DYAI - Earnings call transcript Q4 2019 | Dyadic International, Inc.

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Operator

Greetings, and welcome to the Dyadic International 2019 Year-End Financial Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Ping Rawson. Please go ahead.

Ping Rawson

Operator. you, Thank and everyone, our XXXX year-end Good welcome call. conference evening, to XXXX with was release press financial Dyadic A International's results today. issued earlier The and X-K to Dyadic on have release website. posted and the Dyadic's been SEC press XX-K Form

you will today's progress will a Emalfarb, in we the accomplishments are review CEO, an and I under provide for with business making call, more XXXX Tchelet with our provide a I follow detail. financial the Matthew questions. questions. update On in and corporate Mark of President will of your and on Ronen opportunity XXXX. the review We'll an Jones our results Mark to Dr. ask answer to then and join

conference risks Dyadic time, expressed or from statements, by except performance, these like At I be call results, materially uncertainties that and to forward-looking any be by would scientific certain considered actual different as other cause statements. which disclaims Dyadic's you or could forward-looking factors in to that statements, required or involve law. this inform or implied achievements may to update and this commentary expressly those any otherwise, forward-looking obligation made intent

about forward-looking release on can available. found XX, in when the particularly be XXXX, as other section the Form to actual may December that Factors. materially annual different risks described the be year-end as well on Risk This the from information cause report we information more statements, For for to factors XX-K refer today please results press filings issued titled our in SEC our with

the Mark. turn now to I With that, over will call

Mark Emalfarb

us Welcome, everyone, and joining today. Ping. Thank thank you you, for

to the coronavirus. out combat globally will more staying vaccines you we things speed I development call, governmental going the technology families coronavirus help can offering industry I and to in the outbreak. details potential CX your on we at by to our are try to with and this some here continues as committed are the and commercialization virus help can Later safe and have way tonight's on. as into agencies Dyadic and terrible Before harm's we about struggle world to combat of the whenever the you access We SARS-CoV-X to begin hope best of antibodies get call, of help and conference

report we I scientific achieved as was and pleased our am milestones expanded year Dyadic, to and that for several successful important XXXX presence. business global another

are well new seeing While collaborations still with as potential continued our we as early in existing XXXX, momentum collaborations.

both types proof-of-concept research biologic During XXXX, vaccines of X licenses. research different and and express collaborations into drugs animal into we health new to entered entered for human X and

opportunity gaining more As Dyadic's company. and that is to diversity anticipate will a of bring pipeline result, of projects significant depth the future value we

WuXi prestigious license nonexclusive they most of most leading world's contract Last with Biologics, organizations, feasibility the commonly into development research and week, animal to, global entered into with another funded a study another CDMO and are entered referred fully as manufacturing health we company. one or

a us of with which give working this the X health top animal we foothold strong now companies, are X believe in We market.

Medicine and pandemic, company vaccine against experts Hannover, a Ufovax, group Erasmus of of in Scripps Utrecht; assist Research, a Biological we University the coronavirus the Center; the global for of with IIBR; TiHo. COVID-XX Medical fight Institute Israel spin-off of working University To Research; The are from Veterinary

and growing our coronavirus different a have for of candidates number express platform vaccine gene antibody CX potential number parties. a to We started already of using expression

the vision of as continued sharing reinforcing additional health the progresses, the developments efficient in Index, new commercially and data, position is robust more to we strategy Russell our we year NASDAQ Markets, were forward our further funded Microcap look shares and creating ongoing XXXX, scientific as our growth and joined the Supporting company. solid We our our partners. care our to by remain collaborations financial In growth cost-effective uplisted of Capital solutions. confident

and to and they Zoonoses ZAPI, will to continue a in efforts. and will to health and the our practical involvement that response make important coordinated which continue we example soon data create Anticipation brought excellent An together in been new facilitate We new progress animal diseases Initiative, in science improved continue to this as funded research drive internal our externally expect human has fast, our business emerge. generate to Preparedness and development experts which of and and as that platforms infectious programs, technologies

ZAPI consortium strong is available indicate very helping cattle accelerate demonstrated ZAPI the XXx virus, baculovirus, the produced in a animal proteins. results initial and is that SBV. protecting funded antigen CX health our us E. Dyadic report closest data coli. to XXXx Dyadic pleased to the than with QX for publication that additional more by the results XXx December, shared by preliminary targeted CX expanded at from ZAPI expression in research performance us these and be Schmallenberg level I received X expression ZAPI that the reporting Recent in next project, into funded positive ZAPI studies expected SBV, both and the and than am against In more industry. from mice animal antigen the collaboration entry This platform the results in A XXXX.

as are mentioned proof-of-concept research out with X companies. I fully health the now collaborations, We funded X top carrying animal earlier, of

dosages production a the have experts. generated vaccine will of efficient ZAPI result only coronavirus Through the research sufficient in in and at relationships believe one and commercial-scale We CRXO, effective vaccine candidates safety and could XX be but low flexible against with vaccine these project, developed with combining for seen the better consortium, a at not faster a data unprecedented top a we vaccine that advanced lower components, yield candidates in SARS-CoV-X. of cost the with potency. experts with the global is consortium, potentially SARS-CoV-X that antigen which contract conjunction that SARS-CoV-X X with their in and clinical proposal produced In we involvement dosages, ZAPI formed along efficacy our organization,

vaccine imparts HIV, and Pasteur glycan Zhu novel a a was global of RSV. candidates on expressed HA, developed structures a with This such company Structural human address by combined with the data promising promising second Jiang Zhu, spin-off Integrative vaccine proteins, Department Ph.D., to Research already a vaccine in Ebola Scripps the Dr. hemagglutinin, Professor led ZAPI delivered Research. proposal Scripps challenges The data and to Computational health SARS-CoV-X in as Ufovax, HCV, of Sanofi influenza previous Biology. Associate and the has

X coronavirus, system. on development vaccine past using and SARS-CoV Over focusing the nanoparticle NIH-supported Zhu the two years, MERS-CoV, co-led projects Dr.

