Revance Therapeutics Inc (RVNC)

[iwfal]

Operating expense is $100M, revenue is $60M approximately.. short $40M per quarter. How can they expect to be even when generating $280M revenue 2024 and be break even in 2025?

Yep. Compare to EOLS, for instance, which has higher sales, but substantially lower SG&A, and R&D. And Foley does not appear to have any plan to address this immense gap other than 'our targets are unchanged' (this is a general problem with Foley - nothing but vague soundbites, vague plans, but little actually changes and/or the changes drag out very slowly - eg the coupons being introduced 2Q after pricing changes, and even then Foley acknowledges using them only as a stopgap).

I genuinely do not see how this plays out well in this kind of interest rate environment. Eg he may be forced to an ultra-dilutive offering when he finally realizes he has no plan. Yes the Daxxi product is substantially better (my favorite example is that 2x dosing, 4x concentration of Jeuveau does indeed produce longer duration - but at the expense of much longer time to onset), but not so much so that the company can just ignore finances.