Q3 2023 Dyadic International Inc Earnings Call
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Hello, everyone. This is the conference operator today's conference call will begin in just a few moments. We ask you. Please standby once again today's call will begin shortly thank you.
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Well begin in just a few moments we ask you. Please stay on line. Once again today's call will begin in just a few moments. Thank you for your patience.
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Speaker 2: Good evening and welcome to the Diadic International's third quarter 2023 financial results conference call. Currently all participants are in a
Good evening and welcome to the Diana Internationals third quarter 2023 financial results Conference call.
Currently all participants are in a listen only mode.
Speaker 2: Following management's prepared remarks, there will be a brief question and answer session.
Following managements prepared remarks, there will be a brief question and answer session.
Speaker 2: As a reminder, this conference call is being recorded today, November 8th, 2023.
As a reminder, this conference call is being recorded today November eight 2023.
Speaker 2: I would now like to turn the call over to Ms. Pang Rosin, Dyadics Chief Financial Officer. Please go ahead.
I would now like to turn the call over to Mr. Ping Russian Bad as Chief Financial Officer. Please go ahead.
Speaker 3: Thank you. Good evening and welcome everyone to the Diadic International third quarter 2023 conference call. I hope you have had opportunity to review Diadic Express Lease announcing financial results for the quarter ended September 30, 2023 and a recent company highlights. You may access our release and form 10Q and their investors section of the company's website at diadic.com.
Thank you good evening and welcome everyone to Biotics Internationals third quarter 2023 conference call I Hope you have had the opportunity to review Diotic press release announcing financial results for the quarter ended September 32023, and the recent company highlights you may access our release.
And the Form 10-Q, and or the investors section of the company's website at <unk> Dot com.
Speaker 3: On today's call, our president and CEO Mark Eemapard will give a review of our third quarter business and corporate highlights, including a summary of our recent research and development efforts. Our chief business officer, Joe Hazleton, will join Mark for the business efforts.
On today's call are president and CEO, Mark <unk> will give a review of our third quarter business and corporate highlights, including a summary of our recent research and development efforts, our Chief business Officer, Joe Hazelton, John Mark what a business updates.
Speaker 3: I will follow with a review of our financial results in more detail. We'll then hold a brief question and answer session.
I will follow with a review of our financial results in more detail. We will then hold a brief question and answer session.
Speaker 3: At this time, I would like to inform you that certain comments are made on this conference call maybe considered for looking statements, which involves with and uncertainties and other factors that could cause dietics actual results, performance, scientific or otherwise, or achievement to be materially different from those expressed or implied by these for looking statements.
At this time I would like to inform you that certain commentary made on this conference call maybe considered forward looking statements, which involve risks and uncertainties and other factors that could cause <unk> actual results.
From a scientific or otherwise.
Our cheeseman should be materially different from those expressed or implied by these forward looking statements.
Speaker 3: Dietetics expressly disclaims any duty to provide updates to its forward-looking statements.
Diavik expressly disclaims any duty to provide updates to its forward looking statements, whether because of new information future events or otherwise.
Speaker 3: whether because of new information, future events, or other...
Speaker 3: Participants are directed to the risk factors set forth in the dietics risk report filed with the SEC.
Put this paints are directed to the risk factors set forth in biotics.
Reports filed with the SEC.
Speaker 3: It is now my pleasure to pass the call to RC or Mark Imofot. Mark.
It is now my pleasure to pass the call to our CEO Mark <unk> Mark.
Yeah.
Speaker 4: Thank you, hello everyone and thank you for joining dyadic third quarter 2023 conference call.
Thank you Hello, everyone and thank you for joining <unk> third quarter 2023 conference call.
Speaker 4: We've accelerated the momentum scene in the first half of 2023. As our C1 technology continues to garner praise and recognition for its speed, inefficiency in the US and internationally from academia, industry, and government age.
We have accelerated the momentum gained in the first half of 'twenty or 'twenty three.
<unk> seen one technology continues to garner praise and recognition for its great inefficiency in the U S and internationally from academia and industry and government agency.
Speaker 4: We've also gained significant interaction with our DEPAPIS platform with this launch less than 12 months ago in both the alternative protein and bio-indust film art.
We have also gained significant traction with our depth of its platform. Okay. One question 12 months ago, and both your alternative protein and bio industrial market.
Speaker 4: On today's call, Joe and I will discuss a strategic plan for revenue growth.
On today's call, Joe and I will discuss our strategic plan for revenue growth.
Speaker 4: Notable technological advances in recent business development successes. We continue to achieve across each of our core markets.
Notable technology technological advances and recent business development picks up as we can.
Continue to achieve of course, each of our core markets.
