Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC 12/31/20 pro_forma_net_cash=$417.9M.

The above figure consists of: $396.0M of net current assets on the 12/31/20 balance sheet—excluding the “deferred revenue” line, which is an accounting artifact rather than a bona fide liability (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000105/rvnc-20200930.htm#ib65b0d78e5394112b70865b7fce1e12f_16 ); and $21.9M (90.1M minus 68.2M) raised via the ATM facility with Cowen since 12/31/20 (ibid, page F-38).

In the above calculation, RVNC’s convertible debt is considered as straight equity, and hence it does not enter into the arithmetic. For the “derivative liability” item, I counted the full $4.0M milestone payment payable by RVNC on FDA approval of Daxi (rather than the $3.1M probability-weighted figure on the balance sheet).