Dyadic Reports 2024 Year-End Financial Results and Business Updates

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 $3.5 million, up from $2.9 million in 2023, driven by license revenue of $1 million from Proliant and approximately $890,000 from Inzymes ApS [14]. - The company recognized approximately $1.9 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 $7.3 million in 2023 [13]. Research and Development - Research and development expenses decreased to approximately $2.0 million in 2024 from $3.3 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].