Q4 2021 Dyadic International Inc Earnings Call
Okay.
[music].
Good evening and welcome to the Dyadic Internationals 2021 year end financial results Conference call. Currently all participants are in a listen only mode. Following management's prepared remarks there'll be a brief question and answer session.
As a reminder, this conference call is being recorded today March 29, 2022, I would now like to turn the conference over to MS. Ping Rawson, Diana <unk> Chief Financial Officer. Please go ahead.
Thank you.
Good evening and welcome everyone to Diavik International's 2021 year end conference call.
I hope you've had the opportunity to review that press release announcing the financial results for the year ended December 31st 2021, and the recent company highlights.
You may access our press release and Form 10-K and in the investors section of the company's website at Diavik dotcom.
On today's call are president and CEO , Mark and Bob will give a review of our year end of 2021 business and the recent corporate highlights.
A brief summary of our research and business development efforts.
I will follow with a review of our financial results in more detail. We will then hold a brief Q&A session.
Senior management tool, Joe Hazelton, Matthew Joe and Rona to lap, where Don Mark and I for the Q&A.
At this time I'd like to inform you that certain commentary made in this conference call maybe considered forward looking statements, which involve risks and uncertainties and other factors that could cause <unk> actual results performance scientific or otherwise.
Our treatment to be materially different from those expressed or implied by these forward looking statements.
<unk> expressly disclaims any duty to provide updates to its forward looking statements.
As a result of new information future events or otherwise.
But its things are directed to the risk factors set forth in Biotics reports filed with as you see.
It is now my pleasure to pass the call to our CEO Mark <unk> Mark.
Thank you paying good evening and thank you for joining us today.
Before we begin I just wanted to share the team's optimism for what is in store for dyadic in the year ahead.
And just how proud we are of dyadic scientific and business accomplishments in 2021.
Well, we're still early in the days of seeing what the full potential of <unk>.
<unk> biology holds the world.
We're excited to be part of this future.
We look forward to leveraging our proprietary and patented human protein production platform.
And our other technologies to become one of the leading platforms.
Biology production.
Synthetic biology market is categorized in the following segments met.
Medical applications.
Industrial applications.
In agriculture and environmental applications.
In 2020, and medical application segments accounted for the largest share.
Synthetic biology market.
It remains our primary focus for senior ones commercial goes it's a protein manufacturing platform.
To this and we are proud to share that on the year's progress with you.
Also our 2022 development goals.
In his first investor update call.
A new calendar year.
As you know we've made it clear that as the company's mission to improve the way, we keep fuel heal the world.
This year sets, new operating milestones for us to hit.
Staying true to that mission.
I hope you take away from today's call.
Renewed focus Diana Katz to our mission.
And the ability to take it to the next level.
We expanded and enhanced our leadership team with the appointment of Joe Haynesville and cheap.
Whose roles supports the global commercialization of the company now.
We're seeing business initiatives.
Including corporate strategy corporate development and licensing.
We have put ourselves in a better position to tackle the influx of global partnering with class and interest related to the company's experience and knowledge, coupled with the advancement of our sleep to one platform and other technologies.
Additionally, after several years of internal research and development published preclinical proof of concept papers across the industries, we're targeting today.
We believe we are entering a new period of <unk>.
Attention growth highlighted by advanced testing and development of our C. One protein production platform and our other technologies and industries that we are using to penetrate some of the largest commercial enterprises and these industries.
Human or animal health food manufacturing or industrial endeavors.
And we focus our commercialization and development efforts are in its core verticals of human health animal health and as a buyer molecules.
Examples of major accomplishment accomplishments.
And advancing the commercial viability of our C. One protein production platform and other technologies have included partnerships with several animal health Janssen and a multitude of organizations around the world that have been instrumental in fully funding a number of our non COVID-19 biopharmaceutical.
Grams, as well, helping us to advance our proprietary D Y O 800, COVID-19 vaccine candidate.
