DYAI - Earnings call transcript Q1 2020 | Dyadic International, Inc.

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Operator

Good evening, ladies and gentlemen, and thank you for holding. Welcome to Dyadic International's First Quarter 2020 Financial Results Conference Call. Currently all participants are in a listen-only mode. My name is Hector, and I will be your conference coordinator today.

As a reminder, please note that this call is being recorded.

would Dyadic's turn Chief I to call point, Rawson, Ping Financial this like the to over At Officer. Please go ahead.

Ping Rawson

Thank welcome to call. evening, everyone, quarter Good earnings you, XXXX our Hector. first and

today. first Our release financial issued at on report Dyadic's with CC X-K International's on have website. The press to quarter Form the release press web XX-Q Dyadic results XXXX was and quarterly Form earlier been Dyadic's posted

the of corporate CEO, and for Mark will the President business of our results review and research and quarter brief call, today's first efforts. the On a business a with in our summary accomplishments review follow our give our financial Emalfarb detail. including more development a XXXX will of I of

questions. and Ronen will We will then to provide I, you ask Jones join Tchelet Matthew with Mark your to an questions. answer and opportunity

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

any by forward-looking update obligation or except as statements required Dyadic to disclaims law. expressly intent any

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

call that With like to the over to Mark? turn Mark. I'd

Mark Emalfarb

you, Ping. Thank

our quarter ensure all steps We've most the and of staying telecommuting. the thank challenging first our everyone staff call. joining all during they that hope the necessary is to and healthy taken for amid are COVID-XX XXXX conference pandemic. safe I everyone for us in this Welcome and you time safety part,

to our COVID-XX not pleased a report impact had on I'm has that significant company.

fact the our additional opportunities. In discuss some are comments us date, Tonight, making progress will on provided other I'll partnerships, my areas. we new has several as I well potential regarding pandemic to focus and ongoing collaboration collaborations. as with the

discuss We scientific will the also several during quarter. notable achievements

on update seasonal I Finally, our flu. related you the will to initiatives

challenges All efforts of increasingly being our care aligned global industry trends with are health and faced.

our we the range Dyadic opportunities expansion an increased of to quarter, Israel the combat Institute support several for Research, Biological announced potential commercial of collaboration for late In in efforts we coronavirus. with February, During areas. to their IIBR

sequences expressing lines certain have We have potential successfully from received already constructed IIBR SARS-CoV-X gene and CX candidates. vaccine the cell

COVID-XX antigens listed neutralizing the expressed Assuming We of start will CX the the determines SARS-CoV-X effectively IIBR one antibodies. quickly trials. anticipate animal IIBR

second candidate Hannover, vaccine you preliminary candidate. The I'm CX have successful from for based project. with vaccine previously which developed the whom collaboration EU results potential levels in a COVID-XX ZAPI engineering high Medicine with COVID-XX to express University with pursued on the share with demonstrated we potential has TiHo worked Veterinary scientists and Dyadic vaccine Utrecht Center, Erasmus of being University opportunity is Medical of happy SARS-CoV-X that on to

to candidate, working is vaccine determine late CX. Dyadic and the to now This agencies. is develop of is COVID-XX May. Group a which working a express we do Group levels, can stable submitted with organizations government program put The preliminary to results consortium has productivity for funding protein proposals in co-lead and high pharmaceutical and this

proposals SARS-CoV-X sequences with to provided CX. begin to for expression pharmaceutical Research HIV organizations Scripps also program agencies. certain add in funding collaboration initiated governmental potential conjunction including SARS-CoV-X from protein UfoVax also submitted Spin and candidates We as and was gene with to vaccine UfoVax Dyadic Out has

health are revenue and animal top it we health three actively several expanded one of expanded animal these global collaboration four the reviewed the word announced the with of side, is a and with by now third final others. proposal the as well. three that right Recently, company that working company and On discussions with being

development. In addition, phase have the the been additional have entered first expanded with second two projects funding and of

health gaining One in second into agreement first increasing addition of growing projects these to going and third. collaborators companion have signing and two here. a for large pharma animals traction addressable of and animal we expanded Animal our are our for phase both on is initial market

health with pharmaceutical in more the in collaboration are manufacturing the third top collaborations pharmaceutical human of discussions We research XX human XX XX WuXi side, second one top with and of biotech global into or one and and of programs these pharmaceutical globally. On anticipating companies and have we CDMOs biologics, top biotechnology two various or to stages non-exclusive and entered quarter. with top signing companies, active currently which the companies provide and a services development XX other

revenue, these several of to Dyadic. agreements don't potential generate benefits are While there types immediate

aligned Singapore, Europe significant recognized the in companies. biotech manufacturing are which presence for the and and to China, U.S. pharma We and globally industry with leading services provide leader development

research can license is evaluate potentially biotech and WuXi pharmaceutical Ultimately, as and they revenue. or own intermediate exchanging an potentially larger for customers. because its cGMP see produced important resources deals manufacture CX an CX WuXi as collaborative biologic, from their other we the will drugs conduit to for companies. our this a to step invest technology manufacturers