Speaker 4: We will focus the discussion on not just providing an update on our third quarter of scientific and business results, but also expand on our strategy to improve a revenue outlook and the short term in beyond.
We will focus the discussion on not just providing an update on our third quarter scientific and business for golf.
We're also expanding our strategy to improve our revenue outlook in the short term and beyond.
Speaker 4: We are not just excited about our current and future prospects. We believe the success of our corporate strategies beginning to be realized as evident to fire September announcement of an agreement inclusive of upfront fees.
We are not just excited about our current and future prospects. We believe the success of our corporate strategy is beginning to be realized as evidenced by our September announcement.
I'm in agreement and close the vote.
Speaker 4: positive data from our first human phase one study. And I recently announced advancements in our own internal or competent Sarah Malibu in the project.
The positive data from our first in human Phase one study.
We recently announced the advancement in our own internal recombinant Paramount in the projects.
Speaker 4: which have accelerated opportunities that are into additional collaborations and partnerships, but there's a murmur and a number of understanding with the Italian government's foundation by the technical DCN. It's performed the functions of an anti-pandemic hub with a particular focus on the development and production of vaccines and monoclonal antibodies for the treatment of emerging epidemic and pandemic pathology.
Which have accelerated opportunities to enter into additional collaborations.
Partnerships, such as the memorandum of understanding with the Italian Government Foundation.
Thank you Pablo DCM.
It performs a function.
Pandemic hub with a particular focus on the development and production of vaccines the monoclonal antibody.
The treatment of emerging epidemic pandemic pathology.
Speaker 4: and the recently announced research collaboration with Vaccine and now Immunotherapy Center in Massachusetts General Hospital.
And the recently announced research collaboration.
Back pain.
I mean, you know immuno therapy Center at Massachusetts General Hospital.
Speaker 4: We believe that we are at or near the precipice of applying on microbial protein production platforms. So you want in depth of us to develop antigens, antibodies, enzymes, and other proteins across each of our core verticals that we believe will lead to monetization that can significantly increase shareholder value for dieting and our collapse.
We believe that we are at or near the precipice of a crime and microbial protein production platforms.
Wanted to applebee's.
The antigen antibody enzymes and other proteins across each of our core verticals that we believe will lead to monetization. It can significantly increase shareholder value her diet again, our collaborators.
Speaker 4: What makes the ARK neat from other providers of expression platforms is our industrial heritage.
What makes that its unique from other providers of expression platforms as our industrial heritage.
Speaker 4: The majority of cell lines used from manufacturer of biologic vaccines and therapeutics have started at research scales and tried to improve scale and yield at pharmaceutical price point.
The majority of cell lines.
Factor a biologics biologics.
Therapeutics.
Started at research scale, and trying to improve yield and pharmaceutical pipeline.
Speaker 4: Diatic my cobalt leoplast forms have a long history of economically producing large scale biorendustial proteins and enzymes which we are leveraging to manufacture biopharmaceutical proteins with upstream costs and quantities that are closer to industrial margins The vineyard collaborators include creation flexibility.
I asked my company a platform have a long history of economically producing large scale bio industrial protein and enzyme.
We are leveraging the manufacturer.
Pharmaceutical protein.
But the upstream cost in quantity the closer to industrial margins, providing our collaborators.
Pricing flexibility.
Speaker 4: All platforms used in biomanufacturing must meet certain requirements in order to be commercialized.
All platforms used environment in fracturing must meet certain requirements in order to be commercialized.
Speaker 4: All platforms must be able to be properly colonized, expressed, quickly modified and folded functional proteins.
All but one must be able to be properly called express correctly modified and folded functional proteins.
Speaker 4: What makes a particular platform an ideal choice for commercialization is one that is also rapid, highly productive and cost effective.
A particular platform an ideal choice.
Foundation is one that is also a rapid highly productive and cost effective.
Speaker 4: This is why the C1 protein production platform is uniquely suited to meet the rising demand for vaccines, monopony and body stereotypical and other proteins. C1 can produce
This is why does one coating work production platform is uniquely suited to meet the rising demand for vaccines monoclonal antibody therapeutics and other burden.
He wants to produce standard or complex.
Speaker 4: proteins have been demonstrated to be comparable in function and quality to those produced in other cell lines like Chinese hamster ovary or Chil cells and Baclovirus which are insect cells.
Hello team had been demonstrated to be comparable in function and quality to those produced another cell lines like Chinese hamster, ovary, where chell cells and back of the virus, but they're intact cells.
Speaker 4: C1 has now completed a Phase I human trial with favorable, preliminary safety data, and it has the capability to produce larger quantities of proteins at lower cost and in less time than the traditionally euthereotic gene expression platforms used today.
Do you want has now completed its phase one human trial with favorable preliminary thank you Dana and has the capability to produce larger quantities.