We are pleased to note that manuscripts relating to antigen is produced.
C. One telles, showing safety and efficacy in animal models against influenza and furnish call me too.
Published in three peer reviewed scientific journals, including vaccines.
We have successfully completed the toxicology study of our dewatering 100, COVID-19 vaccine candidate.
A manuscript showing safety and persistence has been peer reviewed and is awaiting publication and as.
Scientific Journal Toxicological pathology.
These are exciting preclinical studies for us among other benefits demonstrate safety efficacy and a number of other biochemical structures and properties.
Cyrus coffee to our everyday antigen produces human health.
In addition, these publications also demonstrated a novel method to deliver as humans Harish coffee to Harvey T antigen subcutaneously, an intranasal and separately the utility of this human cell protein platform and expediting production are seasonal and pandemic influenza.
The vaccines.
We have refocused and improve their active outbound awareness regarding the steady advancement or knowledge, because even better uses.
Uses of <unk> across 20, plus years of proven industrial manufacturing.
We have begun to leverage as we continue to pivot into biopharmaceutical manufacturing of vaccines antibodies.
The therapeutic proteins.
We firmly believe that these efforts have the potential to revolutionize medicine, all bio manufacturing.
We've already begun to conduct funded research in areas of agriculture, food production and metabolic engineering.
We remain focused on the application of our C. One protein production platform to address health and equity and middle and lower income countries are reliant on outside sources of vaccine in drug production, which lacked the infrastructure and resources to store and distribute vaccines, which.
<unk> advanced cold storage techniques.
While we continue to move our D Y 100, COVID-19 vaccine candidate into the clinic, we wanted to emphasize and interesting to see one platform is happening across numerous other applications. In addition to vaccines and therapeutics.
And we believe that we will continue to deliver in this arena for years not only in the U S, but tomorrow collaboration relationships in Africa.
Asia Europe and in Americas.
As we move these efforts forward I want to reiterate antibiotics that he's partnerships continues to maintain our own IP as we structured our partnerships to include upfront payments development milestones and future commercial base royalty or other forms of earn outs.
With that said, let's move ahead in the call to quickly cover some of our recent company highlights wait for which we have announced in recent press releases.
A major win with your announcement of dyadic agreement with Janssen biotech.
Facilitated by J&J innovation.
We already received champions upfront payment of $500000 or they're not exclusive rights to utilize its human cell protein production platform to develop.
He wouldn't put us in cell lines for the manufacturing of Janssen therapeutic protein candidates against several biologic targets.
As awareness continues to expand around C ones ability to revolutionize commercial protein expression. We believe we'll continue to see similar agreements to come.
As we ramp up our teams efforts and new business development, which we expect will in turn trigger future upfront payments milestones and royalties or other forms of payments.
Additionally for this particular agreement with Janssen will be provided R&D funding for up to 1.6 million euros to develop and assess cement production cell lines for its product candidates.
We recently announced and broadening of our relationship with Phibro animal health.
A leading global diversified animal health and mineral nutrition company.
We've entered into an exclusive license agreement to Bruce a single specific targeted antigen.
The development and commercialization of our poultry vaccine.
The agreement calls for successful proof of concept development work, including animal trials previously completed by the two companies.
The parties expect to continue working on developing additional animal vaccine candidates.
We produced a dyadic Siemens health.
In December we announced that we received a national instead of manufacturing of biologics nimble Coronavirus grant under the Whitehouse American rescue plant.
$690000 in order to engineered to see one derived antibodies.
<unk> project is off to a good start.
This grant is intended to benchmark the speed it seem one manufacturing platform and the advantage, we will have compared to current state of the art methods, which could lead to a rapid ability to produce medical counter measures.
Measures and vaccines in response to future Pandemics.
Earlier this month, the company announced that due to a disagreement between the parties concerning the timing and terms and conditions of the previously announced term she was Sorrento therapeutics.
I mean your entry into the license agreement that the parties have mutually agreed to terminate the term sheet effective March 17th 2022.
