On April 1, 2024 Zacks Small-Cap Research Report was updated highlighting Dyadic International Inc. (NASDAQ: DYAI) accomplishments to date. Dyadic provided 2023 operational and financial results in a press release on March 28, 2024, filed its Form 10-K with the SEC and held a conference call with investors. Dyadic announced a slate of new, repeat or expanded arrangements with at least seven counterparties since the company’s previous earnings update in November.
Dyadic has established significant partnerships with a top 10 pharmaceutical company, Phibro Animal Health, Maravai LifeSciences' (Nasdaq: MRVI) Cygnus Technologies, and an albumin manufacturer. The company recently appointed Patrick Lucy as Chairman and Joe Hazelton as Chief Operating Officer, along with other changes to the Board of Directors. Dyadic has also been actively engaged in various investor, trade, and scientific events such as BIO CEO, Future Food Tech, World Vaccine Congress, and the JP Morgan Healthcare Conference.
Dyadic's shares ended higher on Tuesday, April 2, 2024, reaching $1.75 with trading volume 2.6 times higher than usual, surpassing its 200-day moving average. This breakthrough suggests a positive long-term trajectory, potentially leading to a challenge of its 52-week high of $2.40. Keep a close watch on this stock as it shows promising near-term prospects.
The company also secured $6 million via convertible notes, allocated towards boosting immediate revenue growth, advancing commercialization efforts, and improving the capabilities of its Dapibus and C1 protein production platforms. These funds will also support the development of additional revenue streams. CEO Mark Emalfarb highlighted Dyadic's accomplishments on "The Street Podcast," highlighting the $75 million DuPont (NYSE: DD) deal and drawing parallels between Dyadic and Tesla, Inc.'s (NYSE: TSLA) transformative impact on the auto industry. Listen Now!
In Q4, research and development costs fell by 20% to $5.3 million, mainly due to reduced expenses related to the DYAI-100 clinical trial. General and administrative expenses also dropped by 9% year over year to $6.4 million. Dyadic International saw a significant jump in interest income, increasing from $180,000 to $417,000, thanks to higher yields on its securities. The company's net loss decreased from $9.7 million to $6.8 million year over year, resulting in a loss per share of $0.24, down from $0.34 in the previous year.
Dyadic International, Inc. (NASDAQ: DYAI) announced the online release of a manuscript titled "Filamentous fungus-produced human monoclonal antibody provides protection against SARS-CoV-2 in hamster and nonhuman primate models" in Nature Communications. Nature Communications is a prestigious global journal known for its peer-reviewed research in diverse science and technology fields. Read Journal Review Now!
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