Core Viewpoint - Dyadic International, Inc. has announced a public offering of 6,052,000 shares of common stock at a price of $0.95 per share, expecting gross proceeds of approximately $5.75 million before expenses [1][2]. Group 1: Offering Details - The public offering is managed by Craig-Hallum Capital Group LLC, and the closing is anticipated on August 1, 2025, subject to customary conditions [1][2]. - The net proceeds from the offering will be utilized for working capital and general corporate purposes, including product development and sales and marketing [2]. Group 2: Company Background - Dyadic International is a global biotechnology company that focuses on scalable production of precision-engineered functional input proteins for various applications in life sciences, food and nutrition, and industrial biotechnology [1][5]. - The company utilizes proprietary gene expression platforms, specifically its C1 and Dapibus™ systems, to produce high-quality recombinant proteins for partners in multiple markets [5].

Core Viewpoint - Dyadic International, Inc. is undergoing a strategic shift to become a revenue-generating provider of ancillary recombinant protein products, with a focus on life sciences, nutrition, and industrial markets [1][2][3] Group 1: Leadership Changes - Joe Hazelton has been appointed as President, effective immediately, while continuing as Chief Operating Officer [1][6] - The leadership change aims to align the company’s focus on accelerating growth in the ancillary protein space [3][4] Group 2: Strategic Shift and Market Focus - Over the past 18 months, Dyadic has prioritized commercialization opportunities in high-growth segments such as cell culture media and non-animal food ingredients [2][8] - The company has achieved commercial validation through partnerships, including a collaboration with Proliant Health for recombinant human albumin and a joint venture with Fermbox Bio [2][4] Group 3: Operational and Strategic Goals - Joe Hazelton will oversee scaling scientific and commercial initiatives, deepening industry partnerships, and guiding corporate rebranding efforts [3][4] - The company’s C1 and Dapibus™ platforms are central to its strategy, enabling large-scale production of recombinant proteins for non-therapeutic applications [4][9] Group 4: Legacy Programs - While focusing on ancillary proteins, Dyadic will continue to develop its legacy biopharmaceutical programs under the oversight of Mark Emalfarb [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 increased to approximately $394,000 compared to $335,000 for the same period last year, driven by an increase in grants revenue of approximately $210,000 from the Gates Foundation and CEPI [15] - Research and development expenses for Q1 2025 decreased to $495,000 from $523,000 year-over-year, reflecting a decrease in ongoing internal research projects [16] - General and administrative expenses decreased by 10.8% to $1,596,000 compared to $1,789,000 for the same period last year [17] - Net loss for Q1 2025 was $2,028,000 or $0.07 per share, compared to $2,010,000 or $0.07 per share for the same period last year [18] Business Line Data and Key Metrics Changes - The focus is on commercializing high-value recombinant enzymes and proteins, particularly in life sciences, nutrition, and industrial applications [4][5] - The top commercialization priority lies in the cell culture media space, valued at over $6.1 billion globally, growing at a 13% compound annual growth rate [6] - Significant progress is being made in the development of recombinant human serum albumin, with expectations for launch in Q3 2025 [7] Market Data and Key Metrics Changes - The animal-free dairy products market was valued at approximately $26.5 billion in 2023, with increasing partner interest in non-animal dairy proteins [9] - The nucleic acid tools market is projected to exceed $4 billion globally by 2028, with ongoing development of recombinant DNase-one and RNase-free enzymes [8] Company Strategy and Development Direction - The core growth strategy is centered on high-value life sciences, bioactives, ingredients, and industrial markets, aiming for sustainable growth in non-pharmaceutical sectors [5] - The company is focusing on product development rather than platform development, prioritizing commercialization-ready products [35][36] - Strategic partnerships are maintained in vaccine therapeutic developments, with collaborations with CEPI and the Gates Foundation [4][12] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of transitioning from a development stage to a product-driven revenue-generating enterprise [62] - The company is well-positioned to meet global demand for scalable and affordable animal-free precision engineered proteins and enzymes [63] - There is a commitment to strengthening the