We also had lunar bio a termination notice.
Letter relating to our license agreement with Illumina Bio no event in February 22 is there not have been able to raise capital to continue that program.
As our partners needs and business focus has changed overtime. We view these terminations as an ongoing part of our business.
However, both Janssen and Haverhill are great examples of our years of hard work and the research and development. He won as well as renewed business development efforts.
Multiple fronts.
<unk> crude.
But those who follow the company over the last several years all indications of Mark a certain maturity.
Belden lifecycle, and we move towards the company's technology from proof of concept to partnering and collaboration towards commercialization.
And feasibility studies to first in human trials.
Moving on to certain of dyadic ongoing global collaborations.
We entered into a technology transfer and license agreement with South Africa's Rubik consortium.
We've already begun working to develop end to end solution for vaccine discovery development and manufacturing.
Africa market.
Pension arrangement includes human COVID-19 vaccine technology transfer and licensing agreement.
A potential funding pathway or see one manufactured COVID-19 vaccine to progress to phase two and three clinical trials as.
Establishing a co development basis her research developing and manufacturing multiple other products vaccines. In addition to <unk> 100.
And intention to reduce happening in independents and foreign vaccine suppliers.
In coordination with C O to O PAREXEL and aerobic we were preparing for submission of a clinical trial application C. T. R. A D Y AME 100 vaccine candidate.
South African health products regulatory authority or Safra Levi.
And we've identified which clinical research.
Finishing of the width health consortium P. T Y limited has the potential side for carrying out the D Y N 100 phase one clinical trial to validate one produce proteins are safe in humans and further accelerate the global sealing platform adoption.
This clinical trial will also serve as a proof of concept.
Other next generation Varian COVID-19 vaccine candidates.
It is important to note and which has experience carrying out a COVID-19 vaccine clinical trials in South Africa for Big pharma.
Many on the call may be familiar with the Fda's clinical testing phases and drug approval process. We wanted to take some time to discuss the process for South Africa.
It's important to note the importance of partnering with a consortium in South Africa, Rubik and whips.
Not only from a regulatory partnering perspective.
So from a trial design perspective.
Especially in that the evolving landscape of COVID-19, including the BD infection and transmission rates.
<unk> now has been away from training Covid, 19 has pandemic, but rather controlling and managing infection and transmission rates as well as symptom severity in the absence of the ability to control how COVID-19 variance evolve.
This is the primary reason why a global regulatory guidelines around COVID-19 vaccine development is still evolving that said our partnership with the words in a consortium in South Africa give us unprecedented.
Precedented access to leading institutions and R&D scientists, who have been at the very front lines of testing and developing current COVID-19 treatments.
Clothing, Pfizer's current COVID-19, Covid vaccine astrazeneca and others.
That is in the marketplace and South Africa today.
Current data suggest that many of their so called first generation vaccines remain highly effective against existing scaffold advantage a concern however.
However, Amazon variant and sub variance being potential exceptions, particularly against severe disease.
However, it's possible new variant will emerge a may overcome the current vaccines induced protection to some degree by the emergence of the omicron variant only highlighting this risk.
Let's see one cell protein production platform can effectively support globally mitigation strategies that are needed against emerging Sars cov two variants of concern.
The company can rapidly and third receptor binding domain variant genes into the same Siemens headline same genotype and approximately 60 days.
Thus far in addition to the original Wuhan Sars Cov two the following variants have been successfully produced at <unk> health.
Alpha U K paid.
<unk>, South Africa, Gamma, Brazil, telephone, India, and already we have Amazon being one one at 529.
One of the commercial goals of dyadic. It does demonstrate effective capability to rapidly produce different combinations of multi valent COVID-19, vaccines, which can protect against several variance of concern at once.
We continue to work with Celgene in India, a major global contract development and manufacturing organization with head count of over 5000 employees.
And Jean International as an integrated research development and manufacturing company, providing scientific services.
