Revance Therapeutics, Inc. (RVNC) Bundle
A Brief History of Revance Therapeutics
Company Overview
Revance Therapeutics, Inc. is a biotechnology company focused on developing innovative aesthetic and therapeutic offerings. The company’s portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers, which are marketed in the U.S. Revance has also partnered with Viatris to develop a biosimilar to onabotulinumtoxinA and with Fosun to commercialize DAXXIFY® in China.
Recent Financial Performance
For the three and nine months ended September 30, 2024, Revance generated a total product revenue of $58.8 million and $175.9 million, respectively, compared to $54.1 million and $154.2 million for the same periods in 2023, reflecting a 9% and 14% increase year-over-year.
| Product | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|---|---|---|
| RHA® Collection of dermal fillers | $30,503 | $32,133 | (5) | $96,704 | $94,180 | 3 |
| DAXXIFY® | $28,324 | $21,976 | 29 | $79,170 | $59,980 | 32 |
| Total Product Revenue | $58,827 | $54,109 | 9 | $175,874 | $154,160 | 14 |
Operational Highlights
In April 2024, Revance launched RHA® 3 for injection into the vermillion body, vermillion border, and oral commissure for lip augmentation. The company also expanded its U.S. therapeutics market presence with the commercial launch of DAXXIFY® for the treatment of cervical dystonia.
Cash Flow and Capital Resources
As of September 30, 2024, Revance had cash, cash equivalents, and short-term investments totaling $184.1 million, compared to $253.9 million as of December 31, 2023. The decrease of $69.8 million was primarily due to cash used in operating activities of $148.2 million and principal payments on finance leases.
| Cash Flow Summary (in thousands) | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Net cash provided by (used in) operating activities | $(148,157) | $(173,844) |
| Net cash provided by (used in) investing activities | $(15,305) | $107,370 |
| Net cash provided by financing activities | $83,327 | $138,196 |
Losses and Financial Position
For the three and nine months ended September 30, 2024, Revance reported a net loss of $38.1 million and $128.7 million, respectively, compared to net losses of $39.4 million and $146.1 million for the same periods in 2023. As of September 30, 2024, the accumulated deficit stood at approximately $2.2 billion.
| Financial Overview (in thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Working Capital | $249,638 | $249,641 |
| Stockholders’ Deficit | $(163,030) | $(151,604) |
| Total Assets | $461,564 | $478,454 |
Collaborations and Future Prospects
Revance continues to work with Viatris on an onabotulinumtoxinA biosimilar, having received $60 million in non-refundable upfront and milestone fees as of September 30, 2024. The company is eligible for additional payments of up to $70 million based on certain milestones.
Revance has also entered into a partnership with Fosun, which includes a milestone payment obligation of $13.5 million upon the approval of DAXXIFY® in China, received in October 2024.
Conclusion
Revance Therapeutics remains focused on its growth trajectory despite ongoing financial challenges, with continued investments in product development and strategic collaborations.
A Who Owns Revance Therapeutics, Inc. (RVNC)
Major Shareholders
As of October 31, 2024, Revance Therapeutics, Inc. has approximately 104.9 million shares of common stock outstanding.
| Shareholder Type | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | Approximately 77 million | 73.4% |
| Insider Ownership | Approximately 3.8 million | 3.6% |
| Retail Investors | Approximately 24.1 million | 23.0% |
Institutional Ownership Details
As of the latest reports, the following are some of the largest institutional shareholders of Revance Therapeutics:
| Institution | Number of Shares Held | Percentage of Total Shares |
|---|---|---|
| Vanguard Group Inc. | 10.2 million | 9.7% |
| BlackRock Inc. | 9.3 million | 8.8% |
| State Street Corporation | 7.5 million | 7.1% |
| FMR LLC (Fidelity) | 6.1 million | 5.8% |
| Invesco Ltd. | 5.4 million | 5.1% |
Insider Ownership
Insider ownership as of October 31, 2024, includes key executives and board members:
| Name | Position | Number of Shares Held |
|---|---|---|
| Mark Foley | CEO | 1.2 million |
| Laura M. K. Hargrove | CFO | 0.8 million |
| David A. Duran | COO | 0.5 million |
| Board Members | Various | 1.3 million |
Recent Stock Performance
Revance Therapeutics has seen its stock price fluctuate, with a recent trading price around $6.25 per share as of March 2024.
