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01/10 16:06
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals mixed signals. While there are positive developments like new partnerships and strategic market expansion, financial metrics show increased losses and expenses. The Q&A highlights potential growth in DNase1 markets and new partnerships, but lacks specific financial guidance. Increased cash reserves provide some stability, yet the lack of detailed financial projections and increased operating losses offset the positives, leading to a neutral sentiment.
Total Revenue $1.165 million, a decrease from $1.958 million year-over-year. The decrease was due to reductions in research and development revenue by $183,000 and license and milestone revenue by $1.425 million, offset by an increase in grant revenue of $815,000 from the Gates Foundation and CEPI grant.
Cost of Research and Development Revenue and Cost of Grant Revenue $255,000, a decrease from $396,000 year-over-year. Cost of grant revenue from the Gates Foundation and CEPI brands was $769,000 compared to $0 in the same period a year ago.
Research and Development Expenses $572,000, an increase from $460,000 year-over-year. The increase was driven by a rise in the number of active internal research initiatives to expedite product development.
General and Administrative (G&A) Expenses $1.481 million, an increase from $1.298 million year-over-year. The increase was due to rebranding and business development expenses of $176,000, legal and accounting expenses of $83,000, partially offset by a decrease in share-based compensation expenses of $79,000.
Loss from Operations $1.925 million, an increase from $203,000 year-over-year. This reflects higher operating expenses and reduced revenue.
Net Loss $1.976 million or $0.06 per share, an increase from $203,000 or $0.01 per share year-over-year. This was driven by increased operating expenses and reduced revenue.
Cash and Cash Equivalents $10.4 million as of September 30, 2025, an increase from $9.3 million as of December 31, 2024. This includes proceeds from a public offering and a milestone payment from Proliant.
First commercial bulk sale of Dyadic-produced protein: Marked the beginning of a new chapter in the company's evolution, with momentum expected to build in 2025 and accelerate in 2026.
Recombinant human albumin program: Advancing toward commercial launch in early 2026 in partnership with Proliant Health and Biologicals, with $1.5 million in milestone payments received to date.
Recombinant bovine fibroblast growth factor (FGF): First bulk purchase order achieved, targeting cultured meat and cell and gene therapy markets.
Animal-free transferrin and DNase1: In active manufacturing and sampling, preparing for commercial launch.
Recombinant alpha-lactalbumin and human lactoferrin: Advancing in the food and nutrition market, with sampling expected by late 2025 or early 2026.
Partnership with Intralink: Expanding market penetration in Japan and South Korea for cell culture media and molecular biology reagents.
Food and nutrition market expansion: Targeting the animal-free dairy protein market, expected to exceed $20 billion by 2035.
Rebranding and technology enhancement: Rebranded as Dyadic Applied BioSolutions and added CRISPR/Cas9 gene editing capabilities to improve productivity and yields.
Collaboration with Fermbox Bio: Advancing enzyme solutions for industrial biotechnology, with initial commercial deliveries completed.
Shift to a commercially focused biotechnology company: Transitioned from a platform-centric R&D organization to a product company with growing revenue streams.
Biopharmaceutical collaborations: Partner-funded programs with Gates Foundation and CEPI to validate C1 protein production platform and generate nondilutive funding.
Revenue Decrease: Total revenue for Q3 2025 decreased to $1.165 million from $1.958 million in Q3 2024, driven by declines in research and development revenue and license/milestone revenue. This could impact the company's ability to fund operations and strategic initiatives.
Increased Operating Loss: Loss from operations increased to $1.925 million in Q3 2025 compared to $203,000 in Q3 2024, reflecting higher expenses and reduced revenue, which could strain financial resources.
Net Loss Growth: Net loss for Q3 2025 rose to $1.976 million from $203,000 in Q3 2024, indicating financial challenges that may hinder future investments and growth.
Dependence on Partner Funding: The company relies on partner-funded collaborations and grants, such as those from the Gates Foundation and CEPI, which may not be sustainable or predictable long-term.
Market Entry Risks: The company is entering competitive markets like cell culture media, molecular biology reagents, and animal-free proteins, which require significant resources and may face challenges in achieving market penetration.