With vaccine with various to Xc-SApNP the SARS-CoV-X vaccines. days. worked in on vaccine Zhu funding less to to also trial. working and a COVID-XX response team In Phase outbreak, COVID-XX, XX SARS-CoV-two proposals HIV company X agencies to We're Ufovax his through the and to develop candidates submitted create above than a up the against I

existing In mAbs, Israel IIBR Dyadic may February, both Dyadic explore sequences IIBR CX which targets platform antibodies, January a we the combat that IIBR, by its and originally agreement our COVID-XX potential Research, help outbreak and for to monoclonal with gene was collaboration the of the recombinant to into express the of candidate vaccine expression based experience in developed expanded into with virus. Biological The with XXXX. entered Institute on ZAPI, CX, expanded their Like

to or our CX, on more run produced vaccine them. are virus I and who we that combating from We COVID-XX with support or SARS-CoV-X clinical are or a hopeful of the partners X may existing want future Phase trial antibodies working

platforms before of cost SARS-CoV-X somewhat appears with are dosages innovative in using one vaccine pandemic We potential definitely expression industry existing CX a as with lower those list who situation. also now they a CX current exploring efficient at in produced Phase from considered. deal take expression CX ever into low less expressed indicated on discussion can trial II on than CX. be their the systems to dosages has clinical to alternatives even And to and receptive to at another sufficient effective be The a the if global is collaborator is in more expression be may faster vaccine

are global prayers to Our honored save in enemy, our we're will be efforts thoughts and suffering people this and this hopefully, not with families vain. who and, from and and are fight lives join invisible those

a health business. proteins Dyadic, I companies human biologics number brief animal new our Under signed studies terms the last number In these provide types in another leading update may animal of health production as This on well important human agreements, will and the regarding in these feasibility now sooner in collaborations. to are as potential animal is and the our of come as of I collaboration a various our of health, engaged animal week, we as company. CX. collaborations just existing health than with earlier, market Dyadic a of a different health to mentioned

health well human for us more animal in compared in addressable and critical is footprint biologics positions to growing large pathway with cost a regulatory much issue. shorter and market, goods a trials much that is of Our growing

its manufacturing WuXi license for globally. entered XX one which Biologics life into a supplies We development China, nonexclusive with U.S. research. customers companies one their with global Biologics. This that pharma an to will we research pharmaceutical evaluate Europe WuXi of for nonexclusive WuXi invest affiliate into January, entered the technology globally. CX own and a Biologics, services resources we the for to top research leading similar CDMOs with significant provides announced in and tools agreement of WuXi in biotech and is science to the the presence company research

-- immediate types as value. bring future the for to stones as is companies. manufacturers anticipate producing shareholder don't likely pharmaceutical they we necessarily create vaccines though collaborations larger licenses that in biotech the ones bring relationships and to establish drugs CX potentially revenue, and these produced in other would them from deals, important, be license for research revenue Even and in able with we nonexclusive will see of the stepping Being biologic cGMP

into feasibility virus the collaboration CX University with antigen to consortium recently also of announced a that proteins. with study the evaluating a entered to of targeted also Oslo We potential are research working influenza express we and perform

like every not Just the people, in the year more, coronavirus, people thousands and thousands of the globally. if of kills States flu tens of United

able our of feasibility proteins. previously by Sanofi presentation been that exceeding scientists, the preparing In were we to with colleagues. initially of or and production study, X the therapeutic at express the than all with vaccine Together levels data We the share more could Sanofi. completed Sanofi half to final the demonstrated proteins the express Sanofi-Aventis. we've our set CX materials

We anticipate midyear. next steps, would have further to expect will regarding we occur sometime which discussions possible

first will or more generated of antibodies commercial the order trials CX and for vaccine X Serum of for funding, commercial working tests exchange to an generations technology to to of the each this one Serum a payments attributes move for India, sale. that of to Institute clinical Serum research lines and X In of been X provided Currently, Serum global has mAbs to collaboration XXXX, our that we proteins the quality Serum. earlier by cell vaccines agreement, to by we to for have these commercialization CX option the largest the necessary right analytical re-expressing has have manufacturing. purification in out of or Under of recently milestone the the XX sublicense provided CX and genes up X antibody the are cells research royalties glyco-engineered by Serum for will expressed in and on commercial proteins, carry in express already signed apply XX obtain see and from further years using the with Serum into date more if producers. exclusive be XX

human-like structure are that glyco-engineered we significant of own funded the CX we and XX%, glycan core program. impart our making glyco-engineering CX glycan have internal of November, been to levels GX objective on Finally, announced up progress to strain internally our XX%. In successfully our exceeding GX

core-like human Proteins. strain in February engineered VTT, also Cell to CRO, also European of glyco-engineered had late that been our Conference on GX Genetics CX Host on achieve glycan Fungal at XX% level presented Our or now data the a XXth

are novel have different the with which X other GX, cell CX for we vaccines; and ManX, useful GX; which is antibodies. Currently, ideal antibody glycan patterns: ManX lines monoclonal for to ManX; and

that continuing and report the and additional are two to lines, able work hope on GXF to cell year We generating CX be as continues. GXF, progress to

been the successful in very months. It's a few year last

pipeline our address larger as Dyadic, for busy the to extremely been have markets, gets We and diverse opportunities the emerging especially COVID-XX. of more

of So let key me summarize some the takeaways.

the our vision of commercially our resonate globally more First, scientific solution continues care with through to society creating and community. for CX cost-effective efficient technology health

Over the and past X not-for-profit two health, a for than different biologic animal more vaccines human agreements both licenses. sublicense and proof-of-concept XX drugs types to entered into years, and we've of of collaborations research research handful produce

novel strength our scientific coronavirus, collaborations. project facilitated as colleagues our regard the efforts IIBR and our portfolio of partnerships In the well furthering collaborators from reported expanding existing to with our in the as and CX prior ZAPI the platform such of data as

markets, Our from scientific available. opportunities our broad-based. The opportunistic are robust and approach being the that we is to are generated targeting high-value becoming efforts and its visibility more the data is as

we large critical expanding Our asset-light is large is an and but opportunities, market a by maintain attractive addressable infrastructure presence as third-party a partner cost health a portion our a In investment, goods sold upside cash potential with pathways, and using up animal operations to good of in flexibility but needed. leaving growing of these commercialize fund limiting regulatory And example pursuing issue. funding, as attempt R&D solutions. scale CROs, our finally, we us through significant we of our efforts to down

With review. that, I turn will the over call now to financial Ping the for

Ping Rawson

Mark. you, Thank

Before I financial takeaways key to I'd with results, from a few our operating XXXX. provide discuss you like

$XX We while securities throughout position growth approximately no continue financial maintaining strong million our the fiscal debt. XXXX ending investment-grade successfully a pursue and year and in strategy cash to with

important partner-funded year-over-year. and financial development with our very approximately Second, research collaborations revenue of remains component R&D a increasing XX% strategy,

financial Index, the our company later the April year, increasing the and, Russell the joined in XXXX Finally, the to community. in uplisted in NASDAQ visibility Microcap further