XX of and based to date, have global Institute more of the In XXXX, one than To-date received success half moving and agreement phase with are a for serum commercialization protein a six our on into we research we the and under signed largest initial vaccine producers. them proteins. we second with collaboration the Serum India,

the than levels proteins at have their collaboration our decision. feasibility on discussing we of produced and completed half them more basis, studies seven been we and exceeding blinded scope we therapeutic awaiting Sanofi. which are in demonstrate vaccines with that all other speaking breadth production showing in Regarding by could set including produce and study data, the the we Sanofi-Aventis, with and antibodies or We've a express regular of vaccine with initially

The making notable further substantial progress first several the enforce for quarter. the accomplishments scientific to we are during

initiatives success our Specifically glycoengineering diverse developing and self-funding with library a stability. strains, with we've purity excellent [indiscernible] greater accelerated of human CX impark

XX in In February, Conference background CX. we XXth highlighted in data the where extra times protease a European we Fungal cellular presented the at by on Genetics reduction

Importantly, we've these line the more cell leading levels lower and and stable CX costs. results efficient expressions to higher made demonstrate,

refine to more them these robust, and continue making trains, We stable. glycan homogeneous

with the their match objectives. pick trains best closely working are to collaborators to We our

can is cost. For a more protein more short line Dyadic a a [indiscernible] one-step this in stable as of Through cell making classes refine process times and research for have stable we a result, time. less proteins of and specific produce development faster we

result, interest are levels of increased we the a scientific advances industry. receiving pharmaceutical As on these

either and of of many flu We an deaths. a with begun annual targeted at globally The vaccination vaccine. not of affordable recently experts a Oslo influenza parts Oslo The influenza is the of of study company entered of new accessible into has group protein year the other each by people The regarding many XXXs thousands antigen feasibility or University in highly causes world. regarded the affects of provided flu expression virus seasonal flu a University.

further to more cost-effective area our Our efforts society solutions globally. creating healthcare commercially support per this vision efficient in of

mice safe HA. As Caledonia we baculovirus seasonal was on Sanofi-Pasteur worked recombinant during was expressed you that essentially in least results. the excellent may with immunogenic and with data testing flu recall, HA/New the showed past Sanofi's CX program at as was the at

preliminary showed the flu has is mice more animal supported to vaccines. quantities In If thesis greater data the safety further data by to CX mice which to clearly leads fact, SBV seasonal produced the from of us to antigen also produce believe and and the Sanofi potential trial efficacy reported excellent effective far ZAPI cost potentially related cattle. in from lower CX

programs As produced produced ZAPI, We set from these initial stable significantly party antigen seasonal from ZAPI times with expression possible certain in that it address points have is and target data we that vaccine seeing XX programs the vaccine baculovirus. other a third higher collaborations [indiscernible] flu our more and previously levels and shortcomings believe in mice reported the COVID-XX was produced from and health antigen level SBV along with CX maybe second, other and by data animal two our CX SBVs are research production.

completed CX strains a regards a by we we patent first produce In was metabolites, we for to primary a a filed application. the which which develop project metabolite party certain research third funded recently to funded where phase

cost-effective, be if could which the We this about would next in match the are the in currently versus market. to now manufacturing include chemical of agreement phase strain CX determine productivity project, the synthesized products strain and optimization and discussions

project maybe produced for self-fund market of and that metabolite exploring are from for a certain to continue variety we CX Additionally, the the products secondary applications. secondary metabolite opportunity

Underpinning shareholders in Dyadic who top many cost-efficient development a of partners disciplined are is established, on a getting and building our our tier approach, have in highly achievements global presence. with a you all business approach efforts and to pipeline. opportunistic our these are With shots goal further manner well