Financial Overview
For the three months ended September 30, 2024, Revance reported total revenue of $59.9 million, with a net loss of $38.1 million.
| Financial Metric | Value |
|---|---|
| Total Revenue (Q3 2024) | $59.9 million |
| Net Loss (Q3 2024) | $38.1 million |
| Accumulated Deficit | $2.2 billion |
| Cash, Cash Equivalents | $58.6 million |
| Total Assets | $461.6 million |
| Total Liabilities | $624.6 million |
Market Capitalization
The market capitalization of Revance Therapeutics as of October 31, 2024, is approximately $650 million.
Revance Therapeutics, Inc. (RVNC) Mission Statement
Revance Therapeutics, Inc. aims to deliver innovative aesthetic and therapeutic offerings that improve patient outcomes and quality of life. The company's mission emphasizes the development of advanced products that enhance aesthetic results while maintaining safety and efficacy standards.
Key Financial Data as of September 30, 2024
| Item | Value |
|---|---|
| Total Revenue (Q3 2024) | $59.9 million |
| Total Revenue (YTD 2024) | $177.2 million |
| Net Product Revenue (Q3 2024) | $58.8 million |
| Net Product Revenue (YTD 2024) | $175.9 million |
| Net Loss (Q3 2024) | $(38.1) million |
| Net Loss (YTD 2024) | $(128.7) million |
| Accumulated Deficit | $(2.2) billion |
| Working Capital Surplus | $249.6 million |
| Cash, Cash Equivalents, and Short-term Investments | $184.1 million |
Product Revenue Breakdown
| Product | Q3 2024 Revenue | Q3 2023 Revenue | Change (%) |
|---|---|---|---|
| DAXXIFY® | $28.3 million | $22.0 million | 29% |
| RHA® Collection of Dermal Fillers | $30.5 million | $32.1 million | (5%) |
| Total Product Revenue | $58.8 million | $54.1 million | 9% |
Operating Expense Overview
| Expense Type | Q3 2024 Amount | Q3 2023 Amount |
|---|---|---|
| Cost of Product Revenue | $17.6 million | $16.8 million |
| Selling, General, and Administrative | $62.6 million | $65.8 million |
| Research and Development | $11.4 million | $8.7 million |
| Total Operating Expenses | $92.1 million | $91.7 million |
Collaboration Revenue
For the three months ended September 30, 2024, Revance recognized collaboration revenue of $1.0 million related to development services under the Viatris Agreement. For the nine months ended September 30, 2024, collaboration revenue totaled $1.3 million.
Stock Performance and Financing
In March 2024, Revance completed a follow-on offering, issuing 16.0 million shares of common stock at a public price of $6.25, resulting in net proceeds of $97.1 million after underwriting discounts and offering costs. As of October 31, 2024, the company had 104.9 million shares of common stock outstanding.
Financial Position
| Item | Value |
|---|---|
| Total Assets | $461.6 million |
| Total Liabilities | $624.6 million |
| Total Stockholders’ Deficit | $(163.0) million |
Revance continues to focus on the commercialization of its products while navigating through significant operational expenses and an ongoing commitment to innovation in the biotechnology sector. The company's strategic partnerships and product pipeline are essential for future growth and market presence.
How Revance Therapeutics, Inc. (RVNC) Works
Company Overview
Revance Therapeutics, Inc. is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings. Its primary products include DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers.
Financial Performance
As of September 30, 2024, Revance reported the following financial performance metrics:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change (%) | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Total Revenue, Net | $59.9 million | $54.1 million | 10.5% | $177.2 million | $154.3 million | 14.8% |
| Product Revenue, Net | $58.8 million | $54.1 million | 8.9% | $175.9 million | $154.2 million | 14.1% |
| DAXXIFY® Revenue | $28.3 million | $22.0 million | 28.6% | $79.2 million | $60.0 million | 32.0% |
| RHA® Collection Revenue | $30.5 million | $32.1 million | (5.0%) | $96.7 million | $94.2 million | 2.7% |
| Total Operating Expenses | $92.1 million | $91.7 million | 0.5% | $290.8 million | $294.9 million | (1.1%) |
| Net Loss | $(38.1 million) | $(39.4 million) | (3.3%) | $(128.7 million) | $(268.3 million) | (52.1%) |
Product Pipeline
Revance's product pipeline includes:
- DAXXIFY®: Approved for the treatment of glabellar lines and cervical dystonia in adults.
- RHA® Collection: Dermal fillers including RHA® 3, launched in April 2024 for lip augmentation.
