# EDGAR Filing Document

**Accession Number:** 0001479290
**File Stem:** 0001479290-23-000027
**Filing Date:** 2023-2
**Character Count:** 50279
**Document Hash:** 41ea944349f37c8a03e73d7c0d45a76a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001479290-23-000027.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001479290-23-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Revance Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001479290
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 770551645
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36297
- **FILM NUMBER:** 23685282

**BUSINESS ADDRESS:**
- **STREET 1:** 1222 DEMONBREUN STREET
- **STREET 2:** SUITE 2000
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 6157247755

**MAIL ADDRESS:**
- **STREET 1:** 1222 DEMONBREUN STREET
- **STREET 2:** SUITE 2000
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

?xml version="1.0" ? rvnc-20230222

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|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

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**FORM 8-K** 

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| |
|:---|
| **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |

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**Date of Report (Date of earliest event reported): February 22, 2023**

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| | |
|:---|:---|
| **Revance Therapeutics, Inc.** | **Revance Therapeutics, Inc.** |
| | (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **<u>Delaware</u>** | **<u>001-36297</u>** | **<u>77-0551645</u>** |
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |

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**1222 Demonbreun Street, Suite 2000, Nashville, Tennessee, 37203** 

(Address of principal executive offices and zip code)

**(615) 724-7755** 

(Registrant's telephone number, including area code)

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| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.001 par value | RVNC | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On February 28, 2023, Revance Therapeutics, Inc. (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2022 and the Company's financial outlook for 2023. A copy of the press release regarding the financial results is furnished as Exhibit 99.1 to this report.

The information in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.**

On February 24, 2023, the Board of Directors (the "Board") of the Company approved, effective as of March 1, 2023, an increase in the size of the Board from eight to nine directors and the appointment of Dr. Vlad Coric to fill the newly created directorship. Dr. Coric has been designated as a Class III director, whose term will expire at the Company's annual meeting of stockholders in 2023 (the "2023 annual meeting").

The appointment of Dr. Coric was recommended to the Board by its Nominating and Corporate Governance Committee. The Board has determined that Dr. Coric satisfies all of the independence criteria set forth in the Nasdaq rules, and is therefore "independent" for purposes of serving on the Board. Effective on the date of the 2023 annual meeting, Dr. Coric is expected to serve as a member of the Compensation Committee.

In accordance with the Company's Amended and Restated Non-Employee Director Compensation Policy, as amended (the "Policy"), Dr. Coric is entitled to receive a $50,000 annual retainer for service as a Board member. Following the effectiveness of his appointment to the Compensation Committee, Dr. Coric will be entitled to receive an additional $7,500 annual retainer for his services.

On the effective date of his appointment, Dr. Coric will be granted an initial equity award with a target total equity value of $350,000, which amount reflects the initial equity grant value under the Policy, delivered half in the form of a nonstatutory stock option and half in the form of a restricted stock award. The number of shares of common stock underlying the option will be calculated in accordance with the Black-Scholes option pricing model utilizing the thirty-day trailing average closing stock price of our common stock preceding the date of grant (the "Thirty-Day Trailing Average"). The number of shares of common stock underlying the restricted stock award will be determined by dividing the applicable grant value by the Thirty-Day Trailing Average. The exercise price of the options will equal the fair market value of our common stock on the date of grant, and the option and restricted stock awards will vest on the one-year anniversary of the date of grant, subject to Dr. Coric's continued service as a director through the vesting date.

On the date of the 2023 annual meeting, Dr. Coric will also receive an annual equity grant, which amount reflects the annual equity grant value under the Policy of $225,000, prorated for the number of months served until the date of the 2023 annual meeting. The annual equity grant will be delivered half in the form of a nonstatutory stock option and half in the form of a restricted stock award, and the number of shares of common stock subject to the awards will be determined in the same manner as the initial equity grants. The exercise price of the options will equal the fair market value of our common stock on the date of grant, and the options and restricted stock awards will vest on the earlier of (a) the one-year anniversary of the date of grant and (b) the day immediately prior to the date of the Company's next annual stockholder meeting, subject to Dr. Coric's Continuous Service (as defined in the Company's 2014 Equity Incentive Plan, as amended from time to time and including any successor plan thereto) through such vesting date.