balance sheet to support near-term revenue growth and strategic objectives [18] Other Important Information - The company has cash and investment-grade securities of $7.4 million as of March 31, 2025, down from $9.4 million as of December 31, 2024 [18] - The company is participating in various funded programs, including a $4.5 million grant from CEPI and a $3 million program funded by the Gates Foundation [11][12] Q&A Session Summary Question: Can you explain the royalty arrangement with Fermbox? - The profit split is significant for both companies, and revenue sharing will begin immediately as sales start rolling in [22][23] Question: What is the progress on the albumin arrangement? - No advanced orders have been placed yet; sampling is expected to begin in Q2 2025 [24] Question: Will there be opportunities for Fermbox to bid on other contracts? - There are ongoing evaluations for additional contracts in both government and private sectors [27] Question: When will the company start spending less on research and more on revenue-generating areas? - The company is currently reprioritizing resources towards non-pharmaceutical sectors for revenue generation [34][36] Question: What product in the non-dairy applications portfolio has the best margins? - Lactoferrin has the highest margin potential, while alpha-lactalbumin has the largest market potential [40][41] Question: Is there any quantifiable tariff problem for the company? - Currently, there are no significant tariff issues, and there may be potential opportunities with onshoring [50] Question: Will the albumin and dairy enzymes be produced in the U.S.? - Yes, both products are being produced domestically, which mitigates tariff concerns [54][55]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 increased to approximately $394,000 compared to $335,000 for the same period last year, driven by an increase in grants revenue of approximately $210,000 from the Gates Foundation and CEPI [18][19] - Research and development expenses for Q1 2025 decreased to $495,000 from $523,000 year-over-year, reflecting a decrease in ongoing internal research projects [19][20] - General and administrative expenses decreased by 10.8% to $1,596,000 compared to $1,789,000 for the same period last year [20] - Net loss for Q1 2025 was $2,028,000 or $0.07 per share, compared to $2,010,000 or $0.07 per share for the same period last year [20] Business Line Data and Key Metrics Changes - The company is focusing on commercializing high-value recombinant enzymes and proteins, particularly in life sciences, nutrition, and industrial applications [4][5] - The top commercialization priority lies in the cell culture media space, a market valued at over $6.1 billion globally, growing at a robust 13% compound annual growth rate [6][8] - Significant progress has been made in developing recombinant proteins and enzymes, including recombinant human serum albumin and fibroblast growth factors [7][9] Market Data and Key Metrics Changes - The animal-free dairy products market was valued at approximately $26.5 billion in 2023, with increasing partner interest in non-animal dairy proteins [10][11] - The nucleic acid tools market is projected to exceed $4 billion globally by 2028, with ongoing development of recombinant DNase-one and RNase-free enzymes [10][12] Company Strategy and Development Direction - The core growth strategy is centered on high-value life sciences, bioactives, ingredients, and industrial markets, aiming for sustainable growth in non-pharmaceutical sectors [4][5] - The company is committed to delivering sustainable value to shareholders and partners, with a growing pipeline and strong network of collaborators [5][17] - The company is also participating in various initiatives for pandemic preparedness, including collaborations with CEPI and the Gates Foundation [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of focusing on product commercialization rather than long-term platform development, aiming to generate revenue through ready-to-market products [38][61] - The company is optimistic about its position in the market, with commercial launches on the horizon and a robust pipeline backed by non-dilutive funding [63] Other Important Information - The company has cash and investment-grade securities of $7.4 million as of March 31, 2025, down from $9.4 million as of December 31, 2024 [20] - The company is exploring opportunities in onshoring and expanding manufacturing capabilities in the U.S. [51][56] Q&A Session Summary Question: Can you explain the royalty arrangement with Fermbox? - The profit split from the joint venture collaboration with Fermbox is significant, and revenue sharing will begin immediately as sales start rolling in [24][25] Question: What is the progress on the albumin arrangement? - No advanced orders