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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
（標記一）
☒根據1934年證券交易所法第13或第15(d)款的規定，遞交季度報告。
截至季度結束日期的財務報告2024年9月30日
or
☐
根據1934年證券交易法第13或15(d)節的轉型報告書
從___到___的過渡期
委員會文件號 001-40368001-36297
Revance Therapeutics，Inc。
(根據其章程規定的註冊人準確名稱)
特拉華州77-0551645
（國家或其他管轄區的
公司成立或組織）		（納稅人識別號碼）

1222 Demonbreun Street，Suite 2000, 納什維爾, 田納西州, 37203
主執行辦公室地址，包括郵政編碼

(615) 724-7755
(註冊人電話號碼，包括區號)
根據法案第12(b)條註冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
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大型加速報告人☒加速文件提交人☐新興成長公司☐
未加速的報告人☐更小的報告公司☐
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通過勾選表示是否在《交易所法》規則12b-2條所定義的空殼公司。 是☐    否  ý
截至2024年10月31日，註冊人普通股每股面值0.001美元的流通股數量爲： 104,902,388

目錄

第I部分基本報表信息
項目1。
事項二
第3項。
事項4。
第二部分其他信息
項目1。
項目1A。
事項二
項目3。
事項4。
項目5。
項目6。



定義條款
除非另有明確說明或情境要求，本季度10-Q表格（以下簡稱「本報告」）中提到的「Revance」、「公司」、「我們」、「我們的」指的是Revance Therapeutics, Inc.，一家特拉華州的公司，相應地指其全資子公司。我們還在本報告、基本報表及隨附說明中使用了其他幾個術語，其中大多數已在下文解釋或定義。
「2014 EIP」 指公司的2014年股權激勵計劃。
「2014 ESPP」 表示公司的2014年員工股票購買計劃。
「2014 IN」 表示公司的2014誘因計劃。
「2022年ATM協議」 指2022年5月10日Revance和Cowen之間簽訂的銷售協議。
「2027 Notes」 表示Revance的1.75%到期日爲2027年的可轉換優先票據。
「ABPS」 指味之素奧西亞公司，其業務名稱爲味之素生物製藥服務，一家合同開發和製造組織。
「ABPS服務協議」 表示自2017年3月14日起生效，公司與ABPS之間簽訂的技術轉讓、確認和商業成品/裝配服務協議，截至2020年12月18日修訂。
「愛爾康」 意爲愛爾康股份有限公司。
「ANZ分銷協議」 指2024年10月24日簽署的公司、Teoxane和Revance澳洲有限公司之間的獨家分銷協議。
「ASC」 指財務會計準則委員會制定的會計準則編碼。
「ASU」 指由FASB發佈的會計準則更新。
「Athyrium」 意即Athyrium Buffalo LP。
「ATM」 意即市場價發行計劃。
「BTRX」 意爲肉毒桿菌毒素研究聯合公司。
「購買方」 指皇冠公司和合並子公司。
「Teoxane分銷淨產品銷售額」 其含義如註銷售協議所述。
「消費者」 指我們美學診所客戶的患者。
「Cowen」 指Cowen和公司，有限責任公司。
「CROs」 意指醫藥外包概念。
「皇冠」 指Delaware州一家名爲Crown Laboratories, Inc.的公司。
“DAXXIFY®” 意思是達克西肉毒素A - 臘暈注射
「DAXXIFY」®GL批准 指2022年9月FDA在美國批准DAXXIFY® 用於成年人暫時改善中至重度眉間紋。
“DAXXIFY® GL 批准的 PSU” 指在 DAXXIFY 發行之日起 6 個月週年紀念日歸屬的績效股票單位® GL 批准。
「證券交易法」 意指1934年修正版的美國證券交易所法案。
「FASB」 指財務會計準則委員會。
i

美國食品和藥物管理局（「FDA」） 美國食品藥品監督管理局。
「金融科技平台」 代表OPUL® 和HintMD平台。
「第一修正案」 指2023年8月8日公司、HintMD和Athyrium之間的《票據購買協議》的第一修正案。
「首筆款項」 指2022年3月18日向購買者發行的總本金金額爲$10000萬的應付票據。
「復星」 指復星醫藥工業發展有限公司，復星醫藥(集團)有限公司的全資子公司。
「復星許可協議」 指2018年12月4日由瑞凡斯和復星簽訂，於2020年2月15日修訂的許可協議。
「復星領地」 指中國大陸、香港和澳門。
「FY2023 Form 10-K」 表示截至2023年12月31日的年度10-k表格，已於2024年2月28日向美國證券交易委員會提交。
「HintMD」 指的是Hint，Inc.，我們全資子公司。
「HintMD計劃」 指的是Hint, Inc. 2017年股權激勵計劃。
「HintMD平台」 意指傳統的HintMD金融科技平台。
「契約」指本契約，隨時經修改或補充。 代表印度政府與美國銀行國家協會簽訂的信託契約，日期爲2020年2月14日。
「注射器」 指負責爲我們的產品注射的專業許可人員，包括醫生。
「到期日」 意味着2026年9月18日，即《應付票據說明書》中規定的應付票據到期日。
「合併」 指Crown、合併子公司和公司根據合併協議進行的即將發生的合併，其中合併子公司將併入公司，公司作爲Crown的全資子公司存續。
指2024年8月11日由皇冠、合併子公司和公司訂立的《合併協議和計劃》，並不時修訂。
4 指Reba Merger Sub，Inc.，一個特拉華州的公司。
“最低現金契約 意味着根據票據購買協議的財務契約，在所有時候維持至少$3000萬的無限制現金及現金等價物在受阿提裏姆信託協議約束的帳戶中。
「最低條件」 代表多數公司普通股投票權在要約期滿時有效投標的結算條件 即公司普通股的投票權中大部分必須在要約期滿時得到有效投標
「NMPA」 代表中國的國家藥品監督管理局。
「票據購買協議」 指Revance；作爲行政代理人的Athyrium；包括Athyrium在內的購買方；以及作爲擔保方的HintMD，於2022年3月18日簽訂的票據購買協議。
「應付票據」 指Revance根據票據購買協議應付的票據。
「NPA生效日期」 指債券購買協議的生效日期，2022年3月18日。
「收購」 表示Crown將發起的要約收購，以購買公司的所有流通股，根據合併協議。
ii

「布地奧毒桿菌A生物類似藥」 意指以BOTOX爲市場品牌的生物類似藥（布地奧毒桿菌A）®.
「看漲對手方」 意指與購買方及另一金融機構進行的帶上限看漲期權交易。
“哈哈哈哈®” 意思是 OPUL® 關係商務平台。
「PAS」 表示事前批准補充。
「PCI」 指PCI製藥服務公司，原名爲新英格蘭冷凍乾燥服務公司，於2021年12月被PCI收購。
「PCI供應協議」 指的是Revance和PCI之間於2021年4月6日簽訂的商業供應協議。
「產品」 表示DAXXIFY® 和RHA皮膚填充劑系列，公司與Crown Laboratories，Inc.之間的待定合併，以及中國國家醫療保健行政局批准了復星醫藥工業發展有限公司的生物製品許可申請，用於改善眉間紋的DaxinbotulinumtoxinA for Injection。關於財務業績的新聞稿副本作爲附件99.1萬億。這份報告。® 皮膚填充劑的系列。
「PSAs」 指的是績效股票獎勵。
「PSUs」 意爲績效股單位。
。 代表蕨類和其繼承人和受讓人。
「Revance Australia」 表示本公司的全資子公司Revance Australia Pty. Ltd。
“RHA® 皮膚填充劑系列” 意爲RHA® 2，RHA® 3 和RHA® 4種產品已獲FDA批准，可用於矯正中度至重度動力面部皺紋和皺褶；以及RHA® Redensity. RHA® 德國特克賽恩公司在瑞士生產的皮膚填充劑系列。
“RHA® Pipeline Products” 意味着Teoxane未來的透明質酸填充改進和產品。
“哈® 再密度” 指一種皮膚填充劑，已獲得 FDA 批准，用於治療中度至重度動態口周紋（脣紋）。
「RSAs」 意思是限制性股票獎勵。
「RSUs」 意指限制性股票單位。
「SEC」 指美國證券交易委員會。
「第二筆款項」 意指2023年8月28日向購買方發行的總本金額爲5000萬美元的應付票據。
「證券法」 指一九三三年修訂版的《美國證券法》。
「服務」 代表着金融科技平台業務。
「服務業務領域」 表示包括金融科技平台的開發和商業化的業務。
「結案協議」 指的是2024年10月24日由公司與Teoxane簽署的結案和解協議。
「第六修正案」 表示2024年10月24日生效的Teoxane協議第六修正案。
「優先提案」 指任何爲公司至少50%的股份提出的善意書面要約，且該要約合理地有可能達成，而且如果達成，從財務角度上看對公司股東比並購協議所設想的交易更有利。, 在考慮董事會認爲適當的任何因素並考慮已由皇冠書面承諾作爲對該收購提議的回應而對併購協議作出的修訂之後。
「TGA」 指澳大利亞藥品管理局。
iii

第三輪 指未承諾的額外應付款項的一部分，總額高達15000萬美元，直至2024年3月31日爲止，視情況滿足《票據購買協議》中規定的某些條件。
「Teoxane」 意指Teoxane SA。
「Teoxane協議」 指由Revance和Teoxane於2020年1月10日訂立的排他性分銷協議，於2020年9月30日、2020年12月22日、2022年12月22日、2024年6月13日、2024年7月29日和2024年10月24日進行了修訂。
「美國通用會計準則」 意指美國普遍接受的會計原則。
「維雅特」 指維雅特公司，前身爲邁蘭愛爾蘭有限公司。
「維阿曲青合約」 指2018年2月28日由瑞萬斯和維阿曲青簽訂的合作及許可協議，於2019年8月22日修訂。
「維拓利領地」 表示全球範圍（不包括日本）。
「零成本庫存」 表示DAXXIFY®在DAXXIFY之前生產的庫存®2022年9月初獲得GL批准，相關的製造業成本已在FDA批准之前計入研發費用。
Revance®，Revance標誌，DAXXIFY®，OPUL® 及Revance出現在本報告中的其他商標或服務標誌屬於Revance。本報告包含其他公司的其他商業名稱、商標和服務標誌，這些商標屬於其各自所有者。我們未打算使用或顯示其他公司的商業名稱、商標或服務標誌暗示我們與這些其他公司有關係，或者這些其他公司對我們進行認可或贊助。
iv
目錄
第一部分 財務信息
項目1. 簡明綜合財務報表 (未經審計)
1

瑞凡思治療公司。
彙編的綜合資產負債表
（以千爲單位，除股份數量和每股金額外）
（未經審計）
 九月三十日十二月三十一日
 20242023
資產
流動資產
現金和現金等價物$58,585 $137,329 
限制性現金，當前465 550 
短期投資125,491 116,586 
應收賬款，淨額48,263 27,660 
庫存85,213 45,579 
預付費用和其他流動資產9,935 9,308 
已終止業務的流動資產1,735 1,853 
流動資產總額329,687 338,865 
財產和設備，淨額15,897 17,225 
無形資產，淨額7,634 9,270 
經營租賃使用權資產47,996 53,167 
融資租賃使用權資產13,100 19,815 
限制性現金，非流動5,564 5,995 
融資租賃預付費用41,514 32,383 
其他非流動資產172 321 
已終止業務的非流動資產— 1,413 
總資產$461,564 $478,454 
負債和股東赤字
流動負債
應付賬款$12,335 $13,554 
應計費用和其他流動負債34,022 52,863 
遞延收入，當前6,329 10,737 
經營租賃負債，當前6,372 5,703 
融資租賃負債，當前10,841 2,651 
債務，當前10,150 2,500 
已終止業務的流動負債— 1,216 
流動負債總額80,049 89,224 
非流動債務421,041 426,595 
遞延收入，非當期85,550 70,419 
經營租賃負債，非流動35,043 40,985 
其他非流動負債2,911 2,835 
負債總額624,594 630,058 
承付款和或有開支 (注意事項 13)
股東赤字
優先股，面值 $0.001 每股 — 5,000,000 已授權的股份，以及 不 截至 2024 年 9 月 30 日和 2023 年 12 月 31 日已發行和流通的股份
— — 
普通股，面值 $0.001 每股 — 190,000,000截至 2024 年 9 月 30 日和 2023 年 12 月 31 日授權的股份； 104,895,611 和 87,962,765 分別截至2024年9月30日和2023年12月31日的已發行和流通股份
105 88 
額外的實收資本2,043,893 1,926,654 
累積其他綜合收益72 14 
累計赤字(2,207,100)(2,078,360)
股東赤字總額(163,030)(151,604)
負債總額和股東赤字$461,564 $478,454 
附帶說明是這些未經審計的簡化合並財務報表的組成部分。
2
目錄

REVANCE THERAPEUTICS, INC.
聯合綜合收益及損失簡明合併報表
（以千爲單位，除股份數量和每股金額外）
(未經審計)
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
收入：
產品收入，淨額$58,827 $54,109 $175,874 $154,160 
協作收入1,052 3 1,330 139 
總收入，淨額59,879 54,112 177,204 154,299 
運營費用：
產品收入成本（不包括攤銷）17,633 16,821 50,179 46,915 
銷售、一般和管理62,578 65,791 197,314 202,523 
研究和開發11,379 8,688 41,674 43,844 
攤銷545 374 1,636 1,636 
運營費用總額92,135 91,674 290,803 294,918 
持續經營造成的損失(32,256)(37,562)(113,599)(140,619)
利息收入2,631 3,733 8,806 9,851 
利息支出(6,732)(5,093)(17,667)(13,958)
其他費用，淨額(258)(223)(1,149)(1,056)
所得稅前持續經營的虧損(36,615)(39,145)(123,609)(145,782)
所得稅條款(1,500)(300)(1,500)(300)
持續經營業務的淨虧損(38,115)(39,445)(125,109)(146,082)
已終止業務的淨虧損— (101,731)(3,631)(122,205)
淨虧損總額(38,115)(141,176)(128,740)(268,287)
未實現收益 98 48 58 361 
綜合損失$(38,017)$(141,128)$(128,682)$(267,926)
基本和攤薄後的每股淨虧損：
持續運營$(0.37)$(0.46)$(1.25)$(1.74)
已停止的業務— (1.17)(0.04)(1.46)
每股基本股和攤薄後每股淨虧損總額
$(0.37)$(1.63)$(1.29)$(3.20)
用於計算每股淨虧損的基本和攤薄後的加權平均股票數量104,212,891 86,613,425 100,016,088 83,816,577 

附帶說明是這些未經審計的簡化合並財務報表的組成部分。
3
目錄

REVANCE THERAPEUTICS, INC.
股東權益（赤字）簡明合併報表
（單位：千元，股份數量除外）
（未經審計）
 
截至9月30日的三個月截至9月30日的九個月
2024202320242023
股份金額股份金額股份金額股份金額
優先股— $— — $— — $— — $— 
普通股
期初餘額104,810,881 105 87,949,987 88 87,962,765 88 82,385,810 82 
在跟進發售中發行普通股— — — — 16,000,000 16 — — 
發行與股票獎勵相關的普通股，扣除取消部分98,306 — 40,639 — 755,906 1 1,689,456 2 
發行與員工員工股票購買計劃相關的普通股— — — — 240,272 — 157,313 — 
根據期權行使發行普通股1,769 — 23,076 — 22,292 — 694,300 1 
扣除關聯股票獎勵的淨結算股份(15,345)— (200,387)— (85,624)— (337,331)— 
與ATM相關的普通股發行— — — — — — 3,223,767 3 
期末餘額104,895,611 105 87,813,315 88 104,895,611 105 87,813,315 88 
資本公積金
期初餘額— 2,039,168 — 1,908,244 — 1,926,654 — 1,767,266 
與跟隨性發行相關的普通股發行，扣除承銷折扣和發行成本淨額— — — — — 97,103 — — 
與員工購股計劃相關的普通股發行— — — — — 525 — 2,455 
根據期權行使發行普通股— 5 — 58 — 57 — 11,573 
與股票獎勵的淨結算相關的扣減股份— (92)— (3,774)— (534)— (8,068)
與股票獎勵相關的普通股發行，扣除取消發行的部分— — — — — (1)— (2)
與ATm相關的普通股發行，扣除佣金和發行成本— — — — — — — 99,956 
基於股票的報酬— 4,812 — 11,857 — 20,089 — 43,175 
其他— — — — — — — 30 
期末餘額— 2,043,893 — 1,916,385 — 2,043,893 — 1,916,385 
附註是這些未經審計的簡明合併財務報表的組成部分。
4
目錄

