Replies to post #1584 on Revance Therapeutics Inc (RVNC)

[DewDiligence]

RVNC 7/23/20 fully-diluted shares=86.35M.

The above figure consists of: 57.31M basic shares on the 6/30/20 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000090/rvnc-20200630.htm#i7c00b49d51464ae7929d790a639b9955_16 ); 8.44M options and unvested restricted stock as of 6/30/20 (ibid p16); 9.37M shares and options issued for the HintMd acquisition, which closed in Jul 2020 (ibid, p20); 2.35M shares for future equity grants allocated in Jul 2020, mostly pursuant to the Hint MD acquisition (https://www.sec.gov/Archives/edgar/data/1479290/000119312520197940/d883422ds8.htm); and 8.88M shares deriving from the convertible debt issued in Feb 2020 (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000090/rvnc-20200630.htm#i7c00b49d51464ae7929d790a639b9955_16 p16; ignoring hedging transactions associated with the convertible debt).

Excluding the shares derived from the convertible debt, the number of fully-diluted shares at 7/23/20 was 77.47.

[DewDiligence]

Corrected—RVNC 9/30/20 pro forma net cash=$397M. This figure consists of the net current assets on the 9/30/20 balance sheet—excluding the “deferred revenue” line, which are accounting artifacts rather than bona fide liability (https://www.sec.gov/ix?doc=/Archives/edgar/data/1479290/000147929020000105/rvnc-20200930.htm#ib65b0d78e5394112b70865b7fce1e12f_16). For the “derivative liability” line, I’ve counted the full $4.0M milestone payment payable by RVNC on FDA approval of Daxi (rather than the $3.2M probability-weighted figure in the balance sheet).

(In the above calculation, RVNC’s convertible debt is considered as straight equity, and hence it does not enter into the arithmetic.)

h/t ‘DaveAu’ for properly addressing the “derivate liability” item.