Financial Data and Key Metrics Changes - Revenue for Q3 2024 increased to approximately $1,958,000 compared to $397,000 for the same period a year ago, driven by licensing revenue of $1 million from Proliant and a success fee of $425,000 from Inzyme [38] - Cost of revenue for Q3 2024 increased to approximately $396,000 compared to $106,000 for the same period a year ago, attributed to the increasing number of collaborations [39] - Research and development expenses decreased to approximately $460,000 compared to $716,000 for the same period a year ago, reflecting the winding down of activities related to the Phase I clinical trial of DYAI-100 [40] - General and administrative expenses increased by 1.2% to $1,298,000 compared to $1,282,000 for the same period a year ago [41] - Loss from operations decreased to $203,000 compared to $1,720,000 for the same period a year ago, largely due to licensing revenue [42] - Net loss for Q3 2024 was $203,000 or $0.01 per share compared to $1,614,000 or $0.06 per share for the same period a year ago [43] Business Line Data and Key Metrics Changes - The focus on high-value alternative protein products is yielding tangible results, with significant progress in the commercialization of recombinant proteins like human serum albumin and alpha-lactalbumin [15][16] - The partnership with Proliant Health & Biologics is expected to generate significant revenue, with $1 million received in access and milestone fees [18] - The company is preparing to launch its own research-grade products, including RNase-free DNASE-1, with preorders expected to begin in early 2025 [20][21] Market Data and Key Metrics Changes - The global cell culture media market is valued at over $4.7 billion in 2023, expected to grow at a CAGR of 12.5% through 2030 [24] - The animal-free dairy products market is valued at over $26 billion in 2022, with ongoing revenue generation from precision microbial fermentation [26] - The DNA/RNA enzymes market is estimated at $900 million, with plans to expand product offerings in this segment [22] Company Strategy and Development Direction - The company is pursuing a dual-track strategy focusing on near-term revenue from alternative proteins while building long-term value in human and animal health markets [31] - The strategic direction emphasizes the commercialization of alternative proteins and biopharmaceuticals, leveraging proprietary Dapibus and C1 platforms [13][14] - The company aims to capitalize on emerging opportunities in the health, wellness, and nutrition sectors, positioning itself as a leader in global protein production [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet current challenges and shape future solutions in health and nutrition [13] - The company is actively seeking non-dilutive pathways to advance development in avian influenza and Mpox vaccine candidates [88] - Management highlighted the importance of generating near-term revenue while building sustainable value through innovative solutions [88] Other Important Information - The company has cash and investment-grade securities of $10 million as of September 30, 2024, compared to $7.3 million as of December 31, 2023 [43] - Total cash burn for 2024 is expected to decrease significantly to approximately $4.7 million [43] Q&A Session Summary Question: Understanding regulatory requirements for research-grade recombinant proteins - Management clarified that manufacturing must be done at an ISO-certified facility, and there are no regulatory reviews needed for product launch, focusing on QA and QC specifications [45] Question: Number of certificates of analysis held - The company confirmed it has three certificates of analysis for DNASE-1, bovine transferrin, and bovine alpha-lactalbumin, all comparable to existing products [46] Question: Difficulty in manufacturing high-dollar research products - Management explained that production varies by market, with some products requiring high volumes while others are produced in smaller quantities, affecting profitability [50][51] Question: Market preference for recombinant versus animal-derived products - Management indicated that preferences depend on the application, with recombinant products generally preferred for their lower contamination risk [60][61] Question: Addressable market size and royalty rates - Management provided insights into the addressable market, estimating significant opportunities in cell culture media and DNA/RNA enzymes, with royalty rates varying by segment and application [66][70]

Exhibit 99.1 Dyadic Announces Third Quarter 2024 Financial Results and Strategic Progress Across Key Markets Highlights Revenue Milestones and Expands Alternative Protein & Pharmaceutical Partnerships with Dapibus™ & C1 Technology Platforms Alternative Proteins ● Demonstrated substantial revenue increase for Q3 2024, driven primarily by Dapibus™ license fees and milestone payments. ● Received $1 million milestone payment for animal-free recombinant albumin products. ● Received $425,000 success fees for achi ...

