JUPITER, Fla., March 26, 2025 (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 and for use in non- pharmaceutical applications including food, nutrition, and wellness, today announced its financial results for the full year 2024, highlighting significant progress in commercializing its proprietary Dapibus™ and C1 microbial protein production platforms and driving long-term growth opportunities.
"We believe our strong 2024 performance and achievements underscore Dyadic's commitment to leveraging our advanced microbial protein production platforms to accelerate commercialization and drive sustained revenue in high-value alternative protein applications," said Mark Emalfarb, Dyadic's Chief Executive Officer. "Our strategic focus on developing products in profitable non-pharmaceutical market segments has resulted in key milestones, including $1.9 million in revenue from our cell culture media and non-animal dairy segments.
"We continue to expand our biopharmaceutical capabilities through collaborations with globally recognized organizations, including the Coalition for Epidemic Preparedness Innovations, Fondazione Biotecnopolo di Siena, and the Bill & Melinda Gates Foundation. We believe these partnerships will support the advancement and potential adoption of our C1 protein production platform and contribute to the development of biopharmaceutical pipelines. These efforts are expected to create additional growth opportunities in both human and animal health markets.
"As we move forward, Dyadic remains committed to expanding the reach of our C1 and Dapibus™ platforms across alternative proteins, and human and animal health. With a growing network of partnerships and increased funding support, we believe we are well-positioned to drive innovation, enhance global accessibility, and reduce costs in manufacturing of recombinant proteins while delivering sustained value for our investors and stakeholders," Mr. Emalfarb concluded.
Recent Company Progress
Product Commercialization Targets
Grants and Funding
Animal and Human Health
Financial Highlights
Cash Position: As of December 31, 2024, cash, cash equivalents, and the carrying value of investment-grade securities, including accrued interest, was approximately
$9,288,000 compared to $7,273,000 as of December 31, 2023.
Revenue: Total revenue for the year ended December 31, 2024, increased to approximately $3,495,000 compared to $2,899,000 for the year ended December 31, 2023. The increase in revenue was driven by the license revenue of $1,000,000 from Proliant and approximately $890,000 from Inzymes ApS, including success fees in 2024.
Cost of Revenue: Cost of research and development revenue for the year ended December 31, 2024, decreased to approximately $1,195,000 compared to $1,976,000 for the year ended December 31, 2023. The decrease in cost of revenue was due to higher individual contract amounts on certain research funding and related work performed during 2023.
R&D Expenses: Research and development expenses for the year ended December 31, 2024 decreased to approximately $2,044,000 compared to $3,297,000 for the year ended December 31, 2023. The decrease was due to the completion of the Company's Phase 1 clinical trial of DYAI-100 COVID-19 vaccine candidate.
G&A Expenses: General and administrative expenses for the year ended December 31, 2024, increased to approximately $6,135,000 compared to $5,817,000 for the year ended December 31, 2023. The increase reflected increases in business development and investor relations expenses of approximately $294,000, share-based compensation expenses of $109,000, professional service expenses of $82,000, and other increases of $84,000, partially offset by decreases in management incentive expenses of $124,000, legal expenses of $65,000 and insurance expenses of $64,000.
Loss from Operations: Loss from operations for the year ended December 31, 2024, was approximately $5,901,000, compared to $8,230,000, for the year ended December 31, 2023. The decrease was due to an increase in licensing revenue of $1,000,000 from Proliant and approximately $890,000 from Inzymes ApS including success fees, as well as a decrease in R&D expenses in 2024.
Other Income, Net: For the year ended December 31, 2024, the total other income, net, was approximately $92,000 compared to $1,434,000 for the year ended December 31, 2023. The decrease was due to an increase in interest expenses of $428,000 related to the convertible notes in 2024 and a gain on the sale of the Company's equity interest in Alphazyme, LLC of $1,018,000 in 2023.
Net Loss: Net loss for the year ended December 31, 2024, was approximately $5,809,000, or $(0.20) per share, compared to a net loss of $6,795,000, or $(0.24) per share, for the year ended December 31, 2023.
