- Fourth quarter and full year 2020 total product and service
revenue of $10.2 million and $13.3 million, respectively
- First full quarter of RHA® Collection of dermal fillers revenue
of $10.0 million
- Exited 2020 with over $200 million in annualized HintMD
processing volume
- Cash, cash equivalents and short-term investments balance of
$436.5 million at year-end, with cash into 2024
- Today announced positive data from JUNIPER Phase 2 Trial of
DaxibotulinumtoxinA for Injection for adult upper limb
spasticity
- Conference call and webcast today at 4:30 p.m. ET
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology
company focused on innovative aesthetic and therapeutic offerings,
today reported financial results for the fourth quarter and full
year ended December 31, 2020 and provided a corporate update.
Financial Highlights
- Revenue for the fourth quarter and full year ended
December 31, 2020 was $11.1 million and $15.3 million compared to
$0.1 million and $0.4 million for the same periods in 2019,
respectively. The increase was primarily due to the commercial
launch of the RHA® Collection of dermal fillers and the HintMD
fintech platform. Revenue for the fourth quarter included $10.0
million of product revenue from the RHA® Collection of dermal
fillers, $0.9 million of collaboration revenue and $0.2 million of
service revenue from the HintMD platform.
- Selling, general and administrative expenses for the
fourth quarter and full year ended December 31, 2020 were $55.8
million and $151.8 million compared to $18.8 million and $62.0
million for the same periods in 2019, respectively. The increase
was primarily due to headcount related expenses, sales and
marketing expenses related to the commercial launch of the RHA®
Collection of dermal fillers, and general and administrative
expenses related to the HintMD acquisition.
- Research and development expenses for the fourth quarter
and full year ended December 31, 2020 were $26.8 million and $125.8
million compared to $27.5 million and $102.9 million for the same
periods in 2019, respectively. The year-over-year increase was
primarily due to expenses related to the company’s partnerships,
pre-commercial manufacturing, the HintMD acquisition and the
biologics license application (BLA) for DaxibotulinumtoxinA for
Injection.
- Total operating expenses for the fourth quarter and full
year ended December 31, 2020 were $89.1 million and $288.5 million
compared to $46.3 million and $164.9 million for the same periods
in 2019, respectively, calculated in accordance with U.S. generally
accepted accounting principles (“GAAP”). Excluding costs of
revenue, depreciation and amortization, stock-based compensation
and in-process research and development, non-GAAP operating
expenses for the fourth quarter and full year ended December 31,
2020 were $69.2 million and $225.8 million, respectively. GAAP and
non-GAAP operating expenses were in-line with previously announced
guidance.
- Net loss for the fourth quarter and full year ended
December 31, 2020 was $78.3 million and $282.1 million compared to
a net loss of $45.3 million and $159.4 million for the same periods
in 2019, respectively.
- Cash, cash equivalents and short-term investments as of
December 31, 2020 were $436.5 million.
- Net proceeds from the issuance of approximately 3.3
million shares of common stock during and subsequent to the fourth
quarter under the company’s At-the-Market (ATM) program totaled
$90.1 million.
“The encouraging results from our first full commercial quarter
underscore our innovative and differentiated aesthetics portfolio
and the traction we are generating with our targeted, prestige
launch strategy,” said Mark Foley, President and Chief Executive
Officer of Revance. “We believe that more providers and consumers
are beginning to recognize Revance as a disrupter in the aesthetics
industry and our momentum will accelerate as our innovation
pipeline reaches commercialization.”
Foley continued, “Earlier today, we were pleased to announce the
positive topline data from our JUNIPER Phase 2 trial, supporting
the advancement of DaxibotulinumtoxinA for Injection for the
treatment of adult upper limb spasticity. We continue to be
encouraged by the efficacy, duration and safety profile of
DaxibotulinumtoxinA for Injection across our clinical trials and by
the drug’s potential in establishing a new standard of care for
treating muscle movement disorders.”
Foley added, “With our strong balance sheet and anticipated
milestones ahead, which includes our first BLA approval for
DaxibotulinumtoxinA for Injection, a new product extension for the
RHA® Collection, the integration of PayFac into the HintMD platform
and the completion of our Phase 3 open-label safety study for
cervical dystonia, we expect 2021 to be another exciting year for
Revance. I’d like to thank the entire team for their hard work and
resilience during the challenging COVID-19 environment and for
delivering a transformative year.”