Research increased in year-over-year and cost of XXXX research development in and XXXX number XX% revenue compared this XX% year, past approximately $X,XXX,XXX revenue fiscal X to collaborations XXXX. and XXXX $X,XXX,XXX and compared The a approximately XXXX. in follows. results reflected fiscal development increased to for are in to as operating $X,XXX,XXX increases research compared XX XXXX. cost The with $X,XXX,XXX Our of in to revenue greater of in to revenue development

securities. $XXX,XXX approximately Interest to income CRO. for research on due primarily $XXX,XXX investment-grade higher XX.X% increased and internal expenses an in a XXXX. development at compared Research increase $X,XXX,XXX XXXX, VTT, project yield our compared to year-over-year The in to $X,XXX,XXX to company's which XXXX increase conducted reflected were in the is

with Related to party in June X prior the expenses and of expenses G&A option XXXX primarily service the related compared the to completion compared vested the awards $XXX,XXX greater and development noncash $X,XXX,XXX of XXXX compensation our The NASDAQ. in research in approximately to BDI in primarily was increase XXXX, were $X,XXX,XXX years' share-based XXXX XXXX. $X,XXX,XXX reflecting upon due year. research uplisting agreement to were $XXX,XXX expenses in April decrease the stock to XXXX options of

relations $XXX,XXX offset to investor of Legal compensation Business of departure expense onetime CFO. executive $XXX,XXX, development of NASDAQ of company's $XXX,XXX expenses the a $XXX,XXX. and insurance XXXX uplisting related the cost expenses, cost lower and by include as costs former of and

million or ended expenses loss share XXXX. was ended net $X.X included million of and the the The year-over-year G&A $X.X tax an XXXX. per benefit December million approximately loss approximately loss $X.X or Also, of R&D $X.XX approximately for compared XXXX, million increased to reflected a expenses of company's approximately results Net per greater year $X.XX $X year XX, for XXXX XX, of million. December in the $X income share

at fourth million burn compared operations million at the to net for at of compared XX, was conference million receipt. to XXXX With $X.X million XXXX. interest cash cash including in was and million, that, XXXX, to million million approximately The securities, Net XXXX, December activities tax XX, gave carrying XXXX. value million December original compared of XXXX and approximately $X used cash refunds $X we $X.X $X.X XX, cash in were December to our between that is XX, $XX.X call. $X.X our of interest approximately December was accrued guidance equivalents the At $X.X which million operating $XX $XX.X million quarter investment-grade on

We technology growth optimistic for are the allocating our many toward in CX will opportunities remain seeing we capital XXXX. disciplined but proprietary in

we open to up the that, Kevin? will questions. call With

Operator

Instructions]. [Operator

Ahu Demir is from question from NOBLE first coming Capital. Our

Ahu Demir

I for and progress, It a great year you. to Great want Dyadic. congratulate was

will So COVID-XX. my question on be the first

Mark second would a how partnerships whoever going? in-house So will the give your can be how Matt, is on it, information, like little And or question on to pandemic your affects you the vaccine, bit it and take more my efforts. the manufacturing

Mark Emalfarb

Yes.

So I guess, take that I'll question.

vaccines, First Biologic internal their They through IIBR. of have of The they I as that and and are working have all, they cGMP that own XX collaboration was Institute the this they're And on working both project, we're manufacturing. Israel least working And funding. -- have their antibodies scientists both. there are by the Phase on with the reported first at Research own

So and do creating hopefully, taking and we're beings its then, them proteins that's those, with operating then and test They're sooner animal models one. analytics, us study, those for providing the just human than the the constructs. put gene And sequences putting into we're to own. in That's them CX later. into producing first

that in The the program, and XX as on working researchers in the well. mentioned, and over these I involved the the been second coronavirus, coronavirus we're which ZAPI of top with years. world ZAPI MERS X been in in researchers, involved X for And we've ZAPI in project. SARS They've as is, opportunity involved were for

with baculovirus asked, E. saw where so and success potentially antigen, on used And we massive low-cost, better be of than than in more more make to XXx ZAPI recognize amounts XXXx XXx the can with than based produced antigen they CX that the CX they that the more they coli, vaccines.

now cloning the from animal are we together They're going receiving together, them, we a studies. into CX. so do and them those proposal, to And put genes

to a in built-in and in rapidly did a vaccines quickly is they market more what And have bring ZAPI efficient way. infrastructure this

so a Erasmus a And up us lined clone case. with, actually I Medical they know model guys to into do it's have genes into, animal They what them them give studies, they construct this they're Center they find, these trials. think and where to have particular the in fit can conduct to the CX to clinical

they're predispositioned in for to long to great -- they're because and not looking this. been they've were position, time, doing show up. and a They've this it been So for newbies they a

not it's the as well. And this just it's pandemics one, next

need ZAPI can showed, them performance through one now in think million put X,XXX-liter glycan in think produce project it at a we give So we of and with Sanofi on helping fermenter unique fraction in of and which for of the because model baculovirus. we're doses the can antigen that on of ZAPI slide a that deck, working And that investor better decks structure providing in like it with them this do proposal the we you that week. X in with can together it's we versus data, a I the and influenza And that's our the proteins, there's fermenter a cost. saw the XXX-liter XX we

So to make run take you and just X,XXX-liter a something do in you units, billion it if a you between. fermenter want X could week or

doing and pump product, very of lot we think out better give we're them. with performance, cheap we very and So that's which will a what can quick,

a virus-like different ZAPI group we particle. that nanoparticle, they and than unique bunch has. of people, different a approach one of It's those a then have was approached the Ufovax, on Based and data,

for in that to but now not well. constructing And and we platform it whose gene from with in constructs we're in into a commercialization, X that sequences And HIV with disease, turns working program. that only and started clone makes so we're as agnostic the getting vaccine to genes because them that Ufovax the we're to waiting and we're a

with And a of private we're governmental and other variety opportunities in companies then discussions as well. for

our our affected So that, hands we full but have normal doing business. it hasn't

the the VTT have where up health. to without is gives people Our our is projects and that And and because concentrated normal having liability of flexibility, laboratory. own on health to scale human as they down, you ongoing. the we And are us taking different business can We're us do allow in or resources that our advancing, have and the animal science. those

Ping Rawson

and that I not I thing want to is One to we -- because directly question. of want add on on add sometimes got one Ahu, the thing vaccine, construct inventing are that the clarify that I

enabling who to we using helping expertise And we to vaccine time are other expression multiple them I in -- can are and, time, vaccine of more how think advantage, own to reason production to as construct. the are with side of by is We have and a developers that their that's the or and that our the at the the low make companies develop of CX. manufacturing work large the and period vaccine, with cost. know, use in develop CX antibody short you a quantity manufacture And with same

Mark Emalfarb

Matt, want Matt Ronen? anything to do to that, add you or

Matthew Jones

comments Matthew safe Mark, is your into are And Well, of the from here families I point that friends and just would call, and wish everyone well. again, drugs here. I use to whole first add the that, just all to get very patients. on the

CX, a today, to WuXi's is huge both on that are presence so described, announcements platform as research that. And commercial powerful with global The just too. made have do obviously, companies as the side, strong companies statement we've GMP and with very recently we

exciting. a in human very health animal both getting of trying campaigns obviously And I into other diversity So commercial display development. here are think opportunity in we that vaccines, these to about drugs and are

expertise, we're the familiar and program credible to we we're I very experienced the really into what tapping working and say pleased So and the of essence very have partners drug that. that's very development without with regulatory the to here. betraying confidences, internal authorities. are be HIT resources want the They Plus, think in and with

Mark Emalfarb

have to so online, since late Hungary? there there Ronen, you're add it's do you anything you while in want too

Ronen Tchelet

rapidly for okay. I being is proteins. showed especially last companies production we of and why other vaccine, applications, this would And companies, many even and more and we get think seen developed I by think in our I for like attraction this production more Yes, platform, really now and that advantage the I before, for think especially any in Yes, but use CX, the CX think great as And was best other good XXXX. year is -- of really platform proteins. to a is this many achievement types advantage