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

Ping Rawson

Mark. you, Thank

and in remains no I key $XX financial with like solid provide cash quarter. financial first position few results, I'd you our from debt. discuss investment approximately the grade Before a and takeaways quarter million securities XXXX to Dyadic with

Second, of the XX fully project pipeline added opportunities new projects more have now of diverse, sources the have with two them so research our more of collaborations as funded quarter several and and different than larger funding. got one ongoing have has in and We phases. collaborators our in

positioned that we focused our are and discuss are our well greater will further in on strategy, result, presence that now addressable I out our believe operating build a in results markets detail. execute we As on. growth we to

cash of XX, $X.X interest XX, From end first equivalents approximately at of XXXX. quarter million December we $X.X to The and the quarter at XXXX. long-term accrued December was grade of million and $XX.X a ended to liquidity March with at at cash securities short-term compared million including compared million value the first XX, standpoint $XX.X current investment the approximately XXXX

in From year quarter the in for of $XXX,XXX and reported same cost perspective, compared We $XXX,XXX compared an $XXX,XXX a was of quarter operations first and for revenue $XXX,XXX the revenue research development the ago. XXXX XXXX. first first period research to the the development in quarter to

The in first development ongoing quarter research six decreases comparing of revenue of and XXXX quarter first the XXXX. for research to revenue reflects collaborations of research five in and cost the collaborations

same Dyadic's grade interest year-over-year on year for first $XXX,XXX XXXX the income securities. was the approximately and a period rates ago reflecting quarter $XXX,XXX compared a with investment yields interest lower decrease, in the to company's

ago. year the XXXX months a March the additional expenses to compared for of with The three $XXX,XXX primarily for development reflects ended increase VTT. accelerated same associated approximately and the at conducted cost glycoengineering XX, Research expenses to increased an $XXX,XXX period program

any Accelerating $XXX,XXX year due glycoengineering decrease priority. efforts did period compared have our expenses the is for our to in that party the of growth our was research related service development and agreements first ago. Dyadic research June XXXX. approximately quarter strategic same completion with of XXXX The to the for a not BDI

of G&A and business reported expenses of $X,XXX,XXX of costs $XX,XXX in accrued quarter developments reflects increases offset and Relations and ago. the of G&A of of in non-cash same to XXXX expenses $XX,XXX. expenses compared by $XX,XXX, the a costs service for Investor $X,XXX,XXX compensation costs and $XX,XXX of insurance share-based $XX,XXX, We increases incentives approximately reductions in a other The year executive outside increase in the period other $XXX,XXX, compensation primarily legal of first and

the per Year-over-year, same $X.XX for approximately relatively ago. year a loss Net loss months $X,XXX,XXX our was per $X,XXX,XXX share three was March or for net the XXXX $X.XX or XX, compared ended share to period similar.

in interest The loss research by the lower R&D BDI. year-over-year primarily and ongoing fewer of income with the research, increase expenses was service to increase the $XX,XXX an agreements total completion in reduction net collaborations, due due to offset in expenses, G&A the

turn Q&A. call will our to the With I for operator over that, Hector?

Operator

with Smith comes with Your the Luke first your question Instructions] proceed line Davis. Please [Operator Chapin from of question.

Luke Smith

these I to new Mark. developments the in ask Hi, about program. wanted ZAPI

You might become? proposals. you what mentioned elaborate Can on this

Mark Emalfarb

Yes.

vaccine per and block, more for liter SBV milligrams since flu the XXXX times being So in you years goal that we Coronavirus that know to and diseases was now hit And made it XXXX actually five Zoonoses XX the we've milligrams. which by in antigen which us made we the as the past humans. which from also others. animals we target program we successfully reported Sanofi to by also in baculovirus worked ZAPI that XXX the asked used insect XX versus Novavax initial they for the program In for cell mentioned over is times and

people interesting times baculovirus yields in reported recently from for enough that we the antigen. shows overstated hit XXX SBV the and And that have ZAPI they the productivity now CX more

with recently seen what three that now we they an we've very for SARS-CoV-X very And Coronavirus that assessing the we're well. binding also levels, expressed We've stable in program the level made receptor cell at is. then as And protein have stable basically at along IIBR high of cell ZAPI high vaccines have using the antigen lines. reselling the and completely now yielding domain now

perform protease we've have to to those a and And when you possible knock XXx this it higher not stable. be and stream higher now got XX because cell not we've different protease this working out and protease if at continues that keep levels would do now we you make and protein, we genes been on got