have been placed yet, but sampling is expected to begin in Q2 2025, with orders anticipated in Q3 [26] Question: Will there be more government contracts for Fermbox? - There are opportunities for Fermbox to bid on additional contracts, both government and private sector [30] Question: When will the company shift focus from research spending to revenue-generating areas? - The company is currently reprioritizing resources towards non-pharmaceutical sectors for revenue generation [37] Question: Which non-dairy product has the best margins? - Lactoferrin has the highest margin potential, while alpha-lactalbumin has the largest market potential in terms of volume and margins [43] Question: What caused the drop in paid collaborators? - The decrease is due to the company's pivot towards licensing deals and product partnerships rather than resource-intensive collaborations [51]

[First Quarter 2025 Financial Results and Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results%20and%20Highlights) [Executive Summary](index=1&type=section&id=Executive%20Summary) Dyadic's Q1 2025 results highlight a strategic shift to commercialize Dapibus™ and C1 platforms for recurring revenue, supported by new grants - The company's primary focus is shifting to developing and commercializing scalable products with recurring revenue potential in sectors like life sciences, bioactives, and industrial markets, leveraging its C1 and Dapibus platforms[3](index=3&type=chunk) Q1 2025 Key Financial & Operational Highlights | Metric | Value | Source | | :--- | :--- | :--- | | Cash & Equivalents | **$7.3 million** | As of Mar 31, 2025 | | Q1 2025 Revenue | **$394,000** | +17.6% YoY | | Q1 2025 Net Loss | **($2.03 million)** | vs. ($2.01 million) in Q1 2024 | | Net Loss Per Share | **($0.07)** | Unchanged YoY | | CEPI Grant | Up to **$4.5 million** | For recombinant protein vaccine development | | Gates Foundation Grant | **$3.0 million** | For malaria and RSV antibody programs | [Recent Company Developments](index=1&type=section&id=Recent%20Company%20Developments) Dyadic is making significant progress in product commercialization, including key launches and promising results, bolstered by new CEPI and Gates Foundation grants [Product Commercialization Targets](index=1&type=section&id=Product%20Commercialization%20Targets) Dyadic advances its commercial pipeline in non-animal products, with key launches and promising results for recombinant proteins and industrial enzymes - **Human Serum Albumin**: In partnership with Proliant, a commercial launch is expected in **Q3 2025** for use in research, diagnostics, and cell culture media. A third milestone payment is anticipated in **Q2 2025**[6](index=6&type=chunk) - **Recombinant Transferrin & FGF**: Initial studies for both products demonstrated comparable performance to reference standards in growing animal muscle cells, with sampling for FGF expected to begin in **Q2 2025**[6](index=6&type=chunk)[7](index=7&type=chunk) - **Industrial Enzymes**: Fermbox Bio launched EN3ZYME, produced using Dyadic's Dapibus™ platform, and received an initial large purchase order in **Q1 2025**[11](index=11&type=chunk) - **DNase1 (RNase-free)**: Dyadic has partnered with an EU-based CDMO to validate the production process and manufacture research-grade material, with increased sampling and licensing discussions ongoing[11](index=11&type=chunk) [C1 Platform Development for Vaccines & Antibodies](index=3&type=section&id=C1%20Platform%20Development%20for%20Vaccines%20%26%20Antibodies) C1 platform gains significant non-dilutive funding from CEPI and Gates Foundation for vaccine and antibody development, with pandemic readiness evaluation - Dyadic's C1 platform is being advanced through a **$4.5 million CEPI grant** to accelerate recombinant protein vaccine development, with Dyadic receiving up to **$2.4 million** as a subcontractor[11](index=11&type=chunk) - In collaboration with the Gates Foundation, a **$3 million project** was initiated to develop low-cost monoclonal antibodies for malaria and RSV using the C1 platform, with promising initial data[11](index=11&type=chunk) - Dyadic's C1 technology will be evaluated as part of the European Vaccines Hub for Pandemic Readiness (EVH), an initiative backed by approximately **€100 million** in EU funding[11](index=11&type=chunk) [Animal and Human Health Applications](index=5&type=section&id=Animal%20and%20Human%20Health%20Applications) Dyadic develops animal and human health solutions, expanding Phibro partnership and advancing a C1-produced H5 Avian Influenza vaccine candidate - Dyadic expanded its partnership with Phibro Animal Health/Abic to develop vaccines and treatments for livestock[21](index=21&type=chunk) - A C1-produced H5 Avian Influenza vaccine candidate is being evaluated for diagnostics and vaccines for