Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro forma cash @3/31/22=$223.2M—an increase of $35.0M relative to 12/31/21 (#msg-168050553) due to financing activities during 1Q22.

The $223.2M figure above consists of the net current assets on the 3/31/22 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001479290/000119312522146362/d327432d10q.htm#id375bd61c7fe4ceea8c0261ee845a3ae_16 ) after excluding the $9.0M “Deferred revenue, current” line, which is an accounting artifact rather than a bona fide liability.

(Excluded from the above figure is the $22.9M raised from use of the ATM facility since 3/31/22.)

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