Kadmon Holdings Inc (NYSE:KDMN) Just Clarified Some Numbers We Wanted To See

Earlier on this week, we highlighted a small cap biotech called Kadmon Holdings Inc (NYSE:KDMN) as a company to watch this year. What flagged our attention was the heavy institutional interest that looked to be accruing in the stock, with big names like Edelman of Perceptive and Cohen of Point72 just two of a long list of household names (if your household is clued up on the biotech sector, that is) that have built, or are building, positions.Our thesis was simple – if these guys are interested, with the large sums of money, time and personnel they’ve undoubtedly allocated towards due diligence before loading up, then we should at least take a look at what they were loading up in anticipation of.We did just that, and we liked what we saw.Basically, the company has a windfall of catalysts set to hit press between now and the end of 2017 (more through 2018, but we focused on the relatively near term for the purposes of our previous discussion) and these catalysts individually have the potential to inject some serious upside momentum into Kadmon's PPS.What we weren't sure of at the time, however, was the company's financial situation. We knew Kadmon had raised some cash earlier this month on the back of a private placement, so dilution wasn’t an ultra short term concern, but with the number of trials this company has ongoing, how long this cash would hold out was up in the air.Well, Kadmon just released full year financials for 2016, and in doing so, has offered a little more insight into how things stand quantitatively. Alongside the numbers, as usual, the company also clarified the timeframes we had gleaned from various past company materials (and that, as a result, may have been subject to change), cementing them in place as focus periods for current shareholders and anyone looking to take a speculative binary position ahead of them hitting press.With this in mind, here's an update to our recent coverage, altered to reflect what we learned from the just released financials.We're not going to go into the science of the separate assets here, as we did that last time. Readers looking to catch up can take a quick look at what's important by clicking this link.That said, the three major catalysts we are watching derive from phase II data set to hit press from three separate trials, but all looking at the same lead asset – a drug called KD025.The first is a placebo controlled study in moderate to severe psoriasis – a potentially blockbuster indication. The second is another placebo controlled study investigating the drug in a condition called idiopathic pulmonary fibrosis, which is a condition caused by lung tissue scarring and stiffening, and can have serious long term effects if left untreated (and there's no really effective therapies out there right now). The final is looking at the drug in chronic graft-versus-host disease.All three will read out during the final quarter of the year, and we expect to see some degree of loading up heading into each readout. Trial initiations, as noted last time, should also serve as soft catalysts in the interim.So what about financials?Well, we learnt that at the end of 2016, Kadmon had cash on hand at the end of 2016 of $36.1 million, up from the $21.5 million recorded at the end of 2015. Add this to the $23 million raised this month, and we get a little over $57 million. With a quarterly burn of around $20 million, but with this likely to increase slightly as the fresh trials initiate, the company is probably looking at a runway of just under three quarters, and in turn, early 2018 as a potential dilution timeframe.We will be updating our subscribers as soon as we know more. For the latest updates on KDMN, sign up below!Disclosure: We have no position in KDMN and have not been compensated for this article.