poultry, cattle, and humans, with early data showing cross-protection against multiple H5 strains[21](index=21&type=chunk) [Q1 2025 Financial Performance](index=5&type=section&id=Q1%202025%20Financial%20Performance) Dyadic's Q1 2025 revenue increased to **$394,000** due to new grant revenue, loss from operations narrowed, and cash stood at **$7.3 million** Q1 2025 vs Q1 2024 Financial Comparison | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | **$394,000** | **$335,000** | **+17.6%** | | - Grant Revenue | **$210,000** | **$0** | N/A | | - R&D Revenue | **$183,000** | **$335,000** | **-45.4%** | | Loss from Operations | **($2,002,000)** | **($2,126,000)** | **-5.8% (Improved)** | | Net Loss | **($2,028,000)** | **($2,010,000)** | **+0.9% (Widened)** | | G&A Expenses | **$1,596,000** | **$1,789,000** | **-10.8%** | - The increase in total revenue was driven by new grant revenue from the Gates Foundation and CEPI, which offset a decrease in R&D revenue resulting from fewer active collaborations (**four in Q1 2025 vs. nine in Q1 2024**)[14](index=14&type=chunk) - Cash, cash equivalents, and investment-grade securities decreased to **$7.3 million** as of March 31, 2025, from **$9.3 million** at the end of 2024[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Unaudited financial statements for Q1 2025 show a net loss of **($2.03 million)**, total assets of **$7.9 million**, and stockholders' equity of **$0.9 million** [Consolidated Statements of Operations (Unaudited)](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) For Q1 2025, total revenues increased to **$393,572**, loss from operations improved, and net loss was **($2,027,579)** or **($0.07)** per share Three Months Ended March 31, 2025 and 2024 | | 2025 | 2024 | | :--- | :--- | :--- | | **Revenues:** | | | | Research and development revenue | **$183,100** | **$334,617** | | Grant revenue | **$210,472** | **$—** | | **Total revenue** | **$393,572** | **$334,617** | | **Costs and expenses:** | | | | Total costs and expenses | **$2,396,047** | **$2,460,175** | | **Loss from operations** | **($2,002,475)** | **($2,125,558)** | | 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)** | [Consolidated Balance Sheets (Unaudited)](index=8&type=section&id=Consolidated%20Balance%20Sheets%20%28Unaudited%29) As of March 31, 2025, total assets were **$7.9 million**, total liabilities **$7.0 million**, and stockholders' equity **$0.9 million**, reflecting a decrease in cash As of March 31, 2025 and December 31, 2024 | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | **$5,064,941** | **$6,506,750** | | Total current assets | **$7,805,212** | **$9,827,668** | | **Total assets** | **$7,894,878** | **$9,930,275** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | **$1,962,160** | **$2,448,017** | | Total liabilities | **$6,971,267** | **$7,459,985** | | Total stockholders' equity | **$923,611** | **$2,470,290** | | **Total liabilities and Stockholders' Equity** | **$7,894,878** | **$9,930,275** |

PART I FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Dyadic's Q1 2025 saw increased revenue from new grants, a slightly higher net loss, decreased assets, yet sufficient liquidity Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,064,941 | $6,506,750 | | Total current assets | $7,805,212 | $9,827,668 | | Total assets | $7,894,878 | $9,930,275 | | Total current liabilities | $1,962,160 | $2,448,017 | | Total liabilities | $6,971,267 | $7,459,985 | | Total stockholders' equity | $923,611 | $2,470,290 | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $393,572 | $334,617 | | Total costs and expenses | $2,396,047 | $2,460,175 | | Loss from operations | ($2,002,475) | ($2,125,558) | | Net loss | ($2,027,579) | ($2,009,596) | | Basic and diluted net loss per common share | ($0.07) | ($0.07) | Consolidated Statements of Cash Flows Highlights (Unaudited) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,949,731) | ($1,112,979) | | Net cash provided by (used in) investing activities | $482,104 | ($654,907) | | Net cash provided by financing activities | $24,249 | $5,824,326 | | Net (decrease) increase in cash and cash equivalents | ($1,441,809) | $4,054,786 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses advancing C1 and Dapibus™ platforms, recent grants, and commercialization efforts, noting a slight Q1 2025 net loss increase but sufficient liquidity [Overview](index=30&type=section&id=Overview) Dyadic focuses on its C1 and Dapibus™ protein platforms, targeting both biopharmaceutical and non-pharmaceutical markets, with a successful C1 Phase 1 human study - A key validation milestone was the successful completion of a Phase 1 first-in-human study in **2024** for a vaccine antigen produced using the C1 platform, demonstrating its safety[146](index=146&type=chunk) - The company has a dual