Biotech Values

[DewDiligence]

Re: RVNC liquidity

RVNC’s 6/30/19 pro forma cash was $224.0M. This figure consists of the net current assets on the 6/30/19 balance sheet—excluding the “deferred revenue” line, which is an accounting artifact rather than bona fide liability (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929019000093/rvncq21910q.htm ).

The 6/30/19 pro forma cash of $224.0M was a decrease of $32.1M relative to the $256.1M figure on 3/31/19 (#msg-149160985); this quarterly cash burn was within the range (and below the midpoint) of RVNC’s $148-158M prior guidance for full-year 2019 cash burn (#msg-150339293).