Dyadic International Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dyadic International Inc. filed its Q1 2024 10-Q, detailing RSU grants and investment portfolio status.</b>

AI Summary

DYADIC INTERNATIONAL INC (DYAI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Dyadic International Inc. reported financial results for the quarter ended March 31, 2024. The company's investment portfolio consists of U.S. Government money market funds. No allowance for credit losses was recorded as of March 31, 2024, and December 31, 2023. On March 13, 2024, 212,709 RSUs were granted to executives and key personnel. On January 2, 2024, 141,510 RSUs were granted to the Board of Directors.

Why It Matters

For investors and stakeholders tracking DYADIC INTERNATIONAL INC, this filing contains several important signals. The filing provides an update on the company's financial position and executive compensation through RSU grants. Information on the company's investment strategy and its assessment of temporary market value declines is disclosed.

Risk Assessment

Risk Level: low — DYADIC INTERNATIONAL INC shows low risk based on this filing. The filing is a standard 10-Q with no immediate red flags, indicating a routine disclosure of financial performance and corporate actions.

Analyst Insight

Monitor future filings for updates on RSU vesting and the performance of the company's investment portfolio.

Executive Compensation

Key Numbers

• 212,709 — RSUs Granted (Granted to executives and key personnel on March 13, 2024)
• 141,510 — RSUs Granted (Granted to the Board of Directors on January 2, 2024)
• March 31, 2024 — Reporting Period End Date (Quarterly report)
• December 31, 2023 — Previous Year End Date (Comparison point for financial data)

Key Players & Entities

• DYADIC INTERNATIONAL INC (company) — Filer name
• DYAI (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-14 (date) — Filing date
• CCP WORLDWIDE INC (company) — Former company name
• 2003-01-10 (date) — Date of name change
• Nasdaq Stock Exchange (company) — Stock exchange where common stock price is reported

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024
• 2024-05-14: Filing Date — Submission of the 10-Q report

Glossary

RSU

Restricted Stock Unit (Represents a form of equity compensation granted to employees and directors.)

10-Q

Quarterly Report (A mandatory SEC filing providing a quarterly update on a company's financial performance.)

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share DYAI The NASDAQ Stock Mar

Filing Documents

• dyai20240331_10q.htm (10-Q) — 847KB
• ex_617246.htm (EX-31.1) — 9KB
• ex_617247.htm (EX-31.2) — 9KB
• ex_617248.htm (EX-32.1) — 4KB
• ex_617249.htm (EX-32.2) — 4KB
• dyai-20200930_g1copy.jpg (GRAPHIC) — 9KB
• 0001437749-24-016674.txt (&nbsp;) — 5135KB
• dyai-20240331.xsd (EX-101.SCH) — 43KB
• dyai-20240331_cal.xml (EX-101.CAL) — 36KB
• dyai-20240331_def.xml (EX-101.DEF) — 329KB
• dyai-20240331_lab.xml (EX-101.LAB) — 290KB
• dyai-20240331_pre.xml (EX-101.PRE) — 348KB
• dyai20240331_10q_htm.xml (XML) — 825KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26

Signatures

Signatures 27 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q ("Quarterly Report") contains forward-looking statements within the meaning of the Federal securities laws, particularly under Item 2 "Management's Discussion and Analysis." All statements other than statements of historical fact are forwardlooking. Examples of forward-looking statements include, but are not limited to, statements regarding industry prospects, future business, future results of operations or financial condition, future liquidity and capital resources, our ability to implement our agreements with third parties, management strategies, and our competitive position. 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. 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 (i) our history of net losses; (ii) market and regulatory acceptance of our microbial protein production platforms and other technologies; (iii) competition, including from alternative technologies; (iv) the results of nonclinical studies and clinical trials; (v) our capital needs; (vi) changes in global economic and financial conditions; (vii) our reliance on information technology; (viii) our dependence on third parties; (ix) government regulations and environmental, social and governance issues; (x)

Financial Statements

Financial Statements DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 10,569,814 $ 6,515,028 Short-term investment securities 1,468,002 748,290 Interest receivable 15,227 10,083 Accounts receivable 246,138 466,159 Prepaid expenses and other current assets 242,131 327,775 Total current assets 12,541,312 8,067,335 Non-current assets: Operating lease right-of-use asset, net 129,519 141,439 Other assets 10,435 10,462 Total assets $ 12,681,266 $ 8,219,236 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 661,243 $ 656,445 Accrued expenses 987,973 1,057,164 Deferred research and development obligations 534,018 490,113 Operating lease liability, current portion 49,551 48,059 Accrued interest 19,556 — Accrued interest -related party 9,778 — Total current liabilities 2,262,119 2,251,781 Non-current liabilities: Convertible notes, net of issuance costs 3,884,967 — Convertible notes, net of issuance costs -related party 1,942,484 — Operating lease liability, net of current portion 75,894 88,870 Total liabilities 8,165,464 2,340,651 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ .0001 par value: Authorized shares - 5,000,000 ; none issued and outstanding — — Common stock, $ .001 par value: Authorized shares - 100,000,000 ; issued shares - 41,440,316 and 41,064,563 , outstanding shares - 29,186,814 and 28,811,061 as of March 31, 2024, and December 31, 2023, respectively 41,441 41,065 Additional paid-in capital 105,691,193 105,044,756 Treasury stock, shares held at cost - 12,253,502 ( 18,929,915 ) ( 18,929,915 ) Accumulated deficit ( 82,286,917 ) ( 80,277,321 ) Total stockholders' equity 4,515,802 5,878,585 Total liabilities and stockholders' equity $ 12,681,266 $ 8,219,236 The accompanyi

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1: Organization and Summary of Significant Accounting Policies Description of Business Dyadic International, Inc. ("Dyadic", "we", "us", "our", or the "Company") is a global biotechnology 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. Subsequent to the Company selling its industrial technology business to Danisco USA ("Danisco"), the industrial biosciences business of DuPont (NYSE: DD) (the "DuPont Transaction") on December 31, 2015, the Company has been focused on building the C1 -cell protein production platform for the development and production of biologic products including enzymes and other proteins for human and animal health. Some examples of human and animal vaccines and drugs which have the potential to be produced fromC1 -cells are protein antigens, ferritin nanoparticles, virus-like particles ("VLPs"), monoclonal antibodies ("mAbs"), Bi/Tri-specific antibodies, Fab antibody fragments, Fcfusion proteins, as well as other therapeutic enzymes and proteins. The Company is involved in multiple funded research collaborations with animal and human pharmaceutical companies which are designed to leverage its C1 -cell protein production platform to develop innovative vaccines and drugs, biosimilars and/or biobetters. The Company also developed

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View this 10-Q filing on SEC EDGAR