Revance Therapeutics Inc (RVNC)

[DewDiligence]

Corrected—RVNC 9/30/20 pro forma net cash=$397M. This figure consists of the net current assets on the 9/30/20 balance sheet—excluding the “deferred revenue” line, which are accounting artifacts rather than bona fide liability (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000105/rvnc-20200930.htm#ib65b0d78e5394112b70865b7fce1e12f_16). For the “derivative liability” line, I’ve counted the full $4.0M milestone payment payable by RVNC on FDA approval of Daxi (rather than the $3.2M probability-weighted figure in the balance sheet).

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

h/t ‘DaveAu’ for properly addressing the “derivate liability” item.