$RVNC
Revance Therapeutics, Inc. Stock $rvnc

$rvnc Overview Financials Valuation SEC Filings Company Website

2019 Q2 Form 10-Q Financial Statement

#000147929019000050 Filed on May 09, 2019

Income Statement

Concept	2019 Q2	2019 Q1	2018 Q1
Revenue	$0.00	$278.0K	$193.0K
YoY Change	-100.0%	44.04%	157.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$13.60M	$12.91M	$13.62M
YoY Change	6.77%	-5.19%	75.6%
% of Gross Profit
Research & Development	$25.53M	$24.00M	$22.24M
YoY Change	11.61%	7.9%	14.58%
% of Gross Profit
Depreciation & Amortization	$790.0K	$628.0K	$390.0K
YoY Change	88.1%	61.03%	9.24%
% of Gross Profit
Operating Expenses	$39.12M	$36.91M	$35.86M
YoY Change	9.88%	2.93%	32.0%
Operating Profit	-$39.12M	-$36.63M	-$35.66M
YoY Change	12.04%	2.71%	31.65%
Interest Expense	$0.00	$0.00	$44.00K
YoY Change		-100.0%	-77.2%
% of Operating Profit
Other Income/Expense, Net	$115.0K	-$155.0K	-$319.0K
YoY Change	-166.86%	-51.41%	153.17%
Pretax Income	-$37.39M	-$35.30M	-$35.04M
YoY Change	9.71%	0.74%	29.01%
Income Tax	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$37.39M	-$35.30M	-$35.04M
YoY Change	9.71%	0.76%	29.02%
Net Earnings / Revenue		-12699.28%	-18153.89%
Basic Earnings Per Share
Diluted Earnings Per Share	-$864.3K	-$848.6K	-$974.7K
COMMON SHARES
Basic Shares Outstanding	44.01M shares	44.03M shares	36.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2019 Q2	2019 Q1	2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$241.9M	$271.0M	$268.8M
YoY Change	3.51%	0.82%	42.52%
Cash & Equivalents	$90.03M	$65.27M	$69.21M
Short-Term Investments	$151.9M	$205.7M	$199.6M
Other Short-Term Assets	$8.000M	$6.100M	$4.600M
YoY Change	-12.09%	32.61%	-47.73%
Inventory
Prepaid Expenses
Receivables	$0.00	$0.00
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$249.9M	$277.1M	$273.4M
YoY Change	2.89%	1.35%	38.47%
LONG-TERM ASSETS
Property, Plant & Equipment	$15.26M	$15.38M	$10.06M
YoY Change	25.15%	52.8%	-10.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$2.392M	$3.146M	$718.0K
YoY Change	-27.84%	338.16%	232.41%
Total Long-Term Assets	$45.99M	$47.36M	$11.36M
YoY Change	183.15%	316.82%	-5.32%
TOTAL ASSETS
Total Short-Term Assets	$249.9M	$277.1M	$273.4M
Total Long-Term Assets	$45.99M	$47.36M	$11.36M
Total Assets	$295.9M	$324.5M	$284.8M
YoY Change	14.19%	13.94%	35.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$7.966M	$4.486M	$5.361M
YoY Change	46.57%	-16.32%	-3.8%
Accrued Expenses	$14.74M	$13.52M	$11.12M
YoY Change	8.61%	21.59%	-25.7%
Deferred Revenue	$18.83M	$13.05M
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due			$1.000M
YoY Change			-71.43%
Total Short-Term Liabilities	$44.70M	$34.07M	$23.00M
YoY Change	57.8%	48.16%	-4.35%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change			-100.0%
Other Long-Term Liabilities	$62.70M	$69.30M	$25.10M
YoY Change	200.0%	176.1%	25000.0%
Total Long-Term Liabilities	$62.70M	$69.30M	$25.10M
YoY Change	200.0%	176.1%	25000.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$44.70M	$34.07M	$23.00M
Total Long-Term Liabilities	$62.70M	$69.30M	$25.10M
Total Liabilities	$107.4M	$103.4M	$48.14M
YoY Change	117.89%	114.74%	56.38%
SHAREHOLDERS EQUITY
Retained Earnings	-$757.5M	-$720.1M	-$577.2M
YoY Change	23.92%	24.76%	28.63%
Common Stock	$945.9M	$941.1M	$814.1M
YoY Change	15.16%	15.6%	29.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$188.5M	$221.1M	$236.6M
YoY Change
Total Liabilities & Shareholders Equity	$295.9M	$324.5M	$284.8M
YoY Change	14.19%	13.94%	35.96%

