The following is a summary of the Dyadic International, Inc. (DYAI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Dyadic International closed a $6 million convertible note financing in the first quarter with no issuance of warrants.
Research and development revenue decreased from approximately $934,000 in Q1 2023 to $335,000 in Q1 2024 due to the winding down of several large research collaborations.
The company reported a net loss of approximately $2 million or $0.07 per share for Q1 2024.
Business Progress:
The company is advancing 12 projects, including antigen vaccines in collaboration with two top-pharmaceutical companies.
It has secured fully funded collaborations and has ongoing developments in human health. A significant achievement was the completion of a Phase 1 clinical trial demonstrating safety and antibody response for DYAI100.
In animal health, Dyadic has partnered with ViroVax on a bird flu vaccine that has shown effectiveness against various virus variants. This vaccine can be rapidly mass-produced at a low cost.
Dyadic's novel C1 technology continues to attract attention for its productivity, speed, and cost-effectiveness.
The firm is expanding its presence in alternative protein and bio-industrial sectors, with the newly launched Dapibus exceeding initial expectations.
It is focusing on potential revenue share to infiltrate different market segments and considering various financial models including milestones and royalties.
Dyadic is planning to finalize an agreement for albumin production with a partner that offers low-cost downstream processing capability.
They have decided not to progress with DYAI-100 as a COVID-19 booster vaccine, instead focusing on the development of vaccines with greater efficacy and potentially universal application.
The company is focused on expanding the use of their C1 and Dapibus platforms for protein production in human health, animal health, and alternative protein sectors.
More details: Dyadic IR
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