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• Content META

  Title	Dyadic Announces Third Quarter 2024 Financial Results and Strategic Progress Across Key Markets
  ID	4406126
  External ID	7296255692
  Author	Unknown
  Published Date	Nov. 12, 2024, 3:07 p.m.
  Summary	Highlights Revenue Milestones and Expands Alternative Protein & Pharmaceutical Partnerships with Dapibus ™ & C1 Technology Platforms Alternative Proteins Human Health Corporate JUPITER, Fla., Nov
  Tags	None
  URL	https://stockhouse.com/news/press-releases/2024/11/12/dyadic-announces-xa0-third-quarter-2024-financial-results-and-strategic-progress
  Sentiment	Negative: 0.01314    Neutral: 0.03995    Positive: 0.94690
  Relevance	0.02521

• Content Details

  Content ID	2623601
  Key	c185c6d3-2dad-4fc8-85ea-1d1be8e55768
  Content	Highlights Revenue Milestones and Expands Alternative Protein & Pharmaceutical Partnerships with Dapibus ™ & C1 Technology Platforms Alternative Proteins Human Health Corporate JUPITER, Fla., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics, as well as non- pharmaceutical applications including food, non-food and industrial applications, today announced its financial results for the third quarter of 2024 and highlighted recent Company progress. “We believe our third quarter achievements underscore Dyadic's commitment to leveraging our proprietary Dapibus™ and C1 microbial protein production platforms to drive immediate and sustained revenue through the commercialization of alternative proteins for high value applications, while positioning the company for substantial mid- and long-term growth in human and animal health markets,” said Mark Emalfarb, Dyadic's Chief Executive Officer. “This dual-track strategy is driving near-term milestones and licensing revenue, while our biopharmaceutical pipeline is providing significant upside potential. As we work to advance our efforts across all segments, Dyadic remains committed to delivering sustained value for our investors and partners.” Dyadic's Chief Operating Officer, Joe Hazelton, added, “Our collaborations in alternative proteins and biopharmaceuticals highlight the flexibility of our platforms, allowing us to deliver consistent results across diverse applications—from recombinant human serum albumin and alpha-lactalbumin to animal and human health vaccines and therapeutics. These advancements provide immediate and sustained revenue, with a potential for substantial value creation and expansion in the future.” Recent Company Progress Alternative Proteins Non-Food Applications Food Applications Bio Industrial Products Animal Health Human Health Financial Highlights Cash Position: As of September 30, 2024, cash, cash equivalents, and the carrying value of investment-grade securities, including accrued interest, were approximately $10.0 million compared to $7.3 million as of December 31, 2023. Revenue: Revenue for the three months ended September 30, 2024, increased to approximately $1,958,000 compared to $397,000 for the same period one year ago. The increase is driven by the license revenue of $1.0 million from Proliant and a success fee of $425,000 from Inzyme. Cost of Revenue: Cost of research and development revenue for the three months ended September 30, 2024, increased to approximately $396,000 compared to $106,000 for the same period a year ago. The increase in cost of research and development revenue was due to the increasing number of collaborations in 2024. R&D Expenses: Research and development expenses for the three months ended September 30, 2024, decreased to approximately $460,000 compared to $716,000 for the same period a year ago. The decrease reflected the winding down of activities related to the Company's Phase 1 clinical trial of DYAI-100 COVID-19 vaccine candidate as patient dosing was completed in February 2023 and a decrease in the amount of ongoing internal research projects. G&A Expenses: General and administrative expenses for the three months ended September 30, 2024, increased by 1.2% to $1,298,000 compared to $1,282,000 for the same period a year ago. The increase reflected increases in business development and investor relations expenses of $52,000, and other increases of $24,000, offset by decreases in management incentives of $38,000, and accounting and legal expenses of $22,000. Loss from Operations: Loss from operations for the three months ended September 30, 2024, decreased to $203,000 compared to $1,720,000 for the same period a year ago. The decrease in loss from operations was largely due to the license revenue of $1.0 million from the Proliant agreement and a success fee of $425,000 from the Inzyme agreement received in the third quarter of 2024. Net Loss: Net loss for the three months ended September 30, 2024, was $203,000 compared to $1,614,000 for the same period a year ago. Conference Call Information Date: Tuesday, November 12, 2024 Time: 5:00 p.m. Eastern Time Dial-in numbers: Toll Free: 1-877-407-0784 or 1-201-689-8560 Conference ID: 13743570 Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1650834&tp_key=6f648c5876 An archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations section of the Company's website at www.dyadic.com . To access the replay of the webcast, please follow the webcast link above. About Dyadic International, Inc. Dyadic International, Inc. is a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics, as well as non-pharmaceutical applications including food, nutrition, and wellness. Dyadic's gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica formerly Myceliophthora thermophila). Our lead technology, C1-cell protein production platform, is based on an industrially proven microorganism (named C1), which is currently used to speed development, lower production costs, and improve performance of biologic vaccines and drugs at flexible commercial scales for the human and animal health markets. Dyadic has also developed the Dapibus™ filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. With a passion to enable our partners and collaborators to develop effective preventative and therapeutic treatments in both developed and emerging countries, Dyadic is building an active pipeline by advancing its proprietary microbial platform technologies, as well as other biologic vaccines, antibodies, and other biological products. To learn more about Dyadic and our commitment to helping bring vaccines and other biologic products to market faster, in greater volumes and at lower cost, please visit http://www.dyadic.com Safe Harbor Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including those regarding Dyadic International's expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Forward-looking statements generally can be identified by use of the words “expect,” “should,” “intend,” “anticipate,” “will,” “project,” “may,” “might,” “potential,” or “continue” and other similar terms or variations of them or similar terminology. Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic's control. These factors include, but are not limited to, the following: (i) our history of net losses; (ii) market and regulatory acceptance of our microbial protein production platforms and other technologies; (iii) competition, including from alternative technologies; (iv) the results of nonclinical studies and clinical trials; (v) our capital needs; (vi) changes in global economic and financial conditions; (vii) our reliance on information technology; (viii) our dependence on third parties; (ix) government regulations and environmental, social and governance issues; and (x) intellectual property risks. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in Dyadic's annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic's periodic filings with the SEC, which are accessible on the SEC's website and at www.dyadic.com . All forward-looking statements speak only as of the date made, and except as required by applicable law, Dyadic assumes no obligation to publicly update any such forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations. Contact: Dyadic International, Inc. Ping W. Rawson Chief Financial Officer Phone: (561) 743-8333 Email: ir@dyadic.com
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  Publisher Name	Stockhouse Newswire
  Publisher URL	https://stockhouse.com
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  Trust Flow Score	66
  Citation Flow Score	55

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  Data Source Name	Quantexa News
  Data Source Type	news
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