Replies to post #209478 on Biotech Values

[jbog]

They'll have to raise money near term. I'm not sure if what's available on the ATM but normally not enough.

They have room to dilute, hopefully they can hold off until some data can increase their share price.

[DewDiligence]

RVNC liquidity and cash-usage guidance:

https://www.sec.gov/Archives/edgar/data/1479290/000147929017000023/rvncq11710q.htm

RVNC’s pro forma cash balance at 3/31/17 was $152.3M. This consists of: $169.7M of cash (and cash equivalents) on the 3/31/17 balance sheet; ($20.3M) of non-cash current assets net of current and non-current liabilities on the 3/31/17 balance sheet; and $2.9M ($3.0M before fees) raised via the ATM facility since 3/31/17 by selling ~140K shares at an average price of $21.24 (see page 7 of 10Q linked above).

1Q17 cash used in operations was $21.2M.

2017 guidance for cash used in operations continues to be $102-112M, which implies $81-91M burn during the Apr-Dec 2017 9-month period and a cash balance at 12/31/17 of $61-71M (assuming no new financing transactions of revenue sources).

During 2017 to date, RVNC has raised $28.6M in net proceeds ($30M before fees) from the Cowen ATM facility by selling 1.4M shares at an average price of $21.23; $45M remains available under this ATM facility.