REVANCE 療法有限公司
綜合股東權益（赤字）簡明綜合股東權益報表 — （續）
（單位：千元，股份數量除外）
（未經審計）
截至9月30日的三個月截至9月30日的九個月
2024202320242023
股份金額股份金額股份金額股份金額
其他累計綜合收益（損失）
期初餘額— (26)— (61)— 14 — (374)
未實現收益— 98 — 48 — 58 — 361 
期末餘額— 72 — (13)— 72 — (13)
累計赤字
期初餘額— (2,168,985)— (1,881,485)— (2,078,360)— (1,754,374)
淨虧損總額— (38,115)— (141,176)— (128,740)— (268,287)
期末餘額— (2,207,100)— (2,022,661)— (2,207,100)— (2,022,661)
基本報表中的總股東權益（赤字）104,895,611 $(163,030)87,813,315 $(106,201)104,895,611 $(163,030)87,813,315 $(106,201)

附帶說明是這些未經審計的簡化合並財務報表的組成部分。
5
目錄

REVANCE THERAPEUTICS, INC.
簡明的綜合現金流量表
(以千爲單位)
（未經審計）
 截至9月30日的九個月
 20242023
經營活動產生的現金流量
淨虧損總額$(128,740)$(268,287)
調整，以使總淨損失與經營活動使用的淨現金相符
基於股票的報酬19,367 38,968 
折舊和攤銷4,662 9,956 
債務折價、發行費用和退出費用的攤銷3,516 1,639 
投資折價的攤銷(5,000)(5,134)
財務租賃權益資產的攤銷— 2,318 
商譽和無形資產減值— 93,182 
其他非現金經營活動1,004 572 
經營性資產和負債變動:
應收賬款(20,586)(14,075)
存貨(10,297)(18,068)
預付費用和其他流動資產(526)(12,015)
租賃使用權資產(16,429)(39,368)
其他非流動資產(2)1,000 
應付賬款(2,283)(127)
應計項目及其他負債(20,110)(6,289)
遞延收入10,723 4,242 
租賃負債16,468 36,292 
其他非流動負債76 1,350 
經營活動使用的淨現金流量(148,157)(173,844)
投資活動產生的現金流量
投資購買(227,022)(179,922)
Repayment of related party debt(9,131)(3,383)
購買固定資產(2,243)(5,107)
投資到期收回款223,091 295,782 
投資活動產生的淨現金流量(15,305)107,370 
籌資活動產生的現金流量
與跟進發售相關的普通股發行收入，扣除承銷折扣淨額 97,626 — 
股票期權和員工股票購買計劃的行權收入582 14,028 
金融租賃義務的本金支付(12,572)(15,513)
償付債務本金和退出費(1,269)— 
與股票獎勵淨結算相關的已支付稅款(534)(8,068)
支付發行費用(506)(849)
與ATm相關的普通股發行收益，減去佣金— 100,183 
應付票據發行收益，減去債務折扣— 48,415 
籌資活動產生的現金淨額83,327 138,196 
現金，現金等價物和受限制現金的淨增加（減少）(80,135)71,722 
現金、現金等價物和受限現金—期初(1)
144,749 115,017 
現金、現金等價物和受限現金—期末(1)
$64,614 $186,739 
(1)現金、現金等價物和受限現金總額包括$0.9百萬美元的受限現金，作爲截至2023年12月31日的綜合資產負債表中終止運營的非流動資產分類。


附帶說明是這些未經審計的簡化合並財務報表的組成部分。
6
目錄

REVANCE THERAPEUTICS, INC.
簡明合併財務報表註釋
（未經審計）
1. 公司和重要會計政策摘要
概述
Revance是一家專注於開發和商業化創新美容和治療產品的生物技術公司。Revance的產品組合包括DAXXIFY® （DaxibotulinumtoxinA-lanm）用於注射和美國RHA系列皮膚填充劑。Revance還與viatris合作開發注射用奧那博膠原蛋白A的生物類似藥，並與復星合作商業化DAXXIFY® 收集。® 在中國。
流動性和持續經營
我們尚未盈利，並自成立以來每年都虧損。截至2024年9月30日止三個月和九個月，我們累計淨損失爲美元38.1萬美元和128.7 百萬美元。截至2024年9月30日，我們累積虧損達美元2.2 十億。儘管我們從產品銷售中獲得營業收入，但預計在可預見的未來仍將繼續出現營運虧損。
截至2024年9月30日，我們的營運資金盈餘爲$249.6 百萬美元，資本資源爲$184.1 百萬美元，包括現金、現金等價物和短期投資。至今，我們主要通過發行普通股、可轉換高級票據、產品銷售、根據票據購買協議發行的票據收益以及從合作安排中收到的付款資助我們的運營。截至2024年9月30日，根據2022年ATM協議，我們還有剩餘的能力最多賣出$47.2 百萬美元的普通股。
根據ASC 205-40的規定， 財務報表的列報——持續經營，總的來說，我們必須評估是否存在一些條件和事件，使人們對我們自財務報表發佈之日起至少12個月內繼續作爲持續經營企業的能力產生重大懷疑。我們預測的流動性基於我們當前的運營計劃，不包括即將完成的合併所產生的任何影響。根據該計劃，不包括合併即將完成的任何影響，我們現有的現金、現金等價物和短期投資將允許我們在本報告提交後的至少12個月內爲運營提供資金。此外，根據票據購買協議的條款，我們必須遵守最低現金契約（參見 注意 10）。因此，管理層得出結論，我們繼續作爲持續經營企業的能力存在重大疑問。
爲了減輕作爲持續經營的重大疑慮，我們可能需要重新融資、進行額外融資、重組業務、賣出資產或減少營業費用。如果我們無法產生足夠的營業收入來實現我們的營業計劃，或者在需要時獲得足夠的資本或足夠減少我們的營業費用，我們可能無法遵守最低現金條款或繼續經營我們的業務。
附帶的簡明合併基本報表是在假設公司將繼續作爲持續經營實體進行編制的，這意味着在業務的正常過程中將實現資產和滿足負債。簡明合併基本報表不包括與已記錄資產金額的回收性和分類，或可能由於這種不確定性結果而產生的金額和負債的任何調整。
呈報依據及合併原則
附屬的簡明綜合基本報表未經審計，反映出所有由管理層認爲是正常重複性質並且必要的調整，以便對報告期間結果進行公正說明。
7
目錄
REVANCE THERAPEUTICS, INC.
基本報表附註 - 續
（未經審計）
基本報表截至2023年12月31日的壓縮合並資產負債表是從經過審計的合併財務報表中提取的，但不包括所有美國通用會計準則要求披露的內容。此處呈現的中期結果並不一定反映2024年12月31日結束的完整財政年度或任何其他未來期間可預期的運營結果。我們的基本報表應與我們FY2023年度10-K表中包含的經過審計的合併財務報表一起閱讀。
我們的簡明合併基本報表包括我們和全資子公司的帳戶，並且是按照美國通用會計準則編制的。所有公司間交易已被消除。
在2024年第一季度滿足了金融科技平台業務退出報告的要求，因此金融科技平台業務在所呈現的所有業務期間的簡明綜合經營報表和簡明綜合資產負債表中作爲已中止運營的業務呈現。除非另有說明，簡明綜合財務報表附註中的信息與持續運營業務有關。注3公司在終止服務板塊的結果下經營報告段作爲可報告段。 之一 在終止服務板塊的結果下經營報告段作爲可報告段。
估計使用&風險和不確定性
按照美國通用會計準則（U.S. GAAP）編制的簡明綜合財務報表要求管理層進行估計和假設，這些估計和假設影響簡明綜合財務報表及相關附註中資產和負債的報告金額。這些估計構成我們對資產和負債賬面價值做出判斷的基礎，這些判斷並非僅從其他來源立即顯現。我們的估計和判斷基於歷史信息以及我們認爲在當時情況下是合理的各種其他假設。U.S. GAAP要求我們在多個領域做出估計和判斷，包括但不限於用於測量租賃負債的增量借款利率，長期資產可收回性，與物業和設備以及無形資產相關聯的使用壽命，與延期費用相關的受益期，營業收入確認（包括履行績效義務的時間、估計可變考慮因素、估計獨立銷售價格及將交易價格分配給履行績效義務的方法），遞延營收分類，對基於股權報酬和其他權益工具的估值和假設以及所載入的收入稅。
截至編制這些簡明合併基本報表的日期，我們尚不知曉任何需要更新估計、判斷或修訂資產或負債賬面價值的具體事件或情況。這些估計可能隨着新事件的發生和獲取額外信息而發生變化，並且一旦得知就會在簡明合併基本報表中予以確認。實際結果可能與這些估計有所不同，任何這種差異可能對我們的簡明合併基本報表構成重大影響。
重要會計政策
我們重要的會計政策在我們的FY2023年度10-k表格中沒有發生重大變化。
最近的會計聲明
2023年11月，FASB發佈了ASU 2023-07，分部報告（主題 280）：報告服務部門（主題 280）變更披露方式，通過升級對意義重大的分部費用的披露來改進分部報告披露要求。該準則適用於 2023 年 12 月 15 日之後的財年和 2024 年 12 月 15 日之後的財年間隔期。該準則必須適用於財務報表中呈現的所有期間的追溯。該公司目前正在評估該標準對合並財務報表的影響。該標準要求公共實體在中期和年度基礎上披露其需報告分部的重大費用和其他分部項目的信息。具有單個需報告分部的公共實體需要按照ASU 2023-07中的披露要求以及ASC 280中的所有現有分部披露和協調要求在中期和年度基礎上進行應用。ASU 2023-07在2023年12月15日後開始的財政年度和2024年12月15日後開始的中間期間生效，早期採用是被允許的。我們目前正在評估採納ASU 2023-07的影響。
2023年12月，FASB發佈了ASU 2023-09，所得稅（話題740）ASU 2023-09通過要求在稅率協調錶中披露特定類別並提供滿足定量閾值的協調項目的額外年度信息，主要改進了所得稅報告。ASU 2023-09中的修訂還要求提供有關已支付所得稅的額外年度信息，以及其他額外披露。
8
目錄
REVANCE THERAPEUTICS, INC.
基本報表附註 - 續
（未經審計）
在ASU 2023-09中規定適用於2024年12月15日後開始的財政年度，允許提前採納。我們目前正在評估ASU 2023-09修訂案對我們的稅收披露將產生的影響。

2024年11月，FASB發佈了ASU 2024-03， 損益表費用的拆分。 此更新要求實體將營業費用拆分爲具體類別，如薪資和工資、折舊和攤銷，以提供對費用性質和功能的更清晰透明的了解。ASU 2024-03 適用於2026年12月15日之後開始的財政年度，並允許提前採用。ASU 2024-03 可以追溯適用或前瞻性適用。我們目前正在評估ASU 2024-03對我們財務報表呈現和披露的影響。

2. 待併購
2024年8月11日，公司和買方各方簽署了併購協議，根據該協議，皇冠將促使併購子公司儘快發起要約，但不遲於 十五 業務天后簽署的日期或公司和皇冠商定的其他日期，購買所有我們已發行的普通股股票，面值$0.001 每股（每股「股票」），以每股$6.66 現金支付，不含利息，並扣除任何必需的稅款。由於公司和 Teoxane 就 Teoxane 協議中的涉嫌違約問題進行了討論，買方各方延長了作爲協議義務的併購子公司開始啓動根據併購協議購買所有股票的最後日期。公司和皇冠同意將要約啓動日期延長至2024年11月12日。併購協議設想，在儘快實施要約後，根據併購協議規定的條款和所列條件，將併購子公司與公司合併，公司作爲皇冠的全資子公司繼續存在。要約尚未開始。如果要約開始，要約的實施和併購的完成將仍然受到慣例的結束條件的約束，包括（i）最低控件；（ii）沒有任何禁止要約或併購完成的訂單、禁止令或法律；（iii）獲得《1976年反托拉斯改進法》修正案項下的適用批准，該批准已獲得；和（iv）根據併購協議中包含的陳述和保證的準確性，符合通常重大性資格限制條件，以及在併購完成日遵守的承諾和協議。
債務承諾對影響
2027年票據和看漲交易
根據2027年票據，i如果我們經歷根本改變（如契約中定義），持有人可以要求我們以現金回購其全部或部分 2027年債券 在根本改變回購價格等於要回購的2027年票據的本金，加上截至但不包括根本改變回購日期的任何應計和未支付利息。請參見 注10 供獲取更多信息。 在契約條款要求的時間範圍內，我們已同意提供任何通知（包括關於持有人要求回購或轉換可轉換票據的權利）、證明、補充契約以及可能根據契約要求的其他文件，並採取根據2027年票據、契約或適用法律的條款所需的所有其他行動，包括因合併協議所考慮的交易而導致的，構成「根本改變」或「完全根本改變」（如這些術語在契約中定義）到的程度。
與2027年發行的票據同時，我們與期權對手方進行了限制看漲交易，並使用2027年票據的淨收益支付了限制看漲交易的成本。請參見 注10 以獲取額外信息。在待定合併的生效時間之前，我們已同意在掌冠(Crown)要求的情況下與其合作，並協助終止我們尚未解除的限制看漲確認(統稱「限制看漲」)，在生效時間後儘快或協助終止。在合併的生效時間之前，我們還同意在與掌冠進行有關限制看漲確認的討論、談判或協議方面合理合作，以便就限制看漲確認中可能應由我們收取的任何現金金額或普通股而進行決定、調整、取消、終止、行使、結算或計算。我們進一步同意不得(i) 就限制看漲做出任何約束性協議，(ii) 同意對限制看漲的條款進行任何修訂、修改或其他更改，或者(iii) 行使任何權利
9
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
我們可能需要終止，或觸發任何已設置看漲期權的提前結算（但不包括與任何可轉換票據的提前兌現或與看漲期權的交易對手發生違約事件有關），在這些情況下均不需要Crown的事先書面同意，且不得以不合理的理由拒絕或延遲。

票據購買協議

根據合併協議，在即將進行的合併完成後，買方各方同意解除票據購買協議下的債務。

3. 金融科技平台業務退出
2023年9月，我們開始了一項計劃，以退出金融科技平台業務，因爲支持金融科技平台所需的成本和資源不再符合公司的資本分配優先事項。此次退出和重組活動包括裁減金融科技平台人員、終止金融科技平台的研發活動以及取消與金融科技平台相關的外部服務費用。根據該計劃，金融科技平台客戶的支付處理活動在2024年1月31日基本結束，至2024年3月31日，我們基本完成了金融科技平台運營的清算剩餘活動。
根據ASC 205-20的規定， 基本報表的呈現 - 停止經營業務即,金融科技平台業務實質性完成退出代表了對公司業務和財務結果產生重大影響的戰略轉變。金融科技平台業務過去被報告爲服務部門。因此，我們金融科技平台業務的結果已在我們的簡明綜合財務報表中作爲已停止經營的業務得到反映。我們的簡明綜合資產負債表和簡明綜合損益表包括某些前年數字的重新分類，以符合當前期間的呈現。
終止運營的資產和負債詳情如下:
 9月30日,12月31日，
(以千爲單位)20242023
應收賬款，淨額
$—$16
預付費用及其他流動資產
1,7351,837
終止經營的總流動資產
$1,735$1,853
無形資產-淨額
$—$538
受限現金，非流動資產
—875
停止經營的非流動資產總額
$—$1,413
應付賬款
$—$255
應計費用及其他流動負債
—961
終止經營的總流動負債 (1)
$—$1,216
(1)金額代表與金融科技平台業務退出相關的遣散費和人員負債。到2024年3月31日，我們基本上完成了重組活動。與金融科技平台業務退出相關的遣散費和人員負債的摘要，包含在合併資產負債表的已終止業務的流動負債中，具體如下：
(以千爲單位)
2023年12月31日餘額$917 
離職費用和其他人事成本707 
期間現金支付(1,624)
2024年9月30日餘額$— 
10
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
停業業務損失的詳細信息如下：
 截至9月30日的三個月截至9月30日的九個月
(以千爲單位)2024202320242023
服務收入$— $2,664 $426 $9,942 
營業費用:
服務營業收入成本（不包括攤銷）— 2,592 350 9,976 
銷售管理費用 (1)
— 3,303 1,950 9,966 
研發 (1)
— 4,372 1,757 15,200 
商譽減值— 77,175 — 77,175 
無形資產減值— 16,007 — 16,007 
攤銷— 946 — 3,823 
來自已停業業務的淨虧損$— $(101,731)$(3,631)$(122,205)
(1)重組費用已包含在本報告所呈現的我們簡明合併基本報表的停業業務結果中。截止2024年9月30日的三個月和九個月內，我們合併經營報表中包含的重組費用總結如下:
(以千爲單位)截至2024年9月30日的三個月截至2024年9月30日的九個月
研發$— $336 
銷售、一般及行政費用
— 371 
總重組費用 $— $707 
截至2024年9月30日，我們已記錄總重組費用爲$3.6百萬，並且由於退出金融科技平台業務而產生的減值費用爲$93.2百萬。
有關已中止運營的現金流量未經分開，已包含在簡明綜合現金流量表中。 與已中止運營有關的重大非現金活動如下：
截至9月30日的九個月
(以千爲單位)20242023
運營活動:
基於股票的補償$(10)$5,620 
折舊和攤銷$538 $3,823 

