Dyadic International, Inc. (NASDAQ:DYAI) Q2 2022 Earnings Conference Call August 10, 2022 5:00 PM ET Corporate Participants Ping Rawson - Chief Financial Officer Mark Emalfarb - President & Chief Executive Officer Joe Hazelton - Chief Business Officer Conference Call Participants John Vandermosten - Zacks Vernon Bernardino - HC Wainwright Robert Smith - Center for Performance Investing Operator Good day and welcome to the Dyadic International Incorporated Second Quarter 2022 Financial Results Conference Cal ...

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, 2022 ☐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) Delaware 45-0486747 Stat ...

Dyadic International, Inc. (NASDAQ:DYAI) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Ping Rawson - Chief Financial Officer Mark Emalfarb - President & Chief Executive Officer Joe Hazelton - Chief Business Officer Conference Call Participants John Vandermosten - Zacks Robert Smith - The Center for Performance Investing Operator Good evening, and welcome to Dyadic International First Quarter Fiscal 2022 Financial Results Conference Call. Currently, all participants are in a l ...

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 March 31, 2022 ☐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) Delaware 45-0486747 Sta ...

Dyadic International, Inc. (NASDAQ:DYAI) Q4 2021 Earnings Conference Call March 29, 2022 5:00 PM ET Company Participants Ping Rawson – Chief Financial Officer Mark Emalfarb – Chief Executive Officer Joe Hazelton – Chief Business Officer Conference Call Participants John Vandermosten – Zacks Paul Rosenbaum – SWR Corporation Robert Smith – The Center of Performance Investing Operator Good evening, and welcome to the Dyadic International’s 2021 Year-End Financial Results Conference Call. Currently all particip ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ 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 INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 45-0486747 (State or other jurisdict ...

Dyadic International, Inc. (NASDAQ:DYAI) Q3 2021 Earnings Conference Call November 10, 2021 5:00 PM ET Company Participants Ping Rawson - Chief Financial Officer Mark Emalfarb - President & Chief Executive Officer Conference Call Participants John Vandermosten - Zacks Robert Smith - Center for Performance Investing Operator Good evening, welcome to the Dyadic International's Third Quarter 2021 Financial Results Conference Call. Currently, all participants are in a listen-only mode. Following management's pr ...

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 September 30, 2021 ☐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) Delaware 45-0486747 ...

Financial Data and Key Metrics Changes - As of June 30, 2021, the company's cash, cash equivalents, and investment-grade securities totaled $25.8 million, down from $27.4 million as of March 31, 2021 [30] - Research and development revenue for the quarter increased to approximately $937,000 compared to $524,000 for the same period a year ago [31] - Net loss for the quarter was approximately $3.8 million or $0.14 per share, compared to $2.7 million or $0.10 per share for the same period a year ago [34] Business Line Data and Key Metrics Changes - The number of ongoing research collaborations increased to 11 compared to 9 collaborations for the same period a year ago [31] - R&D expenses for the quarter increased to approximately $2.2 million, primarily due to Phase 1 clinical trial costs of DYAI-100, amounting to $1.5 million [32] - General and administrative expenses increased 18.5% to approximately $1.7 million compared to the same period a year ago [33] Market Data and Key Metrics Changes - The collaboration with Sorrento Therapeutics aims to develop a COVID-19 vaccine that can be rapidly manufactured and stored at room temperature or 2 to 8 degrees [11] - The Rubic Consortium collaboration intends to reduce Africa's dependence on foreign vaccine suppliers, targeting a population of 1.3 billion people [15] - The Syngene International collaboration aims to develop a COVID-19 vaccine candidate for the Indian subcontinent, which has an estimated population of 1.7 billion people [16] Company Strategy and Development Direction - The company is focused on leveraging its C1 protein production platform for biologic vaccine and drug production in the animal and human health markets [7] - The Sorrento license agreement is expected to validate the company's business model and provide significant upfront payments and milestone payments [20][14] - The company aims to disrupt the biomanufacturing of biologics and vaccines, with a focus on scalability and efficiency [19] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the progress made in advancing the DYAI-100 COVID-19 vaccine candidate towards a Phase 1 clinical trial [23] - The company anticipates that the Sorrento license agreement will significantly change its cash burn guidance for 2021 [35] - Management highlighted the potential for the C1 platform to support rapid development and manufacturing of future vaccines and drugs [22] Other Important Information - The company sold its equity interest in BDI Holdings and VLP Bio, realizing €1.3 million in cash and approximately a 30% return on investment [26] - The company is involved in several fully funded research projects exploring the expression of various proteins, including antibodies and bispecifics [28] Q&A Session Summary Question: Clarification on the Sorrento agreement and $4 million cited - Management clarified that the $4 million is for past and current expenditures related to the DYAI-100 vaccine candidate [37] Question: Long-term objectives with Rubic in South Africa - Management indicated that the collaboration addresses immediate needs and sets up infrastructure for future developments in various diseases [41] Question: Clarification on royalty terms and future products - Management confirmed that the current license agreement with Sorrento pertains solely to coronaviruses, with potential for renegotiation for future products [46]

