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Back-test pilot

Test Telovant on a deal you already closed

See what Telovant would have flagged, and how early. You upload the deal documents and the reports from after closing. Telovant goes through them date by date, using only what your team had on each date.

Apply for the pilot Check if you're ready

Free during the pilot. Nothing is uploaded before the DPA is signed.

Project Kestrel · Back-test result FICTIONAL

TSA exit: IT migration complete Due 27 Sep 2025, 180 days after closing · TSA §5.2 · p. 18

12 Aug 2025 Telovant flags it as at risk Last report: 4 of 6 services moved. Plan for that date: 5 of 6.
27 Sep 2025 Deadline missed
3 Nov 2025 Migration completed

days of warning before the deadline was missed

Telovant used only the documents and reports dated on or before each day.

The full result for this deal, with all five obligations, is further down this page.

The process

How a back-test works

You run the back-test yourself, in a workspace we set up for you.

01
Sign the DPA
The data processing agreement and the list of subprocessors. Nothing is uploaded before this. An NDA is optional.
02
Upload the closing documents
SPA, schedules, TSA and side letters. Redacted copies are fine. You approve the extracted items, as on a live deal.
03
Add the reports from after closing
Monthly accounts, compliance certificates and KPI reports, each with the period it covers.
04
Replay and compare
Telovant replays the deal date by date. You compare its flags with what actually happened.

The result

What the back-test shows

For each obligation: when Telovant would have flagged it, the report and figure behind the flag, and what actually happened, including the false alarm and the problem it missed. Press Play to run the year again, or select an obligation to see every step.

Project Kestrel · Back-test result SPA + TSA · CARVE-OUT CLOSED 2025-03-31 REPLAYED TO 2026-03-31

Full year 4 of 5problems caught 1false alarm 1problem missed

Replay date2026-03-31 Flags raisedof 6

Obligation APR 25MAYJUNJULAUGSEPOCTNOVDECJAN 26FEBMAR Warning

AT RISK 08-12 MISSED 09-27 DONE 11-03 AT RISK 08-12MISSED 09-27DONE 11-03

Each step uses only the reports received by its date.

15 Jul 2025 June IT report receivedON TRACK 3 of 6 services moved. Plan for that date: 3 of 6.
12 Aug 2025 Telovant flags it as at riskAT RISK July IT report, received 12 Aug: 4 of 6 services moved. Plan for that date: 5 of 6.
27 Sep 2025 Deadline missedMISSED 2 of 6 services still run on the seller's systems.
3 Nov 2025 Migration completed The last 2 services moved, 37 days after the deadline.

days of warning before the deadline was missed

FAIL 10-21 · €2.64M WAIVER 11-14 FAIL 10-21 · €2.64MWAIVER 11-14

Each step uses only the reports received by its date.

25 Jul 2025 Q2 accounts receivedPASS Liquidity of €3.6M, above the €3.0M minimum.
21 Oct 2025 Telovant flags a breachFAIL Q3 accounts, received 21 Oct: liquidity of €2.64M, below the €3.0M minimum.
3 Nov 2025 Waiver requested The deal lead asks the seller to waive the Q3 test.
6 Nov 2025 First approval Finance director.
10 Nov 2025 Second approval General counsel.
14 Nov 2025 Waiver signed with the seller Waiver letter WL-01.
20 Jan 2026 Q4 accounts receivedPASS Liquidity of €3.4M. The covenant passes again and the item is closed.

days from the flag to the signed waiver

OVERDUE 08-15 ARRIVED 08-29 OVERDUE 08-15ARRIVED 08-29

Each step uses only the reports received by its date.

30 Jun 2025 Quarter ends The Q2 compliance certificate is due within 45 days, by 14 Aug 2025.
15 Aug 2025 Telovant flags it as overdueOVERDUE No certificate received by the due date.
29 Aug 2025 Certificate received 15 days after the due date.

Flagged on the first day the certificate was overdue.

AT RISK 07-15 MISSED, SEEN AT AUDIT 02-20 AT RISK 07-15MISSED, SEEN AT AUDIT 02-20

Each step uses only the reports received by its date.

