Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro forma cash @6/30/21=$305.4M—a decrease of $58.3M relative to 3/31/21 (#msg-163911707).

The above figure consists of the net current assets on the 6/30/21 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929021000150/rvnc-20210630.htm#i24f36e33099844b29b3216b8cb8ff8e4_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 $3.2M probability-weighted figure on the balance sheet (on the “Derivative liability” line).

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