Fourth Quarter Highlights and Subsequent Updates
Aesthetics Franchise:
- Completed first full commercial quarter of RHA® Collection
of dermal fillers and HintMD fintech platform. At year end, the
company had activated approximately 1,000 aesthetic accounts across
products and services. Annualized processing volume for HintMD at
year end totaled over $200 million.
- Reported positive efficacy and duration results from a Phase
2 study of DaxibotulinumtoxinA for Injection in upper facial
lines. In December, the company announced positive topline
efficacy, duration and safety results from its Phase 2 multicenter,
open-label study of DaxibotulinumtoxinA for Injection for the
combined treatment of upper facial lines, which are comprised of
glabellar lines, dynamic forehead lines and lateral canthal lines.
The study showed median time to return to baseline wrinkle severity
was at least 33 weeks, or 7.6 months.
- BLA for DaxibotulinumtoxinA for Injection in glabellar lines
anticipated in 2021. On November 25, 2020, the company
announced that the United States (U.S.) Food and Drug
Administration (FDA) deferred a decision on the BLA for
DaxibotulinumtoxinA for Injection due to the FDA’s inability to
conduct an inspection of the company’s Northern California
manufacturing facility as a result of COVID-19 pandemic travel
restrictions. The inspection of the company’s manufacturing
facility is required by the FDA as part of the BLA approval
process. Though the company’s BLA is still under review, the FDA
did not indicate any further outstanding review issues beyond the
pending on-site inspection.
Therapeutics Franchise:
- Reported positive data from the JUNIPER Phase 2 trial of
DaxibotulinumtoxinA for Injection for upper limb spasticity.
The company announced today that the JUNIPER study delivered
efficacy, safety and dosing data to warrant advancement of the
program to Phase 3. The 500-unit dose demonstrated statistical
significance in Modified Ashworth Score (MAS) improvement from
baseline and numerical improvement compared to placebo on the
Physician Global Impression of Change (PGIC) measure. The median
duration in each of the three doses was at least 24 weeks and the
drug was generally safe and well-tolerated for all doses.
- Reported positive results from the ASPEN-1 Phase 3 trial of
DaxibotulinumtoxinA for Injection in cervical dystonia. In
October, the company announced that the trial met the primary and
secondary endpoints for both 125- and 250-Unit doses with high
statistical significance. The 125-Unit dose delivered a median
duration of 24 weeks while the 250-Unit dose delivered a median
duration of 20.3 weeks. The drug was generally safe and
well-tolerated at both doses.
Corporate Highlights:
- Announced the appointment of two new independent directors
to the board. In its continuous effort to ensure that the
evolving needs of the board are met with fresh perspectives,
diverse skills and broader representation, the company announced
today the appointment of Carey O’Connor Kolaja, a fintech and
payments thought leader and entrepreneur, and Olivia C. Ware, a
successful biotech and pharmaceutical executive, to its Board of
Directors. Separately, the company also announced that
long-standing directors Phyllis Gardner and Robert “Bob” Byrnes
have decided to retire from the board and not stand for re-election
at the company’s Annual Meeting of Stockholders in 2021, in
accordance with the company’s new director tenure policy, which
aims to enhance board refreshment.
- Published the company’s first Environment, Social,
Governance (ESG) report. Revance is committed to building
long-term value for all stakeholders. In January 2021, Revance
published its inaugural ESG report, detailing its commitments and
efforts to build strong corporate governance, and to operate
sustainability and responsibly.
- Expanded workforce and relocated global headquarters. In
2020, Revance expanded its team from 193 employees to over 470
employees after the integration of HintMD and the remote onboarding
of additional headcount to support the buildout of the company’s
commercial and manufacturing infrastructure. Effective January 1,
2021, Revance relocated its global headquarters from Newark,
California to Nashville, Tennessee.
2021 Milestone Expectations
Aesthetics Franchise:
- BLA approval for DaxibotulinumtoxinA for Injection in the
treatment of glabellar lines anticipated in 2021.
- The release of the next-generation HintMD fintech platform,
including the vertical integration of payment facilitation
(PayFac), planned for mid-2021.
- Our partner, Teoxane SA, submitted the pre-market approval
application for RHA® 1 for perioral (lip) lines and is working to
obtain FDA approval in the second half 2021. RHA® 1 will be added
to Revance’s RHA® Collection offering, once approved.