Mark Emalfarb

a is what you cells, think glyco-engineering if think what diverse and before I our And human thrown been to program saying, about at we've better, quicker, this. for out it's going faster, virtually types. sink the internal rolling reducing and We've on Ronen from levels kitchen even the protease higher companies the more pharmaceutical all funding, doing kinds been animal background, of health

So we at we've those about, most to have with at been in talked levels, levels those high with we've the experience antibody, cases. record express able particles, all very virus-like things

opportunity to extra it's And of came opportunity. the when it coronavirus, so an the

Our We're continuing. at all. is being normal It's impacted not ongoing. virtually business

and of Of signed the in like just course, a there's a middle animal few things this. new there. we here health But overall,

discussions more now. going right have We

out and proposals of come in also solutions. out the help to hands coronavirus and solve their and animal being proposals their are in use hands opportunities. several problems companies have bring more them and We and evaluated potentially health are in to CX pharmaceutical Those

of and want and have We higher can Sanofi probably can so this and them to ZAPI We to influenza to fermenters, want partners race. in it's the project, horses to to more higher not in levels. And horse/pony produce this not what case, and have. is also platform, vaccine, you a because of we demonstrated out a means lot project continued more do things smaller stress -- only unique one more XX we've advantage, evolve can't it In can platform. a So enough, which the the a more we that using we CX race. And in country. have have X but produce the the and we're that's do both but particular at improve which want in

to You don't need site. one all at them produce

you a in to XX not XXX-liter fermenter on like commercial Scripps antigen a something doses a and ZAPI, in laboratory in If out scale. a of you enterprise want in million lab do and the an can even the pump

native opportunities the it's first safer. endotoxins [indiscernible], starting only out. glycan E. and out proven and we by to it's have We've So just coli data, mice, sort cattle vaccines, the the that you it the for getting than Phase is for what is we're into thing like I paper human of fully other beings and ones. done. information and pointed, great safety be being when of We all be it's because the the showing Matt to we've structures got kinds of do the the believe the that case effective. safer. should CX thing it, theorized protected offering, no show that no remove, is we data, Because overcome there's safe comes that hasn't from In that like been viruses CX, The that GRAS been cell see pedigree, It CX safer on. additional glyco-engineering status, the trial got working and will ZAPI, and you'll the that when

mice XX the XX put per units saw And it instead we when then gram, where gram cheaper. get protein in a results, XXx we of per less and made we Sanofi, in used units you better

So that here, immunogenic benefit, going translates That's really it's property be if that what we're just to doing. remarkable.

Ahu Demir

question on be the second My partnership. will

partners, partnership, XX portfolio today's with X and up are you to them I your brought disclosed. believe research So collaboration, of

see Or step? to the when when do able to do on to we expect expect Or progress end? When complete be we data? to us some and projects? we you would time to do them them those move So expect next line give to --

Mark Emalfarb

to one? that take you do Matt, want Yes.

Matthew Jones

Sure.

I your answers think two to question.

data and share we did of so. are whenever The we we with with trust we allowed to course, just first previously, others is, like share can, collaboration us, today that announcements, WuXi, publicly, do whenever

Mark enable world we Mark to them markets well, us. as are, And can so means projects updates It different X things R&D the said kinds progressing challenges glyco-engineering that can. forward challenges. are around our earlier, speak we to overcome help internally shared. we funded announcing does to where that of look There and just And wider really particularly for and those the

for example, and or abilities for mAbs. So different strains, vaccines

the Obviously, research as we is obviously, announcing of is But we which COVID-XX very just this. updates but a strong And of on clearly, data government in second area, to is go to leaders. to a thought effective solution But work forward that. we And able find as vogue, not example be through bodies, look do lot as institutions one with real collaboration to an to foundations, big said, to to we more pharma. also year. cheap other and importantly, this speak well Mark

think are to wind I the on to companies sail who or with vaccines there of updates so. toxicology pathway what do then more other the to announce global That's regulatory X every working companies And The projects all the like we forward. market. through And as drugs and to only do. studies appropriate are health, quickly, fact get we discuss and these into mAbs go them pathway regulatory would or the based These X perhaps we're they there. in top of diversity the animal for have our with we faster that's

Mark Emalfarb

cattle CX, haven't in we results. had in animals. produced drug in And We've we've just great been that, been and unlike from we humans clarify the been with to now

on bet top that of bunch overcome ones you that. top deals, which the the health, on data next of whole already and the stronger is can X other we've helping of is So animal why working hurdle we're better, and in generate X, a out that and

We've point, They're met them So going we're Sanofi, to going to several get with preparing times. your We're information. present presentations. those. to

that see find And compelling, our what and we'll are. leads data believe next opinion, where and that's very out we'll we the going. mid-year, the is steps sometime And in where

Operator

Our [ph], Alex coming Emalfarb Private next from Investor. question a is today

Unidentified Analyst

has know, the CX we as in health So space. amazing data animal

So like a ongoing Are DuPont health open deals? to the guess, of with And I part with you just one question. license two the in companies granting health there space? regarding the animal license companies deal Dyadic is any exclusive animal discussions industrial to did

Mark Emalfarb

want Matt, Yes. to take you that?

Matthew Jones

to. Good question. Happy

the in Mark Ping, and we're CFO, of licensing, in terms respect very to others very position, team think protect. which about strong I the again, cash our help careful and

too to And licensing so exclusive we don't rush early. discussions into need

we as review we our for it it more when means And as and go which guess, sorts conversations basis. regularly. partners with We But and exclusive that's deals the collaboration are look of sense. strong to the licensing And in the on not means about of our we partners yet exclusivity, terms partnerships all into regular attention, opportunity get to because do those So that CX. we that more time? that to announcing is collaborations, a us, time, we're other as commercially, that's those seat. position that at so in discussed. the that we could with a partners of no, back anything So off if those very encourage away given at right data. working forward and look careful talk you are build to equal with, like, equal have table chance, And collaborations more you of able We very an getting an the being to we

at important an last year industry presented conference. Ronen

year into them that's the medicines we to impact and go making licensing conversation much see sure best real those to that where We and we importantly, to more really a for very considerably we, think helps make look enable these And we will our forward that our each focus for this most difference course, deals stakeholders And doing I present will with have a our efforts. to deal labs so get other stronger but, and mankind. that And happen but R&D in for and both this future. the third-party ourselves. all to of

Unidentified Analyst

All right. taken Diamond Research? report Board Has question. in any short with the by published more the I White connection just action have And one then