So you no perfectly it can choose high value. make levels, has up,

if for of this the So doses in to make combat and spent of capability Coronavirus vaccine. pandemic money VTT today and the not help other and time it's energy [indiscernible] the vaccines billions wouldn't we of have our by staff potentially the and scientists

high that’s we and its talking magnitude then times we're productivity realize, why advance, we it is particular those about ability all and not competitors the very case commercial related excited and have of and this doses. opportunities only people make So achievement about more to promise its to you’re it's cases on when platform in delivering the and scientific can and and talk about

days we've small doses can antigen little units per we we make million fermenter looked dose For if that fermenter XXXX-leter if example, a Coronavirus, as gram potentially had quite use which use or of fermenter a XXX-liter in use five a at the recovery potentially you XX XX a and in still only rate, is a small. you in XX%

liters if fermenter we used million antigen billion the a and days. or XXX,XXX in at one operate vaccine doses five XXX,XXX doses fermenters could a and make we We in days or to you potentially in five candidate in think of fermenter make XXX antigen used the XX,XXX-liter

deliver well test shipped the now the CX so up certain have and get go we X that's realize, a SARS-CoV-X got from we to the what quickly, on that think productivity, be world. huge opening the X way, of cell receptor what Research, to lines I science offer a other to, when cost, to expect and So advanced for power you stability we we is animals, to then higher very win as technology, have lower and them people Biological the and in activity Israeli can't Phase the as led people ultimately in candidate they to then Institute really about Phase that's it will well as the for you and Dyadic that things which by of us developing in and neutralization addition successfully binding if greater grow domain talked

the own two on a looks Europeans platform, ourselves the And exciting. we'll And three Israelis domain next based it the it and but get expression data, or read preliminary program. binding level candidate technology to the this for we the on very, real on challenge we within the ZAPI that this the really in because data in a made very with incredible receptor our and weeks, having on took addition vaccine

the side side get not later that pharma on spending on little and the money on in as the over about last created improving to transitioning well the help years will this this you industrial grip talk platform, a that biotech several just hopefully protease can the glycoengineering we from we're So have conversation. a here we power good and

Operator

the Our next Investment line Vandermosten with question. of question Please comes Zacks John with your from Research. proceed

John Vandermosten

that how little comment out But in I've clinic. there. I outside has commentary, the in being obviously that Let it helpful me but seen ways, and pretty operations. heard preclinical the other hadn't and with actually question things say a that patients start you in an in might of I And can areas it's that than affected earlier much how Coronavirus having some, bit more Mark impact widely, heard this affect broadly, on the that some on more you maybe seen Coronavirus? a you affected also of

Mark Emalfarb

down Well, down, an down. and produced they There's antibody currently iota. to it been slowed that one really able a it's say with hasn't shut slowed us them one for It's few their haven’t really we we not things lab did deliver waiting I us people would to a our clients to them. collaboration deliver we of is

we not they're accept ready what so to made. have And

So that's us so quicker, that large we antibody, really a we've faster that mentioned of would for as to-date. to can because the affect cheaper else think opportunity only of than able of lot do. for we seen ability brought produce But down, vaccines be far it's anybody to but slow us that the and earlier, volumes in

the about. this guess world continuing trying our the So how doses speed to here anyone addresses but the issue I to than potential how to see help of rest in provide new discussions all greater much with the cost and of is of addition start really goal partner sort else partners we're partners now the bring lower find and development, economy right and and back we'll in to what we to and we've new talked trying biologics

John Vandermosten

needed of networking you and the down, I in vaccines effect opposite have had, I the the due have treatments. conversations of impact slowed cancelled a lot are know the to but mean, concern increased a an conferences volumes you've has seen As Coronavirus been amount of that and over lot

Mark Emalfarb

that remember people platforms our lot gas and they government, to gas mean if there's produced using that it think produced the a us of on I platform VX against their enzyme Israeli we working needed the they and successfully had don't have that are sarin higher party. and experience think, help we there know using for I people a help defend I depends CX. like they levels is with you Well, own a that

they gas, CX knew of of from So power they the the ZAPI antigen. knew the SBV CX, the power

biologics people XXX that But we they as ZAPI. stay want the know used isn't you really then that to I baculovirus saw technologies fold mentioned that expression we fact actually in hope speed somebody CX I to sort if really at that in things new and try was to we some what system think and have willing technology really that risk advance what and an to power system or now wrote That compared on the world baculovirus other and to I You take efficient up had use people really mean, for article better people to the Dyadic have. think pandemic the bring tuned and more changed that to to take the of humankind. and the needs look the into everything productivity

that BARDA, health. health sort the biotech FDA, up with the the opening human companies of animal And [indiscernible] with pharmaceutical we're with for companies seeing

