Significant Revenue Increase
Revenue for the quarter ended September 30, 2024, increased to approximately $1,958,000 compared to $397,000 for the same period a year ago. This was driven by license revenue of $1 million from Proliant and a success fee of $425,000 from Inzyme.
Major Collaborations and Partnerships
Dyadic received $1 million in access and milestone fees from a partnership with Proliant Health & Biologics, with an additional $500,000 expected. They are also collaborating with two of the top 10 pharmaceutical companies and a leading biotech company.
Decreased Loss from Operations
Loss from operations for the third quarter of 2024 decreased to $203,000 compared to $1,720,000 for the same period a year ago, largely due to licensing revenue and milestone fees.
Strong Cash Position
As of September 30, 2024, Dyadic has cash and investment-grade securities of $10 million compared to $7.3 million as of December 31, 2023.
Advancements in Biopharmaceutical Pipeline
Dyadic is actively developing vaccines for infectious diseases and has engaged in over 15 fully funded human health vaccine and antibody projects.