Mark Emalfarb

long credible. -- maybe short the view Well, answer we answer is not completely piece as or the

care I think it the was and solutions. it today's We're research from call, top with efficient working abundantly press a evident release to of governmental conference piece and commercially be many fiction. everyone that pharma evident more to cost-effective health agencies enable institutes, companies, of and should

our to DuPont industrial the million, CX for business platform. We $XX firmly sold establishing

expression the we health, products, and vaccines for an drugs world respected were the unknown. virtually human our where incredibly cost and we in in powerful incredible Following gene animal the biologic last working years, In lower to platform scientists sale, alongside of began earnest the development, globally. to most the develop two performance therapeutic improve industry the speed had and progress, exclusively we've entering

is, going but real I'm the of kind piece as So not battle as I the view guess, of answer a evaluate it, facts. and with in uneducated actually a we we'll history. it fiction to get that to somebody are

Operator

WallStreet question Research. next coming Stone is Our from Alan from

Alan Stone

of year, major you've on down as things your being the your starting in downstream you the of announced And grow? achievements radar forward. biotech the wonderful you are results collaborations going forward? to you on also With companies move terms to and last that do accomplishing, tremendous been today have get of where all accomplished pharmaceutical the Congratulations continue the and some that screens you you see potentially road potentially as acquired on

Mark Emalfarb

aware be think honest their months you, data. mentioned, we need people. X seen the eyeballs X more with I or we're Well, or don't I ago, They're months any to here. They've

did firsthand, of them defend IIBR why That's jumped why ZAPI just it for That's the X us. sarin with why them in coronavirus has we with Some as made of jumped expanded. the in like That's gas, the has dioxin. coronavirus enzyme have help on with to the experts well. against us example, they experienced

out, world. of as get sooner if arise. pharma, the CDMOs, yes, other into the I health, across later So going part so today than the have the in WuXi opportunities the at both completely map. the on they are that CDMO Matt shot in bow, pointed they animal equal that and when those realize but and kind they big human table, aware a we're better seat an of think It's starts

pattern licenses, separately, we if biotech, and particular of animal So health was this have at look you it in out human done you nonexclusive that In bought the case, could came health on did industrial division. go that separately. and in what DuPont then

is Our own opportunity our exploring talked there we're about, with we the that haven't metabolite another pipeline even that company internal funds.

So Matt out points I'd say we're in a Ping. great as and position,

are the of kind to the decisions. up, not building, Foundation's any in walls going mentioned as and gets are the that to it paying have of more bad hurry going are a ground, going before, and to be We they're get course, tenants plenty is valuable of the filled. in roof then, rent. the We're We're I more in skyscraper. on, more cash. make goal. and tenants put building, And the more And and that's the

solve is hundreds, the today of the pandemic; of uses try proteins The problem not X lower technology the of and human health; X thousands, the of platform drugs, really help the kinds with swing applications be this world outbreak, dozens, and animal cost the with make today, if all in have maybe goal and to here to of on goal shots to for even use bat. that next coronavirus we ready prescription and

position say strong I'd weather a we're in the So to storm.

Alan Stone

great keep Congratulations. That's the And great a work. analogy. up

Operator

Our Zacks from next Investment coming question John is Vandermosten today from Research.

John Vandermosten

I then develop Or come as will another there Is wanted might that already and start that you're to trying a partner, question I'm eventually, and developer with or out along, a how forward working antibody it along, -- understand potentially with I to something. when some another another point, the pathway platform protein develop a how they develop there? work? to WuXi mean, is will sponsor come will might on at with they

Mark Emalfarb

Well, let start, for of work WuXi. he to is then Lonza, let which competitor used going and because me to I'm Matt a finish

CGMP to the question. one I if about of you Phase somebody and II it, and then answer or Phase make with then more our are needs coronavirus, So commercialization. successful think to batches partners, we he's in them, under probably then the if Phase But batches better and here III even equipped

to the of one right? that, the could of So be WuXi do partners or CDMOs one

billions, can improved bigger they to have if aim them. now customers that to we've to and that that, point towards they it a them pharmaceutical to their the they and people to industry outreach refine have for a produce goals much the that paying and than and not are technology addition it products because do have already dollars specific In millions, we objectives the C-level of

think $X.X backlog a already. I somebody have they mentioned billion

And So boys. this innovative. is they're very one the of big

the to the done, they've things the all about very future. quickly, think they've advanced technologies really you and very they If look rapidly,

Matt, work the pick so think And up Lonza you I BD since you you were from maybe at and used can role. to in there

Matthew Jones

have to as are And Europe, not opportunities. XX Mark. from top now mean sure, presence have decision-makers. outsourcing in Yes, ED. other vaccines they as well well pharma and they They're also WuXi but a both known I the just moved in auto Shanghai

So accredited. regulatory they a They are background. strong have

the in As top they're Mark XX. said,

cetera, both can has in and for to to of to that an biotech, CX us to time is I pharma, successful, attention WuXi that agent the important someone the Dyadic opportunity. from dollars it It stakeholders attention, like has for investment do thing are and and commercialize And also it any government, truly think et with things: that. the about resource a for -- has foundations, to think manufacturing X attract of attract be

had that will and I'm news first. is well others are delighted WuXi sure there mindful sort There And so very in we've release WuXi, we've that innovative be we're could a had, But thinking watching meetings conversations stone We're this that of recently stepping to has partner some Mark's been point, approach. and of more. them be some the we talk with to delighted very here. are of wanted and to

gets to as more stop think CX with WuXi network CX, to that we around their power see win-win. the they Once with don't a we they once help facilitate experienced And that, talking see I start we there. as and

start I think here. we

years business that a from just pharmaceutical-grade, anyway, enzyme say after a transitioning materials. more which just very to regulated to for the point, Mark's industrial setting that of much than think setting, few from I would an we Mark's add GMP So than different we're announce is the delighted --

now the start for a sorts great of of it's think just I these So it's opportunities accomplishment, and CX.

Ping Rawson

Mark, can I something here? add

Mark Emalfarb

Ping. Yes, ahead, Go sure.

Ping Rawson

Yes.

least with Matthew of I following several Mark transition since Just years, couple know a been on, add has to WuXi years, the and at from DuPont. for

So now good with finally the a time. them. get licensing We is

CX similar the thing alternative value or they see scientific line, new Another platform results the is data facility especially microbial facility, are which the to in of looking are expression our glycoengineering. at this a for they other in which it, they from actually means and building

presentation presentation not another are or in U.K. the just Ireland facility well. U.S. also They China. they as and in in So some have

a to recently webcast they company. in from people hosted really touch forum related or get the are all global you all the the industry. at it's look they COVID-XX, So leadership top And position if their their in

they science perspective, from in definitely So ways. also the can from perspective many help BD and different us

Mark Emalfarb

in back technology think of it and bring a once and to not Beetle. light foot with When you on of that like and a ZAPI. all people it's and bring getting to about Volkswagen it, they that you're feel get you it back play sudden, kind and gas they you your feel power. to the in, to the a put mean, Tesla going home, And use back to go I

going that drive to want You're Tesla. to

line. than the And cell felt antigen we the because XXx they it so that's experienced what ZAPI and that these are guys they more with doing it and second-place made

you article guys remember put leader the on was website -- our up But he can senior in more the deal came with but it and again, platforms thing importantly, the we the agencies new like -- to the for John-Christophe, article, this there in where And have about, and results, expect of talks that recently just over an I over able don't title, ZAPI, to highlighted do exact out are be better. CX, particular, and have pharma it. to are getting different because same they're CX coming, the to regulatory we does going not for

And solve else what and the these I us cost up think the down. can and, at and that's things help in advance the there time, we can really bring coronavirus out so actually prevent disrupt along. to ones same opened eyes people's prescription that the moving we And think future is drugs of things,

the And spend, science. I we've dollars but birds their three deals money one I Ronen? lot we get, the Am dollar. tell and that's in I more and you. And same more in we're learned As coming own can what mentioned research more a for from the you our more partnerships these third-party just with the mean advance get, benefited we the partners and agreements. stone We've so mean I not we earlier, kill the more our more Ronen money. right, on to tremendously doing.

