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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File No. 001-36297
Revance Therapeutics, Inc.
(Exact name of registrant as specified in its charter)
Delaware77-0551645
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)

1222 Demonbreun Street, Suite 2000, Nashville, Tennessee, 37203
(Address, including zip code, of principal executive offices)

(615) 724-7755
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareRVNCNasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial statement accounting standards provide pursuance to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No  ý
Number of shares outstanding of the registrant’s common stock, par value $0.001 per share, as of July 28, 2021: 71,829,718


Table of Contents
 
  Page
PART I. FINANCIAL INFORMATION
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

“Revance Therapeutics,” the Revance logos and other trademarks or service marks of Revance appearing in this quarterly report on Form 10-Q (this “Report”) are the property of Revance. This Report contains additional trade names, trademarks and service marks of others, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.
Unless expressly indicated or the context requires otherwise, the terms “Revance,” “company,” “we,” “us,” and “our,” in this document refer to Revance Therapeutics, Inc., a Delaware corporation, and, where appropriate, its wholly owned subsidiaries.



Table of Contents
PART I.FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Financial Statements (Unaudited)

REVANCE THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
 June 30,December 31,
 20212020
ASSETS
CURRENT ASSETS
Cash and cash equivalents$167,634 $333,558 
Short-term investments168,662 102,947 
Accounts receivable, net641 1,829 
Inventories5,065 5,876 
Prepaid expenses and other current assets12,602 5,793 
Total current assets354,604 450,003 
Property and equipment, net21,092 17,499 
Goodwill146,964 146,964 
Intangible assets, net63,655 71,343 
Operating lease right of use assets46,334 29,632 
Restricted cash3,452 3,445 
Other non-current assets4,774 1,334 
TOTAL ASSETS$640,875 $720,220 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$8,176 $12,657 
Accruals and other current liabilities31,405 32,938 
Deferred revenue, current9,862 7,851 
Operating lease liabilities, current5,646 4,437 
Derivative liability3,159 3,081 
Total current liabilities58,248 60,964 
Convertible senior notes280,003 180,526 
Deferred revenue, non-current75,113 77,294 
Operating lease liabilities, non-current41,276 27,146 
TOTAL LIABILITIES454,640 345,930 
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY
Convertible preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2021 and December 31, 2020
  