4. 收入
我們的營業收入主要來自美國客戶。我們的產品收入是通過在某個時間點轉移貨物而產生的，而我們的合作收入是隨着時間的推移而產生的。
產品收入，淨額
我們的產品營業收入淨額的分類如下所示：
11
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
截至9月30日的三個月截至9月30日的九個月
（以千計）2024202320242023
產品：
RHA® 皮膚填充物的收集
$30,503 $32,133 $96,704 $94,180 
DAXXIFY®
28,324 21,976 79,170 59,980 
產品總收入，淨額
$58,827 $54,109 $175,874 $154,160 
與我們的產品客戶簽訂的合同應收賬款和合同責任如下：
9月30日,2023年12月31日,
(以千爲單位)20242023
應收賬款：
應收賬款，毛額
$35,961 $27,975 
壞賬準備
(1,544)(950)
淨應收賬款總額$34,417 $27,025 
合同負債：
遞延收入，流動$383 $884 
合同負債總額，當前
$383 $884 
合作收入
Viatris協議
協議條款
我們於2018年2月簽署了viatris協議，根據該協議，我們在viatris地區獨家與viatris合作，開發、生產和商業化一種onabotulinumtoxinA生物類似藥。
viatris已累計支付我們$60百萬的不可退還的預付款和里程碑費用截至2024年9月30日，協議規定了額外的剩餘有條件付款，最高可達$70百萬，總計，在實現某些臨床和監管里程碑以及指定的、分級的銷售里程碑（最高可達$225百萬）時。這些付款並不代表商品或服務轉讓的融資組成部分。此外，viatris需要向我們支付任何在美國銷售的生物仿製藥低至中等雙位數的特許權使用費，在歐洲的任何銷售中支付中等雙位數的特許權使用費，在其他美國以外的viatris領土的任何銷售中支付高單位數的特許權使用費。然而，我們已同意在商業化後的前大約50期間，免除美國銷售的特許權使用費，最高可達$ 四年 百萬的年度銷售，以抵消啓動成本。
營業收入確認
我們根據ASC 606的範圍，使用最可能金額法估算了viatris協議的交易價格。爲了判斷交易價格，我們評估了在合同期間將收到的所有付款，包括里程碑和viatris支付的對價。除了預付款，viatris協議下我們可能賺取的所有其他里程碑和對價都面臨與開發成果、viatris終止協議的權利以及成本分攤付款的估計努力相關的不確定性。這些成本分攤付款估計努力的元件包括內部和外部成本。因此，交易價格不包括任何里程碑和對價，如果包括這些，可能會在相關不確定性解決時導致營業收入的重大回退。在每個報告期結束時，我們重新評估每個里程碑的實現可能性及任何相關限制，並在必要時調整我們對整體交易價格的估計。基於銷售的里程碑和版稅在銷售發生之前不包括在交易價格內，因爲基礎價值
12
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
與許可證相關，並且許可證是Viatris協議中的主要特徵。截止到2024年9月30日，分配給未履行績效義務的交易價格爲$30.0 百萬美元。
我們根據開發服務的成本佔預估提供的總開發服務成本的比例確認營業收入，並估計遞延營業收入。爲了營業收入確認目的，預計的開發期間會在2030年達到會計程序結束日期。該期間可能會發生變化，並且會在每個報告日期進行評估。《ASC 606財務報表與客戶簽約的營收（ASC 606）》要求實體對交易價格中包含的可變考慮金額進行約束。如果存在可能導致累計確認的營業收入出現重大逆轉的潛在情況，可變考慮金額將被視爲「受約束」。作爲約束評估的一部分，我們考慮了許多因素，包括兩方責任的某種轉變會導致淨成本分擔支付和總項目預算的變化，該變化難以在本報告日期前預測到結果。我們將繼續在每個報告期中評估可變交易價格和相關營業收入確認，並在上述不確定性解決或其他情況發生變化時進行評估。截至2024年9月30日止的三個月和九個月內，我們根據Viatris協議確認了與開發服務相關的營業收入，分別爲$1.0 百萬美元和美元1.3 百萬。截至2023年9月30日止的三個月和九個月內，合作收入來自生物類似藥項目。 沒有 合作收入來自生物類似藥項目。
復星許可證協議
協議條款
2018年12月，我們與復星簽訂了許可協議，授予復星在復星領土開發和商業化DaxibotulinumtoxinA注射劑的獨家權利，以及某些次級許可權。
截至2024年9月30日，復星已向我們支付不可退還的預付款和其他付款，總額爲$41.0百萬美元，未扣除外國預提稅。在中國國家藥品監督管理局於2024年9月批准DAXXIFY後，® 復星有義務向我們支付$13.5百萬，額外的$1.5百萬美元的里程碑付款，我們在2024年10月收到了該款項。我們還可以獲得(i)在實現某些里程碑時最多$204.5百萬美元的其他剩餘支付，以及(ii)按年淨銷售額的低雙位數到高十幾個百分點的分級特許權使用費。如果(i)我們在復星地區沒有任何有效且未過期的專利主張覆蓋該產品，(ii)該產品的生物仿製藥在復星地區銷售，或(iii)復星需要向第三方支付賠償以避免專利侵權或在復星地區營銷該產品，特許權使用費百分比將被相應減少。
收入確認
我們使用最可能的金額方法估算了復星許可協議的交易價格。我們評估了合同期內將收到的所有可變付款，其中包括特定里程碑的付款、特許權使用費和預計交付的供應量。我們將在每個報告期和情況發生變化時重新評估交易價格。截至2024年9月30日，分配給未履行的履約義務的交易價格爲美元56.0百萬。在截至2024年9月30日的三個月和九個月中， 不 收入已從復星許可協議中確認。在截至2023年9月30日的三個月和九個月中，我們確認的收入低於美元0.1百萬和美元0.1分別爲百萬與復星許可協議有關。
我們將在控制DAXXIFY的單一履行義務上確認營業收入® 提供給復星後，控制權轉移開始時，營業收入將以與DAXXIFY預計交付一致的模式確認® 在該協議的期限內，預計將延續至2040年。這個期限可能會發生變化，並在每個報告日期進行評估。
13
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
與我們的合作客戶簽訂的合同的應收賬款和合同負債如下：
9月30日,2023年12月31日,
(以千爲單位)20242023
應收賬款：
應收賬款淨額 — viatris$346 $631 
應收賬款淨額 — 富耐13,500 4 
淨應收賬款總額$13,846 $635 
合同負債：
待處理營業收入，流動資產 — viatris$5,723 $9,853 
待處理營業收入，流動資產 — 佛森223 — 
合同負債總額，當前$5,946 $9,853 
待處理營業收入，非流動資產 — viatris$29,798 $29,444 
待處理營業收入，非流動資產 — 佛森55,752 40,975 
合同負債總額，非流動資產$85,550 $70,419 
2024年9月30日結束的九個月內，與合作營收客戶合同相關的合同負債發生變化如下：
(以千爲單位)
2023年12月31日餘額$80,272 
營業收入確認(1,330)
票據和調整，淨額12,554 
2024年9月30日餘額$91,496 

14
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
5. 現金及現金等價物與短期投資
以下表格是我們現金等價物和開空投資的彙總：
2024年9月30日2023年12月31日
以千爲單位Adjusted Cost未實現收益公允價值Adjusted Cost未實現收益未實現損失公允價值
美國國債證券$70,872 $54 $70,926 $133,168 $30 $— $133,198 
商業本票44,790 5 44,795 49,433 — (15)49,418 
貨幣市場基金45,251 — 45,251 39,280 — — 39,280 
美國政府機構債務13,744 13 13,757 3,961 — (1)3,960 
現金及可供出售證券的總額$174,657 $72 $174,729 $225,842 $30 $(16)$225,856 
分類爲:
貨幣等價物$49,238 $109,270 
短期投資125,491 116,586 
總現金等價物和可供出售證券$174,729 $225,856 
截至2024年9月30日和2023年12月31日，我們所有的現金等價物和開空投資都是可出售的，並且合同到期日均在一年以內。這些證券沒有出現其他臨時性減值。

6. 無形資產，淨額
下表列出了無形資產的主要類別，以及那些尚未完全攤銷或減值的資產的加權平均剩餘使用壽命：
2024年9月30日
（以千爲單位，除了在年份中）剩餘使用壽命
(以年計)		總賬面價值累計攤銷淨賬面價值
分銷權3.5$32,334 $(24,700)$7,634 
總無形資產$32,334 $(24,700)$7,634 
2023年12月31日
(以千爲單位，除年份外)加權平均剩餘使用壽命
(以年計)		總賬面價值累計攤銷累計減值金額淨賬面價值
分銷權4.3$32,334 $(23,064)$— $9,270 
內部開發的科技(1)
1.58,918 (4,408)(3,972)538 
(1)
獲得的開發技術0.016,200 (6,525)(9,675)— 
客戶關係0.010,300 (7,940)(2,360)— 
總無形資產$67,752 $(41,937)$(16,007)$9,808 
15
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
(1)2024年3月31日結束的三個月內，我們將自行開發的技術的淨賬面金額重新分類爲「停止經營的非流動資產」，以符合停止經營的展示要求。0.5 百萬 在有關停止經營的呈報中，我們將自主開發技術的淨賬面金額重新分類爲「停止經營的非流動資產」。
上述表格中無形資產的攤銷費用是根據相關資產的功能記錄在壓縮綜合損益表和綜合損益表中。 攤銷費用的詳細分解已總結在壓縮綜合損益表和綜合損益表中，如下所示：
 截至2024年9月30日的三個月截至2024年9月30日的九個月
(以千爲單位)
無形資產的攤銷 (1)
分類爲停止運營 (2)
分類爲持續運營
無形資產的攤銷 (1)
分類爲停止運營 (2)
分類爲持續經營
攤銷
$545 $— $545 $1,636 $— $1,636 
銷售、一般及行政費用
— — — 528 (528)— 
研發— — — 10 (10)— 
2025財年（剩餘九個月） 19,003 2026財年 24,240 2027財年 22,064 2028財年 21,577 2029財年 18,823 2030財年 16,317 總攤銷費用$545 $— $545 $2,174 $(538)$1,636 
 
截至2023年9月30日的三個月
截至2023年9月30日的九個月
(以千爲單位)
無形資產的攤銷 (1)
被分類爲終止經營 (2)
被分類爲持續經營
無形資產的攤銷 (1)
被分類爲終止經營 (2)
分類爲持續經營
攤銷$1,491 $(946)$545 $5,459 $(3,823)$1,636 
銷售、一般及行政費用464 (430)34 2,998 (1,717)1,281 
2025財年（剩餘九個月） 19,003 2026財年 24,240 2027財年 22,064 2028財年 21,577 2029財年 18,823 2030財年 16,317 總攤銷費用$1,955 $(1,376)$579 $8,457 $(5,540)$2,917 
(1)該金額代表在簡明合併收益表和綜合虧損表中，針對已停用控件展示進行重新分類影響之前的攤銷費用。
(2)金額代表了在縮減合併的經營及綜合損失報表中，持續控件的當前期間和以前期間的重新分類。
根據截至2024年9月30日的無形資產金額，接下來的五個財政年度預計的攤銷費用如下：
截至12月31日的年度(以千爲單位)
2024年剩下的三個月$546 
20252,181 
20262,181 
20272,181 
2028545 
2029年及以後— 
總計$7,634 
16
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
7. 存貨
存貨包括以下內容：
9月30日,12月31日
(以千爲單位)20242023
原材料$3,725 $3,938 
在製品44,077 17,418 
成品37,411 24,223 
總存貨$85,213 $45,579 

8. 應計費用及其他流動負債
應計費用和其他流動負債包括以下內容：
9月30日,2023年12月31日,
(以千爲單位)20242023
與應計有關：
補償(1)
$10,372 $30,267 
銷售、一般及行政費用9,546 9,019 
研發5,916 5,173 
存貨5,056 1,478 
特許權1,319 1,919 
利息支出590 1,919 
其他流動負債(1)
1,223 3,088 
總預提及其他流動負債$34,022 $52,863 
(1)已重新分類與已停止經營相關的流動負債金額，以符合當前期間的呈現。

9. 租賃
金融租賃
ABPS服務協議包含一項租賃，該租賃於2022年1月開始，涉及一條專用的填充和包裝生產線，用於製造DAXXIFY。® 因爲它具有一個特定的資產，該資產在物理上是獨特的，我們根據ASC 842有控制權。控制權的轉移是因爲嵌入式租賃給予我們(i)獲得填充和包裝生產線的幾乎所有經濟利益的權利，這主要得益於專用製造能力的獨佔性，以及(ii)通過我們的採購訂單對填充和包裝生產線的使用進行指導的權利。每一方都有權在不造成損失的情況下終止ABPS服務協議，須提前 18 一個月書面通知另一方。該租賃在綜合資產負債表中被分類爲融資租賃。
2024年2月，我們簽訂了ABPS服務協議第二次修正案，將ABPS服務協議的期限延長至2027年12月31日，並修改了我們對符合產品和延遲的救濟措施。2024年4月，我們在ABPS服務協議下籤訂了一份工作聲明，我們的最低購買義務被確立爲$25.1 million，截至2024年12月31日到期。最低購買義務將根據ABPS的實際製造產量進行減少。
17
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
經營租賃
我們的經營租賃主要包括用於研究、製造業-半導體和行政功能的不可取消的設施租約。我們的不可取消設施經營租賃的原始租賃期限分別在2027年至2034年到期，幷包括 一份 或更多期權進行續租 七年 to 十四年。我們的經營租賃的月租金隨剩餘租期遞增。我們的租賃合同中不包含終止期權、殘值擔保或限制性契約。
經營租賃轉租收入
2024年5月，我們簽訂了一份轉租協議，根據該協議，在田納西州的納什維爾我們轉租了辦公空間的部分。轉租期從2024年6月到2034年12月， 沒有 有延長期限。根據轉租協議，我們將收到的未經摺扣的總付款額爲5.2百萬美元，不包括變量租金收入。該轉租按運營租賃進行會計處理，相應收入分類於我們的損益表和綜合損益表中的「其他費用，淨額」內。
我們的財務和運營租賃成本總結如下：
 截至9月30日的三個月截至9月30日的九個月
(以千爲單位)2024202320242023
融資租賃:
融資租賃使用權資產的攤銷 (1)
$13,100 $3,297 $28,315 $6,965 
融資租賃負債利息219 270 673 1,278 
可變租金成本 (2)
12 62 173 436 
總融資租賃成本13,331 3,629 29,161 8,679 
經營租賃:
經營租賃成本2,766 3,138 8,308 9,657 
可變租金成本 (3)
668 534 2,031 1,589 
轉租收入
(124)— (165)— 
總運營租賃費用3,310 3,672 10,174 11,246 
總租金成本$16,641 $7,301 $39,335 $19,925 
(1)融資租賃使用權資產的攤銷在2023年第二季度開始被資本化到合併資產負債表中的存貨，這是由於FDA批准了ABPS製造業設施的PAS。
(2)變量融資租賃成本包括驗證、資格、材料和其他未包含在租賃負債中的相關服務，這些服務在發生時會被計入費用。
(3)變量營業租賃成本包括管理費、公共區域維護費、物業稅、保險和停車費，這些費用不包含在租賃負債中，而是按發生額支出。
18
目錄
REVANCE治療公司，INC。
基本報表附註 - 續
(未經審計)
截至2024年9月30日，我們有$3.2 百萬與ABPS服務協議下的灌裝和包裝生產線租賃相關的應付賬款。此外，我們的租賃負債到期情況如下：
(in thousands)Finance LeaseOperating Leases
Year Ending December 31,
2024 remaining three months$7,799 $1,780 
20253,178 10,854 
2026— 11,185 
2027— 4,536 
2028— 4,021 
2029 and thereafter— 24,565 
Total lease payments10,977 56,941 
Less imputed interest(136)(15,526)
Present value of lease payments$10,841 $41,415 
Our lease contracts do not provide readily determinable implicit rates, as such, we used the estimated incremental borrowing rate based on the information available at the adoption, commencement, or remeasurement date. As of September 30, 2024, weighted-average remaining lease terms and discount rates are as follows:
Finance LeaseOperating Leases
Weighted-average remaining lease term (years)0.37.7
Weighted-average discount rate10.0 %10.0 %
Supplemental cash flow information related to the leases was as follows:
Nine Months Ended September 30,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$7,851 $6,264 
Operating cash flows from finance lease$532 $1,280 
Financing cash flows from finance lease$12,572 $15,513 
Right-of-use assets obtained in exchange for lease liabilities
Finance lease$21,600 $23,781 
Operating leases$— $22,694 
Lease Not Yet Commenced
PCI Supply Agreement
In April 2021, we entered into the PCI Supply Agreement pursuant to which PCI would serve as a non-exclusive manufacturer and supplier of DAXXIFY®. The initial term of the PCI Supply Agreement is dependent upon the date of regulatory submission for the manufacturing of DAXXIFY® and may be terminated by either party in accordance with the terms of the PCI Supply Agreement. The term of the PCI Supply Agreement may also be extended for one additional three-year term upon mutual agreement of the parties.
The PCI Supply Agreement contains a lease related to a dedicated fill-and-finish line and closely related assets for manufacturing of products because it has identified assets that are physically distinct for which we will have the right of control as defined under ASC 842. The right of control is conveyed because the embedded lease will provide us with both (i)
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
the right to obtain substantially all of the economic benefit from the fill-and-finish line resulting from the exclusivity implied from the dedicated manufacturing capacity and (ii) the right to direct the use of the fill-and-finish line.
The embedded lease had not yet commenced as of September 30, 2024. The accounting commencement and recognition of the right-of-use lease assets and lease liabilities related to the embedded lease will take place when we have substantively obtained the right of control. The embedded lease is preliminarily classified as a finance lease.
Pursuant to the PCI Supply Agreement, we are responsible for certain costs associated with the design, equipment procurement and validation, and facilities-related costs, monthly payments and minimum purchase obligations throughout the initial term of the PCI Supply Agreement. As of September 30, 2024, we have made prepayments of $41.5 million to PCI which is recorded within “Finance lease prepaid expense” in the condensed consolidated balance sheets. Based on our best estimate as of September 30, 2024, our remaining minimum commitment under the PCI Supply Agreement is $10.0 million for 2024, $14.4 million for 2025, $19.2 million for 2026, $25.8 million for 2027, $29.5 million for 2028, and $134.5 million for 2029 and thereafter in aggregate.

