Financial Data and Key Metrics Changes - As of June 30, 2021, the company's cash, cash equivalents, and investment-grade securities totaled $25.8 million, down from $27.4 million as of March 31, 2021 [30] - Research and development revenue for the quarter increased to approximately $937,000 compared to $524,000 for the same period a year ago [31] - Net loss for the quarter was approximately $3.8 million or $0.14 per share, compared to $2.7 million or $0.10 per share for the same period a year ago [34] Business Line Data and Key Metrics Changes - The number of ongoing research collaborations increased to 11 compared to 9 collaborations for the same period a year ago [31] - R&D expenses for the quarter increased to approximately $2.2 million, primarily due to Phase 1 clinical trial costs of DYAI-100, amounting to $1.5 million [32] - General and administrative expenses increased 18.5% to approximately $1.7 million compared to the same period a year ago [33] Market Data and Key Metrics Changes - The collaboration with Sorrento Therapeutics aims to develop a COVID-19 vaccine that can be rapidly manufactured and stored at room temperature or 2 to 8 degrees [11] - The Rubic Consortium collaboration intends to reduce Africa's dependence on foreign vaccine suppliers, targeting a population of 1.3 billion people [15] - The Syngene International collaboration aims to develop a COVID-19 vaccine candidate for the Indian subcontinent, which has an estimated population of 1.7 billion people [16] Company Strategy and Development Direction - The company is focused on leveraging its C1 protein production platform for biologic vaccine and drug production in the animal and human health markets [7] - The Sorrento license agreement is expected to validate the company's business model and provide significant upfront payments and milestone payments [20][14] - The company aims to disrupt the biomanufacturing of biologics and vaccines, with a focus on scalability and efficiency [19] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the progress made in advancing the DYAI-100 COVID-19 vaccine candidate towards a Phase 1 clinical trial [23] - The company anticipates that the Sorrento license agreement will significantly change its cash burn guidance for 2021 [35] - Management highlighted the potential for the C1 platform to support rapid development and manufacturing of future vaccines and drugs [22] Other Important Information - The company sold its equity interest in BDI Holdings and VLP Bio, realizing €1.3 million in cash and approximately a 30% return on investment [26] - The company is involved in several fully funded research projects exploring the expression of various proteins, including antibodies and bispecifics [28] Q&A Session Summary Question: Clarification on the Sorrento agreement and $4 million cited - Management clarified that the $4 million is for past and current expenditures related to the DYAI-100 vaccine candidate [37] Question: Long-term objectives with Rubic in South Africa - Management indicated that the collaboration addresses immediate needs and sets up infrastructure for future developments in various diseases [41] Question: Clarification on royalty terms and future products - Management confirmed that the current license agreement with Sorrento pertains solely to coronaviruses, with potential for renegotiation for future products [46]
Dyadic(DYAI) - 2021 Q2 - Earnings Call Transcript