The Company also expects to enter into the Company's standard form of indemnity agreement with Dr. Coric. The indemnity agreement provides, among other things, that the Company will indemnify each director for certain expenses which he may be required to pay in connection with certain claims to which he may be made a party by reason of his position as a director of the Company, and otherwise to the fullest extent permitted under Delaware law and the Company's Amended and Restated Bylaws. The form of indemnity agreement was previously filed as <u>[Exhibit 10.8 to the Company's Registration Statement on Form S-1 (No. 333-193154), as amended, as filed on January 27, 2014](https://www.sec.gov/Archives/edgar/data/1479290/000119312514020967/d513724dex108.htm)</u>, and is incorporated herein by reference.

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There are no arrangements or understandings between Dr. Coric and any other persons pursuant to which he was elected as a director of the Company. There are no family relationships between Dr. Coric and any director, executive officer, or any person nominated or chosen by the Company to become a director or executive officer. There are no related person transactions (within the meaning of Item 404 of Regulation S-K promulgated by the Securities and Exchange Commission) between Dr. Coric and the Company.

Additionally, on February 22, 2023, Dr. Philip Vickers informed the Board of his intention to retire from the Board and as a member of the Company's Audit Committee effective on the date of the 2023 annual meeting. The Board size will be reduced to eight directors effective immediately prior to the 2023 annual meeting. Dr. Vicker's retirement was not as a result of any disagreement on any matter relating to the Company's operations, policies, or practices.

A copy of the Company's press release dated February 28, 2023 announcing the appointment of Dr. Coric to the Board is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS**

**(d) Exhibits**

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| | |
|:---|:---|
| **Number** | **Description** |
| <u>[99.1](rvncq422er8-k_exhibit991.htm)</u> | <u>[Press Release date February 28, 2023](rvncq422er8-k_exhibit991.htm)</u>.  |
| <u>[99.2](rvncq422directorappointmen.htm)</u> | <u>[Press Release dated February 28, 2023 regarding director appointments](rvncq422directorappointmen.htm)</u> |
| 104 | Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: | February 28, 2023 | Revance Therapeutics, Inc. | Revance Therapeutics, Inc. |
|  |  | By: | /s/ Tobin C. Schilke |
|  |  |  | **Tobin C. Schilke** |
|  |  |  | **Chief Financial Officer** |

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## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

**Revance Reports Fourth Quarter and Full Year 2022 Financial Results,** 

**Provides Corporate Update**

–Q4 and full year 2022 total revenue of $49.9 million and $132.6 million, a YoY increase of 92% and 70%, respectively.

–Q4 and full year 2022 RHA® Collection revenue of $34.8 million and $107.2 million, a YoY increase of 46% and 51%, respectively.

–DAXXIFY® Q4 PrevU revenue of $11.0 million, with commercial launch to begin late March 2023.

–PDUFA date for DAXXIFY® for the treatment of cervical dystonia of August 19, 2023.

–Appointed Dr. Vlad Coric, M.D., Chairman and CEO of Biohaven, to the company's Board of Directors.

–Conference call and webcast today at 4:30 p.m. ET.

