JUPITER, Fla., May 14, 2025 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a biotechnology company specializing in the development of functional recombinant solutions and proprietary production strains to manufacture large quantities of precision-engineered proteins and enzymes for use in life science, nutrition, and industrial applications, today announced its financial results for the first quarter 2025, highlighting significant progress toward commercializing its proprietary Dapibus™ and C1 microbial protein production platforms and driving long-term growth opportunities.
“While we continue to support select biopharmaceutical initiatives through fully funded partnerships with organizations such as CEPI, the Gates Foundation, and Fondazione Biotecnopolo di Siena (“FBS”), our primary focus is on developing and commercializing scalable products with recurring revenue potential. This strategic pivot is aimed at driving sustainable growth in sectors with strong demand and clear market opportunities,” said Mark Emalfarb, CEO of Dyadic. “We believe we are making meaningful progress in returning to Dyadic’s core strength, utilizing our proprietary microbial protein production platforms, like C1 and Dapibus, to drive revenue growth in high-value life sciences, bioactives, ingredients, and industrial markets such as cell culture media, nucleic and other enzymes.”
Mr. Emalfarb continued, “Looking ahead, Dyadic remains committed to expanding the reach of our C1 and Dapibus™ platforms by developing functional recombinant solutions for non-therapeutic applications that can be both commercialized and licensed. With a growing network of partners and increased support from non-dilutive funding sources, we believe Dyadic is well-positioned to advance innovation, broaden global access to affordable biologics, proteins and enzymes, and lower production costs, ultimately providing a stable foundation for long-term shareholder value.”
Recent Company Developments
Product Commercialization Targets
C1 Platform Development Vaccines & Antibodies
Animal and Human Health
Financial Highlights
Cash Position: As of March 31, 2025, cash, cash equivalents, and the carrying value of investment-grade securities, including accrued interest, were approximately $7.3 million compared to $9.3 million as of December 31, 2024.
Revenue: Revenue for the three months ended March 31, 2025, increased to approximately $394,000 compared to $335,000 for the same period one year ago. The increase is driven by the increase in grant revenue of $210,000 from the Gates Foundation Grant and CEPI grants in 2025. There was no grant revenue for the three months ended March 31, 2024. This increase was offset by decreases in research and development revenue of $152,000. The decrease in research and development revenue was due to revenue in 2025 being generated from four collaborations compared to nine collaborations for the same period a year ago.
Cost of Revenue: Cost of research and development revenue and cost of grant revenue for the three months ended March 31, 2025, increased to approximately $298,000 compared to $144,000 for the same period a year ago. The increase in cost of research and development revenue and cost of grant revenue was due to the increasing number of collaborations in 2024.
R&D Expenses: Research and development expenses for the three months ended March 31, 2025, decreased to $495,000 compared to $523,000 for the same period a year ago. The decrease reflected a decrease in the amount of ongoing internal research projects.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2025, decreased by 10.8% to $1,596,000 compared to $1,789,000 for the same period a year ago. The decrease reflected decreases in business development and investor relations expenses of $97,000, in management incentives of $78,000, and accounting and legal expenses of $41,000 and insurance expense of $10,000 offset by other increases of $34,000.
Loss from Operations: Loss from operations for the three months ended March 31, 2025, decreased to $2,002,000 compared to $2,126,000 for the same period a year ago. The decrease in loss from operations was largely due to decreases in general and administrative expenses $193,000, decreases in research and development expenses of $28,000 and increases in research revenue of $59,000, offset by an increase of $154,000 in cost of research revenue.
Other Income (Expenses), Net: For the three months ended March 31, 2025, total other income (expenses), net, was an expense of $25,000 compared to an income of $116,000 for the same period a year ago. The decrease in other income was largely due to a $81,000 increase in interest expenses related to the Convertible Notes and the $61,000 Gain on sale of Alphazyme in 2024.
Net Loss: Net loss for the three months ended March 31, 2025, was $2,028,000 compared to $2,010,000 for the same period a year ago. The increase in net loss was largely due to the decrease $141,000 in other income and $154,000 increase in cost of research revenue, offset by decreases in general and administrative expenses $193,000, decreases in research and development expenses of $28,000 and increases in research revenue of $59,000.