Therapeutics Franchise:
- Topline results from the ASPEN-OLS Phase 3 open-label,
long-term safety study for cervical dystonia expected in the second
half 2021.
- End-of-Phase 2 meeting with the FDA planned as the next step
for upper limb spasticity.
2021 Financial Outlook
Revance expects 2021 GAAP operating expenses to be $375 million
to $390 million and non-GAAP operating expenses, which exclude
costs of revenue, depreciation and amortization and stock-based
compensation to be $270 million to $285 million. Revance expects
2021 non-GAAP research and development expense to be $95 million to
$105 million. With the current cash, cash equivalents and
short-term investments, management projects that the company is
funded into 2024.
Conference Call
Revance will host a corresponding conference call and a live
webcast at 1:30 p.m. PT / 4:30 p.m. ET on February 22, 2021 to
discuss the results and provide a business and pipeline update.
Individuals interested in listening to the conference call may do
so by dialing (855) 453-3827 for domestic callers, or (484)
756-4301 for international callers and reference conference ID:
1678310; or from the webcast link in the investor relations section
of the company's website at: www.revance.com.
A replay of the call will be available beginning February 22,
2021 at 4:30 p.m. PT / 7:30 p.m. ET to February 23, 2021 at 4:30
p.m. PT / 7:30 p.m. ET. To access the replay, dial (855) 859-2056
or (404) 537-3406 and reference conference ID: 1678310. The webcast
will be available in the investor relations section on the
company's website for 30 days following the completion of the
call.
About Revance Therapeutics, Inc.
Revance Therapeutics, Inc. is a biotechnology company focused on
innovative aesthetic and therapeutic offerings, including its
next-generation neuromodulator product, DaxibotulinumtoxinA for
Injection. DaxibotulinumtoxinA for Injection combines a proprietary
stabilizing peptide excipient with a highly purified botulinum
toxin that does not contain human or animal-based components.
Revance has successfully completed a Phase 3 program for
DaxibotulinumtoxinA for Injection in glabellar (frown) lines and is
pursuing U.S. regulatory approval. Revance is also evaluating
DaxibotulinumtoxinA for Injection in the full upper face, including
glabellar lines, forehead lines and crow's feet, as well as in two
therapeutic indications - cervical dystonia and adult upper limb
spasticity. To accompany DaxibotulinumtoxinA for Injection, Revance
owns a unique portfolio of premium products and services for U.S.
aesthetics practices, including the exclusive U.S. distribution
rights to the RHA® Collection of dermal fillers, the first and only
range of FDA-approved fillers for correction of dynamic facial
wrinkles and folds, and the HintMD fintech platform, which provides
an integrated smart payment solution that supports aesthetic
practice management, practice economics and practice loyalty.
Revance has also partnered with Viatris (formerly Mylan N.V.) to
develop a biosimilar to BOTOX®, which would compete in the existing
short-acting neuromodulator marketplace. Revance is dedicated to
making a difference by transforming patient experiences. For more
information or to join our team visit us at www.revance.com.
"Revance Therapeutics" and the Revance logo are registered
trademarks of Revance Therapeutics, Inc. Resilient Hyaluronic Acid®
and RHA® are trademarks of TEOXANE SA. BOTOX® is a registered
trademark of Allergan, Inc.