**NASHVILLE, Tenn., February 28, 2023** - Revance Therapeutics, Inc. (RVNC, www.revance.com), today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided a corporate update.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Total revenue** for the fourth quarter 2022 was $49.9 million compared to $26.0 million for the same period last year, representing a 92% increase, primarily due to increased sales of the RHA Collection® and sales of DAXXIFY® during the PrevU program. Total revenue for the full year 2022 was $132.6 million compared to $77.8 million for the full year 2021, representing a 70% increase, primarily due to increased sales of the RHA® Collection of dermal fillers. Total revenue for the fourth quarter included $34.8 million of RHA® Collection revenue, $11.0 million of DAXXIFY® revenue during the PrevU program, $2.9 million of service revenue, and $1.2 million of collaboration revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selling, general and administrative (SG&A) expenses** for the fourth quarter and full year ended December 31, 2022 were $65.2 million and $223.9 million compared to $46.4 million and $198.8 million, respectively, for the same periods last year, presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Excluding depreciation, amortization and stock-based compensation, non-GAAP SG&A expenses were $55.5 million and $183.1 million, respectively, for the fourth quarter and full year ended December 31, 2022. The increase on a quarterly and full year basis was primarily due to higher sales and marketing expenses related to the RHA® Collection and DAXXIFY®.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Research and development (R&D) expenses** for the fourth quarter and full year ended December 31, 2022 were $19.5 million and $101.3 million compared to $29.5 million and $116.3 million, respectively, for the same periods in 2021. Excluding depreciation, amortization and stock-based compensation, non-GAAP R&D expenses were $17.3 million and $83.9 million, respectively, for the fourth quarter and full year ended December 31, 2022. The decrease on a quarterly and full year basis was primarily due to lower clinical trial and regulatory activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total operating expenses (OPEX)** for the fourth quarter and full year ended December 31, 2022 were $194.3 million and $474.5 million compared to $87.6 million and $352.5 million, respectively, for the same periods in 2021. GAAP OPEX were above the company's previously stated guidance range of $375 million to $400 million primarily due to a $69.8 million goodwill impairment charge in the company's service segment, recorded in the fourth quarter of 2022. The non-cash impairment charge resulted from a reduction in the internal segment forecast and growth rates, driven by the performance of the service segment and the delay in the development of certain platform features and functionalities. The impairment analysis also reflected the decrease in the current valuation of the broader payments sector. The company also recognized a non-cash, accelerated amortization expense of $11.7 million in the fourth quarter of 2022 relating to the HintMD developed technology asset. The non-cash impairment charge resulted from a reduction in the internal segment forecast and growth rates, driven by the performance of the service segment and the delay in the development of certain platform features and functionalities. The impairment analysis also reflected the decrease in the current valuation of the broader payments sector. expense was attributed to the sunsetting of the platform following the migration of customers to OPUL®. <br>Excluding cost of revenue, depreciation, amortization, stock-based compensation, and impairment charge, non-GAAP OPEX were $72.8 million for the fourth quarter ended December 31, 2022. For the full year, non-GAAP OPEX were $267.0 million, which was in-line with the mid-point of the company's previously announced guidance range of $260 million to $280 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net loss** for the fourth quarter and full year ended December 31, 2022 was $146.0 million and $356.4 million, respectively, compared to a net loss of $63.1 million and $281.3 million, respectively, for the same periods last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash, cash equivalents and short-term investments** as of December 31, 2022 were $340.7 million.

"I'm very pleased with our outstanding performance in 2022, highlighted by the FDA's approval of DAXXIFY® in September which lays the foundation for our significant growth opportunity ahead. To that end, we are

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encouraged by the positive early feedback we've received on DAXXIFY® during our PrevU program and look forward to initiating our commercial launch in late March with a focus on our existing practice partners," said Mark J. Foley, Chief Executive Officer. "During the course of 2022, we also took important steps to fortify our balance sheet, allowing us to launch DAXXIFY® and grow our aesthetics franchise from a position of strength. 2023 will be another exciting and important year for the company as we introduce DAXXIFY® and prepare for our entry into the therapeutics market."

**Fourth Quarter Highlights and Subsequent Updates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **DAXXIFY® PrevU program continues into Q1, to be followed by commercial launch in late March 2023.** PrevU is an early experience program that focuses on product education, practice integration and real-world clinical insights for optimizing aesthetic outcomes. The commercial launch of DAXXIFY® is expected to begin in late March 2023, first with the company's existing prestige aesthetic accounts, which will leverage both in-person and virtual training formats. Further, the company has begun its sales force expansion, with the goal of adding approximately 50 people to its ~100-person sales team by mid-year. Fourth quarter DAXXIFY® revenue during the PrevU program was $11.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **RHA® Collection revenue increased 46% year-over-year to $34.8 million in the fourth quarter.** Strong RHA® Collection revenue growth was driven by new account growth and increased account productivity. Fourth quarter results also reflected the impact of traditional seasonality. The number of aesthetic accounts across the RHA® Collection and the company's fintech platform increased to over 5,000 as of year-end 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross payment volume (GPV) for fintech platforms totaled $179 million for the fourth quarter**. Revance defines GPV as the total dollar amount of all transactions processed in the period through OPUL® and HintMD, net of refunds. GPV for the company's fintech platforms was approximately $179 million for the fourth quarter 2022 and approximately $665.0 million for the full year ended December 31, representing a 31% and 17% increase from the same periods last year, due to new account growth. Fourth quarter OPUL® revenue was $2.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Supplemental biologics license application (sBLA) for DAXXIFY® for injection for the treatment of cervical dystonia accepted by the FDA.** In January 2023, the FDA accepted for review the company's sBLA for DAXXIFY® for the treatment of cervical dystonia in adults. Revance was provided a Prescription Drug User Fee Act (PDUFA) date of August 19, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Prior-approval supplement (PAS) for Ajinomoto Biopharma Services accepted by the FDA**. In October, the FDA accepted the company's PAS submission for Ajinomoto Biopharma Services (Aji),

