Shares of Kadmon Holdings (NASDAQ:KDMN) popped by 11% today after the biotech reported second-quarter earnings. The company also provided updates on its drug pipeline.
Revenue in the second quarter was $448,000, which resulted in an operating loss of $26.9 million. Net loss was $27.7 million, or $0.17 per share. The developmental biotech company said results from a recent drug trial were encouraging.
"Following positive topline results from the primary analysis of the ROCKstar pivotal trial of belumosudil in cGVHD announced in May 2020, we have had an extremely busy and productive quarter," CEO Dr. Harlan Waksal said in a statement. "We are preparing our New Drug Application [NDA] for belumosudil, which remains on track for submission in the fourth quarter of this year."
Kadmon raised $50 million during the quarter through an at-the-market (ATM) stock offering, which the chief executive said has capitalized the company so that it can proceed through the NDA filing, approval, and launch of belumosudil. Following that capital raise, which helped mitigate operating cash burn of $37.5 million in the first half of 2020, the company finished the second quarter with $169.8 million in cash.
Meanwhile, Kadmon recently commenced a phase 1 clinical trial of a different drug candidate. Dr. Waksal added, "Furthermore, we were pleased to announce this quarter that the first patient was dosed in a Phase 1 clinical trial of KD033, our novel anti-PD-L1/IL-15 immuno-oncology fusion protein, in patients with metastatic or locally advanced solid tumors."