GlycoFi It $XXX by bought $X for billion. if on was there was a it's them think Crucell, game company matter focus a Merck a per end Holland is, people just for on end should you I CX That think remember, game So antibodies. here I got here. you of think I vaccines. bought million. The cell back, vaccines. time was to Not and think for line in for for the J&J

knocking making So the after world. stably we've by line is, producing out, more map the glycoengineering go we're cell been as goal here doing to is proteases the

ready people great human glycoengineering vaccines, making some and and in and So and are we're recognizing health progress of of think animal the that the CX. the time with prime to I go for we're

And direction So as human both health. heading that that's animal we're and well.

the now tested partners, I to very some partners bigger the the to So at they opportunity. and like in for we are valuable have home one with starting very at that saw, with we're right negotiations see we're maybe even to and them think right we're and broad in going that place applications time, value back that of the a unlock technology, didn't the it, a case coming they in came what find early they right

see the results I to the the which another you to to we they've very things we've on to protein of then lot we're them, there's all want the we've we now the these have these high the with the I readouts able confidentiality waiting made stable, wouldn't people we vaccine in for still third and if addition in So, project binding what like and cell. to the, is that receptor and pharma excellent think, of the see get showed this know decide showed RFV, now under and agreement we they now things we initial been based like that in is course yields them ZAPI, domain have with did which a an extremely CX journey proteases level started in the in that, see, do

approximately in reduced the critical business activity Didn’t today. that beginning from XX-fold and but that's matter by to enzyme much streams finally as our we

John Vandermosten

a also mentioned any that us? the in the deliverables the on of in release. project point health to Can in was And milestones those phase Okay. you out that or second that, animal of question

Mark Emalfarb

be as pointed came have one we of play, up terms and these can't things, times we're and of not moving I that. those you conditions three to And we but once, of out, that get twice one further those but on it give them now into or Well, on now the second programs. guys even expand the two not phase of and one

into partnership top we're are more. they're getting people some So, and results where back, four hope results seeing coming companies back who of this kind with the into they’re license is collaboration and lead and health animal for leads product it actually non-exclusive a so knows one exclusive might and that or coming let's of

half, because they are just the I because use not now left car see and cases, years they found two they a and are cases, people they in worth. and a this all test-driving And like back some about, they and now talked ago what year in one like

people pans see the the back it the partnerships how see excited door. and in about We're let's and collaborations, what So all coming the expanded the up. data both in we partnerships,

Operator

Our question with your question. James. line Jason Dawson the from of next comes with Please Kolbert proceed

Jason Kolbert

to for just around for some I the the think what's for unique understand investors COVID I but want and RNA very to just And critical that U.S. said, to to what It's is time sequence a it's couple not specified CX. require me the expression ask a that platform everything the not probability is is I success a sequence, whole spend look virus our of going into you the government an I concern governments viable, but like think but my need questions. the given vaccine I is platform a of capital. just world just understand that plasmid when CX based get really of vaccine. a are Mark, of and the ability at which approaches

J&J the that clearly J&J in not you early missed Oxford is [Turner] both but specified My it's progress. the I very misses days lead. now, Then is that know program are the the say that process are anything to couple a of out front-runners program. on problem is we believe anybody don't if has there program making already in the early CX

early is there CX development. where out from where willing the commit know the to to What lead the the in partners is IIBR, platform who where where of enough is in India is I Serum to using SAVI, is want existing the expression vaccine they're Institute you

say So vaccine Coronavirus virus could that China part a should become it of Wuhan really or vaccine. I novel

Mark Emalfarb

vaccine now I let's I first lines potential them cell Well, to candidate. the think, expressing mentioned, as have start we CX IIBR with COVID delivered

them to to trials. the animal neutralizing into if quickly it there, in that antibodies and and are And as would in They're protein anticipate lipids we are they it that expect hands. the jump Israel IIBR neutralizing up COVID-XX so going antibodies They they they they're now test the there. against see grow their in going

show fact in on our produce there, that in be from the So other we lead. they the if early that understanding minimis this of the were are will system such It neutralizing amount response we expression antibodies. de using the

great us. forward. that they and have incentive - we a and the that's capital motivation so, opportunity for the to we move And that the think And think