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Revance's fill-finish contract manufacturer for DAXXIFY®. The company anticipates the potential approval of the PAS in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Director and leadership appointments**. Revance announced today the appointment of Dr. Vlad Coric, MD, MBA, to its Board of Directors, effective March 1, 2023. Dr. Coric, currently the Chairman and CEO of Biohaven, brings more than 22 years of drug discovery and executive leadership experience to Revance.<br>Revance also announced today the appointment of Amie Krause as its Chief People Officer, succeeding Justin Ford, Senior Vice President, Human Resources and Head of People, who will be retiring, effective March 13, 2023. Krause brings over 25 years of human resource experience and was formerly the Chief People Officer at Atara Biotherapeutics and was the Human Resource Lead for various departments at Amgen.

**2023 Financial Outlook** 

Revance expects 2023 GAAP operating expenses to be $460 million to $480 million and non-GAAP operating expenses, which exclude costs of revenue, depreciation and amortization and stock-based compensation to be $320 million to $340 million. Revance expects 2023 non-GAAP research and development expense to be $80 million to $90 million. The company's Non-GAAP operating expense guidance for 2023 primarily reflects increased investments in its aesthetics commercial infrastructure, including sales team expansion, DAXXIFY® and RHA® commercial investments, and biosimilar partnership investments.

With current cash, cash equivalents and short-term investments of $340.7 million, an additional $100 million of notes available for issuance through Athyrium Capital, and anticipated revenues and expenditures, management projects that the company's U.S. aesthetics portfolio (DAXXIFY®, RHA® Collection, OPUL®) will be funded to cash flow breakeven.

**Conference Call**

Revance will host a corresponding conference call and a live webcast at 1:30 p.m. PT / 4:30 p.m. ET on February 28, 2023 to discuss its financial results and provide a business and pipeline update. Individuals interested in listening to the conference call may do so by dialing (800) 715-9871 and reference conference ID: 1286316, or from the webcast link in the investor relations section of the company's website at: www.revance.com.

A replay of the call will be available beginning February 28, 2023, at 4.30 p.m. PT / 7.30 p.m. ET to March 28, 2023 at 4.30 p.m. PT / 7.30 p.m. ET. To access the replay, dial (800) 770-2030 and reference conference ID:

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1286316. The webcast will be available in the investor relations section on the company's website for 90 days following the completion of the call.

**About Revance**

Revance is a biotechnology company setting the new standard in healthcare with innovative aesthetic and therapeutic offerings that elevate patient and physician experiences. Revance's aesthetics portfolio of expertly created products and services, including DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection, the RHA® Collection of dermal fillers, and OPUL®, the first-of-its-kind Relational Commerce platform for aesthetic practices, deliver a differentiated and exclusive offering for the company's elite practice partners and their consumers. Revance has also partnered with Viatris Inc. to develop a biosimilar to onabotulinumtoxinA for injection, which will compete in the existing short-acting neuromodulator marketplace. Revance's therapeutics pipeline is currently focused on muscle movement disorders including evaluating DAXXIFY® in two debilitating conditions, cervical dystonia and upper limb spasticity.

Revance is headquartered in Nashville, Tennessee, with additional office locations in Newark, Pleasanton and Irvine, California. Learn more at www.Revance.com, www.RevanceAesthetics.com, www.DAXXIFY.com, or connect with us on LinkedIn (https://www.linkedin.com/company/revance/mycompany/verification/).

"Revance" and the Revance logo, DAXXIFY®, and OPUL® are registered trademarks of Revance Therapeutics, Inc.

Resilient Hyaluronic Acid® and RHA® are trademarks of TEOXANE SA.

