Replies to post #220334 on Biotech Values

[DewDiligence]

RVNC’s enterprise value at the current share price ($26.85) is only $880M, based on 41.1M fully-diluted shares (#msg-142680978) and a pro forma cash balance of $220.5M (#msg-142680995).

Note: The EV calculated above does not take into account operating cash burn since 6/30/18.

[DewDiligence]

RVNC 3Q18 results—cash=$208.4M:

https://investors.revance.com/news-releases/news-release-details/revance-releases-third-quarter-2018-results

RVNC's CCO left to become CEO at an undisclosed company.

[DewDiligence]

RVNC’s pro forma cash at 9/30/18=$189.6M, a decrease of $30.9M since 6/30/18 (#msg-142680995). The 3Q18 pro forma cash burn of $30.9M was slightly less than the 2Q18 pro forma cash burn of $32.6M (ibid).

The $189.65M figure (above) consists of: $215.9M of current assets on the 9/30/18 balance sheet (https://www.sec.gov/Archives/edgar/data/1479290/000147929018000108/rvncq31810q.htm#s812A80898FC7574891DB0B51EECBF035 ); less $26.4M of current and non-current liabilities on the 9/30/18 balance sheet—excluding the “deferred revenue” lines and the “Medicis derivative” line, which are accounting artifacts rather than bona fide liabilities.