Revenue and Financial Performance - Total revenue for Q3 2024 was $1.96 million, a significant increase from $397,060 in Q3 2023[10] - Research and development revenue for Q3 2024 was $532,500, up from $352,942 in Q3 2023[10] - License revenue for Q3 2024 was $1.43 million, compared to $44,118 in Q3 2023[10] - Total revenue for the nine months ended September 30, 2024, was $2.68 million, up from $2.21 million in the same period in 2023[10] - Revenue for the nine months ended September 30, 2024, was generated from 16 customers, with two significant customers accounting for 54.1% of revenue[31] - Revenue from European customers for the nine months ended September 30, 2024, was $854,000, representing 31.9% of total revenue[33] - The company recognized $1.0 million in license revenue from the Proliant Agreement for the three and nine months ended September 30, 2024[66] - Under the Amended Inzymes Agreement, the company received an upfront payment of $0.6 million and recognized $425,000 in license revenue from success fees for the three months ended September 30, 2024[68][69] - The company recorded research and development revenues of $0 and $25,000 for the three and nine months ended September 30, 2024, respectively, under the Inzymes Agreement[69] - The company recognized $44,000 and $132,000 of license revenue for the three and nine months ended September 30, 2023, respectively, under the Janssen Agreement[74] - The company recorded research and development revenues of approximately $0 and $565,000 for the three and nine months ended September 30, 2023, respectively, under the JDA with GFIC[72] Net Loss and Earnings Per Share - Net loss for Q3 2024 was $203,460, an improvement from a net loss of $1.61 million in Q3 2023[10] - Basic and diluted net loss per common share for Q3 2024 was $0.01, compared to $0.06 in Q3 2023[10] - Net loss for the nine months ended September 30, 2024, was $4.26 million, compared to $4.72 million in the same period in 2023[10] - Basic and diluted net loss per common share for the nine months ended September 30, 2024, was $0.15, compared to $0.16 in the same period in 2023[10] - Net loss for the nine months ended September 30, 2024, was $4.26 million, compared to $4.72 million in the same period in 2023[14] Cash Flow and Liquidity - Net cash used in operating activities for the nine months ended September 30, 2024, was $3.28 million, compared to $5.80 million in the same period in 2023[14] - Net cash provided by financing activities for the nine months ended September 30, 2024, was $5.82 million, primarily from the issuance of convertible notes[14] - The company issued $6.0 million of 8.0% Senior Secured Convertible Promissory Notes on March 8, 2024, with net proceeds of $5.82 million[20] - The company expects its existing cash and cash equivalents, along with proceeds from the Convertible Notes, to meet liquidity requirements for at least the next 12 months[24] - Cash and cash equivalents totaled $5,921,614 as of September 30, 2024, with money market funds accounting for $4,825,756 of that total[62] - Cash and cash equivalents totaled $6,515,028 as of September 30, 2024, with money market funds accounting for $6,489,253[64] - The company received discounts of $70,495 and $33,982 to purchase held-to-maturity investment securities for the nine months ended September 30, 2024 and 2023, respectively[64] Research and Development - The company is focused on developing its C1-cell protein production platform for biologic products, including vaccines and drugs for human and animal health[17] - Two CROs accounted for $690,000 or 94.6% of total research services purchased for the three months ended September 30, 2024, compared to three CROs accounting for $977,000 or 93.4% in the same period in 2023[35] - For the nine months ended September 30, 2024, two CROs accounted for $1,647,000 or 92.0% of total research services purchased, compared to three CROs accounting for $3,639,000 or 96.4% in the same period in 2023[35] - Research and development expenses for accounts payable decreased to $376,608 as of September 30, 2024, from $575,436 as of December 31, 2023[46] - Research and development costs for the three months ended September 30, 2024, were $460,241, compared to $716,351 for the same period in 2023[50] - VTT Research Contract extended to January 31, 2025, with a total payment of EUR €186,000, of which EUR €93,000 was paid as of September 30, 2024[92] Convertible Notes and Financing - As of September 30, 2024, $600,000 of the Convertible Notes were converted into 335,195 