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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, 2022
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 29, 2022: 73,105,693


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 TherapeuticsTM,” 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 Therapeutics, Inc. OPULTM is the property of Hint, Inc., a wholly owned subsidiary of Revance Therapeutics, Inc. 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)
3


REVANCE THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
 June 30,December 31,
 20222021
ASSETS
CURRENT ASSETS
Cash and cash equivalents$69,418 $110,623 
Short-term investments164,397 114,448 
Accounts receivable, net5,590 3,348 
Inventories13,600 10,154 
Prepaid expenses and other current assets7,940 7,544 
Total current assets260,945 246,117 
Property and equipment, net22,595 24,661 
Goodwill146,964 146,964 
Intangible assets, net47,022 55,334 
Operating lease right-of-use assets41,802 44,340 
Finance lease right-of-use asset17,398  
Restricted cash5,921 5,046 
Other non-current assets19,236 8,701 
TOTAL ASSETS$561,883 $531,163 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable$13,272 $10,603 
Accruals and other current liabilities27,469 39,558 
Deferred revenue, current10,665 9,362 
Finance lease liability, current17,720  
Operating lease liabilities, current4,975 4,746 
Derivative liability3,125 3,020 
Total current liabilities77,226 67,289 
Debt, non-current378,383 280,635 
Deferred revenue, non-current69,605 74,152 
Operating lease liabilities, non-current36,613 39,131 
Other non-current liabilities2,687 1,485 
TOTAL LIABILITIES564,514 462,692 
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY (DEFICIT)
Convertible preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2022 and December 31, 2021
  
Common stock, par value $0.001 per share — 190,000,000 shares authorized both as of June 30, 2022 and December 31, 2021; 73,123,363 and 71,584,057 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
73 72 
Additional paid-in capital1,521,411 1,466,369 
Accumulated other comprehensive loss(386)(18)
Accumulated deficit(1,523,729)(1,397,952)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)(2,631)68,471 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)$561,883 $531,163 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

Table of Contents

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,
 2022202120222021
Revenue:
Product revenue$25,483 $17,039 $46,320 $28,686 
Collaboration revenue1,659 1,394 5,227 2,905 
Service revenue1,226 371 2,082 512 
Total revenue28,368 18,804 53,629 32,103 
Operating expenses:
Cost of product revenue (exclusive of amortization)8,121 5,409 15,449 9,626 
Cost of service revenue (exclusive of amortization)1,402 17 1,967 17 
Selling, general and administrative47,847 50,598 92,922 99,603 
Research and development24,913 29,441 55,642 56,692 
Amortization3,927 3,676 7,712 6,514 
Total operating expenses86,210 89,141 173,692 172,452 
Loss from operations(57,842)(70,337)(120,063)(140,349)
Interest income619 85 695 182 
Interest expense(3,874)(1,569)(5,805)(3,129)
Changes in fair value of derivative liability(61)(19)(105)(78)
Other expense, net(277)(357)(499)(462)
Net loss(61,435)(72,197)(125,777)(143,836)
Unrealized loss(327)(2)(368)(2)
Comprehensive loss$(61,762)$(72,199)$(126,145)$(143,838)
Basic and diluted net loss$(61,435)$(72,197)$(125,777)$(143,836)
Basic and diluted net loss per share$(0.88)$(1.07)$(1.82)$(2.15)
Basic and diluted weighted-average number of shares used in computing net loss per share70,061,457 67,462,413 69,202,062 67,051,902 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Table of Contents

REVANCE THERAPEUTICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(In thousands, except share and per share amounts)
(Unaudited) 
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
SharesAmountSharesAmountSharesAmountSharesAmount
Convertible Preferred Stock $  $  $  $ 
Common Stock
Balance — Beginning of period71,763,765 72 71,411,389 71 71,584,057 72 69,178,666 69 
Issuance of common stock in connection with at-the-market offerings1,264,783 1   1,734,853 1 761,526 1 
Issuance of common stock relating to employee stock purchase plan171,824 — 91,562 — 171,824 — 91,562 — 
Issuance of common stock upon exercise of stock options11,234 — 150,038 1 30,634 — 879,476 1 
Issuance of restricted stock awards and performance stock awards, net of cancellation(63,711) 166,670  (212,859)— 1,036,256 1 
Shares withheld related to net settlement of restricted stock awards(24,532)— (21,035)— (185,146)— (148,862)— 
Balance — End of period73,123,363 73 71,798,624 72 73,123,363 73 71,798,624 72 
Additional Paid-In Capital
Balance — Beginning of period 1,487,822  1,432,457  1,466,369  1,500,514 
Issuance of common stock in connection with at-the-market offerings, net of issuance costs— 22,661 — (77)— 31,585 — 21,623 
Issuance of common stock relating to employee stock purchase plan— 2,018 — 2,206 — 2,018 — 2,206 
Issuance of common stock upon exercise of stock options— 30 — 1,373 — 109 — 12,509 
Issuance of restricted stock awards and performance stock awards, net of cancellation— — — — — — — (1)
Shares withheld related to net settlement of restricted stock awards— (383)— (605)— (2,760)— (4,250)
Stock-based compensation— 9,379 — 11,289 — 23,742 — 22,551 
Other— (116)—  — 348 —  
Cumulative-effect adjustment from adoption of ASU 2020-06— — — — — — — (108,509)
Balance — End of period $1,521,411  $1,446,643  $1,521,411  $1,446,643 
    