<unk> early stage research preclinical and clinical trials.
Substance and drug product manufacturing and development.
Biologics manufacturing and other services.
The company serves not only the pharmaceutical industry, but the biotechnology industry nutrition animal health and consumer goods and special chemical industries.
Our discussions with Celgene is centered on advancing a commercial framework and planning around the use of <unk> cel protein production platform and our other technologies has an in-house option to traditional telling other cell line manufacturing offerings.
Manufacturing vaccines antibodies and other therapeutic proteins.
In 2020 and company entered into a non exclusive technology usage agreement with apogee in biotech of India.
Plans to conduct clinical trials in India using dynamics Siemens cell protein production platform to put it is there a COVID-19 vaccine.
Epogen recently procured the approval for funding from the government of India to move forward towards vaccine production technology.
Early stage phase, one and phase two human clinical trials.
In order for avid and receive the government funding and much contributed approximately 25% of the funding from those sources.
Turning 2021 the company also expanded its influenza vaccine in collaboration with the University of Oslo scientific.
Scientific results included having mice vaccinated with <unk> produced a M E T. Two hemagglutinin, California seven 2009.
Combined with an adjuvant a S. L. Three challenged with a lethal dose of five L. D 50 of the Homologize influenza a H one N. One showed no clinical signs no weight loss and the mice were fully protected.
Although mice trials are ongoing as we speak and others are scheduled was seen when produce antigen <unk> influenza and Sars cov, two with Oslo University.
A part of inbound inquiries, we have highlighted the launch of our bio molecules development in order to demonstrate that our industrial improving human cells can be engineered to manufacture therapeutically viable and commercially useful cannabis compounds, including Canada by dial our CBD and its precursor.
This is using synthetic biology.
As acceptance.
Therapeutic uses of cannabinoids continue weird, demonstrating <unk> potential to manufacture pure synthetic cannabinoid for commercial use potentially cheaper and more effectively as compared to conventional methods using hemp and marijuana plant cannabis sativa.
This is just another example, how we are starting to apply synthetic biology to engineer Siemens health to help improve develop more efficient bioprocess. This for a number of potential applications.
And with this I will turn the call over to our CFO to run through our financials Peng horizon.
Thank you Mark.
In addition to the financial results I'll be discussing now you can find additional information in our Form 10-K , which we filed earlier today.
Cash cash equivalents and the carrying value of the investment grade securities as of December 31st the 'twenty, 'twenty, one, including accrued interest or approximately $24 million compared to $29 $2 million last year.
Research and development revenue for the year end December 31, 2021 increased to approximately $2 $4 million compared to $1 $6 million last year.
At December 31st 2021, the company recorded that's 500, thousands upfront payments received from the collaboration and license agreement with Janssen as deferred license revenue.
Cost of R&D revenue for the year end December 30, <unk> 2021 increased to approximately $1 $9 million compared to $1.4 million last year. The increase in revenue and cost of the R&D revenue was due to a number of larger research collaborations come back to it in 'twenty.
'twenty one.
R&D expenses for the year ended December 31st 2021 increased to approximately eight $4 million compared to $3 $9 million last year.
The increase primarily reflected the cost to manage and to support preclinical and clinical development as well as cgmp manufacturing cost as the company moves toward is anticipated phase one clinical trial of the Y E 100, <unk> COVID-19 vaccine candidate.
The amount of approximately five point and $1 million offset by a decrease of $621000 in other internal R&D costs.
G&A expenses for the year ended December 31st 2021 increased to approximately $6 $7 million compared to 6 million last year.
The increase principally reflected increases in legal expenses insurance premiums and other outside services offset by reduction in business development and Investor relations costs.
Interest income for the year ended December 31st 2021 decreased to approximately $52000 compared to $447000 last year.
The decrease was primarily due to a decrease in interest rate and yield on the company's investment grade securities, which are classified as held to maturity.
