# BACK BAY LIFE SCIENCE ADVISORY, LLC X-17A-5 (2026-05-13) — Broker-dealer annual report - Company: BACK BAY LIFE SCIENCE ADVISORY, LLC - Form: X-17A-5 - Filed: 2026-05-13 - Period: 2025-12-31 - Accession: 0001527511-26-000004 - CIK: 1527511 - File #: 8-68931 - Type: Broker-dealer - Material weakness: No - Auditor: Morris & Morris PC - Auditor location: Needham, MA - Contact: Peter Flynn - Phone: 6173670099 - Email: flynn@peterflynnesq.com - Website: peterflynnesq.com - Signed by: Peter Flynn (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1527511/000152751126000004/audit2025_1.pdf --- {0}------------------------------------------------ ### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-S PART** Ill | 0MB Number: 3235-0123
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hours per response: 12 | |-------------------------------------------------------------------------------------------------------| | SEC FILE NUMBER | | | 0MB APPROVAL # **FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **O 1/01/2025** MM/DD/YY AND ENDING **12/31/2025** MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: Back Bay Life Science Advisory, LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer D Security-based swa p dealer D M ajor security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 545 Boylston St, 12th Floor (No. and Street) Boston **MA** 02116 (City) (State) (Zip Code) PERSON TO CONTACT W ITH REGARD TO THIS FILING Peter F. Flynn 617 -367-0099 Flynn@peterflynnesq.com (Name) (Area Code - Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT w hose reports are contained in this filing\* Morris & Morris, P.C. (Name - if individual, state last, first, and middle name) 32 Kearney Road Needham Heights MA 02494 (Address) (City) (State) (Zip Code) 01/06/2010 4066 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) **FOR OFFICIAL USE ONLY** • Claims for exemption from the requirement t hat the annual reports be covered by the reports of an independent public account ant must be supported by a statement of facts and circumstances relied on as the basis of t he exemption. See 17 CFR 240.17a-S(e)ll)(ii), if applicable. **Persons who are to respond to the collection of information contained** in **this form are not required to respond unless the form displays a currently valid 0MB control number.** {1}------------------------------------------------ ### **OATH OR AFFIRMATION** | I, Peter Flynn | swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Back Bay Life Science Advisory, LLC | as of | | __________ _, 2~,
_1_2_/3_1 | is true and correct. I further swear (or affirm) that neither the company nor any | | as that of a customer. | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | | | ![](_page_1_Picture_2.jpeg) Title: cco ### **This filing\*\* contains (check all applicable boxes):** - iii (a) Statement of financial condition. - D {b) Notes to consolidated statement of financial condition. - ii (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - ii (d) Statement of cash flows. - ii (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - ii (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D {j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3. - D (kl Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determinat ion of PAB Requirements under Exhibit **A** to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - iii (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1Sc3-1, 17 CFR 240.18a-1, or 17 CFR 240.lSa-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of fi nancial data for subsidiaries not consolidated in the statement of financial condition. - iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.lSa-7, as applicable. - iii (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (t) Independent public accou ntant's report based on an examination of the statement of financial condition. - iii (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - iii (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of t he previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). D (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e)(3) or 17 CFR 240.18o-7{d){2), as applicable. {2}------------------------------------------------ # FINANCIAL ST A TEMENTS AND SUPPLEMENT ARY INFORMATION Year Ended December 31, 2025 {3}------------------------------------------------ # **TABLE OF CONTENTS** | | Page No. | |--------------------------------------------------------------------------------------------|----------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1-2 | | FINANCIAL STATEMENTS | | | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Member's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7-9 | | SUPPLEMENTAL SCHEDULES | | | Computation of Net Capital Pursuant to Uniform Net Capital Rule I 5c3-I | I 0 | | Report of Independent Registered Public Accounting Firm on Exemption under
Rule I 5c3-3 | 11 | | Exemption under Rule I 5c3-3 | 12 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **Report of Independent Registered Public Accounting Firm** February 4, 2026 # **TO THE DIRECTORS AND EQUITY OWNERS OF BACK BAY LIFE SCIENCE ADVISORY, LLC** 535 Boylston Street, I 2th Floor Boston, MA 02 I 16 # *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of Back Bay Life Science Advisory, LLC (the "Company") as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for year then ended, in conformity with accounting principles generally accepted in the United States of America. ### *Basis for Opinion* These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. 32 Kearney Road • Needham Heights, M A 02494 • (781) 455-6900 • Fax (78 1) 455-6902 ![](_page_4_Picture_10.jpeg) The CPA. Never Underestimate the Value. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) # **Report oflndependent Registered Public Accounting Firm (Continued)** **TO THE DIRECTORS AND EQUITY OWNERS OF BACK BAY LIFE SCIENCE ADVISORY, LLC** February 4, 2026 Page 2 # *Supplemental Information* The information contained in The Computation of Net Capital Under Rule 1 Sc 3-**l** of the Securities and Exchange Commission (" Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Company ' s financial statements. The Supplemental Information is the responsibility of the Company's management. Our audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming our opinion on the Supplemental Information, we evaluated whether lht: Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the Computation of Net Capital Under Rule I 5c3- I of the Securities and Exchange Commission is fairly stated, in all material respects, in relation to the financial statements taken as a whole. 111--~ *IJ!~,fz-* Morris & Morris, P.C. Certified Public Accountants We have served as the Company's auditor since 2016. Needham Heights, MA 02494 ![](_page_5_Picture_7.jpeg) The CPA. **Never Underestimate the Value.** *:.;IA* {6}------------------------------------------------ # **STATEMENT OF FINANCIAL CONDITION December 31, 2025** ### **ASSETS** | Cash | \$
30,995 | |---------------------------------------|-------------------------| | Pre-paid expenses | 553 | | Total Assets | \$
3
1,548 | | LIABILITIES AND MEMBER'S EQUITY | | | Accrued expenses | \$
__
6-'-,_51_8_ | | Total Liabilities | 6,5
18 | | | | | Member's equity: | | | Member contributions | 118,570 | | Accumulated deficit | (93,540) | | Total Member's Equity | 25,030 | | Total Liabilities and Member's Equity | \$
31,548 | **See accompanying independent registered public accounting firm's report and notes to financial statements** {7}------------------------------------------------ # **STATEMENT OF OPERATIONS Year Ended December 31, 2025** | Operating expenses: | | |---------------------|---------------| | Professional fees | 6,500 | | Regulatory expenses | 1,505 | | Miscellaneous | 520 | | | 8,525 | | Net loss | \$
(8,525) | **See notes to financial statements** {8}------------------------------------------------ # **STATEMENT OF CHANGES IN MEMBER'S EQUITY Year Ended December 31, 2025** | | Member
Contributions | Accumulated
Deficit | Total | |------------------------------|-------------------------|------------------------|---------| | Balance. January
1, 2016 | \$
109,966 | (85,0 15) \$ | 24,951 | | Net loss | | (8,525) | (8,525) | | Member contribution | 8,604 | | 8,604 | | Balance, Decemt er 3 I, 2025 | \$
118,570 | (93,540) \$ | 25,030 | **See notes to financial statements** {9}------------------------------------------------ # **STATEMENT OF CASH FLOWS January 1, 2025 to December 31, 2025** | Cash flows from operating activities: | | |----------------------------------------------|---------------| | Net loss | \$
(8,525) | | Changes in operating assets and liabilities: | | | Prepaid expenses | (553) | | Accrued expenses | 474 | | Net cash used for operating activities | (8,604) | | Cash flows from financing activities: | | | Member contributions | 8,604 | | Net cash provided by financing activities | 8,604 | | Cash, beginning of year | 30,995 | | Cash, end of year | \$
30,995 | **See notes to financial statements** {10}------------------------------------------------ ### **NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2025** #### Note I **Organization and nature of business** Back Bay Life Science Advisory, LLC (the "Company") was formed in May, 20 11 and is a Massachusetts limited liability company. The Company acts as an agent for the issuer of corporate securities for private placements per membership agreement with the Financial Industry Regulatory Authority (" FINRA"). The Company is a registered broker under the Securities Exchange Act of 1934 and is a member of FINRA and Securities Investor Protection Corp ("S IPC"). The Company is a wholly owned subsidiary of Back Bay Strategies, LLC. #### Note 2 **Summary of significant accounting policies** # **Method of Accounting** The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, as established by the Financial Accounting Standards Board ("F ASB "), and issued in the F ASB Accounting Standards Codification (the "Codification"), utilizing the accrual-basis of accounting. ### **Revenue recognition** The Company recognizes revenue upon completion of private placement of corporate securities. Fees are charged based upon an agreed upon percentage of the proceeds of the transaction. Effective January I, 2019, ASU 20 14-09-Revenue from Contracts with Customers, and subsequent amendments, collectively created a new Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. ASC 606 replaces most of the existing revenue recognition guidance found in generally accepted accounting principles in the United States of America, prior thereto; and, established a new, single revenue framework to recognize revenue from contracts with customers and offers disclosures for revenue transactions. ### **Income taxes** The sole member of the Company has elected to have the Company taxed as a single member LLC. Accordingly, the Company is not subject to federal or state income taxes. All taxable income/loss and tax credits are reflected on the income tax returns of the member. {11}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS (CONTINUED) Year Ended December 31, 2025** #### Note 2 **Summary of significant accounting policies (continued)** ### **Income tax positions** The Financial Accounting Standards Board ("F ASB") has issued a standard that clarifies the accounting and recognition of income tax positions taken or expected to be taken in the Company's income tax returns. The Company has analyzed tax positions taken for tiling with the Internal Revenue Service and all state jurisdictions where it operates. The Company believes that the income tax positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse affect on the Company's financ ial condition, results of operations or cash flows. Accordingly, the Company has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions. If the Company incurs interest or penalties as a result of unrecognized tax positions the policy is to classify interest accrued with interest expense and penalties thereon with operating expenses. