Dyadic International Inc (DYAI) Reports Decrease in Q3 Revenue and Net Loss Improvement ...
Dyadic International Inc (NASDAQ:DYAI) announced a decrease in Q3 2023 revenue to approximately $397,000 compared to $880,000 in Q3 2022.
Net loss for Q3 2023 improved to approximately $1.6 million, or $(0.06) per share, compared to a net loss of $1.8 million, or $(0.06) per share, in Q3 2022.
The company's cash position decreased to approximately $8.2 million as of September 30, 2023, from $12.7 million as of December 31, 2022.
Recent company progress includes the appointment of Doug Pace as Executive Vice President for Business Development and increased interest in proprietary protein production platforms.
On November 8, 2023, Dyadic International Inc (NASDAQ:DYAI), a global biotechnology company, released its financial results for the third quarter of 2023. The company reported a decrease in revenue and a reduction in net loss compared to the same period last year. The filing release date was also November 8, 2023.
President and CEO Mark Emalfarb highlighted the company's strategic focus on its proprietary C1 and Dapibus protein production platforms, which have attracted significant interest and new projects. Emalfarb noted, "Launching our Dapibus platform for non-pharmaceutical applications less than 10 months ago, we have already signed a number of agreements." He also emphasized the progress in the recombinant serum albumin product pipeline and ongoing engagements with large pharmaceutical companies and other organizations.
Financial Performance Overview
Dyadic International Inc (NASDAQ:DYAI) reported a decrease in Q3 2023 revenue to approximately $397,000, down from $880,000 in the same period last year. The decrease was attributed to several research projects winding down or being put on hold due to a laboratory relocation at a major contract research organization. However, revenue for the nine months ended September 30, 2023, saw a slight increase to approximately $2,212,000 compared to $2,187,000 for the same period in 2022.
The cost of research and development revenue for Q3 2023 decreased to approximately $106,000 from $603,000 in Q3 2022. Research and development expenses also saw a decrease for both the three and nine-month periods, reflecting the winding down of activities related to the company's Phase 1 clinical trial of the DYAI-100 COVID-19 vaccine candidate.
General and administrative expenses decreased by 7.3% for the three months and by 12.4% for the nine months ended September 30, 2023, compared to the same periods last year. The net loss for Q3 2023 was approximately $1,614,000, or $(0.06) per share, an improvement from a net loss of $1,809,000, or $(0.06) per share, in Q3 2022. The net loss for the nine months ended September 30, 2023, was approximately $4,724,000, or $(0.16) per share, compared to $7,589,000, or $(0.27) per share, for the same period in 2022.
Balance Sheet and Cash Flow
The company's cash position as of September 30, 2023, was approximately $8.2 million, a decrease from $12.7 million as of December 31, 2022. The balance sheet shows total assets of $9,255,566 and total liabilities and stockholders' equity of the same amount. Current assets decreased from the previous year-end, reflecting the use of cash in operations and investment activities.
Dyadic International Inc (NASDAQ:DYAI) continues to focus on advancing its proprietary microbial platform technologies and expanding its pipeline, including the DYAI-100 COVID-19 vaccine candidate. The company's commitment to bringing vaccines and other biologic products to market faster, in greater volumes, and at lower cost remains a key part of its strategy.
For a more detailed look at Dyadic International Inc (NASDAQ:DYAI)'s financials and to access the replay of the webcast, please visit the Investor Relations section of the company's website at www.dyadic.com.
Explore the complete 8-K earnings release (here) from Dyadic International Inc for further details.
This article first appeared on GuruFocus.
