Dyadic International, Inc. (NASDAQ: DYAI) announced its financial results for the full year 2024, highlighting significant progress in commercializing its proprietary microbial protein production platforms and securing strategic partnerships to drive future growth.
The biotechnology company, focused on efficient large-scale protein manufacturing for vaccines, therapeutics, and non-pharmaceutical applications, reported total revenue of approximately $3.5 million for 2024, a 20.6% increase from $2.9 million in 2023. This growth was primarily driven by $1.9 million in milestone and license revenue from its cell culture media and non-animal dairy segments.
Financial Performance and Strategic Position
Despite reporting a net loss of $5.8 million ($0.20 per share) for 2024, Dyadic showed substantial improvement compared to the $6.8 million ($0.24 per share) loss in 2023. The company ended the year with a strengthened cash position of $9.3 million in cash and investment-grade securities, up from $7.3 million at the end of 2023.
"We believe our strong 2024 performance and achievements underscore Dyadic's commitment to leveraging our advanced microbial protein production platforms to accelerate commercialization and drive sustained revenue in high-value alternative protein applications," said Mark Emalfarb, Dyadic's Chief Executive Officer.
The company's operating loss decreased significantly to $5.9 million from $8.2 million in the previous year, reflecting both increased licensing revenue and reduced R&D expenses following the completion of its Phase 1 clinical trial of the DYAI-100 COVID-19 vaccine candidate.
Grant Funding and Strategic Collaborations
A key highlight of Dyadic's 2024 performance was securing up to $7.5 million in grants to accelerate the development of its C1 protein production platform:
- A $4.5 million grant from the Coalition for Epidemic Preparedness Innovations (CEPI) to Fondazione Biotecnopolo di Siena, with Dyadic expected to receive up to $2.4 million as a subcontractor
- A $3 million grant from the Bill & Melinda Gates Foundation for cell line development of monoclonal antibodies targeting respiratory syncytial virus (RSV) and malaria
These grants are intended to support the advancement of Dyadic's C1 platform for faster, more cost-effective manufacturing of vaccines and antibodies, particularly for underserved populations.
Commercial Pipeline and Product Development
Dyadic is advancing multiple products toward commercial launch across several categories:
Non-Animal Cell Culture Media
- Human Serum Albumin: In partnership with Proliant Health and Biologicals, progressing toward expected commercial launch in Q2 2025, with a third milestone payment anticipated in Q3 2025
- Transferrin: Actively engaging partners and providing samples of its recombinant transferrin, which has demonstrated comparable performance to reference standards
- Growth Factors: Advancing development of recombinant Fibroblast Growth Factor (FGF) products, with sampling initiatives expected to begin in Q2 2025
Non-Animal Dairy Applications
- Alpha-Lactalbumin: Continued development of a highly productive cell line for research-grade material and food applications
- Human Lactoferrin: Successfully developed a cell line to produce stable human lactoferrin protein, with sampling efforts expected to begin in 2H 2025
- Dairy Enzymes: Received a productivity milestone payment in 2024, with commercialization efforts ongoing and anticipated launch in late 2025
Reagent Proteins & DNA/RNA Enzymes
- DNase1 (RNase-free): Progressing toward commercial availability, with validation of the production process underway through partnership with an EU-based CDMO
- Expanded Enzyme Portfolio: Developed and validated prototypes for four additional enzymes, including RNase Inhibitors and T7 RNA Polymerase
Advancements in Animal and Human Health
The company is also making progress in vaccine development:
- H5 Avian Influenza ("Bird Flu") Vaccine Candidate: In collaboration with ViroVax, LLC, developing a C1-produced, self-assembling ferritin nanoparticle antigen for diagnostics and vaccines
- Mpox Vaccine Candidate: Early-stage preclinical development of a C1-produced ferritin nanoparticle vaccine
- Expanded collaboration with Phibro Animal Health/Abic Biological Laboratories Ltd to develop vaccines and treatments for companion and livestock animal diseases
Future Outlook
"As we move forward, Dyadic remains committed to expanding the reach of our C1 and Dapibus™ platforms across alternative proteins, and human and animal health," said Emalfarb. "With a growing network of partnerships and increased funding support, we believe we are well-positioned to drive innovation, enhance global accessibility, and reduce costs in manufacturing of recombinant proteins while delivering sustained value for our investors and stakeholders."
The company's strategic focus on developing products in profitable non-pharmaceutical market segments, combined with expanding biopharmaceutical capabilities through high-profile collaborations, positions Dyadic to potentially create additional growth opportunities in both human and animal health markets in the coming years.