Cashflow Statement

Concept	2019 Q2	2019 Q1	2018 Q1
OPERATING ACTIVITIES
Net Income	-$37.39M	-$35.30M	-$35.04M
YoY Change	9.71%	0.76%	29.02%
Depreciation, Depletion And Amortization	$790.0K	$628.0K	$390.0K
YoY Change	88.1%	61.03%	9.24%
Cash From Operating Activities	-$29.29M	-$11.41M	-$11.14M
YoY Change	-19.89%	2.42%	-47.41%
INVESTING ACTIVITIES
Capital Expenditures	-$380.0K	$1.084M	$1.068M
YoY Change	-70.08%	1.5%	260.81%
Acquisitions
YoY Change
Other Investing Activities	$54.39M	-$102.4M	-$199.3M
YoY Change	966.47%	-48.63%	604.56%
Cash From Investing Activities	$54.01M	-$103.4M	-$200.3M
YoY Change	1310.18%	-48.36%	601.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$0.00
YoY Change			-100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	40.00K	$106.9M	-$2.222M
YoY Change	-98.64%	-4909.54%	-108.89%
NET CHANGE
Cash From Operating Activities	-29.29M	-$11.41M	-$11.14M
Cash From Investing Activities	54.01M	-$103.4M	-$200.3M
Cash From Financing Activities	40.00K	$106.9M	-$2.222M
Net Change In Cash	24.76M	-$7.987M	-$213.7M
YoY Change	-183.12%	-96.26%	762.85%
FREE CASH FLOW
Cash From Operating Activities	-$29.29M	-$11.41M	-$11.14M
Capital Expenditures	-$380.0K	$1.084M	$1.068M
Free Cash Flow	-$28.91M	-$12.50M	-$12.21M
YoY Change	-18.08%	2.34%	-43.17%

