Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC pro-forma net cash @12/31/23=$100.4M. This figure consists of:

• $260.4M of net current assets on the 12/31/23 balance sheet (https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001479290/000147929024000038/rvnc-20231231.htm#i3d9f5b6cfc914f2989dfc00260c6bf53_286 ) after excluding the $10.7M “Deferred revenue, current” line, which is an accounting artifact related to the VTRS collaboration rather than a bona fide liability; and

• ($150M) of non-convertible debt from the first and second tranches of the Athyrium Capital loan inked in Mar 2022. See note below.

Note: I treat RVNC’s convertible debt issued in Feb 2020 as straight equity—i.e. as though converted (#msg-173955117, bottom); hence the convertible debt (which has a balance-sheet carrying value of $276.6M) does not figure in the arithmetic above.