Regulatory and Scalability Challenges: Products like recombinant human albumin and other proteins must meet stringent regulatory standards and scalability requirements, posing risks to commercialization timelines.
Supply Chain and Manufacturing Risks: Scaling up production for products like DNase1 and transferrin involves risks related to supply chain reliability and manufacturing consistency.
Geographic Expansion Risks: Efforts to expand into Asia-Pacific markets through partnerships like Intralink may face cultural, regulatory, and logistical challenges.
R&D and Operational Costs: Increased R&D expenses and operational costs, including rebranding and business development, could pressure margins and delay profitability.
Economic and Competitive Pressures: The company operates in dynamic and competitive sectors like biotechnology and food nutrition, where economic uncertainties and competitive pressures could impact growth.
Commercial Bulk Sales: The company expects momentum to build with additional product opportunities emerging in 2025 and accelerating in 2026 as they scale their portfolio and expand global market reach.
Recombinant Human Albumin Program: The program is advancing toward commercial launch in early 2026, with expectations to share profits as albumin products enter the market.
Animal-Free Transferrin and DNase1: These products are in active manufacturing and sampling to prepare for commercial launch. Bovine transferrin targets cultivated meat and research markets, while human transferrin targets biopharmaceutical and cell and gene therapy applications.
FGF Program: The program is expanding sampling and validation activities with additional customers, targeting cell and gene therapy manufacturers and suppliers.
RNA-Free DNase1: Production validation is complete, and the product has entered sampling while the company works to secure purchase orders.
T7 RNA Polymerase and RNase Inhibitor: Development is advancing to expand Dyadic's position in the DNA and RNA enzyme market.
Asia-Pacific Market Expansion: The company has partnered with Intralink to accelerate market penetration in Japan and South Korea, introducing products such as transferrin, DNase1, and growth factors.
Food and Nutrition Market: The recombinant alpha-lactalbumin program is advancing, with sampling for research and nutritional applications expected by late 2025 or early 2026. The human lactoferrin program is progressing, with sampling for research use expected in early 2026.
Non-Animal Dairy Enzymes: Scale-up for the first enzyme remains on track for commercial launch in late 2025 or early 2026, with a second enzyme candidate advancing toward commercialization.
Bioindustrial Segment: Initial commercial deliveries have been completed, and sampling is expanding with additional customers in biomass processing, biofuels, and pulp and paper markets. Revenues are expected in the first half of 2026.
Biopharmaceutical Programs: Programs supported by the Gates Foundation and CEPI are generating strong data, with potential for additional funding and validation of the C1 platform. The company is preparing to provide H5 antigen samples for preclinical evaluation, with potential advancement into a funded Phase I trial.
The selected topic was not discussed during the call.
The earnings call reveals mixed signals. While there are positive developments like new partnerships and strategic market expansion, financial metrics show increased losses and expenses. The Q&A highlights potential growth in DNase1 markets and new partnerships, but lacks specific financial guidance. Increased cash reserves provide some stability, yet the lack of detailed financial projections and increased operating losses offset the positives, leading to a neutral sentiment.
The earnings call summary indicates improved financial performance with increased revenue and decreased losses. However, cash reserves have decreased, and management avoided specific cash burn guidance, raising concerns. Product commercialization is progressing, but timelines are not immediate. The Q&A highlights potential in large markets, but lacks detailed revenue projections. Overall, the mixed signals and lack of immediate catalysts suggest a neutral sentiment towards short-term stock movement.
The earnings call reveals mixed signals. Positive aspects include revenue growth, decreased R&D expenses, and strategic partnerships. However, financial challenges persist with ongoing net losses and a decrease in cash reserves. The lack of a shareholder return plan and unclear guidance on key partnerships and burn rates further contribute to uncertainty. While there are promising product developments and market opportunities, competition and regulatory hurdles pose risks. The Q&A session highlighted management's evasiveness on some issues, reinforcing a neutral outlook. Given the absence of market cap data, the stock price is likely to remain stable in the short term.
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