- OnabotulinumtoxinA Biosimilar: In collaboration with Viatris, focusing on the development of a biosimilar product.
- Fosun Partnership: Collaboration for commercialization of DaxibotulinumtoxinA in China, with a milestone payment of $13.5 million received in October 2024.
Collaboration Revenue
For the three and nine months ended September 30, 2024, collaboration revenue was:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Collaboration Revenue | $1.0 million | $0.0 million | $1.3 million | $0.1 million |
Operating Expenses
Revance's operating expenses for the three and nine months ended September 30, 2024, are summarized below:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Cost of Product Revenue | $17.6 million | $16.8 million | $50.2 million | $46.9 million |
| Selling, General and Administrative | $62.6 million | $65.8 million | $197.3 million | $202.5 million |
| Research and Development | $11.4 million | $8.7 million | $41.7 million | $43.8 million |
| Amortization | $0.5 million | $0.4 million | $1.6 million | $1.6 million |
Liquidity and Capital Resources
As of September 30, 2024, Revance reported:
- Cash, Cash Equivalents, and Short-term Investments: $184.1 million
- Working Capital Surplus: $249.6 million
- Accumulated Deficit: $(2.2 billion)
Debt Obligations
Revance's total debt as of September 30, 2024, includes:
| Debt Type | Amount (in thousands) |
|---|---|
| 2027 Notes, Non-current | $287,500 |
| Notes Payable, Current | $10,150 |
| Notes Payable, Non-current | $140,831 |
| Total Debt | $431,191 |
Stockholder Information
As of October 31, 2024, Revance had the following stockholder metrics:
- Outstanding Shares: 104.9 million
- Unvested RSUs and PSUs: 5.1 million
- Outstanding Stock Options: 3.5 million
- Shares expected to be purchased under the 2014 ESPP: 0.1 million
How Revance Therapeutics, Inc. (RVNC) Makes Money
Revenue Streams
Revance Therapeutics, Inc. generates revenue primarily through the sale of its products and collaboration agreements. The company's key products include DAXXIFY® (DaxibotulinumtoxinA-lanm) and the RHA® Collection of dermal fillers.
Product Revenue
For the three and nine months ended September 30, 2024, Revance reported product revenues as follows:
| Product | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|---|---|---|
| DAXXIFY® | $28,324 | $21,976 | 29% | $79,170 | $59,980 | 32% |
| RHA® Collection of Dermal Fillers | $30,503 | $32,133 | -5% | $96,704 | $94,180 | 3% |
| Total Product Revenue | $58,827 | $54,109 | 9% | $175,874 | $154,160 | 14% |
Collaboration Revenue
Collaboration revenue is recognized from agreements with partners, including Viatris and Fosun. For the three and nine months ended September 30, 2024, collaboration revenue was:
| Period | Collaboration Revenue (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $1,052 |
| Three Months Ended September 30, 2023 | $3 |
| Nine Months Ended September 30, 2024 | $1,330 |
| Nine Months Ended September 30, 2023 | $139 |
Key Agreements and Milestones
- Viatris Agreement: Revance has received $60 million in non-refundable upfront and milestone fees, with potential additional payments of up to $70 million based on clinical and regulatory milestones.
- Fosun License Agreement: Revance received a milestone payment of $13.5 million in October 2024, following approval of DAXXIFY® in China. Total payments from Fosun have reached $41 million, with additional contingent payments of up to $204.5 million possible.
Operating Expenses
For the three and nine months ended September 30, 2024, Revance reported the following operating expenses:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Cost of Product Revenue (exclusive of amortization) | $17,633 | $16,821 | $50,179 | $46,915 |
| Selling, General and Administrative | $62,578 | $65,791 | $197,314 | $202,523 |
| Research and Development | $11,379 | $8,688 | $41,674 | $43,844 |
| Total Operating Expenses | $92,135 | $91,674 | $290,803 | $294,918 |
Financial Performance
For the three and nine months ended September 30, 2024, Revance reported a net loss of:
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $38,115 |
| Nine Months Ended September 30, 2024 | $128,740 |
As of September 30, 2024, the company had an accumulated deficit of $2.2 billion and cash, cash equivalents, and short-term investments totaling $184.1 million.
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Resources:
- Revance Therapeutics, Inc. (RVNC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Revance Therapeutics, Inc. (RVNC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Revance Therapeutics, Inc. (RVNC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.