Common stock, par value $0.001 per share — 190,000,000  and 95,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 71,798,624 and 69,178,666 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
72 69 
Additional paid-in capital1,446,643 1,500,514 
Accumulated other comprehensive loss(2) 
Accumulated deficit(1,260,478)(1,126,293)
TOTAL STOCKHOLDERS’ EQUITY186,235 374,290 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$640,875 $720,220 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenue
Product revenue$17,039 $49 $28,686 $49 
Collaboration revenue1,394 2502,905 308
Service revenue371  512  
Total revenue18,804 29932,103 357
Operating expenses:
Cost of product revenue (exclusive of amortization)5,409 21 9,626 21 
Cost of service revenue (exclusive of amortization)17  17  
Selling, general and administrative50,598 29,606 99,603 50,830 
Research and development29,441 27,103 56,692 66,897 
Amortization3,676 674 6,514 674 
Total operating expenses89,141 57,404 172,452 118,422 
Loss from operations(70,337)(57,105)(140,349)(118,065)
Interest income85 964 182 2,455 
Interest expense(1,569)(4,256)(3,129)(6,404)
Changes in fair value of derivative liability(19)(59)(78)(149)
Other expense, net(357)(134)(462)(260)
Loss before income taxes(72,197)(60,590)(143,836)(122,423)
Income tax provision   (100)
Net loss(72,197)(60,590)(143,836)(122,523)
Unrealized gain (loss) and adjustment on securities included in net loss(2)(407)(2)114 
Comprehensive loss$(72,199)$(60,997)$(143,838)$(122,409)
Basic and diluted net loss$(72,197)$(60,590)$(143,836)$(122,523)
Basic and diluted net loss per share$(1.07)$(1.12)$(2.15)$(2.27)
Basic and diluted weighted-average number of shares used in computing net loss per share67,462,413 54,257,320 67,051,902 54,062,678 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands, except share and per share amounts)
(Unaudited) 
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
SharesAmountSharesAmountSharesAmountSharesAmount
Convertible Preferred Stock $  $  $  $ 
Common Stock
Balance — Beginning of period71,411,389 71 57,026,154 57 69,178,666 69 52,374,735 52 
Issuance of restricted stock awards and performance stock awards, net of cancellation166,670 — 220,799 — 1,036,256 1 1,417,853 1 
Issuance of common stock in connection with at-the-market offerings— — — — 761,526 1 — — 
Issuance of common stock upon exercise of stock options and warrants150,038 1 24,442 — 879,476 1 76,794 — 
Issuance of common stock relating to employee stock purchase plan91,562 — 48,661 — 91,562 — 48,661 — 
Shares withheld related to net settlement of restricted stock awards(21,035)— (6,500)— (148,862)— (79,487)— 
Issuance of common stock in connection with the Teoxane Agreement— — — — — — 2,500,000 3 
Issuance of common stock in connection with offerings— — — — — — 975,000 1 
Balance — End of period71,798,624 72 57,313,556 57 71,798,624 72 57,313,556 57 
Additional Paid-In Capital
Balance — Beginning of period 1,432,457  1,213,931  1,500,514 — 1,069,639 
Cumulative-effect adjustment from adoption of ASU 2020-06— — — — — (108,509)— — 
Issuance of restricted stock awards and performance stock awards, net of cancellation— — — — — (1)— (1)
Issuance of common stock in connection with at-the-market offerings, net of issuance costs— (77)— — — 21,623 — — 
Issuance of common stock upon exercise of stock options and warrants— 1,373 — 427 — 12,509 — 999 
Issuance of common stock relating to employee stock purchase plan— 2,206 — 671 — 2,206 — 671 
Shares withheld related to net settlement of restricted stock awards— (605)— (111)— (4,250)— (1,512)
Stock-based compensation— 11,289 — 7,353 — 22,551 — 13,897 
Equity component of convertible senior notes— — — — — — — 108,510 
Issuance of common stock in connection with the Teoxane Agreement— — — — — — — 43,397 
Issuance of common stock in connection with offerings, net of issuance costs of $44
— — — — — — — 15,536 
Capped call transactions related to the issuance of convertible senior notes— — — — — — — (28,865)
Balance — End of period $1,446,643  $1,222,271  $1,446,643  $1,222,271 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity—(Continued)
(In thousands, except share and per share amounts)
(Unaudited) 


Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
SharesAmountSharesAmountSharesAmountSharesAmount
Other Accumulated Comprehensive Gain (Loss)
Balance — Beginning of period   524    3 
Unrealized gain (loss) and adjustment on securities included in net loss— (2)— (407)— (2)— 114 
Balance — End of period (2) 117  (2) 117 
Accumulated Deficit
Balance — Beginning of period (1,188,281) (906,137) (1,126,293) (844,204)
Cumulative-effect adjustment from adoption of ASU 2020-06— — — — — 9,651 — — 
Net loss— (72,197)— (60,590)— (143,836)— (122,523)
Balance — End of period (1,260,478) (966,727) (1,260,478) (966,727)
Total Stockholders’ Equity71,798,624 $186,235 57,313,556 $255,718 71,798,624 $186,235 57,313,556 $255,718 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited) 
 Six Months Ended June 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(143,836)$(122,523)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation21,975 13,897 
Depreciation and amortization9,284 2,152 
Amortization of debt discount and issuance costs622 4,504 
Amortization of discount on investments(105)(1,111)
Other non-cash operating activities62 240 
Non-cash in-process research and development 11,184 
Changes in operating assets and liabilities:
Accounts receivable1,188 (49)
Inventories811 (778)
Prepaid expenses and other current assets(3,309)(1,179)
Operating lease right of use assets(16,702)1,165 
Other non-current assets(3,440)30 
Accounts payable(4,090)(1,099)
Accruals and other liabilities(1,389)4,052 
Deferred revenue(170)30,692 
Operating lease liabilities15,339 (1,679)
Net cash used in operating activities(123,760)(60,502)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments(168,597)(159,412)
Purchases of property and equipment(5,016)(1,113)
Proceeds from maturities of investments103,000 132,000 
Finance lease prepayments(3,500) 
Purchase of intangible assets (118)
Proceeds from sale of investments 16,969 
Net cash used in investing activities(74,113)(11,674)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with at-the-market offerings, net of commissions21,707  
Proceeds from the exercise of stock options, common stock warrants and employee stock purchase plan14,715 1,670 
Taxes paid related to net settlement of restricted stock awards(4,250)(1,512)
Payment of offering costs(216)(337)
Proceeds from issuance of convertible senior notes 287,500 
Proceeds from issuance of common stock in connection with offerings, net of commissions and discount 15,581 
Payment of capped call transactions (28,865)
Payment of convertible senior notes transaction costs (9,190)
Net cash provided by financing activities31,956 264,847 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(165,917)192,671 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period337,003 171,890 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period$171,086 $364,561 
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Internally developed software capitalized from stock-based compensation$576 $ 
Property and equipment purchases included in accounts payable and accruals$501 $159 
Accrued offering costs$55 $ 
Issuance of common stock in connection with the Teoxane Agreement$ $43,400 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. The Company and Summary of Significant Accounting Policies
The Company
Revance 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. We have successfully completed a Phase 3 program for DaxibotulinumtoxinA for Injection in glabellar (frown) lines and are pursuing United States (“U.S.”) regulatory approval. We are 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, we own a unique portfolio of premium products and services for U.S. aesthetics practices, including the exclusive U.S. distribution rights to Teoxane SA (“Teoxane”)’s line of Resilient Hyaluronic Acid® (“RHA®”) Collection of dermal fillers, the first and only range of U.S. Food and Drug Administration (the “FDA”)-approved fillers for correction of dynamic facial wrinkles and folds, and the HintMD fintech platform, which includes integrated smart payment, subscription and loyalty digital services. We have also partnered with Viatris (formerly Mylan N.V.) to develop a biosimilar to BOTOX® (“an onabotulinumtoxinA biosimilar”), which would compete in the existing short-acting neuromodulator marketplace.
On July 23, 2020, we completed the acquisition of all of the issued and outstanding shares of Hint, Inc. (d/b/a HintMD) (the “HintMD Acquisition”), and HintMD became a wholly owned subsidiary of Revance. HintMD operates the HintMD Platform, which is a payment solution and practice management tool for medical aesthetic practices. In April 2021, HintMD completed the integration of the payment facilitator (“PayFac”) functionality and launched the next-generation HintMD Platform (the “Next-generation Platform”, and together with the HintMD Platform, the “Fintech Platform”) in beta form to select customers.
