Dyadic International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dyadic International Inc. filed its 2023 10-K, detailing stock option and RSU grants, and investment security discounts.</b>

AI Summary

DYADIC INTERNATIONAL INC (DYAI) filed a Annual Report (10-K) with the SEC on March 28, 2024. Dyadic International Inc. filed its 2023 Form 10-K on March 28, 2024. The company's fiscal year ends on December 31st. Stock options were granted throughout 2023 to executives, directors, employees, and consultants, with exercise prices ranging from $1.38 to $2.23. RSUs were granted in January 2023 to executives and key personnel, and to the Board of Directors, with immediate or one-year vesting. Discounts were received on the purchase of held-to-maturity investment securities in 2023 ($39,012) and 2022 ($6,280).

Why It Matters

For investors and stakeholders tracking DYADIC INTERNATIONAL INC, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and operational activities for the fiscal year 2023. Details on stock options and RSUs shed light on executive and employee compensation strategies and potential future dilution.

Risk Assessment

Risk Level: medium — DYADIC INTERNATIONAL INC shows moderate risk based on this filing. The company's financial disclosures are limited in this extract, making a full assessment of its financial health difficult. Key financial metrics like revenue, net income, and debt are not provided in this specific filing snippet.

Analyst Insight

Investors should review the full 10-K filing to understand Dyadic International's financial performance, strategic initiatives, and associated risks.

Key Numbers

• 4,644,000 — Stock Options Granted (Total stock options granted in various tranches throughout 2023.)
• 270,000 — Stock Options Expired (Number of stock options that expired.)
• 247,961 — RSUs Granted (RSUs granted on January 3, 2023, with immediate vesting.)
• 163,044 — RSUs Granted (RSUs granted to the Board of Directors, vesting upon one year anniversary.)
• 50,000 — RSUs Granted (RSUs granted to a consultant on December 6, 2023.)
• $39,012 — Discounts on Investment Securities (Discounts received for purchase of held-to-maturity investment securities in 2023.)
• $6,280 — Discounts on Investment Securities (Discounts received for purchase of held-to-maturity investment securities in 2022.)

Key Players & Entities

• DYADIC INTERNATIONAL INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240328 (date) — Filed as of date
• 1044 NORTH U.S. HIGHWAY ONE (address) — Business address
• JUPITER (location) — Business address city
• FL (location) — Business address state
• CCP WORLDWIDE INC (company) — Former company name
• 20030110 (date) — Date of name change

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-28: 10-K Filing Date — Date the annual report was filed with the SEC.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share DYAI The NASDAQ Stock Mar
• $1.93 — ed by reference to the closing price of $1.93 as reported on the NASDAQ Stock Market

Filing Documents

• dyai20231231_10k.htm (10-K) — 1369KB
• ex_642498.htm (EX-10.21) — 58KB
• ex_642499.htm (EX-10.22) — 55KB
• ex_642846.htm (EX-21.1) — 1KB
• ex_638430.htm (EX-23.1) — 3KB
• ex_645081.htm (EX-23.2) — 2KB
• ex_599786.htm (EX-31.1) — 13KB
• ex_599787.htm (EX-31.2) — 13KB
• ex_599788.htm (EX-32.1) — 5KB
• ex_599789.htm (EX-32.2) — 5KB
• ex_638431.htm (EX-97) — 33KB
• dyai20201008_10kimg001.jpg (GRAPHIC) — 2KB
• orgchart.jpg (GRAPHIC) — 73KB
• 0001437749-24-009857.txt (&nbsp;) — 6748KB
• dyai-20231231.xsd (EX-101.SCH) — 50KB
• dyai-20231231_cal.xml (EX-101.CAL) — 48KB
• dyai-20231231_def.xml (EX-101.DEF) — 395KB
• dyai-20231231_lab.xml (EX-101.LAB) — 354KB
• dyai-20231231_pre.xml (EX-101.PRE) — 415KB
• dyai20231231_10k_htm.xml (XML) — 961KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II 26 Item 5. Market for Registrant's Common Equity, and Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6.

Selected Financial Data

Selected Financial Data 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 33 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 PART III 33 Item 10. Directors, Executive Officers and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 33 Item 13. Certain Relationship and Related Transactions, and Director Independence 33 Item 14. Principal Accountant Fees and Services 33 PART IV 34 Item 15. Exhibits and Financial Statement Schedules 34 Item 16. Form 10-K Summary 35

SIGNATURES

SIGNATURES 36 INDEX TO FINANCIAL STATEMENTS F-1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY Information (other than historical facts) set forth in this Annual Report on Form 10-K (the "Annual Report" or the "Form 10-K") contains forward-looking statements within the meaning of the Federal securities laws, which involve many risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements generally can be identified by use of the words "expect," "should," "intend," "anticipate," "will," "project," "may," "might," "potential," or "continue" and other similar terms or variations of them or similar terminology. Such forward-looking statements are included under Item 7 "Management's Discussion and Analysis". Dyadic International, Inc., and its subsidiaries cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such statements reflect the current views of our management with respect to our operations, results of operations and future financial performance. Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic's control. These factors include, but are not limited to, the items in the following list, which also summarizes some of our more principal risks: Risks Related to Our Business and Financial Condition o We may not succeed in implementing our business strategy. o We have a history of net losses, and we may not achieve or maintain profitability. o We could fail to manage our growth. o Our revenue growth depends in part on market and regulatory acceptance of our microbial protein production platforms and other technologies to develop and manufacture animal and/or human biopharmaceutical products and non-pharmaceutical products. o We may f

Business

Business Overview Dyadic International, Inc. ("Dyadic", "we", "us", "our", or the "Company") is a global biotechnology platform company based in Jupiter, Florida with operations in the United States and a satellite office in the Netherlands, and it utilizes several third-party consultants and research organizations to carry out the Company's activities. Over the past two plus decades, the Company has developed a gene expression platform for producing commercial quantities of industrial enzymes and other proteins, and has previously licensed this technology to third parties, such as Abengoa Bioenergy SA, BASF SE, Codexis, Inc. and others, for use in industrial (non-pharmaceutical) applications. This technology is based on the Thermothelomyces heterothallica (formerly known as Myceliophthora thermophila ) fungus, which the Company named C1. On December 31, 2015, the Company sold its industrial technology business to Danisco USA ("Danisco"), the industrial biosciences business of DuPont (NYSE: DD) (the "DuPont Transaction"). As part of the DuPont Transaction, Dyadic retained co-exclusive rights to the C1-cell protein production platform for use in all human and animal pharmaceutical applications, and currently, the Company has the exclusive ability to enter into sub-license agreements (subject to the terms of the license and to certain exceptions) for use in all human and animal pharmaceutical applications. Danisco retained certain rights to utilize the C1-cell protein production platform in pharmaceutical applications, including the development and production of pharmaceutical products, for which it will be required to make royalty payments to Dyadic upon commercialization. In certain circumstances, Dyadic may owe a royalty to either Danisco or certain licensors of Danisco, depending upon whether Dyadic elects to utilize certain patents either owned by Danisco or licensed in by Danisco. After the DuPont Transaction, the Company has been focused on building innov

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