10. Debt

The following table provides information regarding our debt:
September 30,December 31,
(in thousands)20242023
2027 Notes, non-current
$287,500 $287,500 
Less: Unamortized debt issuance costs(3,279)(4,279)
Carrying amount of the 2027 Notes284,221 283,221 
Notes payable principal and exit fee, current10,150 2,500 
Notes payable principal and exit fee, non-current140,831 147,500 
Less: Unamortized debt discount and exit fee(3,000)(2,700)
Less: Unamortized debt issuance costs(1,011)(1,426)
Carrying amount of Notes Payable146,970 145,874 
Total debt$431,191 $429,095 
Interest expense relating to our debt in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Contractual interest expense$4,517 $3,830 $13,478 $10,620 
Amortization of debt discount and exit fee1,400 157 1,951 329 
Amortization of debt issuance costs596 447 1,565 1,310 
Total interest expense$6,513 $4,434 $16,994 $12,259 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Convertible Senior Notes
In February 2020, we issued the 2027 Notes, in the aggregate principal amount of $287.5 million, pursuant to the Indenture. The 2027 Notes are senior unsecured obligations and bear interest at a rate of 1.75% per year, payable semiannually in arrears on February 15 and August 15 of each year, began on August 15, 2020. The 2027 Notes will mature on February 15, 2027, unless earlier converted, redeemed or repurchased. In connection with issuing the 2027 Notes, we received $278.3 million in net proceeds, after deducting the initial purchasers’ discount, commissions, and other issuance costs.
The 2027 Notes may be converted at any time by the holders prior to the close of business on the business day immediately preceding November 15, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call any or all of the 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after November 15, 2026 until the close of business on the second scheduled trading day immediately preceding the Maturity Date, holders may convert all or any portion of their 2027 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.
The conversion rate will initially be 30.8804 shares of our common stock per $1,000 principal amount of the 2027 Notes (equivalent to an initial conversion price of approximately $32.38 per share of our common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the Maturity Date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event or notice of redemption, as the case may be.
We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. The threshold to redeem has not been met as of September 30, 2024. No sinking fund is provided for the 2027 Notes.
If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
Capped Call Transactions
Concurrently with the 2027 Notes, we entered into capped call transactions with the option counterparties and used $28.9 million of the net proceeds from the 2027 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilutive effect upon conversion of the 2027 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a price cap of $48.88 of our common stock per share, which represents a premium of 100% over the last reported sale price of our common stock on February 10, 2020. The capped calls have an initial strike price of $32.38 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the 2027
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Notes. The capped call transactions cover, subject to anti-dilution adjustments, approximately 8.9 million shares of our common stock.
The capped call transactions are separate transactions that we entered into with the option counterparties and are not part of the terms of the 2027 Notes. As the capped call transactions meet certain accounting criteria, the premium paid of $28.9 million was recorded as a reduction in additional paid-in capital in the condensed consolidated balance sheets, and will not be remeasured to fair value as long as the accounting criteria continue to be met. As of September 30, 2024 and December 31, 2023, we had not purchased any shares under the capped call transactions.

Note Purchase Agreement
In March 2022, we entered into the Note Purchase Agreement and issued the First Tranche in an aggregate principal amount for all such Notes of $100 million. In August 2023, we entered into the First Amendment to reduce the Second Tranche from $100 million to $50 million, and we subsequently issued $50 million to the Purchasers. Additionally, the First Amendment increased the uncommitted Third Tranche from $100 million to $150 million. The uncommitted Third Tranche was available until March 31, 2024, subject to the satisfaction of certain conditions set forth in the Note Purchase Agreement, including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DAXXIFY® preceding the date of the draw request for the Third Tranche, and approval by Athyrium, which we did not draw on.
Our obligations under the Note Purchase Agreement are secured by substantially all of our assets and the assets of our wholly owned domestic subsidiaries, including their respective intellectual property.
The notes issued pursuant to the First Tranche and Second Tranche bear interest at an annual fixed interest rate equal to 8.50%. We are required to make quarterly interest payments on each Notes Payable commencing on the last business day of the calendar month following the funding date thereof, and continuing until the Maturity Date. Pursuant to the First Amendment, the Company is required to repay Athyrium the outstanding principal amount of the Second Tranche notes in installments on the last business day of each March, June, September and December (commencing in September 2024), in each case, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026; followed by repayment of the Second Tranche in full on September 18, 2026. The Maturity Date may be extended to March 18, 2028 if, as of September 18, 2026, less than $90 million principal amount of our existing 2027 Notes remain outstanding and with the consent of the Purchasers. Initially, all principal for each tranche is due and payable on the Maturity Date. At our option, we may prepay the outstanding principal balance of all or any portion of the principal amount of the Notes Payable, subject to a prepayment fee equal to (i) a make-whole amount if the prepayment occurs on or prior to the first anniversary of the NPA Effective Date and (ii) 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the NPA Effective Date but on or prior to the second anniversary of the NPA Effective Date. Upon prepayment or repayment of all or any portion of the principal amount of the Notes Payable (whether on the Maturity Date or otherwise), we are also required to pay an exit fee to the Purchasers.
The Note Purchase Agreement includes affirmative and negative covenants applicable to us, our current subsidiaries and any subsidiaries we create in the future. The affirmative covenants include, among others, covenants requiring us to maintain our legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. We must also (i) maintain at least $30.0 million of unrestricted cash and cash equivalents in accounts subject to a control agreement in favor of Athyrium at all times (the Minimum Cash Covenant) and (ii) upon the occurrence of certain specified events set forth in the Note Purchase Agreement, achieve at least $70.0 million of Consolidated Teoxane Distribution Net Product Sales on a trailing twelve-months basis. The negative covenants include, among others, restrictions on our transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and undergoing a change in control, in each case subject to certain exceptions.
If we do not comply with the affirmative and negative covenants, such non-compliance may be an event of default under the Note Purchase Agreement. The Note Purchase Agreement also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 2.0% and would provide
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Athyrium, as administrative agent, with the right to exercise remedies against us and the collateral, including foreclosure against our property securing the obligations under the Note Purchase Agreement, including our cash. These events of default include, among other things, our failure to pay principal or interest due under the Note Purchase Agreement, a breach of certain covenants under the Note Purchase Agreement, our insolvency, the occurrence of a circumstance which could have a material adverse effect and the occurrence of any default under certain other indebtedness.
11. Stockholders’ Deficit and Stock-Based Compensation
2014 EIP
On January 1, 2024, the number of shares of common stock reserved for issuance under the 2014 EIP increased by 3.5 million shares. For the nine months ended September 30, 2024, 3.3 million shares of stock awards were granted under the 2014 EIP. As of September 30, 2024, 5.7 million shares were available for issuance under the 2014 EIP.
2014 IN
In 2024, 0.3 million shares of stock awards were granted under the 2014 IN before the plan's expiration date of August 25, 2024. No shares were available for issuance as of September 30, 2024.
HintMD Plan
For the nine months ended September 30, 2024, no stock options or awards were granted under the HintMD Plan. As of September 30, 2024, 0.1 million shares were available for issuance under the HintMD Plan.
2014 ESPP
On January 1, 2024, the number of shares of common stock reserved for issuance under the 2014 ESPP increased by 0.3 million shares. As of September 30, 2024, 1.7 million shares were available for issuance under the 2014 ESPP.
Net Loss per Share
Our basic net loss per share from continuing operations is calculated by dividing the net loss from continuing operations by the weighted average number of shares of common stock outstanding for the period. Our basic net loss per share from discontinued operations is calculated by dividing the net loss from discontinued operations by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share from both continuing and discontinued operations are calculated by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, shares of common stock underlying the 2027 Notes at the initial conversion price, outstanding stock options, unvested stock awards, and shares of common stock expected to be purchased under the 2014 ESPP, are considered common stock equivalents, which were excluded from the computation of diluted net loss per share because including them would have been antidilutive.
Common stock equivalents that were excluded from the computation of diluted net loss per share for both continuing and discontinued operations are presented below:
 September 30,
 20242023
Convertible senior notes8,878,9388,878,938
Unvested RSUs and PSUs5,269,9023,266,886 
Outstanding stock options3,540,8193,886,868
Unvested RSAs and PSAs588,152949,059
Shares of common stock expected to be purchased under the 2014 ESPP138,642118,258
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Follow-On Offering
In March 2024, we completed a follow-on offering, pursuant to which we issued 16.0 million shares of common stock at a price to the public of $6.25 per share (except with respect to 30,000 shares sold and issued to Mark Foley, our president, chief executive officer, and director, at $6.98 per share), for net proceeds of $97.1 million, after underwriting discounts and offering costs.
ATM Offering Programs
On May 10, 2022, we entered into the 2022 ATM Agreement with Cowen. Under the 2022 ATM Agreement, we may sell up to $150.0 million of our common stock. We are not obligated to sell any shares under the 2022 ATM Agreement. Subject to the terms and conditions of the 2022 ATM Agreement, Cowen will use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Global Market, to sell shares from time to time based upon our instructions, including any price, time or size limits specified by us. We pay Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Cowen with customary indemnification and contribution rights.
In 2023, we sold 3.2 million shares of common stock under the 2022 ATM Agreement at a weighted average price of $31.90 per share, resulting in net proceeds of $100.0 million after sales agent commissions and offering costs. No shares of common stock were sold during the nine months ended September 30, 2024 from the 2022 ATM Agreement.
Stock-based Compensation Expense
The following table summarizes our stock-based compensation expense by line item in our condensed consolidated statements of operations and comprehensive loss:
(in thousands)Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Stock-based Compensation before Discontinued Operation Adjustments(1)
Classified as Discontinued Operations (2)
Classified as Continuing Operations
Stock-based Compensation before Discontinued Operation Adjustments(1)
Classified as Discontinued Operations (2)
Classified as Continuing Operations
Selling, general and administrative
$3,491 $— $3,491 $15,631 $(73)$15,558 
Research and development
1,091 — 1,091 3,736 83 3,819 
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense)4,582 — 4,582 19,367 10 19,377 
Capitalized stock-based compensation expense230 — 230 722 — 722 
Total stock-based compensation expense$4,812 $— $4,812 $20,089 $10 $20,099 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
(in thousands)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Stock-based Compensation before Discontinued Operation Adjustments(1)
Classified as Discontinued Operations (2)
Classified as Continuing Operations
Stock-based Compensation before Discontinued Operation Adjustments(1)
Classified as Discontinued Operations (2)
Classified as Continuing Operations
Selling, general and administrative
$8,599 $(730)$7,869 $31,042 $(2,204)$28,838 
Research and development
1,688 (647)1,041 7,926 (3,416)4,510 
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense)10,287 (1,377)8,910 38,968 (5,620)33,348 
Capitalized stock-based compensation expense1,570 — 1,570 4,207 — 4,207 
Total stock-based compensation expense$11,857 $(1,377)$10,480 $43,175 $(5,620)$37,555 
(1)Amount represents the stock-based compensation expense before the impact of reclassification for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss.
(2)Amount represents the reclassification for the current and prior periods for the discontinued operation presentation in the condensed consolidated statements of operations and comprehensive loss.
12. Fair Value Measurements
The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy:
September 30, 2024
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets
U.S. treasury securities$70,926 $70,926 $— $— 
Money market funds45,251 45,251 — — 
U.S. government agency obligations13,757 13,757 — — 
Commercial paper44,795 — 44,795 — 
Total assets measured at fair value$174,729 $129,934 $44,795 $— 
December 31, 2023
(in thousands)Fair ValueLevel 1Level 2Level 3
Assets
U.S. treasury securities$133,198 $133,198 $— $— 
Money market funds39,280 39,280 — — 
U.S. government agency obligations3,960 3,960 — — 
Commercial paper49,418 — 49,418 — 
Total assets measured at fair value$225,856 $176,438 $49,418 $— 
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)



For Level 1 investments, we use quoted prices in active markets for identical assets to determine the fair value. For Level 2 investments, we use quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades of or quotes on the same or similar securities. We do not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services.
The fair value of the 2027 Notes and the Notes Payable (Note 10) was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. We present the fair value of the 2027 Notes and the Notes payable for disclosure purposes only. As of September 30, 2024, and December 31, 2023, the fair value of the 2027 Notes was $246.1 million and $219.2 million, respectively. As of September 30, 2024 the fair value of the Notes Payable was approximately the same as its unamortized carrying value.
13. Commitments and Contingencies
Teoxane Agreement
In January 2020, we entered into the Teoxane Agreement, as amended, pursuant to which Teoxane granted us the exclusive right to import, market, promote, sell and distribute Teoxane’s line of Resilient Hyaluronic Acid® dermal fillers, which include: (i) RHA® Collection of dermal fillers, and (ii) the RHA® Pipeline Products in the U.S. and U.S. territories and possessions, in exchange for 2,500,000 shares of our common stock and certain other commitments by us. The Teoxane Agreement continues to be effective for a term of 10 years. The term ends on December 31, 2029 and may be extended for a two-year period ending December 31, 2031 upon the mutual agreement of the parties. We are required to meet certain minimum purchase obligations during each year of the term. Our minimum purchase obligation for the year ending December 31, 2024 is $52 million. We are also required to meet certain minimum expenditure requirements in connection with commercialization and promotion of RHA® Collection of dermal fillers and RHA® Pipeline Products, which is $36 million for the year ending December 31, 2024. Minimum expenditures related to the commercialization and promotion of the RHA® Collection of dermal fillers and RHA® Pipeline Products after December 31, 2024 will be determined at a later date.
On October 24, 2024, we entered the Sixth Amendment, under which our minimum purchase commitments are as follows: (i) $60 million for 2025; (ii) $67.8 million for 2026; (iii) $76.7 million for 2027; (iv) $86.6 million for 2028; and (v) $97.8 million for 2029. Additionally, the Sixth Amendment (a) updates and clarifies certain branding guidelines, (b) establishes a marketing task force to review promotional materials, (c) establishes a medical education task force to promote the exchange of best practices, (d) deems the breach of certain provisions under the Teoxane Agreement to be material breaches for purposes of early termination, including the failure to adhere to branding guidelines and timely deliver certain reports and (e) increases our minimum and maximum buffer stock requirements to align with our new purchase commitments.
Either party may terminate the Teoxane Agreement in the event of the insolvency of, or a material breach by, the other party, including certain specified breaches that provide Teoxane the right to terminate the Teoxane Agreement for our failure to meet the minimum purchase requirements or commercialization expenditure during specified periods, our failure to adhere to the branding guidelines or timely deliver certain reports or for our breach of the exclusivity obligations under the Teoxane Agreement.
Other Contingencies
As of September 30, 2024, we are obligated to pay BTRX up to a remaining $15.5 million upon the satisfaction of certain milestones relating to our product revenue, intellectual property, and clinical and regulatory events.
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)
Indemnification
We have standard indemnification agreements in the ordinary course of business. Under these indemnification agreements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to our technology. The term of these indemnification agreements is generally perpetual after the execution of the agreements. The maximum potential amount of future payments we are obligated to pay under other indemnification agreements is not determinable because it involves claims for indemnification that may be made against us in the future but have not been made. We have not yet incurred material costs to defend lawsuits or settle claims related to indemnification agreements.
We have indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual.
For the nine months ended September 30, 2024 and 2023, no material amounts associated with the indemnification agreements have been recorded.
Litigation
In October 2021, Allergan filed a complaint against us and ABPS, one of our manufacturing sources of DAXXIFY®, in the U.S. District Court for the District of Delaware, alleging infringement of the following patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,033,625; 7,354,740; 8,409,828; 11,124,786; and 7,332,567. Allergan claims that our formulation for DAXXIFY® and ABPS’s manufacturing process used to produce DAXXIFY® infringes its patents. Allergan also asserted a patent with claims related to a substrate for use in a botulinum toxin detection assay. On November 3, 2021, we filed a motion to dismiss. On November 24, 2021, Allergan filed an amended complaint against us and ABPS, alleging infringement of an additional patent assigned and/or licensed to Allergan: U.S. Patent No. 11,147,878. On December 17, 2021, we filed a second motion to dismiss, and on January 14, 2022, Allergan filed an opposition to that motion. We filed a reply to Allergan’s opposition on January 21, 2022, and on August 19, 2022, the court denied our second motion to dismiss. On September 2, 2022, we filed an answer and counterclaims to Allergan's amended complaint. On December 30, 2022, Allergan filed a second amended complaint against us and ABPS, alleging infringement of three additional patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,203,748; 11,326,155; and 11,285,216. On January 20, 2023, we filed an answer and counterclaims to Allergan's second amended complaint. On March 3, 2023, we filed invalidity contentions, which challenge Allergan’s asserted patents. A Markman hearing was held on June 28, 2023, and a decision was issued on August 29, 2023. On September 15, 2023, U.S. Patent No. 7,332,567 was dismissed from the case with prejudice. Allergan reduced the asserted claims to claim 8 of U.S. Patent No. 7,354,740, claims 5 and 8 of U.S. Patent No. 11,203,748, claim 10 of U.S. Patent No. 11,033,625, claims 1, 4, 6, and 20 of U.S. Patent No. 11,147,878, and claim 1 of U.S. Patent No. 11,285,216 via a Stipulation and Order dated June 21, 2024. The jury trial is scheduled to begin in December 2024.
On December 10, 2021, a putative securities class action complaint was filed against the Company and certain of its officers on behalf of a class of stockholders who acquired the Company’s securities from November 25, 2019 to October 11, 2021, in the U.S. District Court for the Northern District of California. The complaint alleges that the Company and certain of its officers violated Sections 10(b) and 20(a) of Exchange Act by making false and misleading statements regarding the manufacturing of DAXXIFY® and the timing and likelihood of regulatory approval and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The court appointed the lead plaintiff and lead counsel on September 7, 2022. The lead plaintiff filed an amended complaint on November 7, 2022. On January 23, 2023, we filed a motion to dismiss, and on March 30, 2024, the Court granted the motion with leave for the plaintiff to amend the complaint. On May 1, 2024, the plaintiff filed an amended complaint, which asserted similar claims to those in the prior complaint. On June 25, 2024, the Company filed a motion to dismiss the amended complaint.