**Forward-Looking Statements**

Any statements in this press release that are not statements of historical fact, including statements related to our 2023 financial outlook, milestone expectations, future expenses, future revenue, expected cash runway, expected cash flow breakeven, the strength of our balance sheet; and financial performance; our ability to successfully commercialize DAXXIFY® and to continue to successfully commercialize the RHA® Collection of dermal fillers; the timing of the commercial launch of DAXXIFY®; the planned expansion of our sales force; the PDUFA date and potential approval of our sBLA submission for cervical dystonia and the entry into the therapeutics market; the potential approval of our PAS submission; the rate and degree of commercial acceptance, opportunity, competition and growth potential of DAXXIFY®, the RHA® Collection of dermal fillers and our business; our strategic priorities; the safety, efficacy and duration of DAXXIFY® and the RHA® Collection of dermal fillers; the potential to set a new standard of care; the potential benefits of our products and services, including DAXXIFY®, the RHA® Collection of dermal fillers and OPUL®; the extent to which our products and services are considered innovative and differentiated; development of a biosimilar to

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onabotulinumtoxinA for injection with our partner, Viatris; and our business strategy, timeline and other goals, plans and prospects, including our commercialization plans; constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, events, circumstances or achievements reflected in the forward-looking statements will ever be achieved or occur.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties relate, but are not limited to: our ability to obtain funding for our operations; the timing of capital expenditures; the accuracy of our estimates regarding expenses, future revenues, capital requirements, our financial performance and the economics of DAXXIFY®, the RHA® Collection of dermal fillers and OPUL®; the risk of future goodwill impairment charges; our ability to comply with our debt obligations and draw on our debt; the impact of the COVID-19 pandemic and other macroeconomic factors on our manufacturing operations, supply chain, end user demand for our products and services, the aesthetics market, commercialization efforts, business operations, regulatory meetings, inspections and approvals, clinical trials and other aspects of our business and on the market; our ability to maintain approval of our products; our ability and the ability of our partners to manufacture supplies for DAXXIFY® and our product candidates and to acquire supplies of the RHA® Collection of dermal fillers; the uncertain clinical development process; our ability to obtain, and the timing relating to, regulatory submissions and approvals with respect to our drug product candidates and third-party manufacturers; the risk that clinical trials may not have an effective design or generate positive results or that positive results would assure regulatory approval or commercial success; the applicability of clinical study results to actual outcomes; the rate and degree of economic benefit, safety, efficacy, commercial acceptance, market, competition and/or size and growth potential of DAXXIFY®, the RHA® Collection of dermal fillers, and our drug product candidates, if approved; our ability to successfully commercialize DAXXIFY® and to continue to successfully commercialize the RHA® Collection of dermal fillers and OPUL®, and the timing and cost of commercialization activities; the proper training and administration of our products by physicians and medical staff; our ability to expand sales and marketing capabilities; the status of commercial collaborations; changes in and failures to comply with laws and regulations; our ability to effectively manage our expanded operations in connection with the acquisition of Hint, Inc; the rate and degree of commercial acceptance, market, competition and growth potential of OPUL®; the profitability of and our ability to scale OPUL®, the features and functionalities and benefits to practices and patients of OPUL®; interruptions or performance problems associated with OPUL®; our ability to continue obtaining and maintaining intellectual property protection for

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our drug product candidates; the cost and our ability to defend ourselves in product liability, intellectual property, class action or other lawsuits; the volatility of our stock price; and other risks. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in our periodic filings with the Securities and Exchange Commission (SEC), including factors described in the section entitled "Risks Factors" on our Form 10-K expected to be filed with the SEC on February 28, 2023. The forward-looking statements in this press release speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.

**Use of Non-GAAP Financial Measures**

Revance has presented certain non-GAAP financial measures in this release. This release and the reconciliation tables included herein include non-GAAP selling, general and administrative expenses, which excludes depreciation, amortization and stock-based compensation; non-GAAP R&D expense, which excludes depreciation, amortization and non-cash stock-based compensation; and total non-GAAP operating expense, which excludes costs of revenue, depreciation, amortization and stock-based compensation. Revance excludes costs of revenue, depreciation, amortization and stock-based compensation because management believes the exclusion of these items is helpful to investors to evaluate Revance's recurring operational performance. Revance management uses these non-GAAP financial measures to monitor and evaluate its operating results and trends on an on-going basis, and internally for operating, budgeting and financial planning purposes. The non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

Certain non-GAAP measures included in this release were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items include costs of revenue, depreciation, amortization, and stock-based compensation. The unavailable information could have a significant impact on the company's GAAP financial results.

**Investors**

Revance Therapeutics, Inc.:

Jessica Serra, 510-279-6886

Jessica.serra@revance.com

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or

Gilmartin Group, LLC.:

Laurence Watts, 619-916-7620

laurence@gilmartinir.com

**Media**

Revance Therapeutics, Inc.:

Sara Fahy, 949-887-4476

sfahy@revance.com

Source: Revance Therapeutics, Inc.

