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- **Commercial Breakthrough**: First bulk sale of recombinant FGF in cultured meat market, signaling commercial viability.
- **CRISPR Advantage**: New gene editing capabilities accelerate product development and improve yields, positioning for competitive advantage.
- **Financial Resilience**: $10.4M cash balance supports growth, despite Q3 revenue decline driven by reduced collaboration activity.
- **Strategic Expansion**: Asian market partnership with Interlink targets high-growth regions, while biopharma collaborations secure $2.3M in non-dilutive funding.
- **Product Pipeline Momentum**: Multiple programs (albumin, transferrin, DNase I) in sampling/validation phases, with commercial launches expected in 2025-2026.

**【Management Opening Remarks】**
- Ping Lawson, CFO, welcomed participants and outlined the call structure, emphasizing forward-looking statements and risk factors.

**【President & COO Business Update】**
- **Commercial Milestone**: First bulk sale of recombinant bone morphogenetic protein (FGF) in the cultured meat market, marking a new chapter in commercialization.
- **CRISPR Partnership**: Acquired CRISPR-Cas9 gene editing capabilities via ERS Genomics license, enabling faster strain optimization and yield improvements.
- **Rebranding**: Transitioned to Dyadic Applied Biosolutions with a redesigned website, reflecting a shift to a product-focused strategy.
- **Product Pipeline**: Highlighted key programs including recombinant albumin (with ProLiant), transferrin (bovine/human), DNase I, and alpha-lactalbumin, with sampling and launch activities underway.
- **Market Expansion**: Partnered with Interlink to accelerate Asian market penetration, targeting Japan and South Korea for cell culture media and molecular biology reagents.

**【CEO Biopharma Program Update】**
- **Gates Foundation & CEPI Collaborations**: 
  - $2.3M received of $3M grant for malaria and RSV monoclonal antibody development; $2.4M potential funding for H5 influenza antigen production.
  - C1 platform demonstrated superior productivity vs. mammalian cell culture, with Phase I trial potential for H5 antigen.
- **EU Vaccine Hub Partnership**: Collaborating with FBS on EU-funded programs for filovirus vaccines and UVAX BioMirrors, validating C1’s scalability and cost-effectiveness.
- **NIAID Collaboration**: Generating process improvements for vaccine development, with broader platform applications.

**【CFO Financial Review】**
- **Revenue**: Q3 2025 revenue ($1.17M) down 40% YoY due to reduced R&D and license revenue, offset by $0.81M grant income (Gates/CEPI).
- **Costs**: 
  - COGS decreased 36% YoY to $0.26M, driven by lower production activity.
  - R&D expenses up 24% YoY to $0.57M due to internal product development.
  - G&A up 14% YoY to $1.48M, reflecting rebranding and business development costs.
- **Liquidity**: $10.4M cash as of Q3, including $4.9M from August 2025 stock offering.
- **Milestone Payments**: Received $0.5M from ProLiant (total $1.5M to date) and $0.25M from enzyme partner, with royalty potential.

**【Q&A Highlights】**
- **CRISPR Impact**: Enables faster strain optimization and higher yields, supporting commercial profitability without significant upfront costs.
- **Asian Market Strategy**: Interlink partnership targets bulk purchase orders from manufacturers, bypassing high-cost distribution networks.
- **Grant Endgame**: Biopharma programs provide non-dilutive funding and platform validation, with potential for future licensing opportunities.
- **Cash Burn**: Expect operating expenses to remain stable, with Q4 product revenue contributing to cash flow.


Dyadic International, Inc. (DYAI) Q3 2025 Earnings Call Transcript

Research and Development

License and Milestone

Grant Revenue

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