Revenue Growth
Total revenue for the quarter increased to $967,000, up from $386,000 in the same period a year ago, driven by milestone revenue and grant revenue.
Strategic Transformation
Dyadic transitioned from a technology-focused R&D company to a market-facing revenue-driven biotechnology business, rebranding as Dyadic Applied BioSolutions.
Equity Raise
Dyadic strengthened its balance sheet with a $5.3 million equity raise to fund product development and commercialization efforts.
Partnerships and Milestones
Received $1 million in milestone payments from Proliant Health & Biologics and $250,000 from Inzymes for productivity gains. A $1.5 million milestone was triggered by the Gates Foundation grant.
Product Advancements
Advancements in recombinant human albumin, transferrin, and FGFs, with commercial launches and sampling underway. RNase-Free DNase1 production scaled up, with sampling and commercial discussions ongoing.