Revance reports 2014 Q4 financials, 2015 outlook

Revance Therapeutics reported research and development expenses for the fourth quarter and full year ended Dec. 31, 2014, of $9.1 million and $33.4 million, respectively, compared with $6.2 million and $27.8 million, respectively, for the same periods in 2013.

The company also reported a loss from operations for the quarter ended Dec. 31, 2014, of $13.8 million. For the full year, the company’s loss from operations was $52.1 million, according to a press release.

Recent company highlights include the BELMONT phase 2, active-comparator trial to evaluate the safety and efficacy of the company’s injectable botulinum toxin type A, RT002, for the treatment of glabellar lines. Revance anticipates reporting interim duration results from the study later this year, according to the press release.

In addition, Dermatologic Surgery published data from a phase 1/2 study of RT002, which showed RT002 met its efficacy and safety endpoints with an extended duration of action of 7 months.

“[Last year] was a transformational year for Revance. We successfully completed our initial public offering and follow-on stock offering. We grew our unique, patented technology from one drug candidate, focused on a single indication, to a significantly expanded clinical path,” Dan Browne, president and CEO of Revance, said in the release. “Today, our pipeline includes two product candidates and four indications targeting both aesthetic and therapeutic opportunities in the neurotoxin market, with many more opportunities to pursue in the future.”

Revance reported a net loss for the fourth quarter and full year of 2014 of $14.2 million and $62.9 million, respectively, compared with $10.1 million and $52.4 million, respectively, in 2013.

As of Dec. 31, 2104, cash and cash equivalents were $171 million, with a full-year cash burn of approximately $70 million. The company expects a cash burn for 2015 to be between $74 million and $84 million, according to the release.

As additional clinical trials are planned for 2015, Revance reported an anticipated 2015 non-GAAP research and development expense in the range of $52 million to $60 million, excluding depreciation of $2 million to $3 million and estimated stock-based compensation of $5 million to $7 million, according to the press release.

Reference: www.revance.com.