The following is a summary of the Dyadic International, Inc. (DYAI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dyadic International closed a $6 million convertible note financing in the first quarter with no issuance of warrants.

• Research and development revenue decreased from approximately $934,000 in Q1 2023 to $335,000 in Q1 2024 due to the winding down of several large research collaborations.

• The company reported a net loss of approximately $2 million or $0.07 per share for Q1 2024.

Business Progress:

• The company is advancing 12 projects, including antigen vaccines in collaboration with two top-pharmaceutical companies.

• It has secured fully funded collaborations and has ongoing developments in human health. A significant achievement was the completion of a Phase 1 clinical trial demonstrating safety and antibody response for DYAI100.

• In animal health, Dyadic has partnered with ViroVax on a bird flu vaccine that has shown effectiveness against various virus variants. This vaccine can be rapidly mass-produced at a low cost.

• Dyadic's novel C1 technology continues to attract attention for its productivity, speed, and cost-effectiveness.

• The firm is expanding its presence in alternative protein and bio-industrial sectors, with the newly launched Dapibus exceeding initial expectations.

• It is focusing on potential revenue share to infiltrate different market segments and considering various financial models including milestones and royalties.

• Dyadic is planning to finalize an agreement for albumin production with a partner that offers low-cost downstream processing capability.

• They have decided not to progress with DYAI-100 as a COVID-19 booster vaccine, instead focusing on the development of vaccines with greater efficacy and potentially universal application.

• The company is focused on expanding the use of their C1 and Dapibus platforms for protein production in human health, animal health, and alternative protein sectors.

More details: Dyadic IR

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