usage in trials projected to increase 3x in next 3 years from 2021.
- Broader context stat: clinical trial automation achieved only 8% vs. 42% potential.

## Revenue model

- Self-service SaaS platform - customers pay to access and run studies; no pricing tiers, seat counts, or ACV figures disclosed in the deck.
- Product modules (eConsent, data capture, monitoring, EHR integration) suggest either modular per-module pricing or study-based licensing.
- No services/professional services revenue mentioned; "99% build their own (self-service)" implies minimal services attach.
- Channels: direct (self-service signup) + enterprise (pharma/biotech relationships implied by top-10 pharma audit references and WHO partnership).

## Traction & metrics

- Studies supported: 7,500+
- Countries with deployments: 90+
- Researchers on platform: 75,000
- Enrolled patients: 2,600,000
- Data points captured: 250,000,000+
- Team size: 100+
- Total funding to date: $60m

## Competition / moat

- Moat signals (implied, not stated explicitly): regulatory compliance stack (FDA/ICH/GDPR/HIPAA), global infrastructure (4-region server footprint), depth of data repository (250m+ data points, 2.6m patients), self-service model vs. services-heavy incumbents, and WHO Solidarity Trial as flagship credential.
- Differentiation stated: only "scalable, unified platform" to design trials, capture data, and monitor progress.

## Team & funding ask / use of funds

- Founder: Derk Arts, MD, PhD.
- Team: 100+ as of July 2021.
- Investors: F-Prime Capital, Eight Roads, Two Sigma Ventures, inkef capital, WR Hambrecht+Co.

---

## Recommended financial model

- **Archetype + why:** B2B SaaS ARR model. Revenue is recurring platform subscription (self-service, study-based or seat/module-based); no evidence of transaction or usage revenue. Model should track new studies started (volume driver) × average contract value (ACV), expanding into ARR waterfall (new, expansion, churn).

- **Forecast horizon & granularity:** 5 years (2021–2026), annual, with monthly detail for Year 1–2. Aligns with the 2026 DCT market sizing endpoint cited in the deck.

- **Key drivers & assumptions:**

| Driver | Value / Source |
| ------- | -------------- |
| Starting study count (active ARR base) | 7,500 studies; assume a subset are active paying customers - 15–25% paying conversion at SaaS entry price |
| ACV per study / customer | $10k–$30k/study-year, typical mid-market clinical SaaS; no deck data |
| New study growth rate (YoY) | 40–60% given Series B stage and DCT market 4× growth to 2026 |
| Gross margin | 70–80%, consistent with B2B SaaS at scale; hosting costs across 4 regions compress slightly below pure-software peers |
| Net Revenue Retention (NRR) | 110–120%; study expansions and multi-module upsell are the primary lever |
| Annual churn rate | 8–12% logo churn; clinical trials are multi-year, reducing churn |
| Sales & marketing as % of revenue | 35–45% early post-Series-B, declining to 25–30% by Year 5 |
| R&D as % of revenue | 20–25%; platform roadmap (AI/ML, EHR integration) requires continued investment |
| G&A as % of revenue | 10–15%, scaling down as revenue grows |
| Team headcount growth | ~100 at Series B; model 30–40% headcount growth Year 1–2 |
| DCT market size by 2026 | $10Bn |
| Castor implied SOM by 2026 | 0.5–1.5% of $10Bn TAM = $50m–$150m ARR (calibrate scenario endpoints) |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Base:** 50% study volume growth YoY, ACV $15k, NRR 115%, churn 10%.
  - **Bull:** 70% study growth, ACV $20k (enterprise tilt), NRR 125%, churn 7%; accelerated by post-COVID DCT tailwind and WHO brand leverage.
  - **Bear:** 30% growth, ACV $12k (commoditization pressure), NRR 105%, churn 15%; slower pharma adoption of fully decentralized trials.

- **Required sheets / outputs:**
  1. Assumptions dashboard (all drivers in one place, editable)
  2. Revenue build - study volume × ACV → ARR waterfall (new, expansion, churn, net new ARR)
  3. P&L - ARR to EBITDA by year
  4. Headcount plan - functional hiring tied to revenue milestones
  5. Cash & runway - uses of Series B proceeds; burn rate vs. ARR breakeven
  6. Market penetration bridge - Castor ARR vs. $10Bn DCT market (SOM chart)
  7. Scenario toggle - Base/Bull/Bear outputs on one summary page

## Frequently asked questions

### Is the Castor financial model free?

Yes. The Castor model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.