Dyadic(DYAI) - 2025 Q1 - Quarterly Results

First Quarter 2025 Financial Results and Highlights Executive Summary 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] 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 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 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] - 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][7] - Industrial Enzymes: Fermbox Bio launched EN3ZYME, produced using Dyadic's Dapibus™ platform, and received an initial large purchase order in Q1 2025[11] - 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] C1 Platform Development for Vaccines & Antibodies 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] - 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] - 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] Animal and Human Health Applications 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] - 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] Q1 2025 Financial Performance 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] - 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] Condensed Consolidated Financial Statements 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) 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) 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 |