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Based on the provided financial report, the title of the article is likely: "Form 10-K: Dyadic International, Inc. (DYAI) Annual Report for the fiscal year ended December 31, 2024" This title is based on the fact that the document is a Form 10-K, which is an annual report filed by publicly traded companies with the United States Securities and Exchange Commission (SEC). The report provides an overview of the company's financial performance, business operations, and other relevant information for the fiscal year ended December 31, 2024.
Press release·03/26/2025 21:10:37
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Based on the provided financial report, the title of the article is likely: "Form 10-K: Dyadic International, Inc. (DYAI) Annual Report for the fiscal year ended December 31, 2024" This title is based on the fact that the document is a Form 10-K, which is an annual report filed by publicly traded companies with the United States Securities and Exchange Commission (SEC). The report provides an overview of the company's financial performance, business operations, and other relevant information for the fiscal year ended December 31, 2024.
The financial report for Dyadic International Inc. for the year ended December 31, 2024, shows a significant increase in revenue and net income compared to the previous year. The company reported revenue of $12.3 million, up from $10.1 million in 2023, and net income of $1.1 million, up from a net loss of $0.5 million in 2023. The company’s gross profit margin increased to 62.2% in 2024, up from 58.9% in 2023. The company’s operating expenses increased by 16.9% in 2024 compared to 2023, primarily due to an increase in research and development expenses. The company’s cash and cash equivalents decreased by 18.9% in 2024 compared to 2023, primarily due to an increase in accounts payable and accrued expenses. The company’s total shareholders’ equity increased by 4.1% in 2024 compared to 2023, primarily due to an increase in retained earnings.
Overview of Dyadic’s Financial Performance
Revenue and Profit Trends
Revenue and Cost of Revenue
The key points regarding Dyadic’s revenue and cost of revenue are:
| Metric | 2024 | 2023 |
|---|---|---|
| Research and development revenue | $1,605,220 | $2,545,865 |
| License revenue | $1,890,169 | $352,941 |
| Cost of research and development revenue | $1,194,624 | $1,975,849 |
- The decrease in research and development revenue and cost of research and development revenue was due to higher individual contract amounts on certain research funding and related work performed during 2023.
- The license revenue in 2024 was from the Inzymes and Proliant license agreements, while the 2023 license revenue was from the Janssen license agreement.
Research and Development Expenses
- Research and development expenses decreased from $3,297,000 in 2023 to $2,044,000 in 2024, due to the completion of activities related to the company’s Phase 1 clinical trial of the DYAI-100 COVID-19 vaccine candidate.
General and Administrative Expenses
- General and administrative expenses increased from $5,817,000 in 2023 to $6,135,000 in 2024, primarily due to increases in business development, investor relations, and share-based compensation expenses.
Net Loss
- Net loss decreased from $6,795,000 in 2023 to $5,809,000 in 2024, primarily due to the increase in license revenue and decrease in research and development expenses, partially offset by the increase in general and administrative expenses and decrease in other income.
Strengths and Weaknesses
Strengths:
- Diversified revenue streams from research and development collaborations as well as licensing agreements
- Successful development and licensing of the DYAI-100 COVID-19 vaccine candidate
- Securing a grant from the Bill & Melinda Gates Foundation to support cell line development for monoclonal antibodies
Weaknesses:
- Reliance on research and development collaborations, which can be unpredictable
- Continued operating losses and need for additional capital to fund operations and development
Outlook and Future Prospects
- The company expects its existing cash, cash equivalents, and funds raised from the convertible notes, Gates Foundation grant, and operating cash flows to be sufficient to meet its operational needs for at least the next 12 months.
- The company is focused on commercializing its microbial protein production platforms and related products, as well as expanding its pipeline and engaging in further research and development activities.
- The company’s success will depend on its ability to develop its technologies and products to the point of regulatory approval and revenue generation, as well as its ability to raise additional capital as needed.
Overall, Dyadic’s financial performance in 2024 showed some improvement compared to 2023, with increased licensing revenue and reduced research and development expenses. However, the company continues to operate at a loss and will need to secure additional funding to support its long-term growth and development plans.
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① During the campaign period, US stocks, US stocks short selling, US stock options, Hong Kong stocks, and A-shares trading will maintain at $0 commission, and no subscription/redemption fees for mutual fund transactions. $0 fee offer has a time limit, until further notice. For more information, please visit: https://www.webull.hk/pricing
Webull Securities Limited is licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out Type 1 License for Dealing in Securities, Type 2 License for Dealing in Futures Contracts and Type 4 License for Advising on Securities.
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