Dyadic International Reports Revenue Decline but Increased License Revenue for Fiscal Year 2024

Dyadic International, Inc. reported a decrease in total revenue for the fiscal year ending December 31, 2024, amounting to $3.5 million, down from $2.9 million in 2023. The decline was primarily attributed to a drop in research and development revenue, which fell to $1.6 million from $2.5 million in the previous year. However, the company saw a significant increase in license revenue, which rose to $1.9 million compared to $352,941 in 2023. The overall loss from operations decreased to $5.9 million from $8.2 million, reflecting improved licensing revenue and reduced research and development expenses.

In terms of strategic developments, Dyadic has focused on enhancing its C1 protein production platform and has launched the Dapibus™ Protein Production Platform, aimed at addressing the growing demand for non-animal-derived proteins. The company anticipates commercializing certain alternative protein products by 2025, leveraging existing collaborations and internal manufacturing efforts. Additionally, Dyadic has entered into several strategic partnerships, including a notable agreement with the Gates Foundation for a grant of approximately $3 million to develop monoclonal antibodies targeting respiratory syncytial virus and malaria.

Operationally, Dyadic's customer base expanded from 16 to 19 collaborations year-over-year, indicating a growing interest in its technologies. The company reported a decrease in research and development expenses to $2.0 million from $3.3 million, largely due to the completion of activities related to its Phase 1 clinical trial for the DYAI-100 COVID-19 vaccine candidate. General and administrative expenses increased slightly to $6.1 million, reflecting higher business development and investor relations costs.

Looking ahead, Dyadic's management expressed optimism about the future, emphasizing the potential for revenue growth through its licensing agreements and the commercialization of its protein production platforms. However, the company also acknowledged the need for substantial additional capital to fund ongoing research and development efforts. As of December 31, 2024, Dyadic had cash and cash equivalents of $6.5 million, which it believes will be sufficient to meet operational needs for at least the next twelve months. The company is actively exploring various financing options to support its growth strategy and mitigate risks associated with its ongoing development projects.