strategy: leveraging the Dapibus™ platform for near-term revenue in non-pharmaceutical markets and advancing the C1 platform for long-term value in biopharmaceuticals[147](index=147&type=chunk) [Recent Developments](index=30&type=section&id=Recent%20Developments) Recent developments include a **$4.5 million** CEPI grant, anticipated Q3 2025 commercial launch of Human Serum Albumin, and a **$3 million** Gates Foundation project for low-cost monoclonal antibodies - Received a **$4.5 million** CEPI grant (Dyadic's share up to **$2.4 million**) to accelerate recombinant protein vaccine development using the C1 platform[149](index=149&type=chunk) - Expects commercial launch of Human Serum Albumin with partner Proliant in **Q3 2025** for research, diagnostics, and cell culture media applications[150](index=150&type=chunk) - Partner Fermbox Bio launched EN3ZYME, an enzyme cocktail produced using the Dapibus™ platform, and received its first large purchase order in **Q1 2025**[150](index=150&type=chunk) - Initiated a **$3 million** project with the Gates Foundation to develop low-cost monoclonal antibodies for malaria and RSV[155](index=155&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q1 2025 total revenue increased due to new grant revenue, operating loss slightly improved, but net loss marginally increased due to higher interest expenses and a non-recurring gain Revenue and Cost of Revenue Comparison (Q1 2025 vs Q1 2024) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development revenue | $183,100 | $334,617 | | Grant revenue | $210,472 | $— | | Costs of research and development revenue | $126,480 | $143,955 | | Cost of grant revenue | $171,178 | $— | - Research and development expenses decreased to **$495,000** in Q1 2025 from **$523,000** in Q1 2024 due to a reduction in the number of internal research projects[176](index=176&type=chunk) - General and administrative expenses decreased by **10.8%** to **$1.60 million** in Q1 2025 from **$1.79 million** in Q1 2024, reflecting lower business development, incentive, and legal costs[177](index=177&type=chunk) - Other expenses were **$25,000** in Q1 2025, compared to other income of **$116,000** in Q1 2024. The change was mainly due to an **$81,000** increase in interest expense and a **$61,000** gain on the sale of Alphazyme in 2024 that did not recur[179](index=179&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Dyadic held **$7.4 million** in cash and investments, deemed sufficient for the next 12 months, supported by **$5.8 million** from 2024 convertible notes - In March **2024**, the company raised **$5.8 million** in net proceeds from a **$6.0 million** issuance of **8.0%** Senior Secured Convertible Promissory Notes due **2027**[182](index=182&type=chunk) - The company had total cash, cash equivalents, and investment securities of **$7.4 million** as of **March 31, 2025**[188](index=188&type=chunk) - Management expects existing cash and investments to be sufficient to fund operations for at least the next **12 months** from the report's issuance date[188](index=188&type=chunk) - Net cash used in operating activities for **Q1 2025** was **$2.0 million**, primarily due to the net loss for the period[189](index=189&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Dyadic is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Dyadic is not required to provide quantitative and qualitative disclosures about market risk[193](index=193&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 - Management concluded that the company's disclosure controls and procedures were effective as of **March 31, 2025**[194](index=194&type=chunk)[195](index=195&type=chunk) - No material changes to the internal control over financial reporting occurred during the first quarter of **2025**[196](index=196&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation that would adversely affect its financial condition or operations - The company reports no current material litigation[199](index=199&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No changes to the company's risk factors were reported since the 2024 fiscal year Annual Report filing - No changes to risk factors were reported since the **2024** Annual Report[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None[201](index=201&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended March 31, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement in **Q1 2025**[204](index=204&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including corporate documents, note amendments, and officer certifications

