Biotech Values

[DewDiligence]

RVNC 4Q19 results—2/14/20* cash=$533M:

https://investors.revance.com/news-releases/news-release-details/revance-reports-fourth-quarter-and-full-year-2019-financial

The $533M figure includes ~$250M net proceeds from the recent convertible-debt offering, net of the $28.9M cost of the capped-call-option hedge (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000119312520038556/d889444d8k.htm ).

2020 operating expenses are expected to be $220-230M (of which $95-100M is for R&D). There is no specific guidance for 2020 product revenue from either Teoxane fillers or Daxi, but any product revenue in 2020 would offset the $220-230M of operating expenses and reduce cash burn accordingly. Also, any milestone payments received from MYL for the Botox-biosimilar program would offset cash burn.

*Closing date for convertible-debt offering.