Local biotech companies may get option to report finances twice a year

South San Francisco describes itself as the birthplace of biotechnology. City officials say the industry anchors the local economy. But a potential change to SEC rules could allow public biotech companies to file financial updates less often.

The Securities and Exchange Commission closed comments Monday on a rule that would let public companies report finances twice a year, instead of every quarter.

SEC officials say the change could help newer life-sciences companies spend less time on paperwork and more time on things like clinical trials and FDA review.

Opponents of the rule change say fewer reports could hurt South San Francisco’s ability to adequately plan for economic downturns. But, according to Nell Selander, the city’s Director of Economic and Community Development, public filings aren’t the most important signal.

“The most actionable intelligence we receive on our life science sector here in South San Francisco comes from our real estate community,” she said. “So if leasing interest is strong, we know individual companies are growing.”

The SEC has not said when it will vote. But Selander says things like Genentech’s recent plans to update its South San Francisco campus bodes well for the region.