Financial Performance - Total revenue for Q2 2021 was $937,092, an increase of 78.9% compared to $524,271 in Q2 2020[16] - Net loss for Q2 2021 was $(3,846,174), compared to a net loss of $(2,651,422) in Q2 2020, representing a 45.2% increase in losses[16] - Basic and diluted net loss per common share for Q2 2021 was $(0.14), compared to $(0.10) in Q2 2020[16] - Total costs and expenses for Q2 2021 were $4,804,166, an increase of 44.6% from $3,322,280 in Q2 2020[16] - The net loss for the six months ended June 30, 2021, was $7,141,123, compared to a net loss of $4,865,561 for the same period in 2020, representing an increase of approximately 46.7%[21] - Total revenue for the first half of 2021 reached $1,397,612, up from $839,643 in the same period of 2020, reflecting a growth of 66.5%[180] Assets and Liabilities - Total current assets decreased to $26,156,373 as of June 30, 2021, down 12.5% from $29,781,498 as of December 31, 2020[14] - Total liabilities increased to $3,288,485 as of June 30, 2021, up 102.3% from $1,625,871 as of December 31, 2020[14] - Total stockholders' equity decreased to $23,158,769 as of June 30, 2021, down 18.5% from $28,446,561 as of December 31, 2020[14] - Cash and cash equivalents decreased to $14,018,826 as of June 30, 2021, down 32.3% from $20,637,045 as of December 31, 2020[14] - Accounts receivable as of June 30, 2021, totaled $291,435, a slight decrease from $294,199 on December 31, 2020[47] Research and Development - Research and development expenses for Q2 2021 were $2,209,242, an increase of 97.7% from $1,116,163 in Q2 2020[16] - Research and development costs for the three months ended June 30, 2021, were $2,209,242, compared to $1,116,163 for the same period in 2020, reflecting a 97.8% increase[65] - Research and development expenses increased significantly to $2,273,607 for the six months ended June 30, 2021, compared to $904,572 for the same period in 2020[49] - The company is involved in multiple funded research collaborations with pharmaceutical companies to leverage its C1 technology for developing innovative vaccines and drugs, including a proprietary COVID-19 vaccine candidate[25] - The C1 technology platform has demonstrated the ability to produce antigens at yields approximately 300 times greater than traditional methods, enhancing vaccine development efficiency[136] Customer and Revenue Growth - The company generated revenue from 13 customers in the six months ended June 30, 2021, compared to 10 customers in the same period in 2020, reflecting a growth in customer base[36] - For the six months ended June 30, 2021, approximately $1,121,000 or 80.2% of revenue was generated from customers outside the United States, compared to $441,000 or 52.5% in the same period in 2020, showing a significant increase in international revenue contribution[37] - The number of ongoing research collaborations increased to eleven in Q2 2021 from nine in Q2 2020, contributing to revenue growth[180] Cash Flow and Financing - The company reported net cash used in operating activities of $4,307,783 for the six months ended June 30, 2021, compared to $3,903,929 for the same period in 2020, indicating an increase in cash outflow from operations[21] - The company had net cash provided by financing activities of $986,140 for the six months ended June 30, 2021, compared to $230,743 in the same period in 2020, representing an increase of approximately 327.5%[21] - Net cash used in operating activities for the first half of 2021 was approximately $4.3 million, primarily due to a net loss of approximately $7.1 million[197] - Net cash used in investing activities for the first half of 2021 was approximately $3.3 million, compared to a net cash provided by investing activities of $10.6 million in the same period of 2020[200] Agreements and Collaborations - The company entered into a technology transfer and licensing agreement with the Rubic Consortium to license its C1 platform technology for COVID-19 vaccine development[128] - On August 10, 2021, the Company entered into a License Agreement with Sorrento Therapeutics, granting exclusive rights for the use of Dyadic's C1 technology in multiple regions, including North and South America, Europe, and major Asian countries[129] - Sorrento will pay an upfront license fee of $10 million, consisting of $5 million in cash and $5 million in shares, along with potential milestone payments of up to $33 million and ongoing royalties from net sales[130] - The Company is advancing its DYAI-100 COVID-19 vaccine candidate towards a Phase 1 clinical study, with preliminary safety results expected by October 2021[141] Investment and Financial Position - As of June 30, 2021, the company's total cash, cash equivalents, and investments amounted to $25,589,160, with cash and cash equivalents at $14,018,826[81] - The company’s investment policy requires investment securities to be investment grade and held to maturity, focusing on maintaining liquidity while maximizing yield[81] - The company has not made any sales under the Open Market Sale Agreement with Jefferies, which allows for an aggregate offering price of up to $50 million[192] - The company has not recognized any milestone payment revenue from sublicensing arrangements to date[59] Risks and Uncertainties - The company is actively monitoring the impact of COVID-19 on its operations and financial condition, with potential adverse effects still uncertain[28] - The impact of COVID-19 continues to create uncertainty regarding the Company's operations and research projects, with management actively monitoring the situation[145] - The company expects to continue incurring substantial operating losses despite potential revenue generation from research and development collaborations[191]