$RVNC
Revance Therapeutics, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514308616 Filed on August 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $75.00K $75.00K
YoY Change 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.857M $3.641M
YoY Change 33.4%
% of Gross Profit
Research & Development $8.110M $7.782M
YoY Change 4.21%
% of Gross Profit
Depreciation & Amortization $500.0K $400.0K
YoY Change 25.0%
% of Gross Profit
Operating Expenses $12.97M $11.42M
YoY Change 13.52%
Operating Profit -$12.89M -$11.35M
YoY Change 13.61%
Interest Expense $267.0K $490.0K
YoY Change -45.51%
% of Operating Profit
Other Income/Expense, Net -$68.00K -$4.000K
YoY Change 1600.0%
Pretax Income -$13.30M -$11.83M
YoY Change 12.43%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.30M -$11.83M
YoY Change 12.45%
Net Earnings / Revenue -17736.0% -15772.0%
Basic Earnings Per Share -$0.69 -$75.25
Diluted Earnings Per Share -$0.69 -$75.25
COMMON SHARES
Basic Shares Outstanding 19.38M shares 209.3K shares
Diluted Shares Outstanding 19.38M shares 209.3K shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.3M
YoY Change
Cash & Equivalents $203.3M $10.93M
Short-Term Investments
Other Short-Term Assets $134.0K
YoY Change
Inventory
Prepaid Expenses $1.462M
Receivables $188.0K
Other Receivables $0.00
Total Short-Term Assets $206.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.32M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.76M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $206.6M
Total Long-Term Assets $16.76M
Total Assets $223.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.687M
YoY Change
Accrued Expenses $5.033M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $11.00M
YoY Change
Total Short-Term Liabilities $18.77M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $700.0K
YoY Change
Other Long-Term Liabilities $5.300M
YoY Change
Total Long-Term Liabilities $6.000M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.77M
Total Long-Term Liabilities $6.000M
Total Liabilities $24.81M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$230.6M
YoY Change
Common Stock $429.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.5M
YoY Change
Total Liabilities & Shareholders Equity $223.3M
YoY Change

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$13.30M -$11.83M
YoY Change 12.45%
Depreciation, Depletion And Amortization $500.0K $400.0K
YoY Change 25.0%
Cash From Operating Activities -$12.15M -$20.73M
YoY Change -41.39%
INVESTING ACTIVITIES
Capital Expenditures -$2.430M -$1.990M
YoY Change 22.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.430M -$1.990M
YoY Change 22.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.0M 6.730M
YoY Change 1832.24%
NET CHANGE
Cash From Operating Activities -12.15M -20.73M
Cash From Investing Activities -2.430M -1.990M
Cash From Financing Activities 130.0M 6.730M
Net Change In Cash 115.5M -15.99M
YoY Change -822.08%
FREE CASH FLOW
Cash From Operating Activities -$12.15M -$20.73M
Capital Expenditures -$2.430M -$1.990M
Free Cash Flow -$9.720M -$18.74M
YoY Change -48.13%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of Condensed Consolidated Financial Statements in conformity with US&#xA0;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting periods. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates.</p> </div>
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us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
1484000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
235997000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
6750000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-83000
us-gaap Share Based Compensation
ShareBasedCompensation
2327000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
199394000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2600000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3343000
us-gaap Interest Expense
InterestExpense
10108000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15661000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
303000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
99000
us-gaap Depreciation
Depreciation
1019000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Interest Expense Debt
InterestExpenseDebt
271000
us-gaap Operating Expenses
OperatingExpenses
24611000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1122000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4084000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8950000
rvnc Issuance Of Common Stock Upon Net Exercise Of Warrants
IssuanceOfCommonStockUponNetExerciseOfWarrants
6490000
rvnc Conversion Of Preferred Stock Warrants To Common Stock Warrants
ConversionOfPreferredStockWarrantsToCommonStockWarrants
1441000
rvnc Issuance Of Convertible Preferred Stock Warrants
IssuanceOfConvertiblePreferredStockWarrants
80000
rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
-9412000
rvnc Noncash Interest Expense
NoncashInterestExpense
9400000
rvnc Issuance Of Common Stock Warrants
IssuanceOfCommonStockWarrants
981000
rvnc Gain Loss On Warrant
GainLossOnWarrant
-1356000
rvnc Line Of Credit Facility Funding Term
LineOfCreditFacilityFundingTerm
P12M
rvnc Follow On Offering Costs
FollowOnOfferingCosts
546000
rvnc Adjustments To Additional Paid In Capital Termination Of Repurchase Rights Related To Common Stock Issued Pursuant To Early Exercises
AdjustmentsToAdditionalPaidInCapitalTerminationOfRepurchaseRightsRelatedToCommonStockIssuedPursuantToEarlyExercises
58000
rvnc Noncash Deferred Initial Public Offering Costs
NoncashDeferredInitialPublicOfferingCosts
4028000
rvnc Gain Loss On Settlement In Exchange Of Preferred Stock Warrants
GainLossOnSettlementInExchangeOfPreferredStockWarrants
-1356000
rvnc Conversion Of Seriese One Two Three Four Five Preferred Stock Into Common Stock
ConversionOfSerieseOneTwoThreeFourFivePreferredStockIntoCommonStock
123982000
rvnc Percentage Of Weighting To Determine Fair Value
PercentageOfWeightingToDetermineFairValue
1.00 pure
rvnc Non Cash Accrual For Tenant Improvements
NonCashAccrualForTenantImprovements
1109000
CY2014Q1 us-gaap Debt Instrument Convertible Conversion Ratio1
DebtInstrumentConvertibleConversionRatio1
1 pure
CY2014Q1 rvnc Conversion Of Convertible Preferred Stock Into Common Stock Shares
ConversionOfConvertiblePreferredStockIntoCommonStockShares
8689999 shares
CY2014Q1 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P36M
CY2013 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
1800000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-75.25
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
209307 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-75.25
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209307 shares
CY2013Q2 us-gaap Interest Paid Net
InterestPaidNet
-417000
CY2013Q2 us-gaap Revenues
Revenues
75000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15750000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15750000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11348000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-11829000
CY2013Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
2000
CY2013Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000
CY2013Q2 us-gaap Interest Expense
InterestExpense
490000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7782000
CY2013Q2 us-gaap Depreciation
Depreciation
400000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
11423000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3641000
CY2013Q2 rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
-73000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.69
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19380934 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.69
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19380934 shares
CY2014Q2 us-gaap Interest Paid Net
InterestPaidNet
-324000
CY2014Q2 us-gaap Revenues
Revenues
75000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13302000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-68000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13302000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-12892000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-13302000
CY2014Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
1000
CY2014Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
180000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1300000
CY2014Q2 us-gaap Interest Expense
InterestExpense
267000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8110000
CY2014Q2 us-gaap Depreciation
Depreciation
500000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
12967000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4857000
CY2014Q2 rvnc Non Cash Interest Income Expense
NonCashInterestIncomeExpense
57000

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