shares of Common Stock[23] - The company issued senior secured convertible promissory notes with an aggregate principal amount of $6.0 million on March 8, 2024[80] - Interest paid on the Convertible Notes was $114,933 for the three months ended September 30, 2024, and $149,778 for the nine months ended September 30, 2024[87] - $600,000 of Convertible Notes were converted into 335,195 shares of common stock as of September 30, 2024[88] - Total outstanding convertible notes payable as of September 30, 2024: $1,400,000 (related party) and $4,000,000 (third party)[88] - Accrued interest as of September 30, 2024: $20,000 (Francisco Trust), $2,000 (Bradley Emalfarb), $4,200 (Bradley Scott Emalfarb Irrevocable Trust), and $1,800 (Descendant Trust)[89] Stock-Based Compensation and Equity - Stock-based compensation expense for the nine months ended September 30, 2024, was $306,478[12] - As of September 30, 2024, the company had 5,845,035 stock options outstanding and 117,925 unvested restricted stock units[94] - Stock options granted in 2024: 837,600 shares with a weighted-average exercise price of $1.31[100] - Restricted stock units outstanding as of December 31, 2023: 213,044 shares with a weighted-average grant date fair value of $1.43[101] - The company's 2021 Equity Incentive Award Plan increased the number of shares available for grant by 3,000,000 as of April 16, 2021[93] - The company granted 212,709 RSUs with immediate vesting to executives and key personnel in lieu of cash bonuses for the year ended 2023, and 141,510 RSUs to the Board of Directors, vesting upon the one-year anniversary of the grant[102] - Total non-cash share-based compensation expense for the three months ended September 30, 2024, was $247,390, with $235,024 allocated to general and administrative expenses and $12,366 to research and development expenses[105] - For the nine months ended September 30, 2024, the company issued 778,310 shares of common stock with a weighted average issue price of $1.63 per share, including 335,195 shares from the conversion of Convertible Notes and 437,546 shares from the vesting of restricted stock units[107] - As of September 30, 2024, the company held 12,253,502 shares of common stock in treasury at a cost of $18.9 million[108] - The company recognized $9,000 and $50,000 in forfeitures for the three and nine months ended September 30, 2024, respectively[104] - Share-based compensation expense for stock options was $200,387 for the three months ended September 30, 2024, and $634,194 for the nine months ended September 30, 2024[106] - Share-based compensation expense for restricted stock units was $47,003 for the three months ended September 30, 2024, and $217,277 for the nine months ended September 30, 2024[106] Accounts Receivable and Payable - Accounts receivable as of September 30, 2024, was $262,000 from four customers, representing 74.1% of total accounts receivable[32] - As of September 30, 2024, two CROs accounted for $341,000 or 60.8% of accounts payable, compared to three CROs accounting for $620,000 or 94.4% as of December 31, 2023[35] - Billed receivables decreased to $212,939 as of September 30, 2024, from $410,617 as of December 31, 2023, while unbilled receivables increased to $139,995 from $55,542 over the same period[45] - Accrued expenses for employee wages and benefits decreased to $442,604 as of September 30, 2024, from $561,720 as of December 31, 2023[47] Deferred Tax Assets and Investments - Deferred tax assets increased to $17.7 million as of September 30, 2024, from $16.4 million as of December 31, 2023[54] - Short-term investment securities in corporate bonds had an adjusted cost of $4,000,832 as of September 30, 2024, with gross unrealized holding losses of $1,202[62] Legal and Compliance - The company is not currently involved in any material litigation as of September 30, 2024[91] - The company's disclosure controls and procedures were deemed effective as of the end of the period covered by the report[110] - No changes in internal control over financial reporting were identified during the three months ended September 30, 2024, that materially affected the company's internal control[174] Accumulated Deficit and Equity Transactions - Accumulated deficit as of September 30, 2024, was $84.54 million, compared to $78.21 million as of September 30, 2023[12] - The company received a total cash payment of $1.3 million from the sale of its equity interest in Alphazyme, LLC for the year ended December 31, 2023, and an additional $60,977 in the first quarter of 2024[79]