Facts In Submission

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CY2019Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
CY2019Q1	dei	Document Period End Date DocumentPeriodEndDate	2019-03-31
CY2019Q1	dei	Document Type DocumentType	10-Q
CY2019Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001479290
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CY2019Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
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CY2018Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-2222000	USD
CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-7987000	USD
CY2018Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-213684000	USD
CY2018Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	73986000	USD
CY2017Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	283476000	USD
CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	65999000	USD
CY2018Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	69792000	USD
CY2019Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid	3000000	USD
CY2018Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid	0	USD
CY2019Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	1108000	USD
CY2018Q1	us-gaap	Capital Expenditures Incurred But Not Yet Paid CapitalExpendituresIncurredButNotYetPaid	839000	USD
CY2019Q1	us-gaap	Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction	320000	USD
CY2018Q1	us-gaap	Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction	109000	USD
CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	-35300000	USD
CY2019Q1	rvnc	Working Capital Surplus WorkingCapitalSurplus	243000000.0	USD
CY2019Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-720100000	USD
CY2019Q1	rvnc	Contractwith Customer Liability Net ContractwithCustomerLiabilityNet	271000000.0	USD
CY2019Q1	rvnc	Cashand Cash Equivalentsand Investments Operating Plan Funding Term Minimum CashandCashEquivalentsandInvestmentsOperatingPlanFundingTermMinimum	P12M
CY2019Q1	us-gaap	Use Of Estimates UseOfEstimates	Use of Estimates<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div>The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include revenue recognition, deferred revenue, accruals including clinical trial accruals, stock-based compensation, fair value of derivative liability, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.
CY2019Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	24700000	USD
CY2019Q1	us-gaap	Operating Lease Liability OperatingLeaseLiability	28200000	USD
CY2019Q1	us-gaap	Deferred Rent Credit DeferredRentCredit	3500000	USD
CY2019Q1	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	Medicis Settlement<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In July 2009, the Company and Medicis Pharmaceutical Corporation (“Medicis”) entered into a license agreement granting Medicis worldwide aesthetic and dermatological rights to the Company’s investigational botulinum toxin type A product candidate. In October 2012, the Company entered into a settlement and termination agreement with Medicis. The terms of the settlement provided for the reacquisition of the rights related to all territories of DAXI and DaxibotulinumtoxinA Topical from Medicis and for consideration payable by the Company to Medicis of up to </span><span style="font-family:inherit;font-size:10pt;"><span>$25.0</span></span><span style="font-family:inherit;font-size:10pt;"> million, comprised of (i) an upfront payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$7.0</span></span><span style="font-family:inherit;font-size:10pt;"> million, which was paid in 2012, (ii) a proceeds sharing arrangement payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$14.0</span></span><span style="font-family:inherit;font-size:10pt;"> million due upon specified capital raising achievements by the Company, of which </span><span style="font-family:inherit;font-size:10pt;"><span>$6.9</span></span><span style="font-family:inherit;font-size:10pt;"> million was paid in 2013 and </span><span style="font-family:inherit;font-size:10pt;"><span>$7.1</span></span><span style="font-family:inherit;font-size:10pt;"> million in 2014, and (iii) a product approval payment of </span><span style="font-family:inherit;font-size:10pt;"><span>$4.0</span></span><span style="font-family:inherit;font-size:10pt;"> million to be paid upon the achievement of regulatory approval for DAXI or DaxibotulinumtoxinA Topical by the Company. In December 2012, Medicis was subsequently acquired by Valeant Pharmaceuticals International Inc., now known as Bausch Health Companies Inc. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company determined that the settlement provisions related to the proceeds sharing arrangement payment in (ii) above and product approval payment in (iii) above were derivative instruments that require fair value accounting as a liability and periodic fair value remeasurements until settled. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;"> As of </span><span style="font-family:inherit;font-size:10pt;">March 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, the fair value of the Company’s liability for the product approval payment was </span><span style="font-family:inherit;font-size:10pt;"><span>$2.8</span></span><span style="font-family:inherit;font-size:10pt;"> million, which was measured using a term of </span><span style="font-family:inherit;font-size:10pt;"><span>1.25 years</span></span><span style="font-family:inherit;font-size:10pt;">, a risk-free rate of </span><span style="font-family:inherit;font-size:10pt;"><span>2.4%</span></span><span style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </span><span style="font-family:inherit;font-size:10pt;"><span>7.5%</span></span><span style="font-family:inherit;font-size:10pt;">. As of </span><span style="font-family:inherit;font-size:10pt;">March 31, 2018</span><span style="font-family:inherit;font-size:10pt;">, the fair value of the Company’s liability for the product approval payment was </span><span style="font-family:inherit;font-size:10pt;"><span>$2.6 million</span></span><span style="font-family:inherit;font-size:10pt;">, which was measured using a term of </span><span style="font-family:inherit;font-size:10pt;"><span>2.25 years</span></span><span style="font-family:inherit;font-size:10pt;">, a risk-free rate of </span><span style="font-family:inherit;font-size:10pt;"><span>2.3%</span></span><span style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </span><span style="font-family:inherit;font-size:10pt;"><span>6.5%</span></span><span style="font-family:inherit;font-size:10pt;">. The term is based on an expected Biologics License Application (“BLA”) approval in 2020. For </span><span style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</span> and 2018, no payment was made for the product approval payment.
CY2019Q1	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	262438000	USD
CY2019Q1	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	71000	USD
CY2019Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	262509000	USD
CY2018Q4	us-gaap	Available For Sale Debt Securities Amortized Cost Basis AvailableForSaleDebtSecuritiesAmortizedCostBasis	171784000	USD
CY2018Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax	5000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	6942000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	5464000	USD
CY2019Q1	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P7Y7M6D
CY2019Q1	us-gaap	Lessee Operating Lease Renewal Term LesseeOperatingLeaseRenewalTerm	P14Y
CY2018Q4	us-gaap	Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax	13000	USD
CY2018Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	171776000	USD
CY2019Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	262509000	USD
CY2018Q4	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	171776000	USD
CY2018	rvnc	Common Stock Outstanding Heldby Related Party CommonStockOutstandingHeldbyRelatedParty	3800000	shares
CY2018Q4	rvnc	Cash Cash Equivalentsand Investments Heldby Related Party CashCashEquivalentsandInvestmentsHeldbyRelatedParty	87700000	USD
CY2019Q1	us-gaap	Operating Lease Cost OperatingLeaseCost	1343000	USD
CY2019Q1	us-gaap	Variable Lease Cost VariableLeaseCost	290000	USD
CY2019Q1	us-gaap	Lease Cost LeaseCost	1633000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	4888000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	6735000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Five LesseeOperatingLeaseLiabilityPaymentsDueYearFive	5557000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due After Year Five LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive	17959000	USD
CY2019Q1	rvnc	Increase Decreasein Deferred Tax Assets IncreaseDecreaseinDeferredTaxAssets	15000000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	47545000	USD
CY2019Q1	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	16019000	USD
CY2019Q1	us-gaap	Operating Lease Liability OperatingLeaseLiability	31526000	USD
CY2019Q1	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.120
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due Current OperatingLeasesFutureMinimumPaymentsDueCurrent	5826000	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due In Two Years OperatingLeasesFutureMinimumPaymentsDueInTwoYears	6011000	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due In Three Years OperatingLeasesFutureMinimumPaymentsDueInThreeYears	6196000	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due In Four Years OperatingLeasesFutureMinimumPaymentsDueInFourYears	4696000	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due Thereafter OperatingLeasesFutureMinimumPaymentsDueThereafter	20173000	USD
CY2018Q4	us-gaap	Operating Leases Future Minimum Payments Due OperatingLeasesFutureMinimumPaymentsDue	42902000	USD
CY2019Q1	us-gaap	Operating Lease Payments OperatingLeasePayments	1450000	USD
CY2019Q1	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	3890000	USD
CY2019Q1	rvnc	Indemnification Liability Recordedduring Period IndemnificationLiabilityRecordedduringPeriod	0	USD
CY2019Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	4159000	USD
CY2018Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	4158000	USD

