Biotech Values

[DewDiligence]

RVNC—I take it you believe a raise is unlikely in near term? What would be the probability IYO?

The probability of a near-term equity raise depends on how the share price responds to FDA approval in CD and to the 2Q23 financial results.

Inasmuch as RVNC is committed to taking the second $100M tranche of the Athyrium Capital in Sep 2023 (18 months from when the Athyrium deal was struck), there is no urgency for RVNC to do an equity raise. Hence, if the share price following the two events mentioned above remains close to where it is now, I expect RVNC to hold off on an equity raise. On the other hand, if the share price goes back to the low 30s (or higher), I expect that RVNC will do an equity raise to fully ensure sufficient working capital to reach profitability.