Research Associate - Biotech Equity ResearchB. Riley Securities | Arlington, VA • New York, NY • San Francisco, CAPosition OverviewThe Biotech Research Associate supports senior analyst coverage across oncology/hematology, immunology/inflammation, cardio-metabolism, CNS/neurology, and ophthalmology, contributing directly to published research on both commercial and development-stage companies in a fast-paced, catalyst-driven environment. Success looks like rapidly developing ownership of models and therapeutic area databases, producing clean first drafts under deadline, and building toward independent company coverage.
Location: Arlington, VA • New York, NY • San Francisco, CA
Core ResponsibilitiesResearch & Due Diligence- Support biotech and pharmaceutical public equity coverage, including earnings, clinical data readouts, and medical conference events (e.g., AACR, ADA, ASCO, ASH, ESMO, AAN, EHA, ObesityWeek, WCLC).
- Conduct scientific, clinical, regulatory, and competitive due diligence, distilling what matters for the investment thesis.
- Track catalysts across the coverage universe and communicate developments to the team on a timely basis.
Modeling & Data- Build and maintain financial models, including revenue builds, probability-adjusted forecasts, and comp sheets.
- Develop and maintain therapeutic class, disease area, and regulatory precedent databases.
- Construct forecasts and sensitivity analyses that support investment recommendations.
Research Production & Engagement- Draft research notes, flash updates, and companion sales materials requiring minimal editing before publication.
- Communicate actionable ideas on morning/midday calls and respond to requests from the sales force and institutional clients.
- Participate in management calls, KOL discussions, investor conferences, and corporate access initiatives.
Professional Development TrackFoundational Excellence- Obtain all FINRA licenses (SIE, Series 7, 63, 86/87) within the first six months.
- Master financial modeling, accounting fundamentals, and the therapeutic areas under coverage.
- Demonstrate a "can do" attitude and independent resourcefulness.
Senior Associate Progression- Develop proprietary insight into coverage names and proactively identify timely product ideas.
- Handle client requests independently when the analyst is unavailable.
- Build complex models with accurate forecasting.
Analyst Readiness- Manage several names under coverage with minimal supervision.
- Develop and maintain corporate and KOL relationships that secure valuable access.
- Lead new coverage launches from initiation through publication.
QualificationsRequired- One to three years of experience in biotechnology/pharmaceuticals via equity research, investment banking, consulting, industry, or clinical/scientific roles; OR an advanced scientific degree with demonstrated interest in public markets.
- Ability to interpret clinical and scientific data and translate findings into investment implications.
- Solid financial modeling and analytical skills with advanced Excel proficiency.
- Strong written communication and attention to detail under deadline pressure.
- Willingness to obtain required FINRA licenses (SIE, Series 7, 63, 86/87) post-hire; existing licenses a plus.
- Strong work ethic, intellectual curiosity, integrity, and a team-first attitude.
Preferred- Advanced degree (Ph.D., M.D., Pharm.D., or Master's) in life sciences or a related field.
- Prior sell-side equity research experience in healthcare/biotech.
- Familiarity with FactSet, Bloomberg, AlphaSense, clinicaltrials.gov, and scientific literature review.
- Experience applying data analysis or coding (Python, R) to clinical or financial datasets.
- CFA designation or active candidacy.
Compensation & Benefits- Competitive base salary with quarterly performance-based bonuses and additional associate program competition bonuses.
- Comprehensive medical, dental, and vision insurance.
- 401(k) profit-sharing retirement plan.
- Paid holidays, vacation, and sick leave.
- Sponsorship of all required FINRA licenses, mentorship pairing, and access to industry conferences and continuing education.
Application Process- Initial screen - phone interview with HR and the hiring manager.
- Associate interview - current associates evaluate your stock pitch and cultural fit.
- Technical assessment - modeling and writing test.
- Analyst interview - senior analyst assesses analytical capability and therapeutic area knowledge.
- Final round - Director of Research evaluates overall potential and fit.
