Wed, Mar 26, 8:08 PM (31 days ago)
**Dyadic International, Inc. (DYAI) Annual Report Summary** **Financial Performance (2024 vs. 2023):** - **Revenue:** $3,495,389 (2024) vs. $2,898,806 (2023) - **Research and Development Revenue:** $1,605,220 (2024) vs. $2,545,865 (2023) - **License Revenue:** $1,890,169 (2024) vs. $352,941 (2023) - **Costs and Expenses:** $9,396,211 (2024) vs. $11,128,545 (2023) - **Cost of Research and Development Revenue:** $1,194,624 (2024) vs. $1,975,849 (2023) - **Research and Development Expenses:** $2,044,253 (2024) vs. $3,297,266 (2023) - **General and Administrative Expenses:** $6,134,773 (2024) vs. $5,817,013 (2023) - **Foreign Currency Exchange Loss:** $22,561 (2024) vs. $38,417 (2023) - **Net Loss:** $5,809,159 (2024) vs. $6,795,461 (2023) - **Cash and Cash Equivalents:** $6,506,750 (2024) vs. $6,515,028 (2023) - **Investment Securities:** $2,781,000 (2024) vs. $758,000 (2023) **Strategic Overview:** - **C1 Platform:** Focus on biopharmaceutical development, including vaccines and monoclonal antibodies. - **Dapibus™ Platform:** Targeting non-pharmaceutical applications in research, nutrition, and industrial markets. - **Collaborations:** Strategic partnerships with Proliant, Inzymes, and the Gates Foundation. - **Future Outlook:** Anticipates commercialization of alternative protein products in 2025. **Risk Factors:** - **Market and Regulatory Risks:** Dependence on market acceptance and regulatory approvals. - **Financial Risks:** Need for additional capital, potential dilution of shares. - **Operational Risks:** Dependence on third-party CROs and collaborators. - **Technological Risks:** Competition from other protein production technologies. **Financial Condition:** - **Cash and Investments:** Sufficient to meet liquidity needs for the next 12 months. - **Debt:** Issued $6.0 million in convertible notes in 2024. - **Revenue Concentration:** Two significant customers accounted for 54.8% of revenue in 2024. **Market Position Changes:** - **Revenue Growth:** Increase in license revenue from Proliant and Inzymes. - **Operating Loss Reduction:** Decrease in loss from operations due to higher license revenue and reduced R&D expenses. **Note:** All amounts are in thousands (000s).