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Dyadic Reports 2024 Year-End Financial Results and Business Updates
DYAIDyadic(DYAI) GlobeNewswire·2025-03-26 20:05

Core Insights - Dyadic International, Inc. reported significant progress in commercializing its proprietary Dapibus™ and C1 microbial protein production platforms, driving long-term growth opportunities in both pharmaceutical and non-pharmaceutical applications [1][4]. Financial Performance - Total revenue for the year ended December 31, 2024, increased to approximately 3.5million,upfrom3.5 million, up from 2.9 million in 2023, driven by license revenue of 1millionfromProliantandapproximately1 million from Proliant and approximately 890,000 from Inzymes ApS [14]. - The company recognized approximately 1.9millioninmilestoneandlicenserevenuein2024[6].−Cashandinvestment−gradesecuritiesamountedto1.9 million in milestone and license revenue in 2024 [6]. - Cash and investment-grade securities amounted to 9.3 million as of December 31, 2024, compared to 7.3millionin2023[13].ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedtoapproximately7.3 million in 2023 [13]. Research and Development - Research and development expenses decreased to approximately 2.0 million in 2024 from 3.3millionin2023,attributedtothecompletionofthePhase1clinicaltrialoftheDYAI−100COVID−19vaccinecandidate[16].−Thecompanyisadvancingthedevelopmentofseveralproducts,includingHumanSerumAlbuminandDNASe1,withmultipleproductsnearingmarketlaunch[6][7].GrantsandCollaborations−Dyadicreceivedupto3.3 million in 2023, attributed to the completion of the Phase 1 clinical trial of the DYAI-100 COVID-19 vaccine candidate [16]. - The company is advancing the development of several products, including Human Serum Albumin and DNASe1, with multiple products nearing market launch [6][7]. Grants and Collaborations - Dyadic received up to 7.5 million in grants from CEPI and the Gates Foundation to accelerate the C1 platform development timeline for faster and lower-cost vaccine and antibody manufacturing [6]. - The company is collaborating with organizations such as the Coalition for Epidemic Preparedness Innovations and the Bill & Melinda Gates Foundation to enhance its biopharmaceutical capabilities [3]. Product Development - Dyadic is progressing towards the commercial launch of Human Serum Albumin in Q2 2025, in partnership with Proliant Health and Biologicals [7]. - The company is also developing recombinant proteins for non-animal dairy applications, including alpha-lactalbumin and human lactoferrin, with expected sampling efforts in 2H 2025 [11]. Market Opportunities - Dyadic aims to expand its reach in alternative proteins and human and animal health markets, leveraging its growing network of partnerships and funding support [4]. - The C1 platform is under evaluation for diagnostics and vaccines across various species, including poultry and cattle, indicating potential for broad market applications [20].