Conference Call Information
Date: Wednesday, May 14, 2025
Time: 5:00 p.m. Eastern Time
Dial-in numbers: Toll Free: 1-877-407-0784 or 1-201-689-8560
Conference ID: 13751387
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1705993&tp_key=2267a6328b
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 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 W. Rawson
Chief Financial Officer Phone:
(561) 743-8333
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
| DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| Revenues: | ||||||
| Research and development revenue | $ | 183,100 | $ | 334,617 | ||
| Grant revenue | 210,472 | — | ||||
| Total revenue | 393,572 | 334,617 | ||||
| Costs and expenses: | ||||||
| Costs of research and development revenue | 126,480 | 143,955 | ||||
| Costs of grant revenue | 171,178 | — | ||||
| Research and development | 494,979 | 522,723 | ||||
| General and administrative | 1,596,338 | 1,788,594 | ||||
| Foreign currency exchange loss | 7,072 | 4,903 | ||||
| Total costs and expenses | 2,396,047 | 2,460,175 | ||||
| Loss from operations | (2,002,475 | ) | (2,125,558 | ) | ||
| Other income (expense): | ||||||
| Interest income | 88,458 | 87,443 | ||||
| Gain on sale of Alphazyme | — | 60,977 | ||||
| Interest expense | (89,243 | ) | (21,639 | ) | ||
| Interest expense - related party | (24,319 | ) | (10,819 | ) | ||
| Total other income (expense), net | (25,104 | ) | 115,962 | |||
| Net loss | $ | (2,027,579 | ) | $ | (2,009,596 | ) |
| Basic and diluted net loss per common share | $ | (0.07 | ) | $ | (0.07 | ) |
| Basic and diluted weighted-average common shares outstanding | 29,886,665 | 28,828,282 | ||||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025.
| DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| March 31, 2025 | December 31, 2024 | |||||
| (Unaudited) | (Audited) | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 5,064,941 | $ | 6,506,750 | ||
| Short-term investment securities | 2,284,472 | 2,756,577 | ||||
| Interest receivable | 23,213 | 24,248 | ||||
| Accounts receivable | 221,719 | 237,027 | ||||
| Prepaid expenses and other current assets | 210,867 | 303,066 | ||||
| Total current assets | 7,805,212 | 9,827,668 | ||||
| Non-current assets: | ||||||
| Operating lease right-of-use asset, net | 79,229 | 92,211 | ||||
| Other assets | 10,437 | 10,396 | ||||
| Total assets | $ | 7,894,878 | $ | 9,930,275 | ||
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 448,390 | $ | 482,320 | ||
| Accrued expenses | 690,859 | 970,462 | ||||
| Deferred research and development obligations | 665,216 | 833,813 | ||||
| Operating lease liability, current portion | 55,895 | 54,249 | ||||
| Accrued interest | 80,000 | 80,000 | ||||
| Accrued interest- related party | 21,800 | 27,173 | ||||
| Total current liabilities | 1,962,160 | 2,448,017 | ||||
| Non-current liabilities: | ||||||
| Convertible notes, net of issuance costs | 3,920,714 | 3,911,471 | ||||
| Convertible notes, net of issuance costs - related party | 1,068,395 | 1,065,876 | ||||
| Operating lease liability, net of current portion | 19,998 | 34,621 | ||||
| Total liabilities | 6,971,267 | 7,459,985 | ||||
| Commitments and contingencies (Note 5) | ||||||
| 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 - 42,367,748 and 42,089,301, outstanding shares - 30,090,661 and 29,835,799 as of March 31, 2025, and December 31, 2024, respectively | 42,368 | 42,090 | ||||
| Additional paid-in capital | 107,925,217 | 107,444,595 | ||||
| Treasury stock, shares held at cost - 12,253,502 | (18,929,915 | ) | (18,929,915 | ) | ||
| Accumulated deficit | (88,114,059 | ) | (86,086,480 | ) | ||
| Total stockholders’ equity | 923,611 | 2,470,290 | ||||
| Total liabilities and stockholders’ equity | $ | 7,894,878 | $ | 9,930,275 | ||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025.
| Last Trade: | US$1.04 |
| Daily Change: | -0.02 -1.89 |
| Daily Volume: | 34,037 |
| Market Cap: | US$30.770M |
November 12, 2024 September 23, 2024 August 13, 2024 June 28, 2024 | |
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