Files In Submission

Name	View Source	Status
0001479290-19-000050-index-headers.html	Edgar Link	pending
0001479290-19-000050-index.html	Edgar Link	pending
0001479290-19-000050.txt	Edgar Link	pending
0001479290-19-000050-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
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R2.htm	Edgar Link	pending
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R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
rvnc-20190331.xsd	Edgar Link	pending
rvnc-20190331_cal.xml	Edgar Link	unprocessable
rvnc-20190331_def.xml	Edgar Link	unprocessable
rvnc-20190331_lab.xml	Edgar Link	unprocessable
rvnc-20190331_pre.xml	Edgar Link	unprocessable
rvnc-q119exhibit101.htm	Edgar Link	pending
rvnc-q119exhibit102.htm	Edgar Link	pending
rvnc-q119exhibit311.htm	Edgar Link	pending
rvnc-q119exhibit312.htm	Edgar Link	pending
rvnc-q119exhibit321.htm	Edgar Link	pending
rvnc-q119exhibit322.htm	Edgar Link	pending
rvncq11910q.htm	Edgar Link	pending
rvncq11910q_htm.xml	Edgar Link	completed
Show.js	Edgar Link	pending

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$RVNC
Revance Therapeutics, Inc. Stock $rvnc

2019 Q2 Form 10-Q Financial Statement

#000147929019000050 Filed on May 09, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$RVNC Revance Therapeutics, Inc. Stock $rvnc

2019 Q2 Form 10-Q Financial Statement

#000147929019000050 Filed on May 09, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$RVNC
Revance Therapeutics, Inc. Stock $rvnc