Revenue Performance - Revenue for Q3 2024 increased to approximately $1,958,000, up from $397,000 in the same period last year, driven by $1 million in license revenue and $425,000 in success fees[12] - Total revenue for the three months ended September 30, 2024, was $1,957,500, a significant increase of 394% compared to $397,060 for the same period in 2023[24] - License revenue for the three months ended September 30, 2024, was $1,425,000, compared to only $44,118 in the prior year, marking a growth of 3130%[24] Financial Position - The company has a strong cash position of approximately $10 million as of September 30, 2024, compared to $7.3 million at the end of 2023[11] - Total current assets increased to $10,690,424 as of September 30, 2024, from $8,067,335 as of December 31, 2023, reflecting a growth of 32.4%[25] - Total assets as of September 30, 2024, were $10,805,666, up from $8,219,236 as of December 31, 2023, indicating a growth of 31.7%[25] - Total liabilities increased to $7,393,554 as of September 30, 2024, compared to $2,340,651 as of December 31, 2023, representing a significant rise of 215.5%[25] - Stockholders' equity decreased to $3,412,112 as of September 30, 2024, from $5,878,585 as of December 31, 2023, a decline of 41.1%[25] Operational Performance - Loss from operations decreased to $203,000 in Q3 2024, down from $1,720,000 in the same period last year, primarily due to increased licensing revenue[16] - The net loss for the three months ended September 30, 2024, was $(203,460), an improvement from $(1,614,259) in the same period of 2023[24] - Basic and diluted net loss per common share for the three months ended September 30, 2024, was $(0.01), compared to $(0.06) for the same period in 2023[24] Research and Development - Research and development expenses decreased to approximately $460,000 in Q3 2024, compared to $716,000 in the same period last year, reflecting the winding down of a Phase 1 clinical trial[14] - Research and development revenue for the nine months ended September 30, 2024, was $1,253,013, down 40% from $2,079,918 in the same period of 2023[24] - The company has initiated development efforts for research grade DNA/RNA Polymerases, DNA Ligase, and RNase Inhibitor products, essential tools in molecular biology[6] - The company has made progress in developing recombinant transferrin for cell culture media, with a Certificate of Analysis issued for the product[6] - The company is co-developing a C1-produced ferritin nanoparticle Mpox antigen with ViroVax LLC, with preclinical studies scheduled to begin in Q4 2024[10] Collaborations and Partnerships - The company is advancing its collaborations with two top ten pharmaceutical companies and a leading biotech, successfully expressing antigens for various infectious diseases[10] - The anticipated launch of the first recombinant human serum albumin product is expected in the first half of 2025, following a partnership with Proliant Health[6] - The company received a $1 million milestone payment for animal-free recombinant albumin products and $425,000 in success fees for achieving production targets in a dairy enzyme collaboration[1]
Dyadic(DYAI) - 2024 Q3 - Quarterly Results