For year ended December 31, 2021. The company also recorded a gain from the sale of investment in BD eye in the amount of $1 $6 million.
Net loss for the year end December 31st 2021 was approximately $13.1 million or <unk> 47 cents per share compared to a net loss of $9 $3 million or <unk> 34 per share last year.
Our cash position remains strong for 2022 we expect our cash burn for 2022 will be in the range of $10 million to $11 million.
With that I'll now ask the operator to begin our Q&A session Doctor Wellness Gillette's, Joe Hazelton, and Matthew Jones will be joining mark and I to answer your questions.
Each caller will be allowed one question and one follow up question to provide all callers an opportunity to participate in.
If time permits the operator will allow additional questions from those who have already spoken operator.
Thank you if you'd like to be placed in the question queue. At this time. Please press star one on your telephone keypad. As a reminder, please ask one question. One follow up then return to the queue. As a reminder, that star one to be placed in the question Q1 moment. Please while we poll for questions. Our first question today is coming from.
Jon Vander motion from Zacks. Your line is now live.
Hello, Good evening.
First question is on <unk>.
The animal health side of things I know, we all know that that's a faster route to get to get things approved and I Wonder if you could remind us mark.
Just what is required to.
Get something approved one says.
Once once the company has decided that they wanted to take it forward.
Well I think what every company is different of course, but they would run the animal studies in the case of the phibro poultry steady they've already run to how does it maybe three animal studies that it would run.
And obviously they saw the excellent results, which is why they entered into license agreement.
So then they went from there. They will then have to go in vials for regulatory approval.
And depending on the different countries have different timelines for that.
And then through the regulatory approval process and they would have an approval hopefully they would come up.
And then they would be launching their product case at phibro, the global animal Health company.
We have the registered in a variety of countries all over the world.
So depending on where they would first apply for that and we can leverage that application and regulatory filing and the other countries.
So it was kind of rollout country by country all over the globe in their case.
A global company.
Okay and looking at the 100 phase one trial, what's left there to get done before it can get you know before you can get started and I know you have it potentially going on in a number of different countries, which may have different.
Timelines there, but what do you see on that is that that needs to get done I guess, you know for the U S. Specifically.
Well, let me turn it over to Joe Hazelton, who is our chief business officer, Who's handling the regulatory process on that so yeah, absolutely so as you're aware.
Our initial Cta application is in South Africa, so pending approval and data from the Phase One study in South Africa. We would then turn to file an IND in the United States with that data and then again that would take potentially anywhere from six months of the year or two to get that filed and pushed through and move on to our end of phase II.
Pending.
A successful meeting where successful resolution with the FDA regarding our variety status, so that that would be the.
Option for us as we move from South Africa to the United States.
But we would also have the ability to go to different countries, which we probably would be doing even in advance of that in addition to south Africa and potentially other countries or partners in South Africa Rubik.
Which would be handling the regulatory filings.
The phase II phase III.
And in their own countries and on their own continent, and then of course in India.
Epogen, if they move forward with this new grant and the Gaffney Indian government.
We'd obviously handle other regulatory.
Filings and an approval for this.
Country of India.
Which you know is over 1 billion people alone I think there's one 3 billion people in Africa, and one point some billion people in India. So.
Probably between the two of those continents.
I'm not quite sure, but my guess is it somewhere around.
20% to 30% of the world population.
Okay, Great and Joe welcome aboard good to hear your voice.
Thanks, Thank you for the questions.
Thank you. Your next question today is coming from Paul Rosenbaum SWR Corporation. Your line is ally.
Thank you I Uh huh.
But the size of your company can you and I applaud you for the issue of Quaker.
But when he aggressive stand on many issues.
So my question to you is merely an observation no criticism intended it just seems to me from everything I read and everything that I've heard you're probably 18 months away at best from Kurt commercialization. So please correct me if I'm wrong, but I'm just asking that question.
I'm just curious.
