Revance Therapeutics Inc (RVNC)

[edcoolidge]

Money losing companies with significant debt and no clear trajectory to reach breakeven before they run out of cash. There's many of them. The assumption is that these companies will eventually be unable to raise more cash and go bankrupt. Many will. Most of these companies didn't even exist before the ZIRP era and have never had to face an environment like this. Foley has totally mismanaged capital allocation. The shotgun share sale earlier this year after saying they were funded to breakeven only increased investor distrust in management.