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Tax returns for the prior three fiscal years are subject to examination by taxing authorities. # **Fair value of financial instruments** The carrying amounts of financial instruments, including cash, prepaid expenses and accrued expenses approximate fair value due to the short-term nature of these assets and 1 iabi I ities. ### **Use of estimates** Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates. ### **Recent Accounting Pronouncements** In November 2023, the FASB issued ASC Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Update No. 2023-07 requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a si ngle reportable segment. Using the management approach, qualitative and quantitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The CCO/CFO of the Company serves as Chief Operating Decision Maker, which makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financ ial results. The significant expenses of the segment are reported in the accompanying statement of operations of this report. {12}------------------------------------------------ # **NOTES TO FINANCIAL STATEMENTS (CONTINUED) Year Ended December 31, 2024** #### Note 3 **Net capital requirements** The Company is subject to the Securities and Exchange Comm ission Uniform Net Capital Rule (Rule 15c3-1 ), which requires the maintenance of a minimum net capital balance and requires that the Company' s aggregate indebtedness to net capital, as defined, shall not exceed 15 to **1.** At December 31, 2024, the Company's net capital was \$24,477 which was \$19,477 in excess of its required net capital of \$5,000. The Company's aggregate indebtedness to net capital was 0.27 to I . #### Note 4 **Concentrations of credit risk** The Company maintains its cash at financial institutions in bank deposits which may exceed federally-insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk with respect to cash. #### Note 5 **Statement of cash flows** For the year ended December 31, 2025, the Company did not have any significant noncash investing or financing activities. #### Note 6 **Subsequent events** Management has evaluated the possibility of subsequent events that may require disclosure in the Company's financial statements through February 4, 2026 the date that the financial statements were available to be issued, and has determined that there were no additional disclosures required. {13}------------------------------------------------ # **COMPUTATION OF NET CAPITAL PURSUANT TO UNIFORM NET CAPITAL RULE 15c3-1 Year Ended December 31, 2025** | Capital | | | |---------------------------------------------------------------------------------------|-----------|----------| | Member contributions | \$ | 118,570 | | Accumu lated deficit | | (93,540) | | | | 25,030 | | | | | | Deductions and charges:
Nonallowable assets: | | | | Prepaid expenses | | (553) | | Net capital | \$ | 24,477 | | Aggregate indebtedness | | | | Accrued expenses | \$ | 6,5 18 | | | | | | Computation of basic net capital requ
irement | | | | Minimum net capita l required | \$ | 500 | | Minimum dollar net capital required | | 5,000 | | Net capital requirement | | 5,000 | | Excess net capital | \$ | 19,477 | | Net capital less 120% of minimum | | | | dollar net capital required | \$ | 18,477 | | Ratio of aggregate indebtedness to net capital | 0.27 to I | | | Reconciliation with company's Computation (included | | | | in Partr II of Form Xl 7 A-5 as of December 31, 2025 | | | | Net Capital, as reported in Company's Part II (unaudited) FOCUS report, as amended \$ | | 18,477 | | Net capital per above | \$ | 24,477 | | | | | **- 10** - {14}------------------------------------------------ # Back Bay Lite Science Advisory LLC Back Bay Li le Science Advisory LLC (the "Company") is a registered broker-dealer subject to Rule l 7a-S promulgated by the Securities and Exchange Commission ( 17 C.F.R. 5240. I 7a-5. "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. }240.17a-5(d)(l) and (4). To the best of its knowledge and belief the Company states the following: - (l) The Company does not claim an exemption under paragraph (k) of 17 C.F .R. SS 240. l5c3-3. and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. 240. l 7a-5 because the Company limits its business activities exclusively to ,include all that apply. for example,): (1) proprietary trading; (2) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (3) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients. referring securities transactions to other broker-dealers. or providing technology or platform services; (4) pa1ticipating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements oCparagraphs (a) or (b)(2) ofRu1e l5c2-4; and/or (5) engaging solely in activities permitted for capital acquisition brokers ("CAB") as defined in FINRA's CAB rules and approved for membership in FlNRA as a CAB, and the Company (l ) did not directly or indirectly receive, hold. or otherwise owe funds or securities for or to customers, (other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscription::; on a subscription way basis where the funds arc payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers: and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. Bm;k l3ay Life Science Advisory LLC I. Peter Flynn. swear (or aflirm) that. to my best knowledgt: and belief~ this Exemption Report is true and correct. Title: Chief Compliance Officer Dt~embi;;r 3 l. 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.