Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro forma cash @12/30/21=$188.2M—a decrease of $50.7M relative to 9/30/21 (#msg-166764537). The $50.7M cash burn in 4Q21 was down from $66.M in 3Q21.

(Production of Daxi inventory constitutes a material portion of RVNC’s cash burn in 2021 and currently.)

The $188.2M figure above consists of the net current assets on the 12/30/21 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001479290/000147929022000034/rvnc-20211231.htm#id2932a2a7f8d430d9256a3571a3eea70_232 ) after excluding the $9.4M “Deferred revenue, current” 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.