The following is a summary of the Dyadic International, Inc. (DYAI) Q4 2023 Earnings Call Transcript:
Financial Performance:
Dyadic reported a slight decrease in research and development revenue and license revenue for FY 2023, totaling about $2.9 million, down from $2.93 million in FY 2022.
Cost of research and development revenue was reduced to approximately $2 million, compared to $2.1 million in the previous year.
The company raised $6 million in convertible promissory notes and has cash and investment-grade securities of $7.3 million, further supplemented with newly raised funds and from the sale of their equity interest in Alphazyme.
The net loss for 2023 was approximately $6.8 million, or $0.24 per share, which is an improvement from the $9.7 million or $0.34 per share in 2022.
Other cash inflows were reported from previous equity agreements with Alphazyme and BDI.
Business Progress:
Dyadic has reported success in their Phase I human trial of their C1 protein, demonstrating safety and efficacy.
Collaborations have been established with entities like Rabian BV and the Israel Institute for Biological Research. Similarly, agreements have been made with top 5 pharmaceutical companies for developing antigens for various diseases.
Partnerships and product opportunities have been started in the non-pharmaceutical sector, including alternative proteins and bio-industrial sectors.
The leadership team expanded the responsibilities for the Chief Business Officer, Joe Hales, making him Chief Operating Officer, and appointed Patrick Lucy as Chairman.
Dyadic's C1 protein has completed its trial phase positioning the company for commercialization.
Dyadic is adjusting its business strategies to capitalize on present opportunities and those expected in the near future, including the expansion of the usage of Dapibus platform in food production, among other applications.
More details: Dyadic IR
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