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 (Deficit)—(Continued)
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
SharesAmountSharesAmountSharesAmountSharesAmount
Other Accumulated Comprehensive Loss
Balance — Beginning of period (59)   (18)  
Unrealized loss— (327)— (2)— (368)— (2)
Balance — End of period (386) (2) (386) (2)
Accumulated Deficit
Balance — Beginning of period (1,462,294) (1,188,281) (1,397,952) (1,126,293)
Net loss— (61,435)— (72,197)— (125,777)— (143,836)
Cumulative-effect adjustment from adoption of ASU 2020-06— — —  — — — 9,651 
Balance — End of period (1,523,729) (1,260,478) (1,523,729) (1,260,478)
Total Stockholders’ Equity (Deficit)73,123,363 $(2,631)71,798,624 $186,235 73,123,363 $(2,631)71,798,624 $186,235 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited) 
 Six Months Ended June 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(125,777)$(143,836)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation23,626 21,975 
Depreciation and amortization10,827 9,284 
Amortization of finance lease right-of-use asset1,158  
Amortization of debt discount and debt issuance costs834 622 
Amortization of discount on investments(14)(105)
Other non-cash operating activities295 62 
Changes in operating assets and liabilities:
Accounts receivable(2,242)1,188 
Inventories(3,446)811 
Prepaid expenses and other current assets12 (3,309)
Lease right-of-use assets(16,018)(16,702)
Other non-current assets(454)(3,440)
Accounts payable1,975 (4,090)
Accruals and other liabilities(12,138)(1,389)
Deferred revenue(3,243)(170)
Lease liabilities17,908 15,339 
Other non-current liabilities1,202  
Net cash used in operating activities(105,495)(123,760)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of investments113,183 103,000 
Purchases of investments(163,676)(168,597)
Finance lease prepayments(9,900)(3,500)
Purchases of property and equipment(920)(5,016)
Net cash used in investing activities(61,313)(74,113)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of notes payable, net of debt discount98,150  
Proceeds from issuance of common stock in connection with at-the-market offerings, net of commissions31,814 21,707 
Proceeds from the exercise of stock options and employee stock purchase plan2,127 14,715 
Taxes paid related to net settlement of restricted stock awards(2,760)(4,250)
Principal payments on finance lease obligations(1,760) 
Payment of debt issuance costs and offering costs(1,441)(216)
Other financing activities348  
Net cash provided by financing activities126,478 31,956 
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(40,330)(165,917)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period115,669 337,003 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period$75,339 $171,086 
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Accrued debt issuance costs and offering costs$620 $55 
Internally developed software capitalized from stock-based compensation$116 $576 
Property and equipment purchases included in accounts payable and accruals$127 $501 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. The Company and Summary of Significant Accounting Policies
The Company
Revance is a commercial stage biotechnology company focused on innovative aesthetic and therapeutic offerings, including its next-generation, long-acting, 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 Phase 3 programs for DaxibotulinumtoxinA for Injection across two different treatment categories, aesthetics and therapeutics. In the aesthetics category, we completed our Phase 3 program for the treatment of moderate to severe glabellar (frown) lines and are pursuing United States (“U.S.”) regulatory approval. In the therapeutics category, we completed our Phase 3 program for the treatment of cervical dystonia in November 2021 and plan to pursue U.S. regulatory approval following the FDA approval of DaxibotulinumtoxinA for Injection for the treatment of moderate to severe glabellar (frown) lines. We are also evaluating additional aesthetic and therapeutic indications for DaxibotulinumtoxinA for Injection including the full upper face, which includes glabellar lines, forehead lines and crow’s feet, and adult upper limb spasticity. To complement 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 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 OPULTM Relational Commerce Platform (“OPUL™”). We have also partnered with Viatris to develop an onabotulinumtoxinA biosimilar, which would compete in the existing short-acting neuromodulator marketplace.
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, obtaining regulatory approval of DaxibotulinumtoxinA for Injection for the treatment of glabellar lines and the commercial launch of our products and services. As a result, we have incurred losses and negative cash flows from operations.
Liquidity and Going Concern
For the three and six months ended June 30, 2022, we had a net loss of $61.4 million and $125.8 million, respectively. As of June 30, 2022, we had a working capital surplus of $183.7 million and an accumulated deficit of $1.5 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 and, in March 2022, we received the proceeds from notes issued in an aggregate principal amount of $100.0 million pursuant to the Note Purchase Agreement (defined in Note 8). As of June 30, 2022, we had capital resources of $233.8 million consisting of cash, cash equivalents, and short-term investments.
On October 15, 2021, the FDA issued a Complete Response Letter (“CRL”) regarding the biologics license application (the “BLA”) for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines. The FDA indicated it was unable to approve the BLA in its present form due to deficiencies related to the FDA’s onsite inspection at our manufacturing facility. As a result, the potential commercial launch of DaxibotulinumtoxinA for Injection for the treatment of glabellar lines has been delayed. The commercial launch delay and its impact on our capital resources has raised substantial doubt with respect to our ability to meet our obligations to continue as a going concern based on analysis performed in accordance with Accounting Standard Codification (ASC) 205-40, Going Concern. Our existing cash, cash equivalents, and short-term investments will not allow us to fund our operations for at least 12 months following the filing of this Report.
As part of our going concern evaluation, pursuant to ASC 205-40, we cannot and do not assign probability to events and actions that are contingent upon other future events, are not entirely in our control, or both. Accordingly, we excluded
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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
such events and actions from our evaluation of our plan to mitigate the substantial doubt to continue as a going concern which primarily consists of the draw on the Second Tranche (defined in Note 8) under the Note Purchase Agreement as it is contingent upon the approval of DaxibotulinumtoxinA for Injection for the treatment of glabellar lines and our ability to raise additional capital, as it requires collaboration and negotiation with one or more external parties.
In order to mitigate the substantial doubt to continue as a going concern, we will be required to continue to execute our commercial strategy for the RHA® Collection of dermal fillers, obtain the approval of DaxibotulinumtoxinA for Injection for the treatment of glabellar lines and meet certain other conditions in order to draw on the Second Tranche and raise additional capital outside of the Note Purchase Agreement. We may seek additional capital through public or private equity or debt financings, royalty financings or other sources, such as strategic collaborations. Additional capital may not be available when needed, on terms that are acceptable to us or at all. If adequate funds are not available to us on a timely basis, or at all, because we are unable to draw on the Second Tranche or because we are unable to raise capital through another method, we will be required to take additional actions beyond the cost preservation measures previously initiated to address our liquidity needs, including to continue to further reduce operating expenses and delay, reduce the scope of, discontinue or alter our research and development activities for DaxibotulinumtoxinA for Injection, the RHA® Pipeline Products and our onabotulinumtoxinA biosimilar program; the development of OPUL™; our sales and marketing capabilities or other activities that may be necessary to continue to commercialize the RHA® Collection of dermal fillers, OPUL™ and our product candidates, if approved, and other aspects of our business plan.
