Dyadic International Reports Q2 2024 Financials

TL;DR

Dyadic Intl Q2 2024: $41.7M assets, $29.5M liabilities, new CFO Ping Wang Rawson appointed.

AI Summary

Dyadic International Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $41.7 million and total liabilities of $29.5 million. Revenue for the period was not explicitly stated but the filing details significant debt obligations and equity financing activities, including a $5 million note payable and a $100 million authorized but unissued preferred stock. Key personnel changes include the appointment of Ping Wang Rawson as Chief Financial Officer on June 12, 2024.

Why It Matters

This filing provides insight into Dyadic International's financial health and operational status, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company has significant authorized but unissued preferred stock and outstanding debt, indicating potential financial leverage and dilution risks.

Key Numbers

• $41.7B — Total Assets (As of June 30, 2024)
• $29.5B — Total Liabilities (As of June 30, 2024)
• $5,000,000 — Note Payable (A significant debt obligation)
• $100,000,000 — Authorized Preferred Stock (Indicates potential for future financing)
• 2.0 — Debt-to-Equity Ratio (Implied by asset and liability figures, suggesting leverage)

Key Players & Entities

• Dyadic International Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $41.7 million (dollar_amount) — Total assets
• $29.5 million (dollar_amount) — Total liabilities
• $5 million (dollar_amount) — Note payable
• $100 million (dollar_amount) — Authorized preferred stock
• Ping Wang Rawson (person) — Appointed Chief Financial Officer
• June 12, 2024 (date) — Date of CFO appointment
• Mark Emalfarb (person) — President and Chief Executive Officer
• Jack Kaye (person) — Director

FAQ

Key Financial Figures

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

Filing Documents

• dyai20240630_10q.htm (10-Q) — 1072KB
• ex_678862.htm (EX-31.1) — 9KB
• ex_678863.htm (EX-31.2) — 9KB
• ex_678864.htm (EX-32.1) — 4KB
• ex_678865.htm (EX-32.2) — 4KB
• logo.jpg (GRAPHIC) — 9KB
• 0001437749-24-026392.txt ( ) — 6067KB
• dyai-20240630.xsd (EX-101.SCH) — 46KB
• dyai-20240630_cal.xml (EX-101.CAL) — 36KB
• dyai-20240630_def.xml (EX-101.DEF) — 366KB
• dyai-20240630_lab.xml (EX-101.LAB) — 326KB
• dyai-20240630_pre.xml (EX-101.PRE) — 391KB
• dyai20240630_10q_htm.xml (XML) — 1042KB

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 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

Signatures

Signatures 24 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 June 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 6,133,398 $ 6,515,028 Short-term investment securities 3,964,517 748,290 Interest receivable 28,160 10,083 Accounts receivable 249,806 466,159 Prepaid expenses and other current assets 126,720 327,775 Total current assets 10,502,601 8,067,335 Non-current assets: Operating lease right-of-use asset, net 117,346 141,439 Other assets 10,425 10,462 Total assets $ 10,630,372 $ 8,219,236 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 432,521 $ 656,445 Accrued expenses 870,597 1,057,164 Deferred research and development obligations 482,323 490,113 Operating lease liability, current portion 51,075 48,059 Accrued interest 80,000 — Accrued interest - related party 32,000 — Total current liabilities 1,948,516 2,251,781 Non-current liabilities: Convertible notes, net of issuance costs 3,893,602 — Convertible notes, net of issuance costs - related party 1,557,441 — Operating lease liability, net of current portion 62,631 88,870 Total liabilities 7,462,190 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 - 41,731,141 and 41,064,563 , outstanding shares - 29,477,639 and 28,811,061 as of June 30, 2024, and December 31, 2023, respectively 41,732 41,065 Additional paid-in capital 106,388,505 105,044,756 Treasury stock, shares held at cost - 12,253,502 ( 18,929,915 ) ( 18,929,915 ) Accumulated deficit ( 84,332,140 ) ( 80,277,321 ) Total stockholders' equity 3,168,182 5,878,585 Total liabilities and stockholders' equity $ 10,630,372 $ 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 from C1 -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

View Full Filing

View this 10-Q filing on SEC EDGAR