We dispute the claims in these lawsuits and intend to defend these matters vigorously. These lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcomes of the lawsuits are necessarily uncertain. We could be forced to expend significant resources in the defense of either lawsuit, and we may not prevail. In addition, we may incur substantial legal fees and costs in connection with each lawsuit.
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REVANCE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

We record a provision for a liability when we believe that it is both probable that a liability has incurred, and the amount can be reasonably estimated. As of both September 30, 2024 and December 31, 2023, no such provision for liabilities related to the above litigation matters were recorded on the condensed consolidated balance sheets.
14. Subsequent Event
Sixth Amendment & ANZ Distribution Agreement
On October 24, 2024, the Company and Teoxane entered into (i) the Sixth Amendment which, among other things, (a) establishes minimum purchase commitments through 2029, (b) updates and clarifies certain branding guidelines, (c) establishes a marketing task force to review product promotional materials, (d) establishes a medical education task force to promote the exchange of best practices, (e) deems breach of certain provisions under the Teoxane Agreement material breaches for purposes of early termination, including the failure to adhere to branding guidelines and timely deliver certain reports and (f) amends our minimum and maximum buffer stock requirements to align with our new purchase commitments (as discussed in Note 13); and (ii) the ANZ Distribution Agreement, pursuant to which Teoxane will act as the Company’s and Revance Australia’s, exclusive distributor and licensee in Australia and New Zealand of certain products containing DaxibotulinumtoxinA-lanm, including DAXXIFY®, for the treatment of (a) temporary improvements in the appearance of glabellar lines and other indications related to altering cosmetic appearance and (b) cervical dystonia. The ANZ Distribution Agreement will continue in full force and effect until December 31, 2040. Pursuant to the ANZ Distribution Agreement, Teoxane will make certain payments to the Company, including an upfront payment, certain regulatory and commercial milestone payments and high single-digit to mid-teen royalty payments for the sale of products in Australia and New Zealand. Teoxane will be required to purchase a minimum volume of products per year beginning in 2030. We are evaluating the accounting impact of the Sixth Amendment and ANZ Distribution Agreement.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the accompanying notes appearing elsewhere in this Report and in conjunction with our other SEC filings, including our FY2023 Form 10-K.
This Report, including the documents incorporated by reference herein, contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this Report and the documents incorporated by reference herein, including statements regarding our future financial condition, regulatory approvals, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. In addition, any statements that refer to our financial outlook or projected performance, profitability expectations, amortization expectations, anticipated growth, milestone expectations, future expenses and cash flows, anticipated working capital requirements, market forecasts, capital expenditures, cash preservation plans, liquidity and financing requirements; our ability to fund our operations, including our ability to alleviate any substantial doubt regarding the same; expectations with respect to the Offer and the Merger, including the timing thereof and the likelihood of the Offer being commenced on the same terms as previously announced, or at all; our and Crown's ability to successfully complete the Merger; the impact to the Company if the Merger is not completed; our ability to comply with our debt obligations, including with respect to the Minimum Cash Covenant; repayment of our indebtedness under the Note Purchase Agreement upon the closing of the Merger; our future financing plans and strategies; our ability to raise additional capital; our ability to develop and commercialize innovative aesthetic and therapeutic offerings; our ability to obtain, and the timing relating to, regulatory submissions and approvals with respect to our drug product candidates and third-party manufacturers, including with respect to the PAS for the PCI manufacturing facility; our opportunity in therapeutics; development of an onabotulinumtoxinA biosimilar; the process and our ability to effectively and reliably manufacture supplies of DAXXIFY®; our ability to manufacture or receive sufficient supply of our Products in order to meet commercial demand; expectations regarding DAXXIFY® Zero-cost Inventory; our ability to maintain and seek out new strategic third-party collaborations to support our goals; research and development expenses and expectations; patent defensive measures; timing and expenses related to our ongoing litigation matters; the possibility of stockholder litigation in connection with the Offer and Merger, and the impacts thereof; our ability to defend ourselves in ongoing litigation; international expansion, including with respect to the approval of DAXXIFY® for cervical dystonia and glabellar lines by the TGA and other regulatory bodies; and our ability to comply with applicable laws and regulations; are forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in Item 1A. “Risk Factors” and elsewhere in this Report and our FY2023 Form 10-K.
You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements represent our estimates and assumptions only as of the date of this Report. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason to conform these statements to actual results or to changes in our expectations. You should read this Report, together with the information incorporated herein by reference, with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
Summary of Risk Factors
Investing in our common stock involves risks. See Item 1A. “Risk Factors” in this Report and in our FY2023 Form 10-K for a discussion of the following principal risks and other risks that make an investment in Revance speculative or risky.
•There are significant risks and uncertainties associated with the pending Offer and Merger, including the risk that the Offer or the Merger may not be completed in a timely manner or at all, or may be completed on modified terms. The
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Offer has not yet commenced. If the Offer does commence, closing of the Merger will remain subject to certain closing conditions that could adversely affect us or cause the Merger to be abandoned.
•Management has concluded there is substantial doubt about our ability to continue as a going concern. In order to mitigate the substantial doubt to continue as a going concern, we may be required to refinance our debt, conduct additional financings, restructure operations, sell assets or reduce our operating expenses. We have incurred significant losses since our inception and we anticipate that we will continue to incur operating losses for the foreseeable future and may not achieve or maintain profitability in the future. Our prior losses, combined with expected future losses, may adversely affect the market price of our common stock, our ability to raise capital and our ability to maintain compliance with our debt covenants.
•Our success as a company, including our ability to finance our business and generate revenue, and our future growth is substantially dependent on the clinical and commercial success of our Products. If we are unable to successfully commercialize our Products, complete the development and regulatory approval process of our product candidates, and maintain regulatory approval of our Products we may not be able to generate sufficient revenue to continue our business.
•We use third-party collaborators, including Teoxane, Viatris, Fosun, ABPS and PCI to help us develop, validate, manufacture and/or commercialize our products. Our ability to commercialize our products could be impaired or delayed if these collaborations are unsuccessful.

•DAXXIFY® and any future product candidates, if approved, may not achieve market acceptance among injectors, HCPs, healthcare organizations and administrators, others in the healthcare community and consumers and patients, and may not be commercially successful, which would adversely affect our operating results and financial condition.

•DAXXIFY®, the RHA® Collection of dermal fillers and any future product candidates will face significant competition, including from companies that enjoy significant competitive advantages, such as substantially greater financial, research and development, regulatory, manufacturing, marketing resources and expertise, greater brand recognition and more established relationships. Our failure to effectively compete may prevent us from achieving significant market penetration and expansion.
•If we are not able to effectively and reliably manufacture DAXXIFY® or any future product candidates at sufficient scale and appropriate cost, including through any third-party manufacturers, as well as acquire supplies of the RHA® Collection of dermal fillers from Teoxane, our product development, regulatory approval, commercialization and sales efforts and our ability to generate revenue may be adversely affected.
•Servicing our debt, including the 2027 Notes and Notes Payable, requires a significant amount of cash to pay our substantial debt. If we are unable to generate sufficient cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
•Macroeconomic and geopolitical factors and a public health crisis, such as the COVID-19 pandemic, have and may continue to adversely affect our business, as well as those of third-parties on which we rely for significant manufacturing, clinical or other business operations. They may also impact disposable income levels, which could reduce consumer spending and lower demand for our Products.
•We are subject to uncertainty relating to pricing and reimbursement. Failure to obtain or maintain adequate coverage, pricing and reimbursement for DAXXIFY® for therapeutics uses, or our other future approved products, if any, could have a material adverse impact on our ability to commercialize such products.
•Reports of adverse events or safety concerns involving our Products could delay or prevent the Company or Teoxane from maintaining regulatory approval for such Products, or obtaining additional regulatory approval for additional indications or future product candidates. The denial, delay or withdrawal of any such approval would
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negatively impact commercialization and could have a material adverse effect on our ability to generate revenue, business prospects, and results of operations.
•Unfavorable publicity relating to one or more of our Products, whether related to aesthetic or therapeutic indications, may affect the public perception of our entire portfolio of Products.

•Clinical drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results or actual consumer outcomes.
•If our efforts to protect our intellectual property related to DAXXIFY®, the RHA® Collection of dermal fillers or any future product candidates are not adequate, we may not be able to compete effectively. Additionally, we are currently and in the future may become involved in lawsuits or administrative proceedings to defend against claims that we infringe the intellectual property of others and to protect or enforce our patents or other intellectual property or the patents of our licensors, which could be expensive and time-consuming and would have a material adverse effect on our ability to generate revenue if we are unsuccessful.
•We are currently, and in the future may be, subject to securities class action and stockholder derivative actions. If other stockholder derivative actions, additional securities class actions or other lawsuits are brought against us, including product liability actions, and we cannot successfully defend ourselves, we may incur substantial liabilities or be required to limit commercialization of our products. Even a successful defense would require significant financial and management resources.
•As our business and operations continue to grow, we may need to expand our development, manufacturing, regulatory, sales, marketing and distribution capabilities. If and when we expand such capabilities, we may encounter difficulties in managing our growth, which could disrupt our operations.
•We have undertaken, and may in the future undertake, restructuring plans to adjust our investment priorities and manage our operating expenses, which plans may not result in the savings or operational efficiencies anticipated and could result in total costs and expenses that are greater than expected.

•If we are not successful in discovering, developing, acquiring and commercializing additional product candidates other than our current Products, our ability to expand our business and achieve our strategic objectives may be impaired.
•We have experienced and may experience in the future compromises or failures of our information technology systems or data, or those of third-parties upon which we rely, which could adversely affect our business. Despite significant efforts to secure against such threats, it is impossible to entirely mitigate these risks.
•Changes in and failures to comply with applicable laws, regulations and standards may adversely affect our business, operations and financial performance.
•If we fail to attract and retain qualified personnel at all levels and functions, we may be unable to successfully execute our objectives.

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Overview
Revance is a biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings. Revance’s portfolio includes DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection and the RHA® Collection of dermal fillers in the U.S. Revance has also partnered with Viatris to develop a biosimilar to onabotulinumtoxinA for injection and Fosun to commercialize DAXXIFY® in China.
Recent Developments

Pending Merger
On August 11, 2024, the Company and the Buyer Parties entered into the Merger Agreement, pursuant to which Crown will cause Merger Sub to commence the Offer as promptly as practicable, but in no event later than fifteen business days after the date of the Merger Agreement or such other date as may be agreed to between the Company and Crown, to purchase all of our outstanding Shares of common stock, par value $0.001 per Share, of the Company at a price of $6.66 per Share, in cash, without interest and less any required tax withholding. As a result of discussions between the Company and Teoxane regarding an alleged breach of the Teoxane Agreement, the Buyer Parties extended the date by which Merger Sub was obligated to commence the tender offer for all of the Shares pursuant to the Merger Agreement. The Company and Crown agreed to extend the Offer commencement date to November 12, 2024. The Merger Agreement contemplates that, as soon as practicable following the consummation of the Offer, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Crown. The Offer has not commenced. If the Offer commences, consummation of the Offer and closing of the Merger will remain subject to customary closing conditions, including (i) the Minimum Condition; (ii) the absence of any order, injunction or law prohibiting the Offer or the closing of the Merger; (iii) obtaining applicable approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which approval has already been received; and (iv) the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, and compliance with the covenants and agreements contained in the Merger Agreement as of the closing of the Merger. If the Merger is completed, it is expected that our common stock will thereafter be removed from listing on the Nasdaq Global Market and from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended.

Both parties have termination rights under certain circumstances. If the Merger Agreement is terminated under certain circumstances, the Company may be required to pay a $28.8 million termination fee to Crown, including if the Company accepts a Superior Proposal.

The description of the Merger Agreement throughout this Report does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to our Current Report on Form 8-K filed on August 12, 2024 and incorporated by reference as Exhibit 2.1 hereto. In addition, refer to “Item 1A. Risk Factors" in this Report for a discussion of the relevant risks regarding the pending Merger with Crown.

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Teoxane Agreement
On August 16, 2024, the Company received a notice to remedy alleged material breaches, including breaches of the maximum levels of buffer stock and required efforts to promote and sell the RHA® Collection of dermal fillers, under the Teoxane Agreement. Following discussions between the Company and Teoxane, the parties entered into the Settlement Agreement, pursuant to which Teoxane (i) waived any right to terminate the Teoxane Agreement with respect to any breaches that may have occurred, existed or arose on or prior to the date of the Settlement Agreement; and (ii) expressly acknowledged that there are no items currently in dispute between Teoxane and the Company.

On October 24, 2024, the Company and Teoxane entered into the Sixth Amendment which, among other things, (a) establishes minimum purchase commitments through 2029, (b) updates and clarifies certain branding guidelines, (c) establishes a marketing task force to review promotional materials, (d) establishes a medical education task force to promote the exchange of best practices, (e) deems breach of certain provisions under the Teoxane Agreement material breaches for purposes of early termination, including the failure to adhere to branding guidelines and timely deliver certain reports and (f) amends our minimum and maximum buffer stock requirements to align with our new purchase commitments (as discussed in Note 13). Either party may terminate the Teoxane Agreement in the event of the insolvency of, or a material breach by, the other party, including certain specified breaches that include the right for Teoxane to terminate the Teoxane Agreement for our failure to meet the minimum purchase requirements or commercialization expenditure during specified periods, our failure to adhere to the branding guidelines or timely deliver certain reports or for our breach of the exclusivity obligations under the Teoxane Agreement.