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**REVANCE THERAPEUTICS, INC.**

**Consolidated Balance Sheets**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $108965 | $110623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 231742 | 114448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 11339 | 3348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 18325 | 10154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4356 | 7544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 374727 | 246117 |
| Property and equipment, net | 22139 | 24661 |
| Goodwill | 77175 | 146964 |
| Intangible assets, net | 27004 | 55334 |
| Operating lease right-of-use assets | 39223 | 44340 |
| Finance lease right-of-use asset | 6393 |  |
| Restricted cash | 6052 | 5046 |
| Finance lease prepaid expense | 27500 | 7700 |
| Other non-current assets | 1687 | 1001 |
| TOTAL ASSETS | $581900 | $531163 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $4546 | $10603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accruals and other current liabilities | 59357 | 39558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 6867 | 9362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liability, current | 669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 4243 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liability |  | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 75682 | 67289 |
| Debt, non-current | 379374 | 280635 |
| Deferred revenue, non-current | 78577 | 74152 |
| Operating lease liabilities, non-current | 34182 | 39131 |
| Other non-current liabilities | 1485 | 1485 |
| TOTAL LIABILITIES | 569300 | 462692 |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of December 31, 2022 and 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share — 190,000,000 shares authorized as of December 31, 2022 and 2021, respectively; 82,385,810 and 71,584,057 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 82 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1767266 | 1466369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (374) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1754374) | (1397952) |
| TOTAL STOCKHOLDERS' EQUITY | 12600 | 68471 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $581900 | $531163 |

---

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**REVANCE THERAPEUTICS, INC.**

**Consolidated Statements of Operations and Comprehensive Loss**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenue | $45730 | $23838 | $118131 | $70820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collaboration revenue | 1247 | 1621 | 7444 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenue | 2944 | 491 | 6990 | 1323 |
| Total revenue | 49921 | 25950 | 132565 | 77798 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of product revenue (exclusive of depreciation and amortization) | 20284 | 7672 | 44414 | 23125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service revenue (exclusive of amortization) | 3231 | 209 | 7253 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 65237 | 46436 | 223934 | 198821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 19541 | 29468 | 101286 | 116255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 69789 |  | 69789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 16250 | 3769 | 27847 | 13988 |
| Total operating expenses | 194332 | 87554 | 474523 | 352474 |
| Loss from operations | (144411) | (61604) | (341958) | (274676) |
| Interest income | 3031 | 71 | 4891 | 337 |
| Interest expense | (3752) | (1573) | (16474) | (6273) |
| Other income (expense), net | (820) | 8 | (2181) | (698) |
| Loss before income taxes | (145952) | (63098) | (355722) | (281310) |
| Income tax provision |  |  | (700) |  |
| Net loss | (145952) | (63098) | (356422) | (281310) |
| Unrealized gain (loss) | 86 | (15) | (356) | (18) |
| Comprehensive loss | $(145866) | $(63113) | $(356778) | $(281328) |
| Basic and diluted net loss | $(145952) | $(63098) | $(356422) | $(281310) |
| Basic and diluted net loss per share | $(1.82) | $(0.93) | $(4.90) | $(4.17) |
| Basic and diluted weighted-average number of shares used in computing net loss per share | 80126454 | 68034811 | 72713340 | 67507818 |

---

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**REVANCE THERAPEUTICS, INC.**

**Product Revenue Breakdown (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in thousands)** | **2022** | **2021** | **2022** | **2021** |
| **Product:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RHA<sup>®</sup> Collection of dermal fillers | $34755 | $23838 | $107156 | $70820 |
| &nbsp;&nbsp;&nbsp;&nbsp;DAXXIFY<sup>®</sup> | 10975 |  | 10975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total product revenue** | $45730 | $23838 | $118131 | $70820 |

---

**Reconciliation of GAAP SG&A Expense to Non-GAAP SG&A Expense (Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **Quarter Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** |
| **SG&A expense:** | | |
| GAAP SG&A expense | $65237 | $223934 |
| **Adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (8658) | (36595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (1048) | (4238) |
| **Non-GAAP SG&A expense** | $55531 | $183101 |

---

**Reconciliation of GAAP R&D Expense to Non-GAAP R&D Expense (Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **Quarter Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** |
| **R&D expense:** | | |
| GAAP R&D expense | $19541 | $101286 |
| **Adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (2069) | (15745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (168) | (1647) |
| **Non-GAAP R&D expense** | $17304 | $83894 |