Jason Kolbert

man. Well my soon in and my Moderna J&J point that others is very point that is want me Mark interrupt excuse Oxford I and are

I'm what there becomes trying to I a if in know year. understand viable. don't is gets Israel So that

trying understand and do IIBR is think, what do most you to think I'm you're So partners people among the candidate? you promising to talking the

Mark Emalfarb

that I have willing the with productivity, in things we’ll but is be other Well, they that recognize they're out parallel take limitations they to and are testing with to are a doing with seem - back. there actually candidates they candidates But couple and steps see. that And run in think further we're what along starting we're CX. to started other they to and talking about and

Jason Kolbert

you with know and and along collaboration we both viability the I lot of time Regeneron to this. that you’ve demonstrated a with Sanofi, Sanofi Sanofi that Well and committing knows to resources, is

that they working working are towards. the So on early CX the on platform efforts you they're with closely

Mark Emalfarb

Sanofi is with using working want coronavirus. not the recombinant on make that clear flu to the near baculovirus we're certainly that which press. we're approach for We nowhere program No, viable, the we block but believe

Jason Kolbert

and point that they they're your and it my technology they working are but you. not if on even My point with COVID is familiar, they're with working Yes, Mark. platform familiar that are is on

in is going leverage CX they're not that whatever So platform the know? to - doing they’re sure why make COVID

Mark Emalfarb

if take to case. mouth do of, Of to it in to we where them advantage try but certain should shared we that sure salivating I know course at with of we've make the data be decided particular control to can't that that they

are Okay do they if else. to trying something

Jason Kolbert

the let exciting just just then me most look me most partnership you industry event. and is with is going? Chemicals you outside promising COVID. see biotech, areas in give when talks monetization idea other change it we What next gears see where in it talks where are we in Can an the the you're might you Mark, Industrial of where

Mark Emalfarb

Animal human have health Health have We both. we and

dealing with others top side the in pharmaceutical with the discussions one in program. top we're and and of - XX And dealing side we're animal in with the already. to third top human We’re health three players players them is and four

Jason Kolbert

you position in monetization them a year? and with a this realize Okay you're to think event

Mark Emalfarb

sometime a this them. decisions of going realize company he can top course on only animal And months. to other have position well. this There decision next course three is of health And make with of We're the we potentially make not there is year obviously then few one in year that things is working to going a four as in we're

Jason Kolbert

Okay.

Mark Emalfarb

WuXi's one. is another

Jason Kolbert

excited so about thanks. Mark not I'm WuXi Yes,

Operator

Your line with next Noble from of with Ahu Capital. question. proceed Please question comes your the Demir

Ahu Demir

thanks team, questions my a apologies asked are late. dial-in little my taking because had to question. Hello I I if for

question suppose So is you when to and my their collaborative have be the research Sanofi suppose what e with to is first at, when meeting decision is agreements is on the that, where the it front? made

Mark Emalfarb

that the We've not conversations but we making as question Yes did we answered had able programs other we we yes to decision. from a just shared on that we've then own do data them blindly data should can, different within with Sanofi last only them we're with conversation, months their few programs numerous results. that that them had in - we're that share with

we're results expect an and recently had the addition sometime next so to more we've them, with this to exciting answer. quarter In going we had

Ahu Demir

biotech did with you slowdown things pretty and partnership I'm the coming talks in in many see. what expectations more quarters? conversations? on Do and the be are going how are the as forward. there I I guess you're think sure front, And the Okay partnership will pharma

Mark Emalfarb

this mentioned year. that quarter, conversations more have Yes, and this partnerships expect at one least In or we more. two expect more to we we

Ahu Demir

question? my last and Okay

Mark Emalfarb

the we even like have the just ones Maybe expand we did health company. with animal

Ahu Demir

Okay. website? question when the on not, any see of the type you meetings, And be last any on expect would the do to data any data expect disclosures have to or virtual front, we data do when

Mark Emalfarb

they here, in it efficacy. their from from we're roof. ZAPI and the health. data baculovirus. we It ZAPI more very obviously we actually number based Well, we yield paper And and re-calibrated XX it The data the the we or one, was but we times expecting X. time. way times soon per all so excellent is XXX and on XX good. showed the was more back XX safety blew coming are to thought underestimated liter instead of went expression animal We only XXX talked initial And Right got through got - about milligrams the when data

coming, In PEGS presentation data the some conference data irrespective if in I put conference virtual of we be lot February when up, are the important. there's actually any a we don't is out that coming is of But person. have it made we'll feel so a is know at we

Ahu Demir

and Any know generate expect of catalysts, timeline the of can them value of the would you that get you any we them?