On October 24, 2024, the Company and Teoxane also entered into the ANZ Distribution Agreement, pursuant to which Teoxane will act as the Company's and Revance Australia's, exclusive distributor and licensee in Australia and New Zealand of certain products containing DaxibotulinumtoxinA-lanm, including DAXXIFY®, for the treatment of (a) temporary improvements in appearance of glabellar lines and other indications related to altering cosmetic appearance and (b) cervical dystonia. The ANZ Distribution Agreement will continue in full force and effect until December 31, 2040. Pursuant to the ANZ Distribution Agreement, Teoxane will make certain payments to the Company, including an upfront payment, certain regulatory and commercial milestone payments and high single-digit to mid-teen royalty payments. Teoxane will be required to purchase a minimum volume of products per year beginning in 2030.

The Company is currently seeking the approval of its DaxibotulinumtoxinA for Injection Category 1 registration application with the TGA for the temporary improvement of glabellar lines and treatment of cervical dystonia in adult patients, which was filed on November 2, 2023.

Revance Aesthetics
For the three and nine months ended September 30, 2024, we generated $58.8 million and $175.9 million in revenue from the sale of our Products. For the three and nine months ended September 30, 2023, we generated $54.1 million and $154.2 million, respectively, in revenue from the sale of our Products.

DAXXIFY®
For the three and nine months ended September 30, 2024, we recognized $28.3 million and $79.2 million in net product revenue from the sale of DAXXIFY®, respectively. For the three and nine months ended September 30, 2023, we recognized $22.0 million and $60.0 million in product revenue from the sale of DAXXIFY®, respectively.
RHA® Collection of Dermal Fillers
For the three and nine months ended September 30, 2024, we recognized $30.5 million and $96.7 million in product revenue from the sale of the RHA® Collection of dermal fillers, respectively. For the three and nine months ended September 30, 2023, we recognized $32.1 million and $94.2 million in product revenue from the sale of the RHA® Collection of dermal fillers, respectively.

In April 2024, the Company launched RHA® 3 for injection into the vermillion body, vermillion border and oral commissure for lip augmentation and lip fullness in adults aged 22 years and older.

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Fosun Partnership
On September 9, 2024, we announced that China’s NMPA approved Fosun’s biologics license application for DaxinbotulinumtoxinA for Injection for the improvement of glabellar lines. In October 2024, we received the milestone payment of $13.5 million, net of $1.5 million of foreign withholding taxes.

Revance Therapeutics
In May 2024, the Company expanded into the U.S. therapeutics market with the commercial launch of DAXXIFY® for the treatment of cervical dystonia. As of September 30, 2024, DAXXIFY for the treatment of cervical dystonia had coverage for over 80% of commercial lives.

Follow-On Offering
In March 2024, we completed a follow-on offering, pursuant to which we issued 16.0 million shares of common stock at a price to the public of $6.25 per share (except with respect to 30,000 shares which were sold and issued to Mark Foley, our chief executive officer and director, at $6.98 per share), for net proceeds of $97.1 million, after underwriting discounts and estimated offering costs.
Exit of the Fintech Platform Business
In September 2023, we commenced a plan to exit the Fintech Platform business as the costs and resources required to support the Fintech Platform no longer aligned with the Company’s capital allocation priorities. The exit and restructuring activities included elimination of Fintech Platform personnel, the termination of Fintech Platform research and development activities and an elimination of outside services expenses related to the Fintech Platform. Based on such plan, substantially all payment processing activities for Fintech Platform customers ended on January 31, 2024 and we substantially completed the activities related to winding down the remaining Fintech Platform operations as of March 31, 2024. Beginning as of March 31, 2024, the Service Segment is presented as a discontinued operation in our condensed consolidated financial statements with certain prior period amounts retrospectively revised to reflect this change. Although we discontinued the Service Segment, we do not expect the discontinuation of the Service Segment to have a material effect on our liquidity going forward. See Part I, Item 1, “Financial Information—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 3 — Exit of the Fintech Platform Business” in this Report for additional information.
Results of Operations
In connection with the completion of the exit of the Fintech Platform business discussed above, the results of our Fintech Platform business have been reflected as discontinued operations in our condensed consolidated financial statements as of and for the period ended September 30, 2024. Certain prior year figures were reclassified to conform to the current period presentation. Additionally, we began operating under a single reportable segment as of March 31, 2024. See Part I, Item 1, “Financial Information—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 3 — Exit of the Fintech Platform Business” in this Report for additional information. Accordingly, the results of operations discussed below no longer include a discussion of the Service Segment and the effect of the Service Segment on prior period amounts have been retrospectively revised for comparative purposes to more accurately reflect the period over period changes in our continuing operations.
Revenue
We generate product revenue from the sale of our Products. We generate collaboration revenue from an onabotulinumtoxinA biosimilar program with Viatris as well as the collaboration with Fosun for the development and commercialization of DaxibotulinumtoxinA for Injection. The service revenue generated from the Fintech Platform is classified as discontinued operations as discussed in Part I, Item 1. “Condensed Consolidated Financial Statements (Unaudited)—Notes to Condensed Consolidated Financial Statements (Unaudited) —Note 3—Exit of the Fintech Platform Business”.
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Product Revenue
Our breakdown of revenue by Product is summarized below:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Product:
RHA® Collection of dermal fillers
$30,503 $32,133 $(1,630)(5)%$96,704 $94,180 $2,524 3 %
DAXXIFY®
28,324 21,976 $6,348 29 %79,170 59,980 $19,190 32 %
Total product revenue, net
$58,827 $54,109 $4,718 9 %$175,874 $154,160 $21,714 14 %
For both the three and nine months ended September 30, 2024, our net total product revenue increased compared to the same periods in 2023 primarily due to an increase in sales volume across both product lines, and partially offset by an overall reduction in average selling prices for both product lines.
Collaboration Revenue
We are actively developing an onabotulinumtoxinA biosimilar in collaboration with Viatris. As described in Part I, Item 1. “Condensed Consolidated Financial Statements (Unaudited)—Notes to Condensed Consolidated Financial Statements (Unaudited) —Note 4—Revenue,” we generally recognize collaboration revenue for the onabotulinumtoxinA biosimilar program based on the determined transactions price of the contract multiplied by the quotient of the cost of development services incurred over the total estimated cost of development services for the expected duration of our performance obligations. For the three and nine months ended September 30, 2024, we recognized revenue related to development services under the Viatris Agreement of $1.0 million and $1.3 million, respectively. For the three and nine months ended September 30, 2023, we recognized no revenue related to development services under the Viatris Agreement.
We are also working with Fosun to develop and commercialize DaxibotulinumtoxinA for Injection in the Fosun Territory under the Fosun License Agreement. As described in Part I, Item 1. “Condensed Consolidated Financial Statements (Unaudited)—Notes to Condensed Consolidated Financial Statements (Unaudited) —Note 4—Revenue,” 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. Upon China’s NMPA approval of DAXXIFY® for the improvement of glabellar lines in September 2024, Fosun was obligated to pay us a milestone payment of $13.5 million, net of $1.5 million foreign withholding taxes, which we received in October 2024. The milestone payment was included as “Deferred revenue” on the condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, no collaboration revenue is recognized from the Fosun License Agreement. For the three and nine months ended September 30, 2023, revenue of less than $0.1 million and $0.1 million, respectively, was recognized from the Fosun License Agreement, respectively.

Operating Expenses
Operating expenses associated with the Fintech Platform business were classified as discontinued operations as discussed in Part I, Item 1. “Condensed Consolidated Financial Statements (Unaudited)—Notes to Condensed Consolidated Financial Statements (Unaudited) —Note 3—Exit of the Fintech Platform Business”.
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Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Operating expenses:
Cost of product revenue (exclusive of amortization)$17,633 $16,821 $812 5 %$50,179 $46,915 $3,264 7 %
Selling, general and administrative62,578 65,791 $(3,213)(5)%197,314 202,523 $(5,209)(3)%
Research and development11,379 8,688 $2,691 31 %41,674 43,844 $(2,170)(5)%
Amortization545 374 $171 46 %1,636 1,636 $— — %
Total operating expenses$92,135 $91,674 $461 1 %$290,803 $294,918 $(4,115)(1)%
Cost of product revenue (exclusive of amortization)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Cost of product revenue (exclusive of amortization)
Purchasing and manufacturing costs$15,835 $15,413 $422 3 %$45,044 $41,974 $3,070 7 %
Distribution, royalty and other fulfillment charges1,798 1,408 $390 28 %5,135 4,941 $194 4 %
Total cost of product revenue (exclusive of amortization)$17,633 $16,821 $812 5 %$50,179 $46,915 $3,264 7 %
Cost of product revenue (exclusive of amortization) is generally incurred when our Products are delivered and primarily consists of the purchasing cost of the RHA® Collection of dermal fillers and manufacturing costs of DAXXIFY® and distribution expenses, royalty, other fulfillment costs related to the RHA® Collection of dermal fillers and DAXXIFY®. Substantially all of DAXXIFY® manufacturing expenses incurred prior to DAXXIFY® GL Approval were classified as research and development expenses, resulting in Zero-cost Inventory.
Our cost of product revenue (exclusive of amortization) for the three and nine months ended September 30, 2024 increased compared to the same periods in 2023, primarily due to higher sales volume of our Products. When Zero-cost Inventory, which is further discussed below, is depleted, we expect our cost of product revenue (exclusive of amortization) associated with DAXXIFY® to increase. We also anticipate that our cost of product revenue (exclusive of amortization) associated with the RHA® Collection of dermal fillers to increase as sales volume increases.
Purchasing and manufacturing costs
For the three and nine months ended September 30, 2024, purchasing and manufacturing costs increased compared to the same periods in 2023, primarily due to the higher sales volume of our Products.
Distribution, royalty and other fulfillment charges
For the three and nine months ended September 30, 2024, distribution, royalty, and other fulfillment costs increased compared to the same periods in 2023, primarily due to higher sales volume of our Products.
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Impact of Zero-cost Inventory for DAXXIFY®
For the three and nine months ended September 30, 2024, the cost of product revenue (exclusive of amortization) would have increased by approximately $5 million and $18 million, respectively, if cost of product revenue (exclusive of amortization) included previously expensed inventories. For the three and nine months ended September 30, 2023, the cost of product revenue (exclusive of amortization) would have increased by approximately $3 million and $11 million, respectively, if cost of product revenue (exclusive of amortization) included previously expensed inventories. We expect to utilize existing Zero-cost Inventory until depleted in the near-term. Once depleted, we expect our cost of product revenue (exclusive of amortization) associated with DAXXIFY® to increase.

Selling, General and Administrative Expenses
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Selling, general and administrative$58,727 $59,862 $(1,135)(2)%$181,709 $177,632 $4,077 2 %
Stock-based compensation3,491 8,599 $(5,108)(59)%15,631 31,042 $(15,411)(50)%
Depreciation and amortization360 633 $(273)(43)%1,924 3,815 $(1,891)(50)%
Less: selling, general, and administrative expenses classified as discontinued operations— (3,303)$3,303 (100)%(1,950)(9,966)$8,016 (80)%
Total selling, general and administrative expenses$62,578 $65,791 $(3,213)(5)%$197,314 $202,523 $(5,209)(3)%
Selling, general and administrative expenses (before stock-based compensation and depreciation and amortization)
Selling, general and administrative expenses (before stock-based compensation and depreciation and amortization) consist primarily of the following:
•Costs of sales and marketing activities and sales force compensation related to our Products; and
•Personnel and professional service costs in our finance, information technology, investor relations, legal, human resources, and other administrative departments;
For the three months ended September 30, 2024, selling, general and administrative expenses decreased compared to the same period in 2023, primarily due to the implementation of cost efficiency measures during the current year, partially offset by increased sales and marketing expense for therapeutics, increased legal costs, and transaction costs related to the pending Merger. For the nine months ended September 30, 2024, selling, general and administrative expenses increased compared to the same period in 2023, primarily due to $7.3 million of transaction costs related to the pending Merger, an increase in sales and marketing activities in preparation for our DAXXIFY® therapeutics launch, and certain litigation matters, partially offset by cost efficiency measures realized during the period.
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Stock-based compensation
For the three and nine months ended September 30, 2024, stock-based compensation included in selling, general and administrative expenses decreased $5.1 million and $15.4 million, respectively, compared to the same periods in 2023, primarily due to the (i) stock-based compensation expense recognized for the vesting of the DAXXIFY® GL Approval PSU in March 2023, (ii) the impact of the exit of the Fintech Platform business, (iii) the stock-based compensation expense recognized for the vesting of certain market-based PSUs in May 2023, and (iv) lower grant-date fair value of stock awards granted in 2024 compared to 2023, partially offset by expenses associated with certain equity award modifications in selling, general and administrative functions.
Research and Development Expenses
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Research and development$9,953 $11,200 $(1,247)(11)%$38,605 $48,118 $(9,513)(20)%
Stock-based compensation1,091 1,688 $(597)(35)%3,736 7,926 $(4,190)(53)%
Depreciation and amortization335 172 $163 95 %1,090 3,000 $(1,910)(64)%
Less: research and development expenses classified as discontinued operations— (4,372)$4,372 (100)%(1,757)(15,200)$13,443 (88)%
Total research and development expenses$11,379 $8,688 $2,691 31 %$41,674 $43,844 $(2,170)(5)%
Research and development expenses (before stock-based compensation and depreciation and amortization)
We generally do not allocate costs by product candidates unless contractually required by our business partners. Research and development expenses (before stock-based compensation and depreciation and amortization) consist primarily of:
•Personnel costs in our research and development functions;
•expenses related to the initiation and completion of clinical trials and studies for the RHA® Pipeline Products and an onabotulinumtoxinA biosimilar, including expenses related to the production of clinical supplies;
•expenses related to the manufacturing of supplies for clinical activities, regulatory approvals, and pre-commercial inventory;
•certain expenses related to the establishment and maintenance of our manufacturing facilities;
•expenses related to medical affairs, medical information, publications and pharmacovigilance oversight;
•expenses related to license fees, milestone payments, and development efforts under in-licensing agreements;
•expenses related to compliance with drug development regulatory requirements in the U.S. and other foreign jurisdictions;
•fees paid to clinical consultants, CROs and other vendors, including all related fees for investigator grants, patient screening fees, laboratory work and statistical compilation and analysis; and
•other consulting fees paid to third-parties;
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For the three and nine months ended September 30, 2024, research and development expenses (before stock-based compensation and depreciation and amortization) decreased compared to the same periods in 2023, primarily due to the FDA approval of our PAS submission for the ABPS manufacturing facility in late March 2023 which allowed manufacturing related expenses for DAXXIFY® to be capitalized on the condensed consolidated balance sheet. Prior to the approval, such manufacturing related expenses were classified as research and development expense in the condensed consolidated statements of operations and comprehensive loss.
Our research and development expenses (before stock-based compensation and depreciation and amortization) are subject to numerous uncertainties, primarily related to the timing and cost needed to complete our respective projects. The development timelines, probability of success and development expenses can differ materially from expectations, and the completion of clinical trials may take several years or more depending on the type, complexity, novelty and intended use of a product candidate. Accordingly, the cost of clinical trials may vary significantly over the life of a project as a result of differences arising during clinical development. We expect our research and development expenses (before stock-based compensation and depreciation and amortization) to be relatively consistent in the near term, primarily due to deferring the Phase 3 clinical program for upper limb spasticity and other therapeutics pipeline activities. However, we will continue sharing certain development costs with Teoxane related to the RHA® Pipeline Products, and other activities related to the pursuit of approval for the PCI manufacturing facility.
When we conduct additional clinical trials, such as for our biosimilar program or additional DAXXIFY® therapeutic indications, we expect our research and development expenses (before stock-based compensation and depreciation and amortization) to increase. Depending on the stage of completion and level of effort related to each development phase undertaken, we may reflect variations in our research and development expenses. We expense both internal and external research and development expenses as they are incurred.
Stock-based compensation
For the three and nine months ended September 30, 2024, stock-based compensation included in research and development expenses decreased compared to the same periods in 2023, primarily due to the (i) stock-based compensation expense recognized from the vesting of the DAXXIFY® GL Approval PSU in March 2023, (ii) impact of the exit of the Fintech Platform business, (iii) the stock-based compensation expense recognized for the vesting of certain market-based PSUs in May 2023; and (iv) lower grant-date fair value from stock awards granted in 2024 in comparison to 2023, offset by lower capitalized stock-based compensation in 2024.
Amortization
Amortization presented separately on the condensed consolidated statements of operations and comprehensive loss represents the amortization for the distribution rights, which is within the functional area of cost of product revenue. Refer to Part I, Item 1. “Condensed Consolidated Financial Statements (Unaudited)—Notes to Condensed Consolidated Financial Statements (Unaudited) —Note 3—Exit of the Fintech Platform Business” for the amortization expense classified as discontinued operations.