---

**Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense (Unaudited)**

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **Quarter Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** |
| **Operating expense:** | | |
| GAAP operating expenses | $194332 | $474523 |
| **Adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | (69789) | (69789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of revenue (exclusive of depreciation and amortization) | (23515) | (51667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (10727) | (52340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (17466) | (33732) |
| **Non-GAAP operating expense** | $72835 | $266995 |

---

## Exhibit 99.2

**Exhibit 99.2**

![imagea.jpg](imagea.jpg)

**Revance Adds Experienced Pharmaceutical Executive to Board of Directors with Appointment of Dr. Vlad Coric, M.D., as Independent Director**

–Dr. Coric currently serves as the Chairman and Chief Executive Officer of Biohaven (BHVN) -

**NASHVILLE, Tenn.,--(BUSINESS WIRE)— February 28, 2023** - Revance Therapeutics, Inc. (RVNC, www.revance.com), announced today the appointment of Dr. Vlad Coric, M.D., to its Board of Directors, effective March 1, 2023. Dr. Coric brings more than 22 years of drug development and executive leadership experience to Revance based on his time at the Yale School of Medicine, Bristol-Myers Squibb, and Biohaven, which was acquired by Pfizer in 2022. The company also announced that long-standing director Philip Vickers has decided that he will be retiring from the Board effective immediately prior to the company's 2023 Annual Meeting of Stockholders.

"Vlad's leadership and proven track record in biotech value creation from discovery to commercialization, particularly in the field of neurology, will further enhance the collective experience and skillset of our diverse Board," said Mark J. Foley, Chief Executive Officer of Revance. "His appointment comes at a dynamic time for Revance as we accelerate our commercial growth in aesthetics and look to advance our significant opportunity in therapeutics. As we welcome Vlad to the Board, I would also like to thank Phil Vickers for his invaluable contributions over the past eight years in guiding the scientific progress at Revance, marked by the approval of DAXXIFY® in glabellar lines and our successful Phase 3 clinical trials for DAXXIFY® in cervical dystonia."

"Revance's people, strategy and breakthrough innovation in the neuromodulator category uniquely positions the company to disrupt both the aesthetics and therapeutics market," said Dr. Valid Coric, M.D. "I look forward to working with Mark, the rest of the leadership team and the Board to support Revance's continued progress and advancement of innovative therapies that have the potential to maximize the benefit of DAXXIFY's efficacy and long-duration profile."

Dr. Coric is currently the Chairman and CEO of Biohaven, where he has successfully led the approval and commercialization of its Nurtec® ODT and CGRP franchise in addition to the expansion of company's therapeutic portfolio targeting neurological and neuropsychiatric diseases. He also led Biohaven's acquisition of its novel Kv7 channel platform and the sale of the Biohaven to Pfizer in October 2022 for total considerations of $13 billion. Previously, Dr. Coric was the Group Director, Neuroscience and Oncology Global Clinical Research, and Medical Director, Neuroscience Global Clinical Research, at Bristol-Myers Squibb Company. He also previously served on the board of directors of Social Capital Suvretta Holdings Corp. I (DNAA) from 2021-2022 and he currently serves on the boards of directors of private biotech companies including Veradermics, Inc., Vita Therapeutics, Inc., and Pyramid Biosciences, Inc.

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During his career, Dr. Coric has been involved in multiple drug development programs, including marketed drugs or filed NDAs such as Nurtec® ODT (rimegepant; oral calcitonin related peptide antagonist), zavegepant (intranasal calcitonin related peptide antagonist), Abilify® (aripiprazole; partial dopamine agonist), Opdivo® (nivolumab; anti-PD1), Yervoy® (Ipilimumab; anti-CTLA-4), Daklinza® (daclatasvir; NS5A inhibitor), and Sunvepra® (asunaprevir; NS3 inhibitor).

Dr. Coric is an Associate Clinical Professor of Psychiatry at the Yale School of Medicine, has published over 65 peer-reviewed publications and has lectured nationally on neurological and psychiatric disorders. He earned his medical degree from Wake Forest University School of Medicine and was an honors scholar in neurobiology and physiology at the University of Connecticut, where he received his Bachelor of Science degree.