Ronen Tchelet

Yes, absolutely.

those so our that many unfortunately, a having now, to and collaborations we is epitope right right us are and to more all to really now. think improve able helping is improve for low-cost technology, one our science either immediately productivity And in because by and able work to rapidly I importantly and that, ZAPI neutralizing their not you're better to goal any to I was our program computational improve rapidly in to the or have a the production facilities. one would was to this high like better production on produce because it breakthrough something as and to agent. antigen the of also a host. then, maybe But goal also CX of endemic But is ZAPI be because response actually be experienced we pandemic, to the just to goals analysis was comment

actually, a of such hand as And applications. we CX one to to is terms that obviously project production the some that in can to that. this glove CX came of do to for can actually, were host difficult them of the the produce CX find antigen supposed produce, could antigen, very it was we like we And the production really that that. best show And host until show

And believe animal importantly we first but it to also this more also, doors the opened that vaccines. the could health has, human the I for field, health open of all, think, us,

was from was other consortium. parties, European -- gain collaborations with and our that case, we this the big a actually, So with I can in what think

Mark Emalfarb

have SARS -- that, is I MERS wherewithal mentioned it diseases. I clinical and express antibody. have to that, Well, discovering so coronavirus they technology the the it to the can group think take already which it They earlier, kind We CX. the been the really, a the it can other models place. into it as doing or animal have they move they protein give pop we and vaccine for of can can clone genes in the a years they or of them, trials, -- job rapidly. into that to from it, it's it, gene, They've within They back do interest. They zoonic infrastructure and platform can find their

of have world experts then -- the those doesn't trial the doing years and that, saw what X X of that also and their institutes, advantage company, top clinical in spent people, company. advantage last X and If those we group, take with those taking X coronavirus -- the that Europeans CRXO we're

They very it's had knew not very, a together they strong and needed. finding argument they put what place. these that going are the what that we out people They're things. needed, already in So and

-- So and it's a it's never even been hopefully, goes it -- And fine-tuning place. point, at in just everything but have some system again, when more it they're the of they with it's just because gene, or deal not, it will we may in have pandemic matter now because along may to likely the proven. not than new place, come pop and the you and next in way the else

work Israelis, be that back about in release, of excited threats, on press this. the XXXX the And we're you approach, a to pandemic part went think if biological last for to thing, So being X to you ready epidemic go about same for January, years. our the approach,

We've been and smaller parties, to environments, It turn as better area. properties out, emerging with Ping the at CX get So products. scales very, cost. workhorse, going be gene potentially to is really very in at points larger up can made this just and involved into wake disease decide of the just those discoveries with we didn't we're X into low

but a not all So learned by ourselves we mostly science, others. only by through that for paid lot

John Vandermosten

Okay. Also cell a the question on lines.

X You with be where settings guess, would for the settings, more different or health the health glycosylation and You've have got where more and patterns, the appropriate different cell lines platform. are What be different GXF used? some in might now the I works, of they Are of GXF. appropriate? about those animal X there's animal some just those the

Mark Emalfarb

at from immunogenicity, vaccine. ManX the then Ronen potent start, to to which But Sanofi create what seems ManX, in. I makes least, mentioned earlier, more ZAPI. in to what we as and theory, creates and more more antibody immunogenic we've creates seen think chime stimulate let I'll production and we'll It a response Yes, from

and not for antibodies. but human animal monoclonal really perfect vaccines that's So health good health for

that's GX, GXF. the the GXF, So the the with GX,

Some of activity. ADC need CDC need those, you need Others antibodies. activity. blocking Others

And and menu, you match you protein. so you which like maybe, a do it for can what on bit it's Chinese what in of want give Ronen, with of kind if want CHO. or We is And better of can Matt? come kind a little a than that, you a result everything, what chime you mix

Ronen Tchelet

glyco I'd it say the opportunity really you I type to well. to lines just that of the us to No, tailor cell actually, say give to want regarding summarized But proteins. -- structure target the

production also us some the I kind of hosts in So that think benefit give future. of other

John Vandermosten

some on? working that outlined on and collaborations, question one. just is the this see new didn't what of What but the are they be You've targets other Last the I health collaboration. some Okay. for will exactly animal of

Mark Emalfarb

proteins. it Yes, don't -- made I it's they different can, but think we've don't two we I think public because

Operator

next [ph], Investor. is from question Schneider Our Private a coming David

Unidentified Analyst

countries, to don't need intellectual mention was not I property. protect companies well-known we countries, the to them some of and wondering, but some are

that is you So what you're paid? make steps to and taken yours sure protected have that

Mark Emalfarb

in. sort Matt I'll about let we that have and of But I Right. steps... first, can taken talk chime

Matthew Jones

had we Yes, been...

Mark Emalfarb

had IP of used Barry Barry know we and Board in place into our in interview you Officer in a work through We and in-depth discussion before the particular, protect Arindam technology. Buckland, get that. with actually who have and with Matt, And an Buckland. members, to they wait, to Well, Scientific Bose infrastructure what understanding Chief went Merck

of are always and There's you these every companies the working lines week. remember, risk, the with people their genes pharma their with but a top cell day XX

go But Matt. ahead,

Matthew Jones

I reiterate that. just No, would

That we think every was part are who may parts into the work our for your be call big internally, also further I which but day outsourcing of of pharma world. network process to question. Board upon our

that to I think of. go had off So we

these criteria big our how experience, and have also fulfill that companies. placing with own work. pharma we qualify they relationship have We have and understand bodies the We a with of

how to relevant. structured mindful our what's -- are that about very IP and extremely also partnerships including FTO. think and careful into, the the We're important mention the as NDAs I we MTAs are that about enter is we

call, making Without So protect going we into past. details lightly. something a on just time sure the business. not it's spend we take say that lot We don't of skip this that responsibility this I'll simply just we

Unidentified Analyst

what easy question. Novavax Yes, to can't long The could follow-up And company, do then kind wait? if take? steps just an you moving, of how you they get have

Mark Emalfarb

Well, we investing not all. don't have to that. wait But you remember, we're if money any at in

haven't them. transferred to We the technology

we're get until So funding, to they the do not going proper that.

