DYAI - Earnings call 3 2023 | Dyadic International, Inc.

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Operator

Good evening, and welcome to the Dyadic International's Third Quarter 2023 Financial Results Conference Call.[Operator Instructions] As a reminder, this conference call is being recorded today, November 8, 2023. I would now like to turn the call over to Ms. Ping Rawson, Dyadic's Chief Financial Officer. Please go ahead.

Ping Rawson

Thank you. everyone, International's welcome, Conference Quarter and Call. evening, to Third Dyadic XXXX Good have to September the release hope had I you opportunity the company results the and announcing for review quarter XXXX, ended XX, recent highlights. financial press Dyadic's

summary Form Emalfarb, release of website review our quarter our will of today's give access dyadic.com.On the President our business company's under highlights, third and a may and Investors XX-Q and including research You and development at call, our section the CEO, a corporate recent Mark of efforts.

Hazelton, Business Officer, review join Chief in business Our the financial update. our will Joe more a will with Mark follow for detail. results I of

question-and-answer these set reports by SEC.It to forward-looking are updates disclaims other because now any factors whether statements, We future Mark? risks Dyadic be this made results, materially I forward-looking different Dyadic's in this and on time, the to risk statements, and new pass those expressly the to provide information, forward-looking its or call the factors to or uncertainties Mark of call otherwise. cause or certain to Emalfarb. could to will performance, a or directed events would be may which filed scientific duty commentary then otherwise, expressed conference Participants pleasure with CEO, brief forth involves recent to statements. considered is session.At actual implied Dyadic's inform hold my that our like you from that achievements

Mark Emalfarb

first platform, government both from business was call, today's U.S. focus expand launched achieve the everyone, than Dapibus discuss each praise continues our Conference our Joe Quarter markets.We and months its for momentum continue Hello, for to industry notable as garner in On you Third the significant XX strategic plan CX an quarter markets. growth, bioindustrial XXXX also of XXXX gained Thank less term joining strategy the We've and successes, revenue with and of providing our discussion for traction recent thank and will to and update half technology protein you, to alternative also accelerated Dyadic's development I on and efficiency speed recognition our ago we and seen agencies.We've but Call. and Ping. in core which scientific on advances, on outlook third the internationally our our business in and across and just in the results, improve will our revenue beyond. short the not academia, technological

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Joseph Hazelton

report Mark. completed process the the for begun. you, Phase trial has final study building happy I'm Thank report that the DYAI-XXX I has and for to

For been final February, September. was in last late completed Monitoring the of background, the follow.Day providing produced in our safety double-blind, we full results the data healthy from second adults place to quarter, either COVID-XX weeks to range partner, risk African in establish the Board of protein or One insight anticipate all with into revenue in platform, adding and and at CX there validate for South The the Health, the Africa all vaccines patient market of to COVID, execution COVID-XX to DYAI-XXX events the greater at a events coming vaccine at was serious presented safety to dose our no clinical the data provide for database CX adverse continuing have occurred to reported.Given strong of improve wide last in randomized, South humans repository a the trial quarter, and development potential. patients partners top a placebo-controlled in strategic platform I of our in conditions. candidate, evaluate the And outlook the regarding trial we phase to the want enter took vaccine safety and report production found track reduce -term protein recombinant our near regulatory pending line to Rubic is evaluate Phase market CX vaccine-related we're next in record meeting development and discussions to level. booster last Safety the levels.Dosing productivity XX safety booster safety, antibodies.As which ongoing and fourth X week no of visit lock evolving clinical also XX with patients platform We're and dose Data efficacy for for different RBD major our antigens we study the the across to-date, planning

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have Dapibus proteins still manufacturing and future of productivity us. bright, to to to before is and various cost work revised adequately monetize opportunities maximize that increase have accelerate the platform, recombinant and our for address to ensure ahead the for right core near-term and back Mark? technologies now to lay have to infrastructure of execution comments we and continue I we third stability quarter. reduce evaluate we the and And enzymes For the will verticals.I'll business further our turn the key the to margin-sensitive revenue new begun across call strategic and some Mark plan opportunities the on markets.While Mark resources final

Mark Emalfarb

Joe. you, Thank

is our our partnerships health our experience areas.We platform of spending science scale, fiscally therapeutic platform manufacturing proteins believe to alternative antibodies manufacturing be and for knowledge vaccines, core and responsible and parallel, our CX in near-term to will our well critical next-generation In in verticals. development advancements that public focused product being verticals to collaborations with and with where our to and other continue government fund positioned We CX and developing and as research alternative to to our greatest help the and to an commercial proteins.With potential and is leverage opportunities we're accelerate can like development such financials. CFO, call continue our industrial our the with of strategically return recognition and across remain decades we cost-effective in need execution platform of our solutions run globally future that, high core refined impact, have academia, to aligned that and targeted over strategic in more as of Ping industry.We've plan begun gaining are such opportunities in new pandemics we're Rawson, happy Dapibus our see I'd through turn areas to evaluating markets technologies, within our

