NEWARK, Calif., October 19, 2019 – Shares of Revance Therapeutics Inc. (NASDAQ: RVNC) surged 4.36% to $15.33. The stock grabbed the investor’s attention and traded 526.825K shares as compared to its average daily volume of 381.43K shares. The stock’s institutional ownership stands at 85.34%.
For the quarter ended March 31, 2019, Revance Therapeutics, Inc. (RVNC) reported revenue of $0.30M compared to $0.20M for the same period in 2018. The revenue recognized represents the portion of revenue earned from the $25.0M upfront payment from Mylan under the biosimilar collaboration and license agreement.
Research and development expenses for the quarter ended March 31, 2019 were $24.00M compared to $22.20M for the same period in 2018. The change in research and development expenses is primarily due to the initiation and continuation of clinical trials and studies for multiple therapeutic and aesthetic indications and pre-BLA filing activities for DAXI for the treatment of glabellar lines.
General and administrative expenses for the first quarter 2019 were $12.90M compared to $13.60M for the same period in 2018. The decrease in general and administrative expenses is primarily due timing of planned pre-commercial projects to support future product launches, offset by increased costs related to personnel, and infrastructure build-out.
Total operating expenses for the quarter ended March 31, 2019 were $36.90M compared to $35.90M for the same period in 2019. Stock-based compensation for the first quarter was $4.20M. When excluding depreciation and stock-based compensation, total operating expenses for the quarter ended March 31, 2019 were $32.10M.
Net loss for the first quarter was $35.30M compared to $35.00M for the same period in 2018.
Cash, cash equivalents and short-term investments as of March 31, 2019 were $271.00M, compared to compare to $175.80M as of December 31, 2018.
2019 Financial Outlook:
Revance expects 2019 GAAP operating expense to be in the range of $173 to $185.0M and non-GAAP operating expense, which excludes depreciation and stock-based compensation costs, in the range of $148 to $158.0M as driven by increased research and development expenditure and launch preparation activities. With five clinical programs and preparations to file the BLA underway, Revance anticipates 2019 non-GAAP research and development (R&D) expense to be $93 to $100.0M. With the successful capital infusion through partnering agreements in 2018 and an equity raise in January, management feels the company has adequate cash reserves to fund its operations through 2020.
RVNC has a market value of $647.23M while its EPS was booked as $-3.74 in the last 12 months. The stock has 42.22M shares outstanding. Beta value of the company was 1.16; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 1.90.