Yeah. So most of the co commercialization is not coming from dyadic, it's coming from potentially chance in favor Ro or the collaborators and their products and we're getting paid fully funded R&D with a margin on top of that to develop those products and are candidates for them and then they'll be picking up the cost and expense.
Moving those forward.
All here and the key here is to do what we did in the industrial biotech sector, where we raised over $37 million in upfront access fees, but for milestones and commercialization.
So in that particular case, we had to have a goal of bioenergy. When we had 15 $5 million and income from Biofuels and industrial space there.
$6 million of rent from BSF.
$2 million in R&D.
Research and development funding and a million dollar milestone, so I think with whom between eight and $9 million that came in from that and then we had codexis and shell put in $10 million for the biofuel, a nonexclusive rights to limited markets. So we expect this year to be able to start bringing in some of those upfront access fees.
Yes.
When we bring in the money and the cash to reduce or eliminate the burn in the case in the industrial side. Some of those years, we had no bearing at all when we got a big payment in.
So that's the way we're moving forward to try to monetize the business has have them prove out the technology in certain cases other than the DIY 100, we also have the Nobel Nab, which you know G. A a bio better of Opdivo, which we've been developing at a cannabinoid technology.
Another primary metabolite technology that we're looking to out license to bring in revenue as well.
But I appreciate you asking that question.
And I do and as a shareholder I'm, particularly interested while I talk about commercialization as as a shareholder as to the bottom line of the company and when do you expect to find those revenues in the future I again, it was an observation no criticism at them.
No no I don't taken as criticism as I mentioned.
We've already gone down this path on the industrial side in that case, we also made enzymes and build them in 35 countries around the world and.
As we mentioned we are now getting approached and starting to.
And work towards our noncompete with the pond ended on 12 31 'twenty 'twenty.
So we're working now towards the Leverages technology back into the industrial world as well.
Because people are reaching out to us and I'd say stay tuned for some of those potential opportunities to start moving towards commercialization and announcements.
Thank you. Our next question today is a follow up from Jon Vander motion from sack Zachary Your line is now live.
Hello, There again I had a question on the on the nimble grant does that $690000 Theyre fully cover all of the related work.
You're going to do for the project or does that have to contribute some to that as well.
No it's fully funded with them a little margin for us.
Oh, great and then as that work started yet or what is the what is the timeline on that.
No I think I mentioned in my.
Today in today's call that it's already moving forward and it's actually very very fast.
They've already developed two where they don't you know both had a different antibodies.
The goal there was to see how fast we can create these antibodies and then see how far we can push the yield and productivity.
So it's already moving its already into it probably halfway through it as my guess right now.
Somewhere in that neighborhood.
Oh, Great and then in those revenues I guess this one is for paying and that was going to be recognized as revenues.
Our revenues over I guess, the 2022 to 2022 year or how should we think about that are those counter counter R&D or something like that how should we look at that.
It will be part of the revenue because it's a glance at.
Follow it takes those six in terms of revenue recognition.
Most of them will be for 2022 it could be it depends on how hard. They go along is that 10 month project.
Certain things fall into next year.
Okay, great. Thank you.
Thank you.
Thank you. Our next question is coming from Robert Smith from the center for performance investing your line is an ally.
Thanks, Thanks for taking my question.
With the COVID-19 virus continuing to evolve what is your approach in the development of the vaccine. However, you look at this.
Yeah. So I think it's a good question Robert and it's one that it's a constantly evolving right but.
But yeah, if you remember our primary goal.
Doing D wave 100 is to demonstrate safety and efficacy and potency of proteins produced from the platform to open up the doors to big pharma biotech government agencies agonists speed adoption and use of the platform. That's our primary purpose. However.
In addition to that to your point we.
We might have an ideal booster vaccine.
Cause nobody has already recognized on the different variants and as I mentioned in this call. We've made not only the Wuhan we've made alpha we've made beta gamma Delta Antarctica.
And we can very quickly do that as I mentioned within 60 days of getting the teams sympathize.