Since inception, we have devoted substantial efforts to identifying and developing product candidates for the aesthetic and therapeutic pharmaceutical markets, recruiting personnel, raising capital, conducting preclinical and clinical development of, and manufacturing development for DaxibotulinumtoxinA for Injection, DaxibotulinumtoxinA Topical, the onabotulinumtoxinA biosimilar, and the commercial launch of our products and services. We have incurred losses and negative cash flows from operations. We have not generated substantial revenue to date, and will continue to incur significant research and development, sales and marketing, and other expenses related to our ongoing operations.
For the three and six months ended June 30, 2021, we had a net loss of $72.2 million and $143.8 million. As of June 30, 2021, we had working capital surplus of $296.4 million and an accumulated deficit of $1.3 billion. In recent years, we have funded our operations primarily through the sale of common stock, convertible senior notes, payments received from collaboration arrangements, and sales of the RHA® Collection of dermal fillers. As of June 30, 2021, we had capital resources of $336.3 million consisting of cash, cash equivalents, and short-term investments. We believe that our existing capital resources will fund our operating plan through at least the next 12 months following the issuance of this Report, and we may identify additional capital resources to fund our operations.
Basis of Presentation and Principles of Consolidation
The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented.
Our condensed consolidated balance sheet for the year ended December 31, 2020 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
principles (“U.S. GAAP”). The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2021, or any other future period. Our condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the “SEC”), on February 25, 2021.
Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions have been eliminated.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, the fair value of assets and liabilities assumed in business combinations, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, useful lives associated with property and equipment and intangible assets, period of benefit associated with deferred costs, revenue recognition (including the timing of satisfaction of performance obligations, estimating variable consideration, estimating stand-alone selling prices of promised goods and services, and allocation of transaction price to performance obligations), deferred revenue classification, accruals including clinical trial costs, valuation and assumptions underlying stock-based compensation and other equity instruments, fair value of derivative liability, and income taxes.
The ongoing COVID-19 pandemic has caused a global slowdown of economic activity which has negatively impacted consumer spending, including with respect to our current and potential customers, while also disrupting sales channels and marketing activities. In addition, the COVID-19 pandemic has impacted the regulatory approval process for DaxibotulinumtoxinA for Injection. In November 2020, the FDA deferred a decision on the biologics license application (“BLA”) for DaxibotulinumtoxinA for Injection for the treatment of moderate to severe glabellar (frown) lines. The FDA reiterated that an inspection of our manufacturing facility is required as part of the BLA approval process, but the FDA was unable to conduct the required inspection of our manufacturing facility in Northern California, due to the FDA’s travel restrictions associated with the COVID-19 pandemic. The FDA initiated the pre-approval inspection of our manufacturing facility in June 2021. We are unable to predict the future impact of the COVID-19 pandemic on the timing of the regulatory approval process following inspection, the progress of clinical trials, supplies and sales of the RHA® Collection of dermal fillers, demand for our products and other aspects of our operations.
As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.
Recently Adopted Accounting Pronouncement
In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 simplifies the accounting for convertible debt instruments by removing certain requirements to separately account for conversion options embedded in debt instruments that are not required to be accounted for as derivative instruments. ASU 2020-06 also updates and improves the consistency of earnings per share calculations for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis. On January 1, 2021, we adopted ASU 2020-06 using the modified retrospective method and the adoption did not have any impact for our consolidated balance sheets as of December 31, 2020. As a result of the adoption, on January 1, 2021, we made certain adjustments to our consolidated balance
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
sheets which consisted of an increase of $98.9 million in Convertible Senior Notes (the 2027 Notes as defined in Note 9), a decrease of $108.5 million in Additional Paid-in Capital and a decrease of $9.7 million in Accumulated Deficit. Additionally, from January 1, 2021, we will no longer incur non-cash interest expense for the amortization of debt discount after adoption, therefore the interest expense for the 2027 Notes, which is included in the “interest expense” on the condensed consolidated statements of operations and comprehensive loss, will be lower compared to fiscal year 2020.