15 Jul 2025 Telovant flags it as at riskAT RISK June accounts, received 15 Jul: first-half EBITDA of €8.1M. Plan for that date: €8.9M.
15 Oct 2025 September accounts receivedAT RISK Nine-month EBITDA of €12.6M. Plan for that date: €13.4M.
20 Jan 2026 December accounts receivedAT RISK Full-year EBITDA of €16.8M before the audit. Target: €18.0M.
20 Feb 2026 Target missed, seen at the audit Audited FY2025 EBITDA of €16.9M.

days of warning before the team saw it at the audit

MET 03-31 MET 03-31

Each step uses only the reports received by its date.

31 Mar 2025 Closing 4 key employees are named. At least 3 must stay until 31 Mar 2026.
30 Sep 2025 HR report receivedON TRACK 4 of 4 still employed.
31 Jan 2026 HR report receivedON TRACK 3 of 4 still employed. One left on 15 Jan, and the minimum of 3 is still met.
31 Mar 2026 Retention period ends 3 of 4 stayed. The obligation is met.

No flag, and none was needed: at least 3 of 4 stayed all year.

SENT ON TIME 05-19 OVERDUE 05-21 SENT ON TIME 05-19OVERDUE 05-21

Each step uses only the reports received by its date.

30 Apr 2025 April ends April accounts are due within 20 days, by 20 May 2025.
19 May 2025 Accounts sent on time The CFO received them by email. They were added to the back-test on 26 May.
21 May 2025 Telovant flags them as overdueOVERDUE No April accounts received by the due date.
26 May 2025 April accounts addedFALSE ALARM The flag clears.

A false alarm: the accounts arrived on time but reached Telovant late. Telovant only knows what it receives.

BREACH FOUND 12-08 BREACH FOUND 12-08

Each step uses only the reports received by its date.

31 Mar 2025 Closing The seller may not compete with the business for 24 months.
8 Dec 2025 Breach foundNO FLAG The seller joined a competitor. The team read about it in the press.

Missed: no report covered the seller's activities, so Telovant had nothing to check.

Flag: at risk or overdue Flag: missed or failed What actually happened Report received or date from the documents Replay date Warning: days between the first flag and the event

Fictional deal: Project Kestrel. Your back-test uses your own documents and reports.

Before you apply

Check if you have what you need

Five questions. If you answer yes to all of them, you are ready to apply.

01 A deal that closed with signed documentsA control buyout, carve-out or minority stake.
02 Its closing documents at handSPA, disclosure schedules and side letters. Redacted copies are fine.
03 The signing and closing datesDeadlines such as “90 days after Closing” are calculated from these.
04 Reports received after closing, with their datesMonthly accounts, compliance certificates or KPI reports.
05 Someone who knows how the deal wentYou compare the flags with what actually happened.

Answer all five to see the result. 0 / 5

The pilot

What you need, the time involved, and the terms

What you need

One deal that closed with signed documents
Its closing documents, redacted if you prefer
The signing and closing dates
Reports received after closing, with their dates
Someone who knows how the deal went

Time involved

About half a day over 2 to 3 months

1A 30-minute intro call
2Uploading and approving the documents
3A call at the end to go through the results

Terms

Cost: Free during the pilot
Scope: One fund, up to 3 closed deals
Length: 2 to 3 months, longer if you want
Agreements: DPA before any upload. NDA optional.

Your data

How your documents are handled

Read how security works in Telovant

DPA before any upload: Signed with every pilot team. It includes the list of subprocessors.
NDA if you want one: Optional. We sign yours or send ours.
Where data is stored: Google Cloud. If your firm needs a specific region, such as the EU, we can host there.
After the pilot: Deleted 30 days after the pilot. Want it sooner? Delete it in the platform or email info@telovant.com.

Questions

Common questions about the pilot

Anything else? Email info@telovant.com.

No. You upload them yourself, to your own pilot workspace, once the DPA is signed.

Back-test pilot

Apply for the back-test pilot

One email to apply. Nothing is uploaded until the DPA is signed.

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