Core Viewpoint - Dyadic International, Inc. is set to report its financial results for Q3 2024 and will host a corporate update conference call on November 12, 2024, highlighting its focus on large-scale protein manufacturing for vaccines and therapeutics [1]. Company Overview - Dyadic International, Inc. specializes in the efficient large-scale manufacture of proteins for human and animal vaccines, therapeutics, and non-pharmaceutical applications such as food, nutrition, and wellness [4]. - The company utilizes the fungus Thermothelomyces heterothallica for its gene expression and protein production platforms, aiming to lower production costs and improve the performance of biologic vaccines and drugs [5]. Technology and Innovation - Dyadic's lead technology, the C1-cell protein production platform, is designed to enhance the development and production of biologic products at flexible commercial scales [5]. - The Dapibus™ platform enables rapid development and large-scale manufacture of low-cost proteins and other biologic products for non-pharmaceutical uses [5]. Strategic Goals - The company is committed to advancing its proprietary microbial platform technologies to support the development of effective preventative and therapeutic treatments globally [6]. - Dyadic aims to facilitate the faster market entry of vaccines and biologic products at greater volumes and lower costs [7].

JUPITER, Fla., Sept. 23, 2024 (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 non-pharmaceutical applications including food, nutrition and wellness, as well as animal and human health therapeutics and vaccines, today provided an update on business progress and announced its attendance at the Bioprocess International Conference in Boston, September 2 ...

Dyadic International, Inc. (NASDAQ:DYAI) Q2 2024 Earnings Conference Call August 13, 2024 5:00 PM ET Company Participants Ping Rawson - CFO Mark Emalfarb - President and CEO Joseph Hazelton - COO Patrick Lucy - Chairman Conference Call Participants John Vandermosten - Zacks Operator Good evening and welcome to the Dyadic International's Q2 2024 Conference Call. Currently, all participants are in a listen-only mode. Following the management's prepared remarks, there will be a brief question-and-answer sessio ...

Exhibit 99.1 Dyadic Announces Second Quarter 2024 Financial Results and Highlights Recent Company Progress Alternative Proteins ● Entered into a development and commercialization partnership for the sale of animal-free recombinant albumin products with Proliant Health and Biologicals ● Entered into a joint development agreement with a Top 10 global dairy company for the development of non-animal alpha-lactalbumin ● Ongoing development of a robust pipeline of non-pharmaceutical recombinant product candidates ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 000-55264 DYADIC® DYADIC INTERNATIONAL, INC. (Exact Name of Registrant as Specified in its Charter) State or Other Jurisdict ...

JUPITER, Fla., July 30, 2024 (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, as well as in nonpharmaceutical applications including food, nutrition, and wellness, today announced that it will report its financial results for the second quarter 2024 and host a corporate update conference call on Tuesday, Augu ...

About Dyadic International, Inc. According to the terms of the agreement, Dyadic will receive an upfront milestone payment of $1.5MM and have agreed to a share of profits received by PHB from the sale of animal-free recombinant albumin products produced using Dyadic's filamentous fungal microbial platforms. A portion of the upfront milestone payment will be allocated to the technology transfer and commercialization effort. The initial focus of the partnership will be the commercialization of recombinant hum ...