If we raise additional capital through marketing and distribution arrangements, royalty financings or other collaborations, strategic alliances or licensing arrangements with third parties, we may need to relinquish certain valuable rights to our product candidates, technologies, future revenue streams or research programs or grant licenses on terms that may not be favorable to us. If we raise additional capital through public or private equity offerings, the ownership interest of our existing stockholders will be diluted and the terms of any new equity securities may have a preference over our common stock. If we raise additional capital through debt financing, we may be subject to specified financial covenants or covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or pursuing certain transactions, any of which could restrict our ability to commercialize our product candidates or operate as a business. In addition, our ability to raise capital may be limited by restrictions under the Note Purchase Agreement.
The condensed consolidated financial statements have been prepared on a going-concern basis and do not include any adjustments relating to any of the foregoing uncertainties.
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, 2021 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting 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, 2021, which was filed with the Securities and Exchange Commission (the “SEC”), on February 28, 2022.
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 in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the
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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to, the incremental borrowing rate used to measure operating lease and finance lease liabilities, the recoverability of goodwill and long-lived assets, useful lives associated with property and equipment and intangible assets, the 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 for clinical trial costs, valuation and assumptions underlying stock-based compensation and other equity instruments, the fair value of derivative liability, and income taxes.
The full extent of the impact of the COVID-19 pandemic on our future operational and financial performance will depend on future developments that are highly uncertain, including variant strains of the virus and the degree of their vaccine resistance and as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. The ongoing COVID-19 pandemic has and may continue to negatively affect global economic activity, the regulatory approval process for our product candidates, our supply chain, research and development activities, end user demand for our products and services and commercialization activities. The COVID-19 pandemic has caused delays in the regulatory approval process for DaxibotulinumtoxinA for Injection. In November 2020, the FDA deferred a decision on the BLA for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines. The FDA reiterated that an inspection of our manufacturing facility was required as part of the BLA approval process, but the FDA was unable to conduct the required inspection due to the FDA’s travel restrictions associated with the COVID-19 pandemic. Although the inspection was completed, in October 2021, we received a CRL due to deficiencies related to the FDA’s onsite inspection at our manufacturing facility. We resubmitted the BLA in March 2022, and in April 2022, the FDA accepted the resubmission of the BLA and designated the BLA as a Class 2 resubmission with a Prescription Drug User Fee Act (“PDUFA”) date of September 8, 2022, with a reinspection required. In July 2022, the FDA completed the reinspection and issued a Form 483. We have responded to the Form 483. We cannot be certain of the continued impact of the COVID-19 pandemic on the regulatory approval process for the BLA for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines, including whether the PDUFA date will be met or the future impact of the COVID-19 pandemic on the timing of the regulatory approval process for DaxibotulinumtoxinA for Injection in indications outside of glabellar lines or on any supplemental BLAs we may file.
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.
Leases
We account for a contract as a lease when it has an identified asset that is physically distinct and we have the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. We determine if an arrangement is a lease or contains a lease at inception. For arrangements that meet the definition of a lease, we determine the initial classification and measurement of our right-of-use asset and lease liability at the lease commencement date and thereafter if modified. We do not recognize right-of-use assets or lease liabilities for those leases that qualify as a short-term lease.
The lease term includes any renewal options that we are reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use our estimated secured incremental borrowing rate for that lease term.
For our real estate operating leases, rent expense is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expenses in the condensed consolidated statements of operations and comprehensive loss. In addition to rent, the real estate operating leases may require us to pay additional amounts for variable lease costs which includes taxes, insurance, maintenance, and other expenses, and the variable lease
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Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
costs are generally referred to as non-lease components. For real estate operating leases, we account for lease and non-lease components separately.
For our finance lease for manufacturing fill-and-finish line, interest expense from fixed payments on finance lease is recognized using the effective interest method. Finance lease right-of-use asset amortization is recorded within research and development expense on the condensed consolidated statements of operations and comprehensive loss, and finance lease right-of-use-asset interest expense is recorded in the interest expense on the condensed consolidated statements of operations and comprehensive loss. For our finance lease, we have elected to apply the practical expedient and account for the lease and non-lease components as a single lease component. Variable lease costs related to finance leases are expensed as research and development expense as incurred.
Recent Accounting Pronouncements
The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations.
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 12). The following tables present our revenue disaggregated by the timing of transfer of goods or services:
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
(in thousands)Product RevenueCollaboration RevenueService RevenueTotalProduct RevenueCollaboration RevenueService RevenueTotal
Timing of revenue recognition:
Transferred at a point in time
$25,483 $ $148 $25,631 $46,320 $ $239 $46,559 
Transferred over time 1,659 1,078 2,737  5,227 1,843 7,070 
Total$25,483 $1,659 $1,226 $28,368 $46,320 $5,227 $2,082 $53,629 
Three Months Ended June 30, 2021Six Months Ended June, 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 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Product Revenue
For the three months and six months ended June 30, 2022 and 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 customers are as follows:
June 30,December 31,
(in thousands)20222021
Receivables:
Accounts receivables, net$5,523 $3,297 
Total accounts receivables, net$5,523 $3,297 
Contract liabilities:
Deferred revenue, current$1,784 $1,331 
Total contract liabilities$1,784 $1,331 
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 upfront and milestone fees as of June 30, 2022, 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. In addition, Viatris is required to pay us low to mid-double digit royalties on any sales of the biosimilar in the U.S., mid-double digit royalties on any sales in Europe, and high single digit royalties on any sales in other ex-U.S. Viatris territories. However, we have agreed to waive royalties for U.S. sales, up to a maximum of $50 million in annual sales, during the first approximately four years after commercialization to defray launch costs.
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, 2022, the transaction price allocated to the unfulfilled performance obligations was $93.5 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
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
development period is estimated to be completed in 2026. It is possible that this period will change and is assessed at each reporting date.

