Biotech Values

[DewDiligence]

RVNC’s 3/31/20 pro forma cash=$529.9M. This figure consists of: $489.9M of net current assets on the 3/31/19 balance sheet—excluding the “deferred revenue” and “derivative liability” lines, which are accounting artifacts rather than bona fide liabilities (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000058/rvncq12010-q.htm#s928551B6BA26958D21C516CE0BB37758 ); and $30M received from MYL for opting in on the Botox-biosimilar program (#msg-155961720).

RVNC’s guidance for 2020 operating cash burn is approximately $220M (#msg-155499241).

(In the above calculation, RVNC’s convertible debt is considered as straight equity, and hence it does not enter into the arithmetic.)