And at lower cost and less time than a traditional eukaryotic gene expression platform used today.
Speaker 4: We have shown that the C1 platform is up to 300 times more productive and back-with-virusing effects help.
We have shown that the seamless platform is up to 300 times more productive and back of the virus impact now, but you've been here.
Speaker 4: which are being used in both human and animal health to produce certain vaccines. And semen also is significantly short of fermentation time and no viruses that need to be involved in downstream processing, which is either baclovirus or Chinese hamster ovary shows health.
Both human and animal health.
Sure vaccine.
<unk> also significantly shorter fermentation time, and no viruses that need to be nimble and downstream processing cause either back of iron ore Chinese hamster ovary hotel.
Speaker 4: enabling the production and release of recombinant vaccines more rapidly in greater quantities at lower costs than traditional cell lines currently being used today.
Enabling the production of beliefs are a common vaccine more rapidly.
Quantities and lower class and traditional cell line currently being used today.
Speaker 4: This is why we believe our C1 filament is fungal protein production platform at distinctive advantages versus traditional eukaryotic cell lines currently used to manufacture action and biology drugs.
It's why we believe our two one element has bungled coating production platform.
Distinct advantages versus traditional you periodically cell lines currently used to manufacture vaccines and biologic drugs.
Speaker 4: In our human and animal core verticals, we are excited to have entered into a research and development project with another top five pharmaceutical company, a new vaccine project, and a large infectious disease market with over $4 billion.
And our human and animal core vertical we're excited to have them.
And doing research and development project with another top five pharmaceutical company, a new vaccine project and a large infectious disease market with over $4 billion.
Speaker 4: As previously mentioned, we have signed a memorandum of understanding with a foundation while technical with D&C-ANA or FBS. The function is performed as an antipandemic hub with a particular focus on the development and production of X-Things and multiple antibodies, with the treatment of emerging epidemic pathology.
As previously mentioned, we have signed a memorandum of understanding with the foundation, while the Technicolor Sienna or yes.
With warm as an anti pandemic hub with a particular focus on the development and production of vaccines and monoclonal antibodies for the treatment of emerging epidemic pandemic pathologies.
Speaker 4: Scientific development at FDS is led by one of the world's foremost leading experts in vaccine development, Dr. Reno Rapioli.
Scientific development, Yeah is led by one of the world's foremost leading expert in vaccine development.
The Reno Rep yearly.
Speaker 4: Guarding his role at FBS, Dr. Rapidelli was the Global Head of Vaccines Research for Novartis Vaccines and Diagnostics, and most recently served as the Chief Scientific and Head of External R&D at the Vaccines Division of GlaxoSmithKline.
Prior to his role at FBR.
To wrap yourself he was the global head of vaccines research Navarre, our novartis vaccine and diagnostics.
Most recently served as the chief scientific and head of external R&D at the vaccines Division and Glaxosmithkline.
Speaker 4: FBS is prepared and equipped to conduct research, clinical study, regulatory approval, development, manufacture, and commercialization of vaccines and therapeutic proteins using the company's C1 protein production platform.
That'd be asked as prepared and equipped.
Conduct research clinical studies regulatory approval development manufacture.
Foundation of vaccine.
Proteins using the company's one protein production platform.
Speaker 4: We also continue to expand the adoption of our C1 protein production platform, such as the recently announced research collaboration with the Vaccine Immunotherapy Center at Massachusetts General Hospital to express vaccines for influenza A and other infectious diseases as part of the U.S. $5.8 million award from the Department of Defense.
We also continue to expand adoption of our <unk> coating production platform such as the recently announced research collaboration with the vaccine Immunotherapy Center at Massachusetts General Hospital.
Sure.
Jorge and other diseases as part of the U S 5.8.
Million Dollar award from the Department of Defense.
Speaker 4: NIAIDA continues to strive to stay at the forefront of scientific advancement and we've been focusing on designing better performing biomolecules in addition to the advancing assuming technology to produce new commercial products.
Diana continues its drive to stay at the forefront of scientific advancement and we've been focusing on designing better performing bio molecules.
In addition to advancing technology produce new commercial products.
Speaker 4: We've now developed C1 cell lines to express complex proteins such as conjugating antigens and ferritin nanoparticles.
We've now developed human cell lines as well.
Well, it's a complex protein.
Sandy such as conjugate antigens.
Ken Nanoparticle.
Speaker 4: The interest in ferritin-based nanoparticle vaccines has been increasing due to their ability to enhance immunogenicity and see what can produce these ferritin nanoparticles in a one-step manufacturing process as opposed to the current two-step method used by other technologies.
Harrington based nanoparticle vaccine has been increasing due to their ability to enhance in Germany.
But do you see certain nanoparticle and one manufacturing process.
Most of the country.