Ping Rawson

for results our now will over September the for Mark. you, our financial to Thank XX, you ended Thank quarter XXXX. today. everyone call joining go I key

of decreased revenue earnings result of collaborations. and find $X,XXX,XXX research at and which license research a ended revenue research several $XXX,XXX revenue of signed and same to down the can increased quarter organizations. for of Research ended Research XXXX, relocation revenue the as to decrease ago. research or XX, to third XXXX period and of several for period the XX-Q, approximately in same X quarter for new comparing approximately for quarter approximately due contract $X,XXX,XXX lab You and $XXX,XXX for ago.Cost to Form the for to to cost Cost hold information and $XXX,XXX today. September and year a period year additional increased $X,XXX,XXX the major the year development one was the year period for XXXX September a slightly to for decreased development comparing ago.In we same for the projects our X of revenue we on same earlier months filed research a development XXXX, to have development $XXX,XXX the a the winding license the press approximately quarter a months XX, of in revenue the to $X,XXX,XXX and compared third release compared ago. revenue The our revenue

well and our for expenses our decreased months period same be to company's compared year-to-date for XXXX.In development approximately will as principally the accrued approximately accrued the to interest, $X,XXX,XXX the September comparing value ago. expenses year relations to $X,XXX,XXX a reflected The period business for reflected and $X, months XX, X XXXX, clinical the As as equivalents I and were million with approximately a approximately we including X.X% expenses period compared quarter by was year approximately carrying expenses, ago.As the the in to by decreases dosing period ago. a quarter $X.X of for insurance expenses.Net for securities, G&A activity or management same $X.XX $XXX,XXX for patient investor expenses, cash, of the loss and XXXX total decreased announced, COVID-XX decrease X a to to received of DYAI-XXX incentives the to in we period for related $X,XXX,XXX decreased year payment investment-grade XX, development fourth development legal year per the compared down for as $X.X upfront winding will quarter to share approximately $X,XXX,XXX same or Net $X.XX and loss months for comparing year revenue million $XXX,XXX of same vaccine candidate, was expect development for $X,XXX,XXX and or in to Research was to share Research ago. we the cash [ the of licensing platform products. the same per related and for to share to diary per $X,XXX,XXX ] per G&A product up XX.X% $X,XXX,XXX year Phase million X approximately expenses primarily of a for February same revenue ago. as Dapibus the compared $X,XXX,XXX pick October, to enzyme the compared period $X,XXX,XXX trial XXX,XXX XXXX. $X.XX expenses line decrease share for our $XX.X the a for decreased for research December quarter in ago.The completed or animal-free the an $X.XX XXXX.

projection of million. will XXXX burn our $X be annual for than cash Our less

allow operator question all question the those have our the that be will sufficient an to expect our to will allow will that, fund who time into now your existing Joe Mark answer cash Q&A to one one operations We permits, questions XXXX.With I to from ask our join I will callers operator to and caller and session. Each late If begin balance will follow-up questions. participate. opportunity spoken. already be Operator? allowed additional

Operator

question comes today's And John with Instructions] from Zacks. [Operator Vandermosten first

John Vandermosten

that you see might just Fermbox what of through sense Is the for like a get reading was is? to wanted if a I renewable represent. and better something to cellulosic wanted could that me of understanding the give auto biofuels something I it and opportunity that? what enzymes or details fuel like

Mark Emalfarb

Yes.

basically Abengoa higher seems demand going make to the the with with sugars, did and we non-compete growing the before couple to the be a cost enzymes there's let years cellulosic back of cost digesting what biomass it's to for but our is ended DuPont, of [Indiscernible], reduce Codexis sugars some a and So, Joe make similar market coming of oil fermentable of to I'll speak renewable that, for as ago and fuel. and DuPont with to to and

So that's one of the opportunities.

