Movers and SHAKERS
Dyadic International Inc. (DYAI)
Q2 EPS: Making Progress with C1 Technology
Dyadic International Inc. is a biotechnology company developing a proprietary C1 expression platform to express and manufacture biologic products. The C1 technology is part of a fungi expression system, which utilizes inexpensive substrates yielding a high level of production. Dyadic is currently improving and optimizing the production of biological products in a C1 expression system. The company’s partnership portfolio with pharmaceutical and institutions includes Zapi Project, Israel Institute for Biological Research, Mitsubishi Tanabe Pharma, Sanofi-Aventis covering the production of a diverse range of biologics, such as monoclonal antibodies, bispecific and Fc-fusion proteins. Dyadic also established a sub-licensing agreement with an Australian based drug development and contract manufacturing firm, Luina Bio, to utilize C1 platform for the development and commercialization of biological products to prevent and treat animal diseases. Company’s C1 bioenergy business was sold to Dupond Industrial Biosciences (DuPont) for $75 mm in 2015 granting the company the rights to use C1 platform in biopharma applications.
Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.
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Q2 earnings reported. Dyadic announced Q2 2020 earnings results yesterday. In the second quarter, research and development (R&D) revenue was $524,000, increased 66% compared to the previous quarter, attributed to the new research collaborations. R&D expenses were $1.81 million and general and administrative expenses were $1.48 million in the quarter. The net loss was $2.65 million or $0.10 per share. Our estimates are in line with the reported numbers. We are maintaining our F2020 estimates of $1.77 million revenue and $11.6 million operating expenses including $5.8 million R&D and $5.8 million SG&A expenses. We forecast ($0.32) EPS.
Multiple milestones achieved in the quarter. Dyadic established multiple research collaborations with companies and institutions to develop vaccine and antibody to combat coronavirus. The partners include Frederick National Laboratory, Israel Institute for Biologic Research (IIBR), EU ZAPI initiative, Ufovax, and others. The company also ...
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