Forward-Looking Statements
Any statements in this press release that are not statements of
historical fact, including statements related to Revance’s
financial outlook, milestone expectations, expected cash runway and
financial performance; statements about our ability to obtain, and
the timing relating to, regulatory approval with respect to our
drug product candidates, including with respect to
DaxibotulinumtoxinA for Injection in glabellar lines; the rate and
degree of commercial acceptance, opportunity and growth potential
of Teoxane’s RHA® Collection of dermal fillers and the HintMD
fintech platform, and our product candidates, if approved; ability
for our partner, Teoxane SA, to obtain FDA approval for RHA® 1 for
perioral (lip) lines, the process and timing of, and ability to
complete, the current and anticipated future clinical development
of our product candidates; the initiation, design, enrollment,
submission, timing and results of our clinical studies, including
JUNIPER Phase 2 and ASPEN-1 Phase 3; development of a biosimilar to
BOTOX® with our partner, Viatris; statements about our business
strategy, timeline and other goals and market for our anticipated
products, plans and prospects, including our commercialization
plans; and potential benefits of our drug product candidates and
our technologies, including the RHA® Collection of dermal fillers
and HintMD fintech platform, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. You
should not rely upon forward-looking statements as predictions of
future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot
guarantee that the future results, levels of activity, performance,
events, circumstances or achievements reflected in the
forward-looking statements will ever be achieved or occur.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from our expectations. These risks and uncertainties relate, but
are not limited to: the results, timing, costs, and completion of
our research and development activities and regulatory approvals,
including the continuing delay in the FDA’s approval of the BLA for
DaxibotulinumtoxinA for Injection for the treatment of glabellar
lines, including as a result of delays in the site inspection
conducted of our manufacturing facility due to COVID-19-related
policies and travel restrictions currently in place at the FDA,
observations made by the FDA during the site inspection or other
reasons; the impact of the COVID-19 pandemic on our manufacturing
operations, supply chain, end user demand for our products,
commercialization efforts, business operations, clinical trials and
other aspects of our business; our ability to manufacture supplies
for our product candidates and to acquire supplies of the RHA®
Collection of dermal fillers; the uncertain clinical development
process; the risk that clinical trials may not have an effective
design or generate positive results; the applicability of clinical
study results to actual outcomes; our ability to obtain regulatory
approval of our drug product candidates; the rate and degree of
economic benefit, commercial acceptance and the market, size and
growth potential of the RHA® Collection of dermal fillers, the
HintMD fintech platform and our drug product candidates, if
approved; our ability to successfully commercialize the RHA®
Collection of dermal fillers, the HintMD fintech platform and our
drug product candidates, if approved, and the timing and cost of
commercialization activities; our ability to develop sales and
marketing capabilities; the status of commercial collaborations;
our ability to obtain funding for our operations; our ability to
continue obtaining and maintaining intellectual property protection
for our drug product candidates; and our financial performance,
including future revenue, expenses and capital requirements.
Detailed information regarding factors that may cause actual
results to differ materially from the results expressed or implied
by statements in this press release may be found in our periodic
filings with the Securities and Exchange Commission (SEC),
including factors described in the section entitled "Risks Factors"
on our Form 10-Q filed with the SEC on November 9, 2020 and in our
future filings with the SEC, including, without limitation, our
Annual Report on Form 10-K for the year ended December 31, 2020,
expected to be filed with the SEC on February 24, 2021. The
forward-looking statements in this press release speak only as of
the date hereof. We disclaim any obligation to update these
forward-looking statements.
Use of Non-GAAP Financial Measures
Revance has presented certain non-GAAP financial measures in
this release. This release and the reconciliation tables included
herein include total non-GAAP operating expense, which exclude
costs of revenue, depreciation and amortization, stock-based
compensation, and non-cash in-process research and development
costs. Revance excludes costs of revenue, depreciation and
amortization, stock-based compensation, and non-cash in-process
research and development costs because management believes the
exclusion of these items is helpful to investors to evaluate
Revance's recurring operational performance. Revance management
uses these non-GAAP financial measures to monitor and evaluate its
operating results and trends on an on-going basis, and internally
for operating, budgeting and financial planning purposes. The
non-GAAP financial measures should be considered in addition to
results prepared in accordance with GAAP but should not be
considered a substitute for or superior to GAAP results.
Certain non-GAAP measures included in this report were not
reconciled to the comparable GAAP financial measures because the
GAAP measures are not accessible on a forward-looking basis. The
company is unable to reconcile these forward-looking non-GAAP
financial measures to the most directly comparable GAAP measures
without unreasonable efforts because the company is currently
unable to predict with a reasonable degree of certainty the type
and extent of certain items that would be expected to impact GAAP
measures for these periods but would not impact the non-GAAP
measures. Such items include costs of revenue, depreciation and
amortization, stock-based compensation, and non-cash in-process
research and development costs. The unavailable information could
have a significant impact on the company’s GAAP financial
results.
REVANCE THERAPEUTICS,
INC.