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Net Non-Operating Income and Expense
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except percentages)20242023Change% Change20242023Change% Change
Interest income$2,631 $3,733 $(1,102)(30)%$8,806 $9,851 $(1,045)(11)%
Interest expense(6,732)(5,093)$(1,639)32 %(17,667)(13,958)$(3,709)27 %
Other expense, net(258)(223)$(35)16 %(1,149)(1,056)$(93)9 %
Total net non-operating expense$(4,359)$(1,583)$(2,776)175 %$(10,010)$(5,163)$(4,847)94 %
Interest Income
Interest income primarily consists of interest income earned on our deposit, money market fund, and investment balances. We expect interest income to vary each reporting period depending on our average deposit, money market fund, and investment balances during the period and market interest rates.
Interest Expense
Interest expense includes cash and non-cash components. The cash component of the interest expense primarily consists of the contractual interest charges for our 2027 Notes and Notes Payable, as well as our finance lease liability interest expense. The non-cash component of the interest expense primarily consists of the amortization of debt issuance costs for our 2027 Notes and the amortization of debt insurance cost, debt discount, and exit fee for the Notes Payable.
For the three and nine months ended September 30, 2024, interest expense increased compared to the same periods in 2023 due to interest associated with the issuance of the Second Tranche of the Notes payable in August 2023, and partially offset by a decrease in interest expense for our finance lease liability.
Other Expense, net
Other expense, net primarily consists of miscellaneous tax and other expense items partially offset by office lease sublease income.
Liquidity and Capital Resources

Our financial condition is summarized as follows:
(in thousands)September 30,December 31, 2023
Increase/(Decrease)
Cash, cash equivalents, and short-term investments$184,076 $253,915 $(69,839)
Working capital$249,638 $249,641 $(3)
Stockholders’ deficit$(163,030)$(151,604)$11,426 
Sources and Uses of Cash
We hold our cash, cash equivalents, and short-term investments in bank accounts and interest-bearing instruments subject to investment guidelines for high credit quality. Our investment portfolio is structured to provide for investment maturities and access to cash to fund our anticipated working capital needs.
As of September 30, 2024 and December 31, 2023, we had cash, cash equivalents and short-term investments of $184.1 million and $253.9 million, respectively, which reflected a decrease between these periods of $69.8 million. The decrease was primarily due to cash used in operating activities of $148.2 million, principal payments on a finance lease of $12.6 million, finance lease prepayment of $9.1 million, purchases of property and equipment of $2.2 million, and payment
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of debt principal and an exit fee of $1.3 million. The decrease was primarily offset by proceeds from a follow-on public offering, net of underwriting discount of $97.6 million and other cash inflows of $6.0 million.
We derived the following summary of our condensed consolidated cash flows for the periods indicated from Part I, Item 1, “Financial Information—Condensed Consolidated Financial Statements (Unaudited)” in this Report:
 Nine Months Ended September 30,
(in thousands)20242023
Net cash provided by (used in):
Operating activities$(148,157)$(173,844)
Investing activities$(15,305)$107,370 
Financing activities$83,327 $138,196 
Cash Flows from Operating Activities
Our cash used in operating activities is primarily driven by personnel costs, manufacturing and facility costs, sales and marketing activities, and general and administrative support, offset by revenue generated from the sale of our Products. Our cash flows from operating activities will continue to be affected principally by the revenue generated from our Products and our working capital requirements, with a primary focus on commercial operations.
Cash used in operating activities for nine months ended September 30, 2024 consisted of approximately $314 million in expenditures related to overall operations, partially offset by approximately $166 million in cash receipts from our revenue. The increase in net cash used in operating activities for the nine months ended September 30, 2024, compared to 2023 is primarily driven by expenditures related to supporting the Company’s commercial growth, and partially offset by an increase in cash receipt from Product sales.
Cash used in operating activities for the nine months ended September 30, 2023 consisted of approximately $326 million in expenditures related to overall operations, partially offset by approximately $152 million in cash receipts from our revenue.
Cash Flows from Investing Activities
For the nine months ended September 30, 2024 and 2023, net cash provided by or used in investing activities was primarily due to fluctuations in the timing of purchases and maturities of investments, prepayment on a finance lease, and purchases of property and equipment.
Cash Flows from Financing Activities
For the nine months ended September 30, 2024, net cash provided by financing activities was driven by proceeds from follow-on public offering, net of underwriting discount, and proceeds from the exercise of stock options and employee stock purchase plan, which was offset by the principal payments on finance lease obligations, payment of debt principal and exit fee, net settlement of stock awards for employee taxes, and payments of offering costs.
For the nine months ended September 30, 2023, net cash provided by financing activities was driven by the proceeds from the ATM, net of commissions, the issuance of the Notes Payable pursuant to the Note Purchase Agreement, net of debt discount and the exercise of stock options and purchases of our common stock through the 2014 ESPP. The inflows were offset by the net settlement of stock awards for employee taxes, and principal payments on finance lease obligations.

Convertible Senior Notes
In February 2020, we issued the 2027 Notes, in the aggregate principal amount of $287.5 million, pursuant to the Indenture. The 2027 Notes are senior unsecured obligations and bear interest at a rate of 1.75% per year, payable semiannually in arrears on February 15 and August 15 of each year, began on August 15, 2020. The 2027 Notes will mature
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on February 15, 2027, unless earlier converted, redeemed or repurchased. In connection with issuing the 2027 Notes, we received $278.3 million in net proceeds, after deducting the initial purchasers’ discount, commissions, and other issuance costs.
The 2027 Notes may be converted at any time by the holders prior to the close of business on the business day immediately preceding November 15, 2026 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on June 30, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the measurement period in which the trading price (as defined in the Indenture) per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (iii) if we call any or all of the 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after November 15, 2026 until the close of business on the second scheduled trading day immediately preceding the Maturity Date, holders may convert all or any portion of their 2027 Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.
The conversion rate will initially be 30.8804 shares of our common stock per $1,000 principal amount of the 2027 Notes (equivalent to an initial conversion price of approximately $32.38 per share of our common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the Maturity Date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event or notice of redemption, as the case may be.
We may redeem for cash all or any portion of the 2027 Notes, at our option, on or after February 20, 2024 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. The threshold to redeem has not been met as of September 30, 2024. No sinking fund is provided for the 2027 Notes.
If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
Within the time periods required by the terms of the Indenture, we have agreed to deliver any notices (including with respect to holders’ rights to require repurchase or conversion of the convertible notes), certificates, supplemental indentures and other documents that might be required under the convertible notes indenture and take all other actions that are required under the terms of the 2027 Notes, the Indenture or under applicable law, including as a result of the transactions contemplated by the Merger Agreement, to the extent constituting a “Fundamental Change” or “Make-Whole Fundamental Change” (as such terms are defined in the Indenture).
We used $28.9 million of the net proceeds from the 2027 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilutive effect upon conversion of the 2027 Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a price cap of $48.88 of our common stock per share, which represents a premium of 100% over the last reported sale price of our common stock on February 10, 2020. The capped calls have an initial strike price of $32.38 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the 2027 Notes. The capped call transactions cover, subject to anti-dilution adjustments, approximately 8.9 million shares of our common stock.
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Note Purchase Agreement
In March 2022, we entered into the Note Purchase Agreement and issued the First Tranche in an aggregate principal amount for all such Notes of $100 million. In August 2023, we entered into the First Amendment to reduce the Second Tranche from $100 million to $50 million, and we subsequently issued $50 million to the Purchasers. Additionally, the First Amendment increased the uncommitted Third Tranche from $100 million to $150 million. The uncommitted Third Tranche was available until March 31, 2024, subject to the satisfaction of certain conditions set forth in the Note Purchase Agreement, including the achievement of greater than or equal to $50 million in trailing twelve months revenue for DAXXIFY® preceding the date of the draw request for the Third Tranche, and approval by Athyrium, which we did not draw on.
Our obligations under the Note Purchase Agreement are secured by substantially all of our assets and the assets of our wholly owned domestic subsidiaries, including their respective intellectual property.
The notes issued pursuant to the First Tranche and Second Tranche bear interest at an annual fixed interest rate equal to 8.50%. We are required to make quarterly interest payments on each Notes Payable commencing on the last business day of the calendar month following the funding date thereof, and continuing until the Maturity Date. Pursuant to the First Amendment, the Company is required to repay Athyrium the outstanding principal amount of the Second Tranche notes in installments on the last business day of each March, June, September and December (commencing in September 2024), in each case, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026; followed by repayment of the Second Tranche in full on September 18, 2026. The Maturity Date may be extended to March 18, 2028 if, as of September 18, 2026, less than $90 million principal amount of our existing 2027 Notes remain outstanding and with the consent of the Purchasers. Initially, all principal for each tranche is due and payable on the Maturity Date. At our option, we may prepay the outstanding principal balance of all or any portion of the principal amount of the Notes Payable, subject to a prepayment fee equal to (i) a make-whole amount if the prepayment occurs on or prior to the first anniversary of the NPA Effective Date and (ii) 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the NPA Effective Date but on or prior to the second anniversary of the NPA Effective Date. Upon prepayment or repayment of all or any portion of the principal amount of the Notes Payable (whether on the Maturity Date or otherwise), we are also required to pay an exit fee to the Purchasers.
The Note Purchase Agreement includes affirmative and negative covenants applicable to us, our current subsidiaries and any subsidiaries we create in the future. The affirmative covenants include, among others, covenants requiring us to maintain our legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding deposit accounts. We must also (i) maintain at least $30.0 million of unrestricted cash and cash equivalents in accounts subject to a control agreement in favor of Athyrium at all times (the Minimum Cash Covenant) and (ii) upon the occurrence of certain specified events set forth in the Note Purchase Agreement, achieve at least $70.0 million of Consolidated Teoxane Distribution Net Product Sales on a trailing twelve-months basis. The negative covenants include, among others, restrictions on our transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets and undergoing a change in control, in each case subject to certain exceptions.
If we do not comply with the affirmative and negative covenants, such non-compliance may be an event of default under the Note Purchase Agreement. The Note Purchase Agreement also includes events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 2.0% and would provide Athyrium, as administrative agent, with the right to exercise remedies against us and the collateral, including foreclosure against our property securing the obligations under the Note Purchase Agreement, including our cash. These events of default include, among other things, our failure to pay principal or interest due under the Note Purchase Agreement, a breach of certain covenants under the Note Purchase Agreement, our insolvency, the occurrence of a circumstance which could have a material adverse effect and the occurrence of any default under certain other indebtedness.

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Follow-On Offering
In March 2024, we completed a follow-on offering, pursuant to which we issued 16.0 million shares of common stock at a price to the public of $6.25 per share (except with respect to 30,000 shares to be sold and issued to Mark Foley, our president, chief executive officer, and director, at $6.98 per share), for net proceeds of $97.1 million, after underwriting discounts and offering costs.

ATM Offering Program
In 2023, we sold 3.2 million shares of common stock under the 2022 ATM Agreement at a weighted average price of $31.90 per share, resulting in net proceeds of $100.0 million after sales agent commissions and offering costs. No shares of common stock were sold during the three and nine months ended September 30, 2024 from the 2022 ATM Agreement.
Common Stock and Common Stock Equivalents
As of October 31, 2024, outstanding shares of common stock were 104.9 million, unvested RSUs and PSUs were 5.1 million, outstanding stock options were 3.5 million, unvested RSAs and PSAs were 0.6 million, shares expected to be purchased under the 2014 ESPP were 0.1 million and shares of common stock underlying the 2027 Notes was 8.9 million, based upon the initial conversion price.
Operating and Capital Expenditure Requirements - Going Concern
We expect to continue to incur operating losses for the foreseeable future as we continue to devote resources to the commercialization, research and development, manufacturing development and regulatory approval of our products. However, there are numerous risks and uncertainties regarding our planned activities, and as a result our funding requirements.

Disciplined capital allocation continues to be a priority; however, we have spent and expect to continue to spend significant resources towards the costs of completing the pending Merger, including legal and financial advisory fees and other transaction costs, certain of which are payable by the Company whether or not the Merger is completed. Also, in addition to quarterly interest payments and exit fees, beginning in September 2024, the Company started repaying to Athyrium the outstanding principal amount of the Second Tranche Notes, based on the following principal amortization payment schedule: 2.5% in September and December 2024; 5.0% in March and June 2025; 7.5% in September and December 2025; and 10.0% in March and June 2026.

In addition, we expect that we will continue to expend substantial resources for the foreseeable future and in the long-term to support the growth of the aesthetics portfolio of Products and DAXXIFY® for the treatment of cervical dystonia and to support our ongoing operations. In particular, we anticipate that we will continue to invest substantial resources in our commercialization efforts and the manufacturing and supply of DAXXIFY® for commercialization. In addition, in connection with the Teoxane Agreement, we must continue to make specified annual minimum purchases of the RHA® Collection of dermal fillers, which amounts have increased following our entry into the Sixth Amendment (see Note 13 for additional information), and meet annual minimum investments in connection with the commercialization of the RHA® Collection of dermal fillers. In addition, we have dedicated manufacturing capacity, buyback obligations, cost sharing arrangements and related minimum purchase obligations under our manufacturing and supply agreements in connection with the manufacture and supply of DAXXIFY® and any product candidate. We also anticipate expending resources to continue to support the onabotulinumtoxinA biosimilar and Fosun partnerships. In the long term, in addition to the aforementioned expenditures, we anticipate our expenditures will include clinical programs for DAXXIFY® in other potential indications and international regulatory investments.

As of September 30, 2024, we had capital resources of $184.1 million consisting of cash, cash equivalents, and short-term investments. To date, we have funded our operations primarily through the sale of common stock, convertible senior notes, sales of Products, proceeds from notes issued pursuant to the Note Purchase Agreement and payments received from collaboration arrangements. We also have remaining capacity to sell up to $47.2 million of our common stock under the 2022 ATM Agreement as of September 30, 2024. Our forecasted liquidity is based on our current operating plan and
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excludes any impact from the pending consummation of the Merger. Based on that plan and excluding any impact of the pending consummation of the Merger, 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. Also, we are required to maintain compliance with the Minimum Cash Covenant in accordance with the terms of the Note Purchase Agreement (see Note 10). As a result, management has concluded that there is substantial doubt about our ability to continue as a going concern. In order to mitigate the substantial doubt to continue as a going concern, we may be required to refinance our debt, conduct additional financings, restructure operations, sell assets or reduce our operating expenses. If we are unable to generate sufficient revenue to fulfill our operating plan, secure additional capital when needed or sufficiently reduce our operating expenses, we may be unable to comply with the Minimum Cash Covenant or continue to operate our business.

See “Part II. Item 1A. Risk Factors—Management has concluded there is substantial doubt about our ability to continue as a going concern" in this Report and “Part I. Item 1A. Risk Factors—We have incurred significant losses since our inception and we anticipate that we will continue to incur operating losses for the foreseeable future and may not achieve or maintain profitability in the future” in our FY2023 Form 10-K for additional information.

Critical Accounting Policies and Estimates
For the nine months ended September 30, 2024, there have been no material changes in our critical accounting policies compared to those disclosed in Item 7 in our FY2023 Form 10-K.
Contractual Obligations
Except for the minimum purchase obligation under the Sixth Amendment discussed in Part I, Item 1, “Financial Information—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 13—Commitments and Contingencies”, there were no material changes outside of the ordinary course of business in our contractual obligations as of September 30, 2024, from those as of December 31, 2023 as reported in our FY2023 Form 10-K.
Recent Accounting Pronouncements
Refer to “Recent Accounting Pronouncements” in Part I, Item 1, “Financial Information—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 1—The Company and Summary of Significant Accounting Policies” in this Report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in interest rates. We do not hold or issue financial instruments for trading purposes. For the nine months ended September 30, 2024, our exposure to market risk did not change materially from what was disclosed in Item 7A in our FY2023 Form 10-K.

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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Report. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of the period covered by this Report, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
For the three months ended September 30, 2024, there were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are currently involved in litigation relating to claims arising out of our operations and may be involved in such litigation in the future. Such matters are subject to uncertainty and there can be no assurance that such legal proceedings will not have a material adverse effect on our business, results of operations, financial position or cash flows.
In October 2021, Allergan filed a complaint against us and ABPS, one of our manufacturing sources of DAXXIFY®, in the U.S. District Court for the District of Delaware, alleging infringement of the following patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,033,625; 7,354,740; 8,409,828; 11,124,786; and 7,332,567. Allergan claims that our formulation for DAXXIFY® and ABPS’s manufacturing process used to produce DAXXIFY® infringes its patents. Allergan also asserted a patent with claims related to a substrate for use in a botulinum toxin detection assay. On November 3, 2021, we filed a motion to dismiss. On November 24, 2021, Allergan filed an amended complaint against us and ABPS, alleging infringement of an additional patent assigned and/or licensed to Allergan: U.S. Patent No. 11,147,878. On December 17, 2021, we filed a second motion to dismiss, and on January 14, 2022, Allergan filed an opposition to that motion. We filed a reply to Allergan’s opposition on January 21, 2022, and on August 19, 2022, the court denied our second motion to dismiss. On September 2, 2022, we filed an answer and counterclaims to Allergan's amended complaint. On December 30, 2022, Allergan filed a second amended complaint against us and ABPS, alleging infringement of three additional patents assigned and/or licensed to Allergan: U.S. Patent Nos. 11,203,748; 11,326,155; and 11,285,216. On January 20, 2023, we filed an answer and counterclaims to Allergan's second amended complaint. On March 3, 2023, we filed invalidity contentions, which challenge Allergan’s asserted patents. A Markman hearing was held on June 28, 2023, and a decision was issued on August 29, 2023. On September 15, 2023, U.S. Patent No. 7,332,567 was dismissed from the case with prejudice. Allergan reduced the asserted claims to claim 8 of U.S. Patent No. 7,354,740, claims 5 and 8 of U.S. Patent No. 11,203,748, claim 10 of U.S. Patent No. 11,033,625, claims 1, 4, 6, and 20 of U.S. Patent No. 11,147,878, and claim 1 of U.S. Patent No. 11,285,216 via a Stipulation and Order dated June 21, 2024. The jury trial is scheduled to begin in December 2024.