Core Insights - Dyadic International, Inc. reported significant progress in commercializing its proprietary Dapibus™ and C1 microbial protein production platforms, aiming for long-term growth opportunities in life sciences, nutrition, and industrial applications [1][2]. Company Developments - The company is focusing on developing scalable products with recurring revenue potential, supported by partnerships with organizations like CEPI and the Gates Foundation [2]. - Dyadic has expanded its life science and industrial portfolio with six additional products in development, including non-animal cell culture media and various enzymes [3][4]. - A research grant of up to $4.5 million was awarded from CEPI, and a $3 million project with the Gates Foundation is underway for malaria and RSV antibody programs [4][12]. Financial Highlights - As of March 31, 2025, the company reported cash, cash equivalents, and investment-grade securities of approximately $7.4 million, down from $9.3 million at the end of 2024 [15]. - Revenue for Q1 2025 increased to approximately $394,000, up from $335,000 in the same period last year, driven by grant revenue [16]. - The cost of revenue increased to approximately $298,000 compared to $144,000 a year ago, reflecting a rise in collaborations [17]. - Research and development expenses decreased to $495,000 from $523,000 year-over-year, indicating a reduction in ongoing internal projects [18]. - General and administrative expenses decreased by 10.8% to $1,596,000 compared to $1,789,000 in the previous year [19]. - The net loss for Q1 2025 was $2,028,000, slightly higher than the $2,010,000 loss in the same period last year [23]. Product Development - Dyadic is progressing towards a commercial launch of Human Serum Albumin in Q3 2025, with anticipated milestone payments related to productivity improvements [5]. - The company is also developing recombinant transferrin and fibroblast growth factor (FGF) for various applications, showing comparable performance to reference standards in initial studies [5][11]. - The C1 platform is being advanced through a $4.5 million CEPI grant to accelerate recombinant protein vaccine development [12]. Market Position - Dyadic's proprietary microbial protein production platforms are positioned to drive revenue growth in high-value life sciences and industrial markets, with a focus on affordable biologics and proteins [2][26]. - The company is actively engaging partners for its recombinant products, including non-animal alternatives for research and commercial bioprocessing applications [5][11].

Core Viewpoint - Dyadic International, Inc. is set to report its financial results for the first quarter of 2025 and will host a corporate update conference call on May 14, 2025 [1] Company Overview - Dyadic International, Inc. is a biotechnology company focused on the large-scale manufacture of proteins for human and animal vaccines, therapeutics, and non-pharmaceutical applications such as food and industrial uses [4][6] - The company utilizes microbial gene expression and protein production platforms based on the fungus Thermothelomyces heterothallica, with its lead platform being the C1-cell protein production platform [5] Upcoming Conference Call - The conference call is scheduled for May 14, 2025, at 5:00 p.m. Eastern Time, with dial-in numbers provided for both toll-free and international participants [2] - A webcast link will be available for the live event, and an archive will be accessible within 24 hours [2] Contact Information - For inquiries, the Chief Financial Officer, Ping W. Rawson, can be contacted via phone or email [8]

Core Viewpoint - Dyadic International, Inc. is advancing its proprietary C1 expression platform for the production of non-mRNA antigens, aiming to address global health challenges such as avian influenza and future pandemics through efficient biomanufacturing [1][3]. Company Overview - Dyadic International, Inc. is a biotechnology company focused on the large-scale manufacture of proteins for human and animal vaccines, therapeutics, and non-pharmaceutical applications including food and wellness [4][5]. - The company utilizes microbial production platforms, particularly the C1-cell protein production platform based on the fungus Thermothelomyces heterothallica, to enhance the development and reduce costs of biologic vaccines and drugs [5][6]. Upcoming Presentation - CEO Mark Emalfarb will present at the 2025 World Vaccine Congress in Washington, D.C., discussing the urgent need for smarter biomanufacturing in relation to avian influenza and future pandemics [2][3]. - The presentation will include recent preclinical research data demonstrating the effectiveness of Dyadic's C1 platform in producing non-mRNA antigens that generate high neutralizing antibodies [3]. Strategic Focus - Dyadic is leveraging its microbial platform technologies for various applications, including human and animal vaccines, therapeutics, and food-related products, to meet the growing demand for rapid-response solutions in global health [6].

