Therapeutic Bandage Products Financial Modeling Case Study

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Lorraine Burdick didn’t set out to become the co-founder of a biotech startup right after grad school, but when the opportunity presented itself, she jumped in with both feet. Armed with a PhD in molecular and cellular biology and a MBA, Lorraine was recruited by one of her faculty advisors to help launch Therapeutic Bandage Products, a Connecticut-based company developing innovative diagnostics and prevention tools for Lyme disease.

For Lorraine, the mission was deeply personal. Lorraine describes it as “a mission near and dear to my heart.” Both she and the company’s founder, Larry, had battled Lyme disease themselves. Nearly everyone in their circles had a similar story.

Driven by both science and purpose, Lorraine joined the venture full-time after graduation. She quickly took the reins on day-to-day operations, product development, and early-stage fundraising. Today, she serves as the company’s COO and co-founder, playing a critical role in moving the company through R&D, securing non-dilutive funding, and laying the groundwork for a full product launch.

“Even though I got an MBA, I never really applied it,” she said. “And being one of only two team members meant I was stretched thin.”

Like many early-stage founders, Lorraine initially tried to piece together a financial model using AI tools and generic spreadsheet templates. But she quickly realized those solutions weren’t built for the complexity of her business or the level of detail investors expect. “It wasn’t tailored. I was trying to build it myself, but I didn’t have the time or the technical depth,” Lorraine said. “You could teach it to yourself, but in a small business environment, you need to go fast. That’s where Forecastr came in.”

The team discovered Forecastr through a targeted ad on Gust—another platform their investors already used and respected. That was a turning point. “We knew our investors loved Gust, and they really wanted solid financials. So we decided to give Forecastr a shot,” Lorraine said.

Forecastr wasn’t just another tool—it was the right one for their stage and sector. The software was built for fast-moving early-stage companies, and the hands-on onboarding support helped Lorraine close the knowledge gap. “The platform is intuitive, but there’s a lot going on. Having that time with Joseph during onboarding made me feel confident enough to play with it on my own.”

With guidance from her Forecastr analyst, Lorraine was able to move from guesswork to strategy. Together, they built a detailed hiring plan, realistic growth targets, and cost projections that were grounded in industry benchmarks and operational realities.

“Before, I was just guessing, assuming flat expenses and growth rates. Forecastr helped us understand what it really takes to hit profitability in year four and back into the costs that go along with that.”

Using Forecastr’s scenario modeling tools, Lorraine explored different strategic paths, tested various hiring timelines, and clarified how much capital the business would really need to support its vision. “Forecastr helped us figure out what we need to ask from our investors—and how to budget around our growth goals,” she said.

For Lorraine, one of the most valuable aspects of working with Forecastr was the hands-on onboarding, especially the support from her analyst, Joseph. “Joseph was so patient. It’s hard to explain your business to someone else, but he understood where my knowledge gaps were and helped me bridge them,” she said.

That collaborative experience gave Lorraine more than just a financial model—it gave her the confidence to take ownership of it. Unlike working in a static spreadsheet, the Forecastr platform allowed her to shape and refine assumptions with clarity.

For Lorraine, Forecastr has filled a critical gap by providing expert financial support without the cost or commitment of a full-time hire. “We really needed strong financials to get investor-ready,” she said. “We’d already done pitch competitions and won some grants, but to reach the next stage, we needed something more.”

She’s since recommended Forecastr to peers who are navigating the same challenges. “It gave us a clear framework to understand our growth trajectory and defend our numbers with confidence,” she said. “It’s like having a strategic partner helping you think through the financial side of your business—without needing to build that expertise in-house.”

How Therapeutic Bandage Products Uses Forecastr To Strengthen Their Raise and Build Investor-Ready Financials

The Complexity of Building a Financial Model From Scratch

Clarifying the Raise and Validating Growth Plans

Saving Time and Gaining Confidence Through Expert Support

Making Smart Financial Moves Early

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"As a two-person team, we don’t have time to become experts in everything. Forecastr saves us from wasting time on finance tasks that we aren't equipped to do."
	- Lorraine Burdick Co-Founder & COO Therapeutic Bandage Products