2. Revenue    
Our revenue is primarily generated from U.S. customers. Our product and collaboration revenue is generated from the Product Segment, and our service revenue is generated from the Service Segment (Note 13). The following tables present our revenues disaggregated by the timing of transfer of goods or services:
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
(in thousands)Product RevenueCollaboration RevenueService RevenueTotalProduct RevenueCollaboration RevenueService RevenueTotal
Timing of revenue recognition:
Transferred at a point in time
$17,039 $ $213 $17,252 $28,686 $ $213 $28,899 
Transferred over time 1,394 158 1,552  2,905 299 3,204 
Total$17,039 $1,394 $371 $18,804 $28,686 $2,905 $512 $32,103 
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
(in thousands)Product RevenueCollaboration RevenueService RevenueTotalProduct RevenueCollaboration RevenueService RevenueTotal
Timing of revenue recognition:
Transferred at a point in time
$49 $ $ $49 $49 $ $ $49 
Transferred over time 250  250  308  308 
Total$49 $250 $ $299 $49 $308 $ $357 
Product Revenue
For the three and six months ended June 30, 2021, all product revenue was generated from the sale of the RHA® Collection of dermal fillers.
Receivables and contract liabilities from contracts with our product revenue customers are as follows:
June 30,December 31,
(in thousands)20212020
Accounts receivables, net$542 $1,687 
Contract liabilities:
Deferred revenue, current$(1,537)$ 
Total contract liabilities$(1,537)$ 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Collaboration Revenue
Viatris Collaboration and License Agreement
Agreement Terms
We entered into a collaboration and license agreement with Viatris (the “Viatris Collaboration”) in February 2018, pursuant to which we are collaborating with Viatris exclusively, on a world-wide basis (excluding Japan), to develop, manufacture, and commercialize an onabotulinumtoxinA biosimilar.
Viatris has paid us an aggregate of $60 million in non-refundable fees as of June 30, 2021, and the agreement provides for additional remaining contingent payments of up to $70 million in the aggregate, upon the achievement of certain clinical and regulatory milestones and of specified, tiered sales milestones of up to $225 million. The payments do not represent a financing component for the transfer of goods or services.
Revenue Recognition
We re-evaluate the transaction price at each reporting period. We estimated the transaction price for the Viatris Collaboration using the most likely amount method. In order to determine the transaction price, we evaluated all of the payments to be received during the duration of the contract, which included milestones and consideration payable by Viatris. Other than the upfront payment, all other milestones and consideration we may earn under the Viatris Collaboration are subject to uncertainties related to development achievements, Viatris’ rights to terminate the agreement, and estimated effort for cost-sharing payments. Components of such estimated effort for cost-sharing payments include both internal and external costs. Consequently, the transaction price does not include any milestones and considerations that, if included, could result in a probable significant reversal of revenue when related uncertainties become resolved. Sales-based milestones and royalties are not included in the transaction price until the sales occur because the underlying value relates to the license and the license is the predominant feature in the Viatris Collaboration. As of June 30, 2021, the transaction price allocated to the unfulfilled performance obligations was $101.3 million.
We recognize revenue and estimate deferred revenue based on the cost of development service incurred over the total estimated cost of development service to be provided for the development period. For revenue recognition purposes, the development period is estimated to continue through 2025. It is possible that this period will change and is assessed at each reporting date.
For the three and six months ended June 30, 2021, we recognized revenue related to development services of $1.4 million and $2.9 million, respectively. For the three and six months ended June 30, 2020, we recognized revenue related to development services of less than $0.3 million and $0.3 million, respectively.
Fosun License Agreement
Agreement Terms
In December 2018, we entered into a license agreement (the “Fosun License Agreement”) with Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd., a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd (“Fosun”), whereby we granted Fosun the exclusive rights to develop and commercialize our proprietary DaxibotulinumtoxinA for Injection in mainland China, Hong Kong and Macau (the “Fosun Territory”) and certain sublicense rights.
Fosun has paid us non-refundable upfront and other payments totaling $31 million before foreign withholding taxes. We are also eligible to receive (i) additional remaining contingent payments of up to $229.5 million upon the achievement of certain milestones based on (a) the approval of BLAs for certain aesthetic and therapeutic indications and (b) first calendar year net sales, and (ii) tiered royalty payments in low double digits to high teen percentages on annual net sales. The royalty percentages are subject to reduction in the event that (i) we do not have any valid and unexpired patent claims that cover the
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
product in the Fosun Territory, (ii) biosimilars of the product are sold in the Fosun Territory or (iii) Fosun needs to pay compensation to third parties to either avoid patent infringement or market the product in the Fosun Territory.
Revenue Recognition
We estimated the transaction price for the Fosun License Agreement using the most likely amount method. We evaluated all of the variable payments to be received during the duration of the contract, which included payments from specified milestones, royalties, and estimated supplies to be delivered. We will re-evaluate the transaction price at each reporting period and upon a change in circumstances. As of June 30, 2021, the transaction price allocated to unfulfilled performance obligation was $31 million.
For the three and six months ended June 30, 2021 and 2020, no revenue was recognized from the Fosun License Agreement.
Contract liabilities from contracts with our collaboration revenue customers are as follows:
June 30,December 31,
(in thousands)20212020
Contract liabilities:
Deferred revenue, current - Viatris$8,317 $7,851 
Total contract liabilities, current$8,317 $7,851 
Deferred revenue, non-current - Viatris$44,118 $46,299 
Deferred revenue, non-current - Fosun30,995 30,995 
Total contract liabilities, non-current$75,113 $77,294 
Changes in our contract liabilities from contracts with our collaboration revenue customers for the six months ended June 30, 2021 are as follows:
(in thousands)
Balance on January 1, 2021$85,145 
Revenue recognized(2,905)
Billings and adjustments, net1,190 
Balance on June 30, 2021$83,430 
Service Revenue
Following the HintMD Acquisition in July 2020, we began to offer customer payment processing and certain value-added services through the HintMD Platform to aesthetic practices. We have also launched the beta testing phase of the Next-generation Platform as PayFac, which has not generated material revenue to date. Generally, revenue related to the payment
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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
processing service is recognized at a point in time, whereas revenue related to the value-added services is recognized over time.