On December 10, 2021, a putative securities class action complaint was filed against the Company and certain of its officers on behalf of a class of stockholders who acquired the Company’s securities from November 25, 2019 to October 11, 2021, in the U.S. District Court for the Northern District of California. The complaint alleges that the Company and certain of its officers violated Sections 10(b) and 20(a) of Exchange Act by making false and misleading statements regarding the manufacturing of DAXXIFY® and the timing and likelihood of regulatory approval and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees. The court appointed the lead plaintiff and lead counsel on September 7, 2022. The lead plaintiff filed an amended complaint on November 7, 2022. On January 23, 2023, we filed a motion to dismiss, and on March 30, 2024, the Court granted the motion with leave for the plaintiff to amend the complaint. On May 1, 2024, the plaintiff filed an amended complaint, which asserted similar claims to those in the prior complaint. On June 25, 2024, the Company filed a motion to dismiss the amended complaint.

We dispute the claims in these lawsuits and intend to defend these matters vigorously. These lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcomes of the lawsuits are necessarily uncertain. We could be forced to expend significant resources in the defense of either lawsuit, and we may not prevail. In addition, we may incur substantial legal fees and costs in connection with each lawsuit.

ITEM 1A. RISK FACTORS
Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as all other information included in this Report, including our consolidated financial statements, the notes thereto and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item IA of our FY2023 10-K before you decide to purchase shares of our common stock. If any of those risks actually occurs, our business, prospects, financial condition and operating results could be materially harmed. As a result, the trading price of our common stock could decline and you could lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations and stock price.
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Below we are providing, in supplemental form, new risk factors as well as material changes to our risk factors from those previously disclosed in Part I, Item 1A in our FY2023 10-K. Our risk factors disclosed in Part I, Item 1A of the FY2023 10-K provide additional discussion about these supplemental risks.
There are uncertainties as to the timing of the Offer and the Merger, including the risk that the Offer or the Merger may not be completed in a timely manner or at all, or may be completed on modified terms that are less favorable.

On August 11, 2024, we entered into the Merger Agreement with Crown and Merger Sub, pursuant to which Crown will cause Merger Sub to commence a tender offer as promptly as practicable for all of our outstanding common stock. The commencement date for the tender offer was extended via mutual waiver to November 12, 2024, or such other date as may be mutually agreed to among the Buyer Parties and the Company. There can be no assurance that the Offer and the Merger will be completed in the currently contemplated timeframe, or at all, or on the same terms as originally contemplated by the parties, including at the original Offer Price. While the parties previously contemplated closing the Offer and the Merger during the fourth quarter of 2024, there can be no assurance that all closing conditions will be satisfied (or waived, if applicable) by year-end. The obligation of Merger Sub to accept for payment Shares validly tendered pursuant to the Offer is subject to customary closing conditions, including: (i) the Minimum Condition; (ii) the absence of any order, injunction or law prohibiting the Offer or the closing of the Merger; (iii) obtaining applicable approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which approval has already been received; and (iv) the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, and compliance with the covenants and agreements contained in the Merger Agreement as of the closing of the Merger.
The Merger Agreement contains certain termination rights for both the Company and Crown, which could prevent the consummation of the Offer and the Merger. Due to the ongoing discussions between the Company and Crown, in light of the Company’s entry into the Teoxane Agreements, the Buyer Parties agreed to further extend the date by which Merger Sub is obligated to commence the tender offer to November 12, 2024 or such other date as may be mutually agreed to between the Company and the Buyer Parties. Crown has expressed dissatisfaction with our entry into the Teoxane Agreements and the terms of such agreements. While the parties continue their discussions, Crown may assert claims related to the Merger Agreement or take other action in connection with the Company’s entry into the Teoxane Agreements, including by seeking to unilaterally terminate the Merger Agreement or to otherwise reach a settlement. For these and other reasons, termination of the Merger Agreement could materially and adversely affect our business operations and financial condition, which in turn would materially and adversely affect the price of our common stock. There could also be further delays to the commencement or consummation of the Offer, or in the Company or the Buyer Parties seeking remedies in accordance with, and modifications to, the terms of the Merger Agreement, including Offer Price.

If the Offer and the Merger are not completed within the expected timeframe or at all, or on modified terms, we will be subject to a number of material risks that could adversely impact our business, financial conditions and results of operations, including the following:
•the trading price of our Shares may significantly decline to the extent that the market price of the Shares reflect positive market assumptions that the Offer and the Merger will be completed at the current Offer Price, and the related benefits will be realized;
•if the Merger Agreement is terminated under certain specified circumstances, including by Revance to accept a Superior Proposal, we may be required to pay Crown a termination fee of $28.8 million;
•the obligation to pay significant transaction costs, such as legal, accounting and financial advisory costs that are not contingent on closing of the Offer and the Merger;
•the diversion of management’s attention from our ongoing business operations towards the Offer and the Merger, for which we will have received little or no benefit if completion of the Offer and the Merger does not occur;
•negative reactions from employees, resulting in low productivity, employees leaving the Company or possible layoffs; and
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•reputational harm including to relationships with customers, service providers, investors, lenders and business partners due to the adverse perception of any failure to successfully complete the Offer and the Merger.
Failure to timely complete the Offer and the Merger could adversely impact our business, financial condition and results of operations and the trading price of our Shares could significantly decline.
The announcement and pendency of the Offer and the Merger has resulted and may continue to result in disruptions to our business, divert management’s attention and/or disrupt our relationships with third parties and employees, any of which could negatively impact our operating results and ongoing business.

The Merger Agreement generally requires us to conduct our business in the ordinary course, subject to certain exceptions, including as required by applicable law, pending consummation of the Merger, and subjects us to interim operating covenants that restrict us, without Crown’s approval from taking certain specified actions until the Offer and Merger are consummated or the Merger Agreement is terminated in accordance with its terms. These restrictions could prevent us from pursuing certain business opportunities that may arise prior to the consummation of the Offer and the Merger and may affect our ability to execute our business strategies and attain financial and other goals and may impact our financial condition, results of operations and cash flows.
Our current and prospective employees may experience uncertainty about their future roles with us following the consummation of the Merger, which may materially adversely affect our ability to retain and hire key personnel and other employees while the Offer and Merger are pending. The pending Offer and Merger could cause disruptions to our business or business relationships with our existing and potential customers, service providers, investors, lenders and others with whom we do business, and this could have an adverse impact on our operating results and business generally. Parties with which we have business relationships may experience uncertainty as to the future of such relationships and may delay or defer certain business decisions, seek alternative relationships with third parties, or seek to negotiate changes or alter their present business relationships with us. Parties with whom we otherwise may have sought to establish business relationships may seek alternative relationships with third parties.
The pursuit of the Offer and Merger has placed and may continue to place a significant burden on management and internal resources, which may have a negative impact on our ongoing business operations. It has also diverted management’s time and attention from the day-to-day operation of our businesses and the execution of our other strategic initiatives. This could adversely affect our business, financial condition and results of operations, despite management's efforts to continue to operate in the ordinary course.
The adverse consequence of the pendency of the Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement. In addition, we have incurred, and will continue to incur, significant costs, expenses and fees for professional services and other transaction costs in connection with the Merger, for which we will have received little or no benefit if the Merger is not completed. Many of these fees and costs will be payable by us even if the Merger is not completed and may relate to activities that we would not have undertaken other than to complete the Merger, which could materially and adversely affect our business, financial condition, results of operations and cash flows.
Stockholder litigation in connection with the Offer and Merger may result in significant costs of defense, indemnification and liability, and could impact the timing of or our ability to complete the Merger.

The Company may be subject to stockholder lawsuits challenging the Offer and Merger. No assurance can be made as to the outcome of these and other similar lawsuits, including the amount of costs associated with defending such claims or any other liabilities that may be incurred in connection with the litigation of such claims. If plaintiffs are successful in obtaining an injunction prohibiting completion of the Offer and Merger on the agreed-upon terms, such an injunction may delay the completion of the Offer and Merger in the expected timeframe or may prevent the Offer and Merger from being completed altogether. Whether or not any plaintiff’s claim is successful, such litigation may result in significant costs of defense, indemnification and liability, and diverts management’s attention and resources, which could adversely affect our business, financial condition and results of operations.
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在某些情況下，合併協議要求我們向Crown支付終止費用，這可能要求我們使用本可用於一般企業用途的可用現金。

根據合併協議的條款，如果合併協議因合併協議中描述的某些情況被終止，包括Revance接受優越提案，我們可能需要向Crown支付2880萬的終止費。如果合併協議在這種情況下被終止，我們可能需要根據合併協議支付的終止費可能會要求我們使用可用現金，這些現金原本可以用於一般企業目的和其他用途。因此，出於這些和其他原因，合併協議的終止可能會實質性地和不利地影響我們的業務運營和財務控件，從而對我們普通股的價格產生實質性和不利的影響。
合併協議包含可能會阻止潛在競爭收購者收購公司的條款，或者可能導致競爭性收購提案的價格低於本可能的水平。

《合併協議》包含的條款限制我們在某些情況下尋求或協商任何替代收購提議的能力。例如，合併協議包含雙方公司和皇冠的某些終止權利。任何一方均可出於以下事件而終止：(i)有權管轄的法院作出了最終且不可上訴的裁定，阻止或使得要約或合併活動非法；以及 (ii)要約終止或到期後，要約子公司被要求接受股份付款，但合併截止日（定義詳見合併協議）內合併未能完成。公司可以終止，(i)如果皇冠未能在到期日之前或之日啓動要約，除非主要由於公司實質違反協議；(ii)與優越提議簽訂最終協議；(iii)皇冠未能糾正嚴重違反，該違反情況合理帶有可能對皇冠或要約子公司完成合併產生重大不利影響；以及 (iv)如果關聯交割條件滿足，公司準備完成交割，但購買方未完成。這些條款可能會阻礙潛在的競爭收購者考慮或提出競爭性收購提議，即使潛在的競爭性收購者願意支付每股現金價值高於要約和合並中擬收到或實現的市值的報價，或可能導致潛在的競爭收購者提議支付比其原本可能提出的更低價格，因爲終止費用和合並協議規定下在某些情況下可能要支付的其他費用增加了開支。
管理層已得出結論，存在重大疑慮 我們是否能夠持續經營。

我們尚未實現盈利，自2002年開始運營以來每年都出現虧損。截至2024年9月30日，我們擁有的資本資源爲18410萬美元，包括現金、現金等價物和短期投資。根據我們當前的運營計劃，不考慮即將完成的合併對我們的影響，我們現有的現金、現金等價物和短期投資將無法支持我們在提交本報告後至少12個月內的運營。此外，我們還需要根據票據購買協議的條款保持符合最低現金契約。因此，管理層得出結論，關於我們能否持續經營存在重大疑慮。爲了減輕持續經營的重大疑慮，我們可能需要通過再融資我們的債務、進行額外融資、重組運營、賣出資產或減少我們的營業費用。
在我們需要時，可能無法獲得額外資本，或者無法以對我們可接受的條件獲得。如果我們無法及時獲得足夠的資金，或者根本無法獲得資金，我們可能需要採取資本保全措施，包括減少營業費用和延遲、縮減、停止或修改我們的銷售和營銷能力；研究和開發活動；或者繼續推廣我們的產品和業務計劃中其他必要的活動。如果我們無法產生足夠的營業收入來完成我們的營運計劃，獲得所需的額外資本或充分減少我們的營業費用，我們可能無法遵守最低現金協議，或繼續經營我們的業務。有關《票據購買協議》下的後果更多信息，請參閱我們的FY2023 Form 10-k，項目1A - 「我們可能沒有足夠的現金可供我們按期支付債務利息或本金。」

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如果我們通過市場營銷和分銷安排、特許權融資或其他合作、戰略聯盟或與第三方的許可安排來籌集額外資本，我們可能需要放棄對我們產品候選者、技術、未來營業收入或研究項目的某些有價值的權利，或者以對我們不利的條款授予許可證。如果我們通過債務融資籌集額外資本，我們可能會受到特定財務契約或限制我們採取特定行動的契約的約束，比如產生額外債務、進行資本支出或追求某些交易，任何一項都可能限制我們將產品候選者商業化或作爲一項業務運營的能力；我們的資產可能會受到留置權的限制。此外，我們籌集資本的能力可能受到《票據購買協議》下的限制，包括我們出售或許可知識產權的能力，以及全球經濟、通貨膨脹或其他宏觀經濟因素等原因。
第 2 項。未註冊的股權證券銷售和所得款項的使用
無。
第三部分。對高級證券的違約情況。
沒有。
第 4 項。礦山安全披露
不適用。
第5項其他信息
無。
規則10b5-1交易安排

在2024年9月30日結束的三個月內，我們的16條規定的高管或董事中沒有人 已採納修改或終止 根據S-k規定第408條定義的Rule 10b5-1交易安排或非Rule 10b5-1交易安排。

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展品6. 陳列品
本文件中包含或引用的以下展品：
參照而成
展覽編號附件描述表格文件編號展覽填寫日期Deloitte&Touche獨立註冊的公共會計事務所同意。
2.1
8-K001-362972.12024年8月12日—
3.18-K001-362973.12014年2月11日—
3.28-K001-362973.12021年5月7日—
3.38-K001-362973.12023年12月15日—
4.1S-1/A333-1931544.42014年2月3日—
4.28-K001-362974.12020年2月14日—
4.38-K001-362974.22020年2月14日—
10.1+
————X
10.2————X
10.3+
8-K
001-3629710.12024年10月28日—
10.4+
8-K
001-3629710.22024年10月28日—
10.5
8-K001-3629710.12024年8月12日—
10.6
8-K
001-3629799.12024年8月28日—
10.7
8-K
001-3629799.12024年9月23日—
10.8
8-K
001-3629799.12024年10月4日—
10.9
8-K
001-3629799.12024年10月18日—
10.10
8-K
001-3629799.12024年10月28日—
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參照而成
展覽編號附件描述表格文件編號展覽填充日期Deloitte&Touche獨立註冊的公共會計事務所同意。
10.11
8-K
001-3629799.12024年11月1日—
31.1————X
31.2————X
32.1†————X
32.2†————X
101.INS
內聯XBRL實例文檔——實例文檔未出現在互動數據文件中，因爲其XBRL標記嵌入在內聯XBRL文檔中。
————X
101.SCH
行內XBRL分類擴展模式文檔
————X
101.CAL
Inline XBRL稅務分類擴展計算鏈接庫文檔
————X
101.DEF
行內XBRL分類擴展定義鏈接庫文檔
————X
101.LAB
Inline XBRL分類術語擴展標籤鏈接文檔
————X
101.PRE行內XBRL分類擴展演示鏈接庫文檔————X
104封面互動數據文件（格式爲內嵌XBRL，包含在展示文物101中）————X
+    本展覽的部分內容（用星號標示）已被省略，因爲註冊人已確定（i）省略的信息不重要，以及（ii）省略的信息屬於註冊人視爲私密或機密的類型。
† 附上的證書作爲附件32.1和32.2，根據《美國法典》第1350條提交的本報告，根據《薩班斯-奧克斯利法案》第906條的規定通過採納，不應被視爲與證券交易委員會提交根據第18條目的文件一起。 交易法此等證書不得被視爲已被包括進Revance Therapeutics, Inc.根據《證券法》或者, 交易法的任何文件中，除非註冊申請人明確通過引用加以包含。

53

簽名
根據1934年《證券交易法》的要求，註冊人已正式促使經正式授權的下列簽署人代表其簽署本報告。
REVANCE 療法有限公司
日期：2024 年 11 月 7 日作者：/s/ Mark J. Foley
馬克·J·弗利
總裁兼首席執行官
（正式授權的首席執行官）
作者：/s/ Tobin C. Schilke
Tobin C. Schilke
首席財務官
（正式授權的首席財務官和首席會計官）