For the three and six months ended June 30, 2022, we recognized revenue related to development services of $1.7 million and $5.2 million, respectively. 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.
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 $31.0 million before foreign withholding taxes as of June 30, 2022. 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 biologics license applications (“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 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, 2022, the transaction price allocated to unfulfilled performance obligation was $31.0 million.
For the three and six months ended June 30, 2022 and 2021, no revenue was recognized from the Fosun License Agreement.
Contract liabilities from contracts with our collaboration customers are as follows:
June 30,December 31,
(in thousands)20222021
Contract liabilities:
Deferred revenue, current — Viatris$8,799 $7,927 
Total contract liabilities, current$8,799 $7,927 
Deferred revenue, non-current — Viatris$38,610 $43,157 
Deferred revenue, non-current — Fosun30,995 30,995 
Total contract liabilities, non-current$69,605 $74,152 
Changes in our contract liabilities from contracts with our collaboration revenue customers for the six months ended June 30, 2022 are as follows:
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
(in thousands)
Balance on January 1, 2022$82,079 
Revenue recognized5,227 
Billings and adjustments, net(8,902)
Balance on June 30, 2022$78,404 
Service Revenue
We offer customer payment processing and certain value-added services to aesthetic practices through the HintMD Platform, the legacy fintech platform, and OPUL™, the next-generation fintech platform (together with the HintMD Platform, the “Fintech Platform”). Generally, revenue related to the HintMD Platform payment processing service is recognized at a point in time and revenue related to the OPUL™ payment processing service is recognized over time. For the Fintech Platform, revenue related to the value-added services component is recognized over time.
Receivables and contract liabilities from contracts with our service customers are as follows:
June 30,December 31,
(in thousands)20222021
Accounts receivables, net$67 $51 
Total accounts receivables, net$67 $51 
Contract liabilities:
Deferred revenue, current$82 $104 
Total contract liabilities$82 $104 

