Revance Therapeutics Inc (RVNC)

[DewDiligence]

Re: RVNC CRL

Daxi approval is now a late-2022/early-2023 event, at best. The additional wait is painful because RVNC’s cash burn is high, making another capital raise all but inevitable. For a biotech investor, today’s news is about as bad as it gets.

Nevertheless, I’m holding all of my shares because CMC problems are fixable and I’m confident Daxi will eventually be a big-selling drug. I’m not planning to add, at least for the time being.