Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro forma cash @9/30/21=$238.9M—a decrease of $66.5M relative to 6/30/21 (#msg-165330196).

The $238.9M figure above consists of the net current assets on the 9/30/21 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929021000165/rvnc-20210930.htm#ibe9e012c50c14fd680194a0bee9c1297_16 ) after excluding the $10.9M “Deferred revenue” line, which is an accounting artifact rather than a bona fide liability.

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