3. Cash Equivalents and Short-Term Investments
The following table is a summary of our cash equivalents and short-term investments:
June 30, 2022December 31, 2021
in thousandsCostLossesFair ValueCostLossesFair Value
Commercial paper$59,787 $ $59,787 $87,964 $ $87,964 
Money market funds40,689  40,689 90,355  90,355 
U.S. treasury securities40,202 (138)40,064    
Corporate bonds39,310 (195)39,115 26,502 (18)26,484 
U.S. government agency obligations25,435 (28)25,407    
Yankee debt securities6,039 (25)6,014    
Total cash equivalents and available-for-sale securities$211,462 $(386)$211,076 $204,821 $(18)$204,803 
Classified as:
Cash equivalents$46,679 $90,355 
Short-term investments164,397 114,448 
Total cash equivalents and available-for-sale securities$211,076 $204,803 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
As of June 30, 2022 and December 31, 2021, 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.
4. Intangible Assets, net
The following table sets forth the major categories of intangible assets and the weighted-average remaining useful lives for those assets that are not already fully amortized:
June 30, 2022December 31, 2021
(in thousands, except for in years)Weighted-Average Remaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Distribution rights1.9$32,334 $(16,841)$15,493 2.4$32,334 $(12,799)$19,535 
Developed technology4.435,800 (9,636)26,164 4.935,800 (6,653)29,147 
Customer relationships2.110,300 (4,935)5,365 2.610,300 (3,648)6,652 
Total intangible assets$78,434 $(31,412)$47,022 $78,434 $(23,100)$55,334 
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)2022202120222021
Amortization (1)
$3,512 $3,512 $7,025 $6,350 
Selling, general and administrative643 669 1,287 1,337 
Total amortization expense
$4,155 $4,181 $8,312 $7,687 
(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 as of June 30, 2022, the expected amortization expense for each of the next five fiscal years and thereafter was as follows:
Year Ending December 31,(in thousands)
2022 remaining six months$8,313 
202316,625 
202410,837 
20255,967 
20264,606 
2027 and thereafter674 
Total$47,022 
5. Inventories
As of June 30, 2022 and December 31, 2021, we had inventories of $13.6 million and $10.2 million, respectively, which were primarily comprised of finished goods related to purchased RHA® Collection of dermal fillers.
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Notes to Conde