Conference Call Information
Date: Wednesday, March 26, 2025 Time: 5:00 p.m. Eastern Time
Dial-in numbers: Toll Free: 1-877-407-0784 International: 1-201-689-8560
Conference ID: 13751386
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1705988&tp_key=509eb4b293
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) failure to commercialize our microbial protein production platforms or our other technologies; (iv) competition, including from alternative technologies; (v) the results of nonclinical studies and clinical trials; (vi) our capital needs; (vii) changes in global economic and financial conditions; (viii) our reliance on information technology; (ix) our dependence on third parties; (x) government regulations and environmental, social and governance issues; and (xi) 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 Rawson
Chief Financial Officer Phone: (561) 743-8333
Email: ir@dyadic.com
| DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
| Years Ended December 31, | ||||||
| 2024 | 2023 | |||||
| Revenues: | ||||||
| Research and development revenue | $ | 1,605,220 | $ | 2,545,865 | ||
| License revenue | 1,890,169 | 352,941 | ||||
| Total revenue | 3,495,389 | 2,898,806 | ||||
| Costs and expenses: | ||||||
| Costs of research and development revenue | 1,194,624 | 1,975,849 | ||||
| Research and development | 2,044,253 | 3,297,266 | ||||
| General and administrative | 6,134,773 | 5,817,013 | ||||
| Foreign currency exchange loss | 22,561 | 38,417 | ||||
| Total costs and expenses | 9,396,211 | 11,128,545 | ||||
| Loss from operations | (5,900,822 | ) | (8,229,739 | ) | ||
| Other income (expense): | ||||||
| Interest income | 456,992 | 416,686 | ||||
| Gain on sale of Alphazyme | 62,642 | 1,017,592 | ||||
| Interest expense | (288,142 | ) | — | |||
| Interest expense – related party | (139,829 | ) | — | |||
| Total other income (expense), net | 91,663 | 1,434,278 | ||||
| Net loss | $ | (5,809,159 | ) | $ | (6,795,461 | ) |
| Basic and diluted net loss per common share | $ | (0.20 | ) | $ | (0.24 | ) |
| Basic and diluted weighted-average common shares outstanding | 29,318,123 | 28,798,833 | ||||
| See Notes to Consolidated Financial Statements in Dyadic's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2025. | ||||||
| DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| December 31, | ||||||
| 2024 | 2023 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 6,506,750 | $ | 6,515,028 | ||
| Short-term investment securities | 2,756,577 | 748,290 | ||||
| Interest receivable | 24,248 | 10,083 | ||||
| Accounts receivable | 237,027 | 466,159 | ||||
| Prepaid expenses and other current assets | 303,066 | 327,775 | ||||
| Total current assets | 9,827,668 | 8,067,335 | ||||
| Non-current assets: | ||||||
| Operating lease right-of-use asset, net | 92,211 | 141,439 | ||||
| Other assets | 10,396 | 10,462 | ||||
| Total assets | $ | 9,930,275 | $ | 8,219,236 | ||
| Liabilities and stockholders' equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 482,320 | $ | 656,445 | ||
| Accrued expenses | 970,462 | 1,057,164 | ||||
| Deferred research and development obligations | 833,813 | 490,113 | ||||
| Operating lease liability, current portion | 54,249 | 48,059 | ||||
| Accrued interest | 80,000 | — | ||||
| Accrued interest – related party | 27,173 | — | ||||
| Total current liabilities | 2,448,017 | 2,251,781 | ||||
| Non-current liabilities: | ||||||
| Convertible notes, net of issuance costs | 3,911,471 | — | ||||
| Convertible notes, net of issuance costs – related party | 1,065,876 | — | ||||
| Operating lease liability, net of current portion | 34,621 | 88,870 | ||||
| Total liabilities | 7,459,985 | 2,340,651 | ||||
| Commitments and contingencies (Note 4) | ||||||
| Stockholders' equity: | ||||||
| Preferred stock, $.0001 par value: | ||||||
| Authorized shares – 5,000,000; none issued and outstanding | — | — | ||||
| Common stock, $.001 par value: | ||||||
| Authorized shares – 100,000,000; issued shares – 42,089,301 and 41,064,563, outstanding shares – 29,835,799 and 28,811,061 as of December 31, 2024 and 2023, respectively | 42,090 | 41,065 | ||||
| Additional paid-in capital | 107,444,595 | 105,044,756 | ||||
| Treasury stock, shares held at cost – 12,253,502 | (18,929,915 | ) | (18,929,915 | ) | ||
| Accumulated deficit | (86,086,480 | ) | (80,277,321 | ) | ||
| Total stockholders' equity | 2,470,290 | 5,878,585 | ||||
| Total liabilities and stockholders' equity | $ | 9,930,275 | $ | 8,219,236 | ||
| See Notes to Consolidated Financial Statements in Dyadic's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2025. | ||||||