**About Revance**

Revance is a biotechnology company setting the new standard in healthcare with innovative aesthetic and therapeutic offerings that elevate patient and physician experiences. Revance's aesthetics portfolio of expertly created products and services, including DAXXIFY® (DaxibotulinumtoxinA-lanm) for injection, the RHA® Collection of dermal fillers, and OPUL®, the first-of-its-kind Relational Commerce platform for aesthetic practices, deliver a differentiated and exclusive offering for the company's elite practice partners and their consumers. Revance has also partnered with Viatris Inc. to develop a biosimilar to onabotulinumtoxinA for injection, which will compete in the existing short-acting neuromodulator marketplace. Revance's therapeutics pipeline is currently focused on muscle movement disorders including evaluating DAXXIFY® in two debilitating conditions, cervical dystonia and upper limb spasticity.

Revance is headquartered in Nashville, Tennessee, with additional office locations in Newark, Pleasanton and Irvine, California. Learn more at www.Revance.com, www.RevanceAesthetics.com, www.DAXXIFY.com, or connect with us on LinkedIn (https://www.linkedin.com/company/revance/mycompany/verification/).

"Revance" and the Revance logo, DAXXIFY®, and OPUL® are registered trademarks of Revance Therapeutics, Inc.

Resilient Hyaluronic Acid® and RHA® are trademarks of TEOXANE SA.

**Forward-Looking Statements**

Any statements in this press release that are not statements of historical fact, including statements related to our ability to set a new standard in healthcare; our commercial growth; our opportunity in the aesthetics and therapeutics markets; our ability to disrupt the aesthetics and therapeutics markets; the outcomes for and experiences of patients and physicians; the development of innovative therapies; the potential benefits,

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safety, efficacy and duration of DAXXIFY®; and development of a biosimilar to BOTOX® to compete in the short-acting neuromodulator marketplace; constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, events, circumstances or achievements reflected in the forward-looking statements will ever be achieved or occur.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties relate, but are not limited to: our ability to successfully commercialize DAXXIFY® and to continue to successfully commercialize the RHA® Collection of dermal fillers and OPUL®; the results, timing, costs, and completion of our research and development activities and regulatory approvals; our ability to obtain funding for our operations; the timing of capital expenditures; the accuracy of our estimates regarding future expenses, revenues and capital requirements, our financial performance and the economics of DAXXIFY®, the RHA® Collection of dermal fillers and OPUL®; the impact of the COVID-19 pandemic and other macroeconomic factors on our manufacturing operations, supply chain, end user demand for our products and services, the aesthetics market, commercialization efforts, business operations, regulatory meetings, inspections and approvals, clinical trials and other aspects of our business and on the market; our ability and the ability of our partners to manufacture supplies for DAXXIFY® and our product candidates and to acquire supplies of the RHA® Collection of dermal fillers; the uncertain clinical development process; the risk that clinical trials may not have an effective design or generate positive results or that positive results would assure regulatory approval or commercial success; the applicability of clinical study results to actual outcomes; the rate and degree of economic benefit, safety, efficacy, commercial acceptance, market, competition and/or size and growth potential of DAXXIFY®, the RHA® Collection of dermal fillers, and our drug product candidates, if approved; the rate and degree of commercial acceptance, market, competition and growth potential of OPUL®; reports of adverse events or safety concerns involving DAXXIFY® or the RHA® Collection of dermal fillers; the timing and cost of commercialization activities; the proper training and administration of our products by physicians and medical staff; our ability to expand sales and marketing capabilities; the status of commercial collaborations; changes in and failures to comply with privacy and data protection laws; our ability to effectively manage our expanded operations in connection with the acquisition of Hint, Inc; our ability to continue obtaining and maintaining intellectual property protection for DAXXIFY® and our drug product candidates; the cost and our ability to defend ourselves in product liability, intellectual property, class action or other lawsuits; the volatility of our stock price; and other risks. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by

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statements in this press release may be found in our periodic filings with the Securities and Exchange Commission (SEC), including factors described in the section entitled "Risks Factors" on our Form 10-K expected to be filed with the SEC on February 28, 2023. The forward-looking statements in this press release speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.

**Contacts**

**Investors**

Revance Therapeutics, Inc.:

Jessica Serra, 510-279-6886

Jessica.serra@revance.com

or

Gilmartin Group, LLC.:

Laurence Watts, 619-916-7620

laurence@gilmartinir.com

**Media**

Revance Therapeutics, Inc.:

Sara Fahy, 949-887-4476

sfahy@revance.com

Source: Revance Therapeutics, Inc.

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