Consolidated Balance
Sheets
(In thousands, except share
and per share amounts)
(Unaudited)
December 31,
2020
2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
333,558
$
171,160
Short-term investments
102,947
118,955
Accounts and other receivables
1,829
—
Inventories
5,876
—
Prepaid expenses and other current
assets
5,793
6,487
Total current assets
450,003
296,602
Property and equipment, net
17,499
14,755
Goodwill
146,964
—
Intangible assets, net
71,343
—
Operating lease right of use assets
29,632
26,531
Restricted cash
3,445
730
Other non-current assets
1,334
1,669
TOTAL ASSETS
$
720,220
$
340,287
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Accounts payable
$
12,657
$
8,010
Accruals and other current liabilities
32,938
18,636
Deferred revenue, current portion
7,851
7,911
Operating lease liabilities, current
portion
4,437
3,470
Derivative liability
3,081
2,952
Total current liabilities
60,964
40,979
Convertible senior notes
180,526
—
Deferred revenue, net of current
portion
77,294
47,948
Operating lease liabilities, net of
current portion
27,146
25,870
TOTAL LIABILITIES
345,930
114,797
STOCKHOLDERS’ EQUITY
Convertible preferred stock, par value
$0.001 per share — 5,000,000 shares authorized, and no shares
issued and outstanding as of December 31, 2020 and 2019
—
—
Common stock, par value $0.001 per share —
95,000,000 shares authorized both as of December 31, 2020 and 2019;
69,178,666 and 52,374,735 shares issued and outstanding as of
December 31, 2020 and 2019, respectively
69
52
Additional paid-in capital
1,500,514
1,069,639
Accumulated other comprehensive income
—
3
Accumulated deficit
(1,126,293
)
(844,204
)
TOTAL STOCKHOLDERS’ EQUITY
374,290
225,490
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
720,220
$
340,287
REVANCE THERAPEUTICS,
INC.
Consolidated Statements of
Operations and Comprehensive Loss
(In thousands, except share
and per share amounts)
(Unaudited)
Quarter Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Revenue:
Product revenue
$
10,009
$
—
$
12,877
$
—
Collaboration revenue
915
89
2,031
413
Service revenue
209
—
417
—
Total Revenue
11,133
89
15,325
413
Operating expenses:
Cost of product revenue (exclusive of
amortization)
3,656
—
4,758
—
Cost of service revenue (exclusive of
amortization)
7
—
11
—
Selling, general and administrative
55,819
18,766
151,846
62,011
Research and development
26,782
27,493
125,795
102,861
Amortization
2,838
—
6,077
—
Total operating expenses
89,102
46,259
288,487
164,872
Loss from operations
(77,969
)
(46,170
)
(273,162
)
(164,459
)
Interest income
1,454
1,037
4,322
5,532
Interest expense
(4,410
)
—
(15,148
)
—
Changes in fair value of derivative
liability
82
(60
)
(129
)
(199
)
Other expense, net
(186
)
(133
)
(592
)
(303
)
Loss before income taxes
(81,029
)
(45,326
)
(284,709
)
(159,429
)
Income tax benefit
2,720
—
2,620
—
Net loss
(78,309
)
(45,326
)
(282,089
)
(159,429
)
Unrealized gain (loss) and adjustment on
securities included in net loss
—
(39
)
(3
)
11
Comprehensive loss
$
(78,309
)
$
(45,365
)
$
(282,092
)
$
(159,418
)
Basic and diluted net loss
$
(78,309
)
$
(45,326
)
$
(282,089
)
$
(159,429
)
Basic and diluted net loss per share
$
(1.24
)
$
(0.99
)
$
(4.86
)
$
(3.67
)
Basic and diluted weighted-average number
of shares used in computing net loss per share
63,298,758
45,626,470
58,009,162
43,460,804
REVANCE THERAPEUTICS,
INC.
Reconciliation of GAAP
Operating Expense to Non-GAAP Operating Expense
(In thousands)
(Unaudited)
Quarter Ended
Year Ended
December 31, 2020
December 31, 2020
Operating expense:
GAAP operating expense
$
89,102
$
288,487
Adjustments:
In-process research and development
—
(11,184
)
Stock-based compensation
(11,879
)
(36,453
)
Depreciation and amortization
(4,319
)
(10,250
)
Costs of revenue (exclusive of
amortization)
(3,663
)
(4,769
)
Non-GAAP operating expense
$
69,241
$
225,831
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210222005672/en/
Investors Revance Therapeutics, Inc.: Jessica Serra,
626-589-1007 jessica.serra@revance.com or Gilmartin Group, LLC.:
Laurence Watts, 619-916-7620 laurence@gilmartinir.com
Media Revance Therapeutics, Inc.: Sara Fahy, 949-887-4476
sfahy@revance.com or General Media: Goodfuse: Jenifer Slaw,
347-971-0906 jenifer.slaw@goodfuse.com or Trade Media: Nadine Tosk,
504-453-8344 nadinepr@gmail.com
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