We can have a stable cell line that becomes your master cell bank for production and protein that can be used for animal studies preclinical studies.
And to be honest.
Our conversations with a poll Eric Institute in Germany is we can pop out one gene put them one in if we don't have to change the adjuvant, we don't need a new Tox study and.
And I think as I mentioned earlier in this.
Paul when you have a publication coming out, which if you're a toxicologist I think you'll find it not only do we have excellent safety the protein, but we have longer persistence and the other vaccines that they've looked at.
So our goal here is.
Not only for our own vaccines, but we have people approaching us and talking to us about running other studies and their vaccines using C. One.
Are we sort of opened the door off the pandemic to the speed at which we can do things at a yield at which we can produce things at a low cost easy tech transfer. So we're gonna take a multivalent approach I think in Iran is our current thinking where we would take maybe Wuhan Delta and army card.
<unk> has a blend.
And I would say stay tuned because we probably have well.
Oh, well soon have animal data showing those results.
Thank you and my follow up is my follow up concerns are the Janssen agreement. So can you give me some color on what the succeeding steps in the Janssen program would look like in that.
Particular timelines that they might have shared with you in their own quote Prague.
Progress.
Well first of all the Janssen agreement has opened up the doors and open up the eyes of a ride a lot of other pharmaceutical companies to recognize that this technology may or may not be here when they want to use it.
And held between the first in human data safety efficacy and protection with Janssen and the other deals we have going.
I think that.
That's how I opened up where I think the industry in general kind of like what happened in the industrial side again Psf shell Havent go and then Dupont took Nina exclusive license to the industrial biotech pain.
But the Janssen deal itself is currently very limited number of proteins.
So they the upfront cash payment and their potential seven figure payment. They can go from an X number of molecules to why but that first seven figure payment.
We're now working on two different proteins, one being an antibody and the other one we're not sharing because that wasn't in Nevada, we put in our 8-K filing.
So that's moving along that's already started keep in mind, we've already done business in the past with Janssen. This is them coming back now and focusing on the success. They sell before on a couple of different molecules to then be able to bring this technology in house. The goal here is to get it demonstrate.
Demonstrate success.
And with what we're doing then to bring it in house, none the duty purification through the trials on their own to use it to discover and develop magnitude times.
Numbers of things that they already have today.
And all of those things come along with either low figure miles seven figure milestones mid figure are nine figures per product potentially on the backend.
And the timing is unknown at this point of when and if we'll be receiving some of those milestone payments commercial payments.
And we just right now we're receiving the royalty Armenia fund.
Blended research and development, which is fully funded by the margin and also we already received the first $500000.
Thank you we reached end of our question and answer session I would like to turn the floor back over for any further or closing comments.
I want to thank everyone for joining us on tonight's call.
Hope you come away with a greater sense of dialects. Many achievements in 2021. In addition to the renewed focus on broadening the commercial potential of the company's C. One cell protein production platform and at other technologies are.
The animal and human health, including vaccines.
Food.
And other industry protein manufacturing challenges, which C. One tech.
<unk> technologies can help address.
Even though the company remains under CDA.
And it's just not possible disclose all the potential prospects and we are currently gaining traction with we also hope that you leave with a sense of the magnitude and breadth and scope of industries that we are working with.
With each partnership and licensing agreement, we believe that we are just one step closer to him.
Making a breakthrough although Sunday hope to transform and revolutionize the bio manufacturing industries very broadly that we've targeted.
A conservative development approach and sensible licensing strategy. We are also well positioned to brace for and withstand the current pressures early stage companies in the health care space are facing today.
Wally our strong IP protection and ownership will allow our shareholders to participate in the intrinsic value creation and dyadic as proposed.
Thank you once again and we look forward to keeping you updated on our progress along the way and we'll see you on the next call.
Thank you that does conclude today's teleconference and webcast can be disconnect. Your line at this time and have a wonderful day. We thank you for your participation today.