Mark Emalfarb

the I whole missed we all I think you the didn't. first think value conversation It part generate if of that

Ahu Demir

I will they report Yes thought bring company. the like

late, dialed in my little apologies a on that? I Sorry

Mark Emalfarb

allowed at us XXx already a the former well we talked the protein with protease knocking and the out IIBR CoV-X has we're scientists. first genes ZAPI that collaboration to for the already in make protease Yes, fact and about the by

the same of thing well with vaccine as ZAPI. levels high done in UfoVax thing with same they will do the the We recently, protein. WuXi stable the expect We've

before cost table of do as no things taking just vaccine do the you so Animal creating the and ZAPI value. productivity. about standpoint it’s do Health it’s stepping course fail SBV human for data that it think in What but did a they is the They We coming earlier about that things a outstanding because are leading guys platform of in. is of to from couldn't tried health low animal to recognizing is so the to phenomenal and they and they've enablement,

to vaccine it the enough to make need cheap you with some launch it, so value. cost things - these that's make chicken low very for creating and couldn’t glycoengineering pigs and cow They of like

Ahu Demir

generate not thinking that's value data was that that any will you? you’re a highlighting Mark ones will the I have readouts ones past like for the other coming and catalysts future you

Mark Emalfarb

we the about, recent. the and probably talked you we Israelis own just Well, vaccine made the candidate of for coronavirus missed that just our for would

is on that's Sanofi. and yes, lot value things, huge So It that's a with Sanofi a could partnership glycoengineering the that the another partnerships seeing the of create we power, said so based in value creating productivity. value platforms data. stability think data of there's the the huge is opportunity. huge data But demonstration and

like to course productivity we’re two to So with on on and have more more their line PER glycoengineering billion apply even line. missed the earlier, business to of talked you strains cell CX once as better, things, we I there going strains it which for as for having activity cell did $X J&J them a is ones glycoengineered we the low vaccines just protease Crucell up we guess well. sold match about

want to partner $XXX Merck for have we it. got million to license the sell ways GlycoFi we so cell line to multiple

So of right coming and yes there its lot creating we're value now. a is in

Operator

Your of Schneider, your question. Private next proceed from comes the Investor. David question with line Please

Mark Emalfarb

Dave you’re there.

Operator

live. David line Schneider, is your now

of Please comes your proceed next Center question Smith from Investing. Robert with Your with the question. line Performance

Robert Smith

Thanks questions. my for taking

direct different I'm Mark, angle. a this So going just and to try from

So II your moved the projects initial second collateralized. of Health quarter with Animal - Phase one you’re of saying our during into the of we quarter our

So give I color and Phase me what many Phase there? to as can what was are some II how you phases is

Mark Emalfarb

I Ron people he maybe with let line dealing answer day-to-day. the these on is and well, since can question that Right,

can. I Ron you to those? want you. think do answer I Thank But

Ronen Tchelet

of so of clinical ultimately on because Phase I'm we first development using sorry the and for sure, and trials CX level their I Yes lines. confusion are the people cell using II on the yes are

quality productivity the of than whether the we what And call, after annualize interest. decide see the when when II. we we Phase issue stage protein and first the I the I - is some in we So, work go productivity will with both either we sides we increase Phase II that I usually the to have quality. if think express And we on Phase quality or phases. usually And improving the two we

Robert Smith

happens? And then what

Ronen Tchelet

And stage, yes. that

Mark Emalfarb

they either further Yes and it to what viable. Then cost it's take it can their have I look becomes animal then into they and start if jump it trials. yields in is a, commercially at doing happens higher, process lower can optimizing get simultaneously the fermentation

Robert Smith

timeline Phase so III? I there before to trials mean, animal Okay going Phase is II the from a

Mark Emalfarb

theoretically mean Phase go What by mean right II we're I they timeline? study. can once into an the do with done animal you

Robert Smith

Phase going - from Okay so to I II? Phase

Mark Emalfarb

from then take takes animal see II Yes raises and they Phase if months, say four then they would studies. somewhere doing what to I six between months maybe four to let's three typically like thereafter start Phase five And months.

