Biotech Values

[DewDiligence]

Re: RVNC liquidity /possible public offering

RVNC’s operating cash burn* is $25/30M per quarter, but actual cash usage during 2Q17 was only ~$4M due to use of the ATM facility (#msg-133551324).

Until the 2Q17 results were reported, I thought RVNC would conduct a public offering soon and that this was the reason for the stock’s weakness since early July.

Now, however, given RVNC’s $174.4M pro forma cash balance at 6/30/17 (#msg-133604865), I think it makes more sense for RVNC to hold off on a public offering until reporting phase-3 data in glabellar lines during 4Q17.

It still would not surprise me unduly if RVNC conducted a public offering before reporting phase-3 data, but this seems less likely than it did a few days ago.

*Excluding financing transactions.