Dyadic International Reports Q3 2024 Financials

TL;DR

DYAI Q3 financials show $41.8M assets, $29.6M liabilities, $5.96M cash. Debt issuance of $2M.

AI Summary

Dyadic International Inc. reported its Q3 2024 results, with total assets valued at $41.84 million and total liabilities at $29.59 million as of September 30, 2024. The company's cash and cash equivalents stood at $5.96 million. Key financial activities include a $2 million debt issuance and $600,000 in repayments during the period.

Why It Matters

This filing provides a snapshot of Dyadic International's financial health and operational activities for the third quarter of 2024, impacting investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The company has significant liabilities relative to its assets and a notable amount of debt, indicating potential financial risk.

Key Numbers

• $41.8B — Total Assets (As of September 30, 2024)
• $29.6B — Total Liabilities (As of September 30, 2024)
• $5.96M — Cash and Cash Equivalents (As of September 30, 2024)
• $2.0M — Debt Issuance (During the period)
• $600K — Debt Repayments (During the period)

Key Players & Entities

• DYADIC INTERNATIONAL INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $41,842,873 (dollar_amount) — Total Assets
• $29,589,371 (dollar_amount) — Total Liabilities
• $5,962,960 (dollar_amount) — Cash and Cash Equivalents
• $2,000,000 (dollar_amount) — Debt Issuance
• $600,000 (dollar_amount) — Debt Repayments
• Joseph Hazelton (person) — Chief Operating Officer

FAQ

Key Financial Figures

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

Filing Documents

• dyai20240930c_10q.htm (10-Q) — 1148KB
• ex_721717.htm (EX-31.1) — 9KB
• ex_721718.htm (EX-31.2) — 9KB
• ex_721719.htm (EX-32.1) — 4KB
• ex_721720.htm (EX-32.2) — 4KB
• logo.jpg (GRAPHIC) — 9KB
• 0001437749-24-034545.txt ( ) — 6238KB
• dyai-20240930.xsd (EX-101.SCH) — 47KB
• dyai-20240930_cal.xml (EX-101.CAL) — 36KB
• dyai-20240930_def.xml (EX-101.DEF) — 370KB
• dyai-20240930_lab.xml (EX-101.LAB) — 328KB
• dyai-20240930_pre.xml (EX-101.PRE) — 393KB
• dyai20240930c_10q_htm.xml (XML) — 1089KB

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 September 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 5,921,614 $ 6,515,028 Short-term investment securities 4,000,832 748,290 Interest receivable 40,835 10,083 Accounts receivable 352,934 466,159 Prepaid expenses and other current assets 374,209 327,775 Total current assets 10,690,424 8,067,335 Non-current assets: Operating lease right-of-use asset, net 104,914 141,439 Other assets 10,328 10,462 Total assets $ 10,805,666 $ 8,219,236 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 561,797 $ 656,445 Accrued expenses 839,420 1,057,164 Deferred research and development obligations 514,483 490,113 Operating lease liability, current portion 53,476 48,059 Accrued interest 80,000 — Accrued interest- related party 28,000 — Total current liabilities 2,077,176 2,251,781 Non-current liabilities: Convertible notes, net of issuance costs 3,902,435 — Convertible notes, net of issuance costs - related party 1,365,852 — Operating lease liability, net of current portion 48,091 88,870 Total liabilities 7,393,554 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 - 41,842,873 and 41,064,563 , outstanding shares - 29,589,371 and 28,811,061 as of September 30, 2024, and December 31, 2023, respectively 41,843 41,065 Additional paid-in capital 106,835,784 105,044,756 Treasury stock, shares held at cost - 12,253,502 ( 18,929,915 ) ( 18,929,915 ) Accumulated deficit ( 84,535,600 ) ( 80,277,321 ) Total stockholders' equity 3,412,112 5,878,585 Total liabilities and stockholders' equity $ 10,805,666 $ 8,219,236 The a

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

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