Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro forma cash @3/31/21=$363.7M—a decrease of $54.2M relative to 12/31/21 (#msg-162199761).

The above figure consists of the net current assets on the 3/31/21 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929021000123/rvnc-20210331.htm#ifc8a87a092ef4b3fa4738a47909f8039_16 ), with two adjustments: 1) I excluded the “deferred revenue” line, which is an accounting artifact rather than a bona fide liability; and 2) I deducted 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.

According to the 1Q21 10-Q filing on 5/10/21 (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929021000123/rvnc-20210331.htm#ifc8a87a092ef4b3fa4738a47909f8039_16 ), as of 5/10/21 RVNC had sold no shares under the ATM facility with Cowen since the end of 1Q21.

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