Robert Smith

Okay, to And - respect the you on grateful that. you or that. collaboration have might Sanofi want label with for put thanks what to I'm

possibilities the say them, say have before them So what expecting the will you? you. steps What are to you to next what you they to the are work they will you - back come say

Mark Emalfarb

and we year first those all, we all of just teams and know expressing seven of them. Well taking a spent you different express

and As half of met us that targets, exceeded than targets they wanted okay. - the gave I see more mentioned, to they as the or the expressing

to the So lot expression stability, a and the earlier in in different characteristics the levels the addition things conversation. explained we quality, the in of that

being developed. lot and a so progress of done And those were like in things

they blindly to on their And them or we addition they the the saw proteins to other had show own the we them. funded work in funded, programs analytics gave labs, that going that that you the characterize we that's we data did they So done, could data. additional in that

this receptor of spike For can they've and they that more we SARS-CoV-X we that and domain data. others that cheaper. that recognize from binding made the on faster recognize protein quicker, seen example They make

those, on and the and What shows data can scope technology, They've either more and do, platform bigger, getting the own and their the on projects. what them else the can products we breadth for feel and but do it's with of comfortable depth future deeper. moved broader,

to the it own besides they early. strains just because other we with wanted what things too So share saw was glycoengineered glycoengineering, on their

now from we've other them some data showed products. So

to so We've sky license don't part the back and license products us in-house or blindly, to come been a of show know platform do one a is We R&D what is hopefully discussions. from an potentially them we not the to their limit. to expanded we're expect from able Take them for the program. of

Robert Smith

could this something how them on current? If that's move really you not they shown data, forward

Mark Emalfarb

decisions political do big I can’t in don't what know things and how make can they people or pharma.

Robert Smith

mean it's? I

Mark Emalfarb

They mean program trial make, with we're to regions. demand get you and can data of and that protein now they things potentially have man, in I clinical more what stable. data, try they you is gone drug more we a make at coronavirus hey, of versus haven't can They the hurdle yet hoping look and realize with it is look decisions. the the things but make one the been in of you mean one the for - ever if can at that, the I quicker cheaper we ZAPI a CX overcome a has sooner different humans.

don't standpoint, do safe in endotoxin of, cattle have viruses it's animal any we for Nothing that CX rid viruses. to have Well, ecoli better others a have get to don't it's have to that effective grass to it's We expect mice, rid haven't get ecoli, studies, not compared first else done might yet, they so been a and thought. of, they it's something that we safer fact very has those place. system we from because problem in we the

Robert Smith

parallel run least effort? at you a Wouldn’t

Mark Emalfarb

would would do they do I expect that they me was it. would I it yes should or it If do

Robert Smith

All you down those then primary further can categories right secondary narrow metabolites you use speak broad any of you and way when these and terms? in it such are when

Mark Emalfarb

and will business patents really competitors to Yes these of clearer the we're what as from aren't become in issued our overdoing. it with mentioned public, one before you'll the doing exposing see we become we

Robert Smith

that do think And have patents? you'll when you

Mark Emalfarb

we think said. I Well,

XX-month it fall provisional other or we August probably because one this the when September first be that probably the The had one. will filed. We come first filed timeframe the you out will sometime just

months might XX So from the that's, about virtually was with if talk weeks it few ago. unless a we we

Robert Smith

as well all wish and humanity us for and thanks. much so Thanks

Mark Emalfarb

Thanks.

Operator

the showing for no Emalfarb this now we'll am to I call further and turn closing Mr. time questions comments. back at

Mark Emalfarb

want a times. efforts Victor you, during them thank have organizations, discussed difficult we among underpinning employees, research is the contract both and their extraordinary all Thank collaborative for highly our our accomplishments to these many coordinated our today partners. effort I

of manufacture and development the enable biopharmaceuticals. effectively cost to remains goal Our

more medications platforms with than achieve we our the will to of is efficient number us faster industrial more affordable platform expanding our CX and which efforts goals. other that making the believe Thereby globally including all partners Along a gene programs. accessible expression and our help proven any baculovirus of

ongoing today, for Stay Thank appreciate safe. your in and, we support you everyone dialing

Ping Rawson	CFO
Mark Emalfarb	President and CEO
Ronen Tchelet	VP, Research and Business Development
Matthew Jones	MD, Business Development and Licensing
Luke Smith	Chapin Davis
John Vandermosten	Zacks Investment Research
Jason Kolbert	Dawson James
Ahu Demir	Noble Capital
Robert Smith	Center Performance Investing

Dyadic International (DYAI) 14 May 202020 Q1 Earnings call transcript