Dyadic(US:DYAI)2025-11-12 21:07Financial Performance - Total revenue for Q3 2025 was $1,164,617, a decrease of 40.5% compared to $1,957,500 in Q3 2024[15] - Research and development revenue for Q3 2025 was $350,046, down 34.2% from $532,500 in Q3 2024[15] - Grant revenue increased to $814,571 in Q3 2025, compared to $0 in Q3 2024[15] - Net loss for Q3 2025 was $1,976,012, compared to a net loss of $203,460 in Q3 2024, representing a significant increase in losses[15] - Basic and diluted net loss per common share for Q3 2025 was $0.06, compared to $0.01 in Q3 2024[15] - For the nine months ended September 30, 2025, Dyadic reported a net loss of $5,797,365, compared to a net loss of $4,258,279 for the same period in 2024, indicating an increase in losses of approximately 36.2%[19] - For the nine months ended September 30, 2025, total revenues were $2,524,819, a decrease of 5.7% compared to $2,678,013 for the same period in 2024[156] - The net loss for the nine months ended September 30, 2025, was $5,797,365, compared to a net loss of $4,258,279 for the same period in 2024, representing a 36.2% increase in losses[156] Assets and Liabilities - Total current assets rose to $11,545,262 as of September 30, 2025, up 17.5% from $9,827,668 as of December 31, 2024[14] - Total liabilities increased to $9,065,423 as of September 30, 2025, compared to $7,459,985 as of December 31, 2024, reflecting a 21.5% rise[14] - Total stockholders' equity as of September 30, 2025, was $2,607,334, an increase from $2,470,290 as of December 31, 2024[14] - The accumulated deficit increased to $91,883,845 as of September 30, 2025, from $86,086,480 as of December 31, 2024[14] - As of September 30, 2025, Dyadic's total cash, cash equivalents, and restricted cash amounted to $7,155,788, up from $5,921,614 at the end of the same period in 2024, representing a 20.9% increase[19] - As of September 30, 2025, the company held $10.4 million in cash, cash equivalents, and investment securities, an increase from $9.3 million as of December 31, 2024[155] Research and Development - The company expects to incur losses and negative cash flows as it continues to develop its Dapibus and C1 platforms, indicating ongoing investment in R&D[27] - Research and development costs for the three months ended September 30, 2025, totaled $571,872, an increase of 24.2% from $460,241 in the same period of 2024[76] - For the nine months ended September 30, 2025, research and development costs reached $1,696,230, up 13.2% from $1,498,593 in 2024[76] - Research and development expenses for outside contracted services increased to $1,357,727 for the nine months ended September 30, 2025, compared to $1,119,502 in 2024, reflecting a 21.3% rise[156] - Dyadic is conducting internal and collaborative R&D to advance its microbial platforms across both pharmaceutical and non-pharmaceutical applications[178] Grants and Collaborations - Dyadic received a grant of $3,092,136 from the Gates Foundation for the development of monoclonal antibodies, highlighting its focus on revenue-generating collaborations[34] - The Company received a grant of $3,092,136 from the Gates Foundation for monoclonal antibody development, with approximately $2.4 million received as of September 30, 2025[93][94] - A funding award of $4.5 million was received from CEPI to advance the C1 platform, with the Company set to receive up to $2.4 million as a subcontractor[98] - The Company recognized grant revenue of $287,209 and $462,754, respectively, related to the CEPI Grant for the three and nine months ended September 30, 2025[99] - Dyadic has received a total of approximately $2.4 million in funding from the Gates Foundation for developing low-cost monoclonal antibodies for malaria and RSV[188] Stock and Financing - The company issued 6,052,000 shares of common stock in Q2 2025, raising approximately $4,940,695 after offering costs[17] - The company completed an underwritten offering of 6,052,000 shares at a price of $0.95 per share, raising net proceeds of $4.9 million[37] - The Company issued senior secured convertible promissory notes with an aggregate principal amount of $6.0 million, with interest payable quarterly at a rate of 8% per annum[112][113] - As of September 30, 2025, the accrued interest on the Convertible Notes to related parties was $25,133 and to other third parties was $60,000[122] - The company granted 698,500 stock options during the nine months ended September 30, 2025, with an average exercise price of $1.71[135] Strategic Initiatives - Dyadic's strategic shift focuses on commercializing non-therapeutic proteins, aiming for faster revenue generation and broader market reach[25] - Dyadic expects to commercialize multiple Dapibus™-enabled products starting in 2025 through strategic partnerships and internal manufacturing initiatives[164] - Dyadic partnered with Intralink to expand its commercial efforts in Japan and South Korea, targeting high-value animal-free proteins[184] - Dyadic rebranded as Dyadic Applied BioSolutions and launched a redesigned corporate website to support commercial growth[184] Compliance and Taxation - The company has cured Nasdaq listing deficiencies and regained compliance with the minimum Market Value of Listed Securities and Minimum Bid Price requirements[189] - The Company is required to estimate income taxes in each jurisdiction it operates, considering current tax exposure and temporary differences in revenue and expense recognition[208] - Significant management judgment is necessary for determining the provision for income taxes and deferred tax assets[208] - The Company currently does not face U.S. federal, state, and local tax examinations for years prior to 2022[210] - There are no off-balance sheet arrangements reported by the Company[211]