to attention the CX deal bandwidth not not other they So that in a their don't letting out we're and issue bigger to but with to them We've focused to that put on opportunities, we're problem. that that help help. on solve, the an until is and need fish and there taking we're we them solved. have few own. going ways sort tried to issue We're earlier, That's but time

years. they one are people, a a been and They've the What small -- good vaccines And they're actually by way, good animal It's on working a CDMO, they've business company. vaccines. for many letting And be things. their own. up I'm that sure issues are, their tied not on because we've with we're to so with been other so solve them you, even honest

Unidentified Analyst

that time have and don't that's a hope sign, good much you're sleep. to I busy

Operator

is coming Williams from [ph]. from Group question next Our Resource Williams Dick

Unidentified Analyst

I specifics. color of question type more than just have simple of a very

before wanted some I comments into get just I that. to However, make

of hours guys a been supported you've superb by but course, its side; belief, 'XX Ronen, great what Ping. a someone great for and is company, this leader, into business; you've on thing, a is nothing First more job. Mark scientific a the was did say, workaholic who you. this as on spectacular and you job, it's all the puts shareholders, the Matt, of but while but done you easy done you've beyond to year than year,

So altogether more I and have last think guys you job year. spectacular even year this done a

prospective a when difficult running So know. are. a you who dealing I few these bigger the it? it's and and through companies What's shareholders and you're What's like I wanted you're volume? or course, talk revenue to they wants go they? just can't street, this business know to everything? whereas of with who things. are -- And their Who everyone it Who shareholders are in is is difficult. to their So

point I pandemics, COVID-XX people I achieved you're at other believe, and with especially now and the you've it think with to and that here well, I managed recognition. CX an is epidemics, occurring looking like having now think And at wildfire, things. inflection going flu recognition, spread

think in time asset that's the right in a we're place space that's I So CX. proven with a right experienced company at in with the significant the

that as risk already. are management twofold. One, is going to Our shareholders Well, proven deliver? you've

have proven, is to So you a Two, it's CX already it and on nil what that to risk. of not can the can and the we performance us to it almost presented of deliver on as And as all the of that's promise think CX. been I do? risk what because for are think people looking data

will it. that start to use evident So be as they

were terms risk other doing, factors, the are questions of some and in -- size et cetera, what so these the about Also, companies there and forth.

CX, of give question who the could asking tools the more questions ask it. some for the know the that tool months doing. XX year. believe And they're a licensee trying at you that it's X in about -- you, was to -- what was a some answer in life that, company prospective science first that's months, One you've exactly was And top is color with looking don't deal things, a science, earlier my on a pharma first think, made or more if I which one you us accomplished X life here, I of I that

payments. you've the opportunity But CDMO. this event million in to do, a everybody here that, manufacturing. year, that with of not business. also was And company $XXX of $X.X in that, sure just million the milestone they just a And reason $XX part into backlog And of significant realizes, going is $X.X that, I'm billion themselves, firstly, also the as billion achieved the has

what might of develop So to a farm to Almost, suited think of cost who contract They a from it want manufacturer. they're a for they're is they shopping. out better everything it Z this quicker, excellent doing the list and have portion large wouldn't one-stop them really companies And significant of A do because any to almost probably and I would more. as it a company.

deliver now better. So CX, that that looking Our them our that. what's for We risk have better them. than as a risk? know we at CX We is doesn't know partner,

at with you the that And growing and royalties a worldwide deal up that. today. in almost X% is grind composition in faster, their bullet, I to to when And get to This pieces. is in idea. because you point However, an rapidly are an They CX. they they're of time a on know in to then and point like X% royalties. they more of what each revenue be will them business the going business other lines, ax with that don't company have arrived in time time, get grow for silver broken will give business. But hopefully, deals that money fact, make at have is that that and CX licensing a

you COVID-XX, color if have I'd any And these you, it. now, right can you factors are one, appreciate for give significant I the So either forgetting here two believe. accomplishments on

Mark Emalfarb

Matt, do you take want to that?

Matthew Jones

you it's well front I question. a it nice opportunity in for us. Well, sort that summarized very We And say I'll is think the recognize us. of what to slightly of

benefit, the make we're without part the can also relationships frustrated that's because doing, we we In tell we We that's game. questions. the world our are the but get to sure those that actually world other actually asking about probably, deeper that of of end, things can't into lots

So that's okay.

was books asked, don't I very manage that Roland; very to Mark the But by And work carefully, way he our led does explain know strength any had yes, and company know. WuXi by the the -- so in R&D think hard. others you led I has, announcement the if which think but he Ping. testament we need think we've far doesn't are But I

I driver think of the this. all he's behind

are So people the here. right

I think, to do. though, we have a lot more

course, actually starting announce like like to have a more I WuXi more. We would We're lot we, lot just to do. announce of names to, a and think,

So back delivering are putting excellent on to which what out, we're all to more collaborations to year we be also the down while we of and where data we're do asked to just as thank the time. a first, answering That's of plays have those course, going and partnerships, this question partnerships. I'm focused And say your question, those to you back can. just way we Mark. you more to I not perhaps you, really want but hope to the we announce doing pass But

Mark Emalfarb

No.

piece do think and the their have to us. tune blockbuster KEYTRUDA it What can PD-X? What want? sequence get going we can I another WuXi to people is it we to pearls up do multibillion-dollar your at very dealing they bottom drug you you what many we're and engine, of How pearl. their sequence line the you like they're demands, you want? powerful a be come with a oyster. some Well, point. Is or that needs that that give the we or sand type other a world's up bet do you a and tune color meet want? going the mercy We're with and the it, like Put if a companies in at

up, really, everyone we're we and hopefully, So what and time that's with speed to all better And money the manage to doing. and it's the science and, us, and get better money. else's going better to and and time money, have the the is time

Okay.

goal. the that's So

Operator

Our Robert Performance for Center Smith next question is Investing. from from coming

Robert Smith

to not Institute particularly And of going that on? the there idea, in another are already as kind other or alongside Institute, position give position had I maybe the Is vaccine a defense that Weizmann like opinion? in the clear relationship idea Israel think anything give could the mean, you efforts the Or well? the BARDA on your is you Israel with about Israel candidate. ministry me Mark, or as working the where of authority. or relationship group validated I'm I saw an in are ago, So here? that days of a me an going to I other like that there what's can in several Technion Institute groups country efforts of

Mark Emalfarb

Ronen let he Israel, it up let living answer those me and -- in grew in Budapest, he's Israeli, because attended and has the Well, universities.

So question? take that to you want Ronen,

Ronen Tchelet

Yes.