One of the supplier. for enzyme that's working pulp looking paper other a a is for with market new things and we're for that, has customer on that a an that

John Vandermosten

other related, for type is And or fuel that of... auto is it Okay. some it

Mark Emalfarb

course, sugars, of not fuels we which auto renewable related, for Well, example, for fuels obviously, use other, for of for as just like it's but but cars, Yes. course, partly well. and fuel for ethanol, ethanol and chemicals for corn, cellulosic it's also cellulosic

John Vandermosten

as look and programs rank the how efforts? at to the you you then And enzymes in terms those DoD those, good. of very would added, bYoRNA, your X that Okay, you contribution program, latest the

Mark Emalfarb

Well, again, give I just customers cells, make people want the samples, the gene and we them think get put customers, from those back to we forward. into sequences remind them proteins, move

new very and their a X trials. can lines, they into the all recombinant clinic.So the antibodies, biosimilars, on BARDA's up talked But enzyme them our like picked products about proteins producing potentially focuses. new last work X for and these clinical well. basically, quality, beautiful say we in earlier potentially the of those We And our is programs I go own yields, providing on of call. major some working the they we're into going list. hit preliminary genes, thing, then picked serum creating we're then use conference quarter preclinical for we've as the would cell But an X are taking which for course, to of just be back, that Of up one proteins the targeted honest, proteins, providing albumin doing in the

into only the our with don't all would they but some over new me if exposure I so, that looking really but I've all trials, benefit U.S. not ask world for know horrible I they infectious you BARDA gets we'll the products questions, And missed. government can go the benefit, to which from clinical through didn't customers also if -- one for.I John, answered they're maybe disease that your and

John Vandermosten

a you sense, was to I get did, just mean, so Mark. think I trying I No.

Operator

from Thank you. question Paul Rosenbaum gentlemen, SWR. And ladies and with today our next comes

Paul A. Rosenbaum

Thanks, Mark whole team. the and

You've cash saying capital potential, share done year. can you need the about don't That's concerned a lot last plan of a technically are, job. less you or major and you've to is what a that people than have that that any more the a with you cash very us wonderful raise shareholder, but until really next late I'm shareholders And sure any to are do other existing over I'm about, as the I'm XXXX. year? excited got you

Mark Emalfarb

operation license we're as it'd other expect late cash. earlier, that's highlighted near-term XXXX, any what our some product think and to that balance cash whether be pursuing our existing of actively I to opportunities Ping stated and we saying, generate that cash be sufficient without in, fund will into getting in

opportunities, focused We this from towards further generate our platform but strategy, licensing the and of product we advance will with commercialization.And business products only verticals to new these we're internal partners. not third-party key the to adequately which in potential team, down also revenue the our to the line And both to line we is address through technology have management coming spin-offs through infrastructure of a opportunities our year. license near-term across business believe and as execution ensure business strategic year current solely accelerate switches and coming and the in plan of we some development right and as those revenue product in on resources

Paul A. Rosenbaum

you without year I expect any to you feel go what funds? that your revenue on so understand raising bring can and you just additional that any this, cash -- existing between flow -- in, next in So

Mark Emalfarb

products, financing. alternatives cash, cash million all the how we're other licensing down us from in that Well, that from of year [ have could this in estimated $X.X bring at -- burning we $X.X have forward, the what ].So $X in. looking would came We we in even We're put $XXX,XXX ] as to and/or is million and be in said September potentially either methods, million XX. a got [ X.XX somewhere which road to of

Operator

from comes with today question ] Skip Our Gazo [ next [Indiscernible].

Unverified Analyst

was answered exact just you're burning my that I negative question a see and because month my flow, think $XXX,XXX cash I that about got question.

kind XX want more. you got money, revenue. of But answered of it if I in bit into you that, you months to you're bring out unless think and any little You a just didn't go

Mark Emalfarb

But just that and answered think support. I No, it. question thanks your for we your

Operator

that Thank comments. closing concludes And to Dyadic's our to ladies over Emalfarb back like for and turn conference gentlemen, you. Mr. session. the CEO, question-and-answer I'd

Mark Emalfarb

the XXXX, CX In further human of impact pharmaceutical for I seeing platform are we safety health. validate trial and the human Phase our in animal use

our and way the the as mission want biotechnology fuel near a joining thank term, to us Dyadic our turn commercial beginning keeping to a already remain scientific other revenue and We call, platform event. global realize call. value opportunities world. affordable access enabling has in value while today's feed, life for in on to alternative also commercialization an eye for next updated the to are us improve on improving I of will our and the as our and XQ look in you to for XXXX strategies focused initiatives therapeutics updates. exploit fulfill which we we revised company industry, periodic to science our business and in focus the out the improve and proteins keep shareholders you heal we for Dapibus forward improve and led existing to the new investment globally.We've to We in vaccines conference the refined Please advance

Operator

Thank concluded. for Thank you. now presentation. has The conference you attending today's

now a your disconnect and may this time You evening. lines wonderful have at

Dyadic International (DYAI) 8 Nov 232023 Q3 Earnings call transcript