Revance Therapeutics Inc (RVNC)

[valiano]

Thanks for your post.. Over the next 2.5 years they're due to repay 380m in principal. If they enter 2025 with 190m and burn 40m over the year, that leaves them with a ~230m gap. Granted some of that will be closed by 2026 profitability but they can't raise new debt (negative covenants) and Athyrium declined to extend the third tranche (I'd presume they're not a rush to roll over the existing notes either). Some further dilution is unavoidable imo - the bet would be that SP will skyrocket before that.