Equity Research Associate, Biotechnology

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Job Purpose: The Associate will support a Senior Analyst in the Healthcare sector, focused on Biotechnology, with an emphasis on companies where applied chemistry, process development, formulation, and manufacturability (CMC) are key drivers of value. The Associate will conduct primary research and fundamental analysis, build and maintain financial models, and help author differentiated research that translates scientific/technical insights into clear investment conclusions. The ideal candidate is a self-starter with strong analytical rigor, excellent writing skills, and a Master's-level foundation in Chemical Engineering and applied chemistry. Duties & Responsibilities: Research, Diligence & Technical Analysis Perform deep diligence on biotech platforms and products where chemistry and process matter, including (as applicable): ADCs, oligonucleotides/siRNA, peptides, radiopharmaceuticals, LNP/delivery systems, biologics formulation, and chemistry-enabled tools. Evaluate CMC and scale-up risk across development stages (preclinical through commercial), including: Synthetic route/process complexity, yield/throughput considerations, impurity profiles, stability and degradation pathways Formulation constraints, cold-chain/logistics considerations, and analytical characterization/assay robustness CDMO/manufacturing capacity, tech transfer risk, and timeline sensitivities impacting commercial readiness. Translate technical findings into investment-relevant outputs (e.g., probability-of-success adjustments, timeline shifts, COGS/margin sensitivities, competitive differentiation). Primary Research & Channel Work Conduct primary research through KOL outreach, expert calls, surveys/polling, and other proprietary data collection to support thesis formation and ongoing monitoring. Track and synthesize industry trends (pipeline activity, platform adoption, competitive read-throughs, regulatory/CMC expectations) and communicate actionable takeaways. Financial Analysis & Modeling Build and maintain company financial models (forecasting, scenario analysis, valuation work) for use in updates, investment recommendations, and client discussions. Incorporate development-stage considerations into models (e.g., stage-based forecasting and key catalyst timing that can shift valuation outcomes). Writing, Publication & Team Support Assist in drafting and publishing research: initiations, earnings notes, catalyst previews/recaps, thematic reports, and breaking-news updates. Keep the Senior Analyst informed of daily news flow, filings, data releases, and relevant market developments; propose implications and next steps quickly. Relationship Management (As You Develop) Help maintain and grow relationships with company management teams, industry/academic contacts, internal Sales & Trading partners, and institutional investors. Contribute thoughtful questions for management meetings and investor calls, with a focus on chemistry, CMC readiness, and commercialization feasibility. Requirements & Qualifications: Master's degree in chemical engineering preferred with demonstrated strength in applied chemistry (e.g., reaction engineering, separations/purification, formulation, analytical characterization, process development/scale-up). Demonstrated interest in Biotechnology and life sciences investing; ability to connect scientific/engineering details to business and valuation outcomes. Strong financial aptitude and willingness to build expertise in modeling, forecasting, and valuation (advanced Excel required). Excellent written and verbal communication skills; ability to explain complex technical concepts clearly to non-technical audiences. Highly organized, detail-oriented, and able to thrive in a fast-paced, deadline-driven environment. Strong work ethic, resourcefulness, and critical/creative thinking. Additional Skills: 1-3 years of experience in equity research, investment banking, consulting, or biopharma industry roles (process development, analytical development, manufacturing/CMC, QA/QC, or related). Familiarity with biopharma development and regulatory context as it relates to CMC (e.g., comparability, stability programs, method validation concepts). Experience with scientific literature review and interpreting preclinical/clinical datasets in conjunction with chemistry/manufacturing constraints. SIE, Series 63, 86 & 87 preferred (not required upon hiring). Important Notes: Must be authorized to work full time in the U.S., BTIG does not offer sponsorship for work visas of any type No phone calls please, the applicant will be contacted within two weeks if successful About BTIG: BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. With an extensive global footprint and more than 700 employees, BTIG, LLC and its affiliates operate out of 20 cities throughout the U.S., and in Europe, Asia and Australia. BTIG of

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