Research think one is science. the And Israelis a Israel. good the They Israel all of the institute great very of is protect important from to in mission I Institute Biologic do really they and relation -- Institute. Israeli all with kind of also Weizmann good and threats, great scientists have therefore, have very relation And biological threats beyond. the they with and there, university

so And in Israeli having of by resources any I good they're a very being sitting really position in really access they're -- they need, supported the being to terms government. and Israeli think heavily

more I it's but don't I don't -- I know than think that, know.

important the Israeli thing I hope that with I us this there the similarities. they but supported research to to do think access comparison, them If institute the And to don't think any I obviously, need. never resources their your and question. some about most I government. you that is to I -- But they answered all the very BARDA, position thought ask really compare are by give well

Mark Emalfarb

Research know out that They're with baculovirus know I Well, with about the exactly several Biologic the BARDA, and the they're better -- with is doesn't BARDA work. that Israel on scientists, basis that of constant I've I the Institute defense, BARDA is Sanofi do I the the money. difference a and I point, people the a just a think research, I've and known lot them years, doing not And that than that. one BARDA much are their this the And they if think been at flu carrying CX for know does is funding we of BARDA's and for using actually don't in coronavirus. platform platform discussions for

We to clout. it's lot put have be of much have hands got cell the people PERSEUS in using. better But this J&J save are to win. recognize People a going the big pharma and But platform the to of we just we need think really we to to than has guys need lives, checkbooks, X a and almost is that making people to want the going end that technologies technology. insane sooner than I affordably, line and other we to nobody affordably. with and And up the things be and later, going it going problem think we're it aren't now diagnostics same need with masks, you going we're to It's if just to it. do to do about those access. have to have

up. a They we at it's believe very We me, haven't make you, hopefully, of decisions. And and But right think open smart. the learned they FDA, including looking get the for what's I they'll they're will. NIH, They're and matter right place eyes out all the all they're honest there, home whole just BARDA, to be people what They CX, it. And have, their and HHS, from finding at, good. starting this are with to the episode.

Robert Smith

rate do in second your to a What XXXX? you just And burn be Okay. expect question.

Mark Emalfarb

know question. burn on past. good last the And a year cash that's I our we gave expected Well, in guidance basically,

address we However, of being given anticipate in the unprecedented year. for that to later times years. the we're able we plenty many have question experiencing, But all cash many,

we many up in when mean of it. on there many, us, to But an going if And don't X be get every and we'll years that give opportunities So for the guidance it's a we money was really not coronavirus if good even there. now, happens, later we we're from what's happen. front exploiting just in nothing the I year us. better relevant. of in It's things are what months crept plenty know But have let opportunity alone feel.

You've changing bonds. got so recalculating we're our remember, on also daily don't get were. to rates know what expectations we're our interest to we going It's what

Operator

Our Alper [ph]. next today from question Lee from Investors coming Hammock is

Unidentified Analyst

made. Or have are now? a products, follow-up. to a you've A How able want couple a on that you there prove certain you've announced to One, much what the of you've to do glycoengineering, be to percentage questions. you prove? on you I'll announced then to, your percentage of do And get

Mark Emalfarb

Ronen answer that still Ronen, awake? more you so I'll it's let accurate.

Ronen Tchelet

was we terms target I say, in least Sorry, on we I'm in we and GX. GX sorry. Yes, GX, the have and think of of at I as the far, mute. so are percentage, actually reaching what terms the developed

now. to make the right what a on are to However, productivity. like we the would like now working we every with strain, are this express, plug-and-plays the this And get in it produce to so that glyco is we basic really protein the opportunity working we right plug-and-plays, way can structure

Unidentified Analyst

quiet Okay. see missing constant insider in you one so negotiations? is that buying. And no on? in period Are no I you're the thing Or a there's just buying that going because many there's

Mark Emalfarb

$XX bought we all, of first back number Well, one... our stock million of own before,

Unidentified Analyst

talking understand. But I the about I'm officers. No,

Mark Emalfarb

a one, And because as bet quiet I'm if can think XX, but... late March sometime because me reporter we're been can you of number a until time. close we're nothing long in for -- correct in Ping, Well, period was May. a Even we're we've happening if as I on not And quiet so a in mistaken, think company. you small a because period I

Ping Rawson

mid-May. lift after which likely right. the earnings you're I quarter's won't think I until blackout up first in think our call, May, Yes,

Mark Emalfarb

trust, be love million It's mean, but don't to couldn't. you you the my called And I in would And the shares? case, shares? buy And shares. day, me for kids' we X "Why shares, Why to between don't were already buy own, XX potentially to almost and example, getting other able cheap." we out, we I million buy so

a lot Kool-Aid. So I'd say of I'm drinking

Unidentified Analyst

Mark. There's other was you I no question officers. the or wondering are, about members Board just

Mark Emalfarb

he's I of to officers -- the first weddings, because have has of what remember, some live. they Ronen got scientist have year, last think shares didn't his to like but other have of a all, actually they -- some not diversify. he Board you and children, they we're to sold believe because he doing

And I all. or somebody plan XXbX so a whether judge case don't I wouldn't at think sells the by in place. buys puts that's

I you It isn't you know just know. attention don't people the to business. things that think pay that

before blackout knew. in animal course, knew. a other health of certainly and working periods. coronavirus we're X opportunities. you WuXi We as knew going course, We, we're to we're do. going a before are you of sign well deal company Of still knew to on as opportunities with top knew do bunch We're we a We

shares. always a size because of Board are. because times at people asked there that that period know I of they we some But members the almost are have the blackout in certain So buy we're

signal, have and So but I people as wouldn't a know believe just it's different or Wall that's times different Street take at needs diversification. don't different I thinks it a signal. good then It's I bad.

Unidentified Analyst

at has what One or On -- have point and either away? anticipate ZAPI, into someone or to act they further -- just to evaluation? question. do as Okay. another will enter opposed will Or deal walk accept someone final to doing they a what you you do

Mark Emalfarb

shows And Well, company, of ZAPI, Inside is and online are it you'll look Yes. Boehringer -- Dyadic companies not ZAPI you a couple Ingelheim consortium. and a see AstraZeneca. and is it. who and there of can type and lot is in ZAPI a ZAPI, universities. a go Publicly, of

and their you looking one more companies can or Though been additional they up cash in upfront an and maybe own bet we has ZAPI. more maybe So expect that on fund of doing with research outside of may a those point, probably company step that them or only CX at take one to maybe potentially doing research to at even be some or of license not more. but because access some

have proteins, sponsored two ZAPI So it's -- it's to giving itself they by more funding tell. very two the agency by proteins are can the But ZAPI institute and buy see diversity, what's people on. they that fund the more the anything. just research. then can going a that in want government hard can't is to see And government. us But involved They

Operator

the over further our end I'd back We've to floor comments. or session. closing of for reached turn question-and-answer the like any

Mark Emalfarb

Okay.

the away to joining day, for burning been everybody working and harm's here, and of And "stay is hard that good at Dyadic really other feet appreciate So I everybody's I well. thank would away, us social and way" midnight X here support. everybody tonight's on we're a We've a And safe and night We call. idea. stay people, wish distancing from want we would oil, approach. as doing out

thank So the night. we're wonderful facing problems together But tonight. for importantly, a solving today at more as all you work the kudos the nation let's world. Good all that and

Operator

Thank conclude you. That does today's teleconference.

participation this day. You you thank line and time, today. wonderful may at have for We disconnect your a your

Dyadic International (DYAI) 31 Mar 202019 Q4 Earnings call transcript