Financial Data and Key Metrics Changes - As of December 31, 2024, cash, cash equivalents, and investment-grade securities increased to approximately $9.3 million from $7.3 million as of December 31, 2023 [35] - Revenue for the year ended December 31, 2024, rose to approximately $3.495 million compared to $2.899 million the previous year, driven by license revenue and enzyme sales [35][36] - The net loss for the year ended December 31, 2024, was approximately $5.809 million or $0.20 per share, compared to a net loss of $6.795 million or $0.24 per share for the previous year [39] Business Line Data and Key Metrics Changes - The company emphasized strong revenue performance from milestone and license payments totaling $1.9 million, focusing on products that do not require human or animal clinical trials for commercialization [8] - Recombinant human serum albumin (RHSA) is on track for commercial launch in 2025, with significant progress in the commercialization of several cell culture media components [14][52] - The dairy enzyme portfolio achieved a productivity milestone of $425,000, with a commercial launch anticipated in late 2025 [18] Market Data and Key Metrics Changes - The human albumin market is approximately $5.6 billion and is expected to grow at double digits per year, driven by increased vaccine production [106] - The DNase I and DNA ligase market is around $900 million, also growing at nearly double digits annually [106] - The non-animal dairy proteins market is valued at $26 billion, indicating significant opportunities for products like alpha-lactalbumin and lactoferrin [107] Company Strategy and Development Direction - The company is focused on near-term product commercialization and technology licensing, with a dual-track strategy of commercializing non-pharmaceutical products while building a robust biopharmaceutical pipeline [9][10] - Partnerships with organizations like CEPI and the Gates Foundation are aimed at accelerating the development and adoption of the C1 platform for vaccines and treatments [11][26] - The company is committed to delivering sustainable value to shareholders and partners through a growing pipeline and strong collaborations [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strategic focus on product commercialization and technology licensing, positioning it to capitalize on emerging opportunities [7] - The management highlighted the importance of ongoing partnerships and funding initiatives to support long-term innovation and market presence [25][29] - The company is seeing increased interest in its platforms and technology, indicating a positive outlook for future revenue generation [50] Other Important Information - The company received a $4.5 million grant from CEPI to support the development of recombinant protein vaccines using the C1 platform, with Dyadic expected to receive $2.4 million of this amount [25][40] - The company is also advancing its pipeline of innovations in both animal and human health, demonstrating the versatility of the C1 platform [29] Q&A Session Summary Question: Can you explain the Gates Foundation and CEPI grants and their significance? - Management confirmed ongoing interest from both organizations and highlighted the importance of these grants in advancing the C1 platform and driving innovation [45][46] Question: What is the status of albumin commercialization? - Management indicated that they are on track for commercialization in early 2025, emphasizing the need for product validation and quality assurance [52][56] Question: Can you clarify the components of research and development revenue? - Management noted that 80% of R&D expenses are covered by external funding, which supports the development of the C1 platform [61] Question: What is the market size opportunity for various products? - Management provided insights into the market sizes for human albumin, DNase I, and non-animal dairy proteins, highlighting significant growth potential in these areas [106][107] Question: What is the status of the work done in South Africa? - Management mentioned that the focus has shifted to animal health vaccines, with ongoing development and potential clinical studies expected by the end of the year [119][120]