Dyadic International, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For Q3 2024, Dyadic generated total revenue of $1,958,000, a substantial increase from $397,000 in Q3 2023. This growth was driven by a notable rise in license revenue, which reached $1,425,000 compared to $44,118 in the prior year. Research and development revenue also increased to $532,500 from $352,942. However, for the nine months ended September 30, 2024, total revenue was $2,678,013, a slight increase from $2,212,271 in the same period of 2023, primarily due to the winding down of several large research collaborations.

The company reported a loss from operations of $(202,614) for Q3 2024, significantly improved from $(1,720,121) in Q3 2023. For the nine-month period, the loss from operations decreased to $(4,370,763) from $(6,061,042) year-over-year. The net loss for Q3 2024 was $(203,460), down from $(1,614,259) in Q3 2023, while the nine-month net loss improved to $(4,258,279) from $(4,723,663).

Dyadic's cash and cash equivalents as of September 30, 2024, were $5,921,614, a decrease from $6,515,028 at the end of 2023. The company also reported a significant increase in short-term investment securities, rising to $4,000,832 from $748,290. Total current assets increased to $10,690,424 from $8,067,335, while total liabilities surged to $7,393,554 from $2,340,651, reflecting the issuance of $6.0 million in Senior Secured Convertible Promissory Notes in March 2024.

Strategically, Dyadic has focused on expanding its collaborations and partnerships. The company entered a development and commercialization partnership with Proliant Health and Biologicals, receiving initial payments totaling $1 million. Additionally, Dyadic is advancing its C1-cell protein production platform and has made progress in developing various recombinant proteins and enzymes for pharmaceutical and industrial applications.

The company continues to explore additional financing options, including public or private equity offerings, to support its operational needs. As of September 30, 2024, Dyadic's accumulated deficit increased to $(84,535,600) from $(80,277,321) at the end of 2023, indicating ongoing challenges in achieving profitability.