Receivables and contract assets from contracts with our service revenue customers are as follows:
June 30,December 31,
(in thousands)20212020
Accounts receivables, net$99 $142 
Contract assets:
Contract assets, current$125 $30 
Contract assets, non-current324 85 
Total contract assets$449 $115 

3. Cash Equivalents and Short-Term Investments
The following table is a summary our cash equivalents and short-term investments:
June 30, 2021December 31, 2020
Unrealized
in thousandsCostLossFair ValueCostFair Value
Money market funds$162,052 $ $162,052 $267,130 $267,130 
Commercial paper146,859  146,859 113,446 113,446 
Corporate bonds21,805 (2)21,803   
Total cash equivalents and available-for-sale securities$330,716 $(2)$330,714 $380,576 $380,576 
Classified as:
Cash equivalents$162,052 $277,629 
Short-term investments168,662 102,947 
Total cash equivalents and available-for-sale securities$330,714 $380,576 
As of June 30, 2021 and December 31, 2020, we have no other-than-temporary impairments on our available-for-sale securities and the contractual maturities of the available-for-sale securities are less than one-year.

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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
4. Intangible Assets, net
The following table sets forth the intangible assets and the remaining useful lives for the intangible assets:
June 30, 2021December 31, 2020
(in thousands, except for in years)Weighted-Average Remaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountRemaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Distribution rights2.9$32,334 $(8,757)$23,577 3.4$32,334 $(4,715)$27,619 
Developed technology5.435,800 (3,670)32,130 5.619,600 (1,362)18,238 
In-process research and development (1) N/A  —  N/A16,200 — 16,200 
Customer relationships3.110,300 (2,360)7,940 3.610,300 (1,072)9,228 
Tradename0.1100 (92)8 0.6100 (42)58 
Total intangible assets$78,534 $(14,879)$63,655 $78,534 $(7,191)$71,343 
(1)In-process research and development relates to the research and development of payment facilitator technology to facilitate the processing of customer payments. During the quarter ended June 30, 2021, the in-process research and development assets were placed into service and reclassified as developed technology.

Aggregate amortization expense for the intangible assets presented in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2021202020212020
Amortization (1)
$3,512 $674 $6,350 $674 
Selling, general and administrative669  1,337  
Total amortization expense
$4,181 $674 $7,687 $674 
(1)The amortization expense related to Distribution rights and Developed technology was recorded to “amortization” in the condensed consolidated statement of operations and comprehensive loss.
Based on the amount of intangible assets subject to amortization as of June 30, 2021, the estimated amortization expense for each of the next five fiscal years and thereafter was as follows:
Year Ending December 31,(in thousands)
2021 remaining six months$8,320 
202216,625 
202316,625 
202410,837 
20255,967 
2026 and thereafter5,281 
Total$63,655 

5. Inventories
As of June 30, 2021, and December 31, 2020, we had inventories of $5.1 million and $5.9 million, respectively, which were comprised of finished goods from purchased RHA® Collection of dermal fillers.
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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

6. Balance Sheet Components
Accruals and Other Current Liabilities
Accruals and other current liabilities consist of the following:
June 30,December 31,
(in thousands)20212020
Accruals related to:
Compensation$19,555 $17,374 
General expenses5,986 6,683 
Clinical trials2,537 3,726 
Interest expense1,887 1,887 
Inventories213 1,796 
Other current liabilities1,227 1,472 
Total$31,405 $32,938 
Property and Equipment, net
Property and equipment, net consists of the following: