Dyadic(US:DYAI)2023-11-07 16:00Financial Performance - Total revenue for Q3 2023 was $397,060, a decrease of 55.1% compared to $879,597 in Q3 2022[15] - Net loss for Q3 2023 was $1,614,259, compared to a net loss of $1,809,173 in Q3 2022, representing a 10.8% improvement[15] - Total costs and expenses for the nine months ended September 30, 2023, were $8,273,313, down 18.2% from $10,112,687 in the same period of 2022[15] - The Company reported other income of approximately $1,018,000 for the nine months ended September 30, 2023, compared to $250,000 in the same period of 2022[65] - The net loss for the three months ended September 30, 2023, was approximately $1,614,000, a decrease from $1,809,000 for the same period in 2022. For the nine months ended September 30, 2023, the net loss was approximately $4,724,000 compared to $7,589,000 in 2022[166] Cash and Liquidity - Cash and cash equivalents increased to $7,403,176 as of September 30, 2023, from $5,794,272 at the beginning of the period[20] - The company anticipates that its existing cash and cash equivalents will be sufficient to meet operational requirements for at least the next twelve months[25] - The company expects to incur losses and negative net cash flows from operating activities as it continues to develop its microbial platforms and related products[24] - Net cash used in operating activities for the nine months ended September 30, 2023, was approximately $5.8 million, primarily due to a net loss of approximately $4.7 million[174] - Net cash provided by investing activities for the nine months ended September 30, 2023, was approximately $7.4 million, compared to a net cash used of $3.0 million for the same period in 2022[176] Research and Development - Research and development revenue for the nine months ended September 30, 2023, increased to $2,079,918, up 4.8% from $1,983,636 in the same period of 2022[15] - Research and development costs for the three months ended September 30, 2023, were $716,351, a slight decrease of 3.7% from $743,585 in the same period of 2022[59] - For the nine months ended September 30, 2023, total research and development costs were $2,444,469, down 37.5% from $3,917,245 in 2022[59] - Research and development revenue for the three months ended September 30, 2023, was $352,942, a decrease from $835,480 in the same period of 2022[157] - The decrease in research and development revenue for the three months ended September 30, 2023, was attributed to several research projects winding down or on hold due to a laboratory relocation[157] Assets and Liabilities - Total current liabilities decreased by 40.5% to $1,457,357 as of September 30, 2023, down from $2,448,608 at the end of 2022[13] - Stockholders' equity decreased to $7,652,524 as of September 30, 2023, from $11,087,739 at the end of 2022, a decline of 30.5%[13] - As of September 30, 2023, accounts receivable totaled $417,878, an increase from $330,001 as of December 31, 2022[49] - As of September 30, 2023, accounts payable totaled $600,148, a decrease from $1,276,313 as of December 31, 2022[51] - As of September 30, 2023, accrued expenses totaled $620,242, a decrease of 34.9% from $955,081 as of December 31, 2022[52] Collaborations and Agreements - The company is involved in multiple funded research collaborations with pharmaceutical companies to leverage its C1-cell protein production platform[22] - The Company signed a Development and Exclusive License Agreement with Inzymes ApS on September 18, 2023, which includes an upfront payment of $0.6 million for research collaboration[77][78] - The Global Food Ingredient Company (GFIC) completed its one-year funding commitment of approximately $1.35 million for the initial phase of research collaboration as of September 30, 2023[82] - The Janssen collaboration is set to wind down with an effective end date of December 31, 2023, as notified by Janssen on October 2, 2023[88] - The company entered into a development and commercialization agreement with bYoRNA on September 26, 2023, to combine RNA platforms for more cost-efficient mRNA production[129] Other Income and Expenses - Interest income for Q3 2023 was $105,862, an increase of 95.3% compared to $54,300 in Q3 2022[15] - General and administrative expenses for the three months ended September 30, 2023, decreased by 7.3% to approximately $1,282,000 compared to $1,383,000 for the same period a year ago[161] - General and administrative expenses for the nine months ended September 30, 2023, decreased by 12.4% to approximately $4,165,000 compared to $4,753,000 for the same period a year ago[162] - Interest income for the nine months ended September 30, 2023, was approximately $320,000, an increase from $87,000 in the same period a year ago[164] - The company recognized total non-cash share-based compensation expense of $946,262 for the nine months ended September 30, 2023, compared to $1,408,210 for the same period in 2022[116]