Bad news by other technologies.
Speaker 4: potentially improving the speed and cost effectiveness of the production process.
Essentially improving the speed and cost.
Most of the production process.
Speaker 4: In currently of ongoing animal studies, the C1 expressed adjuvanted serotonin nanoparticle H5N1 antigen targeting endemic influenza H5N1 bird flu.
We currently have ongoing animal studies.
I want to express adjuvant at certain nanoparticle H five N. One antigen targeting and then the coupon the H five N one bird flu.
Speaker 4: that has demonstrated high neutralizing antibody and hemagglutinin inhibition HI levels.
That is demonstrated by neutralizing antibody and Hemagglutinin inhibition hei level.
Speaker 4: In other animal studies, C1-expressed adjuvanted AMHG2 H1N1 antigen targeting seasonal influenza showed high neutralizing antiviral.
And other animals you.
Do you want a trustee adjuvant.
<unk> two H one N one antigen targeting seasonal influenza showed high neutralizing antibody levels. Additionally.
Speaker 4: Additionally, the C1-expressed adjuvanted cold-spike SARS-CoV-2 antigen is shown high neutralizing antibody levels after single dose in ongoing animal trial.
Roger vented whole spike.
Coffee to Allergan has shown high neutralizing antibody level after single dose.
Going animal trial.
Speaker 4: In the area of therapeutic proteins, we've signed additional fully funded research projects for the development and commercialization of therapeutic antibodies in the third quarter.
Malaria therapeutic proteins, we've signed additional fully funded research projects for the development and commercialization.
Therapeutic antibodies in the third quarter one.
Speaker 4: One such agreement is with a multinational pharmaceutical company to develop multiple C1 cell lines and produce monoclonal antibodies targeting infectious diseases.
One such agreement with a multinational pharmaceutical company to develop multiple human cell lines and produce monoclonal antibodies.
Infectious diseases.
Speaker 4: as well as another fully funded project to develop a C1 cell line for monoclonal antibodies against viral viruses such as Ebola and Marburg.
As well as another fully funded projects with them.
This one cell line, a monoclonal antibody against Viva viruses, such as Ebola and Marburg.
Speaker 4: We've also endeavored to expand our portfolio with potential new commercial products. This quarter, Diatak entered into a development commercialization agreement with a European company, BRNA, to develop messenger RNAs using our C1 technology.
We've also endeavor to expand our portfolio with potential new commercial products this quarter chaotic under new it development commercialization agreement with European company be RNA to develop messenger RNA using RF Cmos technology.
Speaker 4: messenger RNAs help to quickly develop effective COVID-19 vaccine critical for pandemic response, but the therapeutic applications extend beyond infectious disease in areas such as cancer, where mRNAs and coding cancer antigens may help immune cells to strike tumors and substantially extend survival in rare diseases, where RNA-based gene therapy is potentially capable of delivering a healthy copy of the faulty gene to the cell.
Messenger RNA has helped to quickly develop active COVID-19 vaccine critical for pandemic response.
But the therapeutic applications extend beyond that.
The disease in areas, such as cancer, where amarin as in colon cancer antigens may help immune cells destroy tumors.
Substantially extend survival and rare diseases, where RNA based gene therapy.
Pension is capable of delivering healthy copy of the faulty gene to the cell.
Speaker 4: In this project, we are combining Bjorna's novel eukaryotic bio-RNA platform with Diatom's industrially proven C1 protein production platform to provide the pharmaceutical industry with a potentially more cost-efficient platform for manufacturing large quantities of lower-cost messenger RNAs, enabling access to mRNA vaccines and drugs for a broader global population.
And this project we are combining bjorn is novel you care at bio RNA platform.
Diana industrial equivalency, one protein production platform.
The pharmaceutical industry with a potentially more cost efficient platform.
Factoring large quantities of lower cost messenger Rnas, enabling access to mrna vaccines and drugs to a broader global population.
Speaker 4: We've continued our focus on building and sustaining longer-term strategic partnerships with our pharmaceutical partners, such as advancing commercial products and clinical development of human and animal health vaccines with RubikOne Health for the African continent.
We've continued our focus on building and sustaining longer term strategic partnerships with our pharmaceutical partners such as advancing commercial products.
Clinical development of human and animal health vaccines with liver one health on the African continent.
Speaker 4: in the recent production of C1-expressed human infectious disease vaccine antigens under CGMP guidelines, as well as other non-GMP products with epigen in India.
The recent production of Schulman expressed.
Human infectious disease vaccine antigen under cgmp guidelines as well as other non GMP products with epogen in India.
Speaker 4: We believe the C-1 production platform can be global solution to emerging infectious disease threats and pandemical response and not just humans but also in animal health.
We believe this one production platform can be global solution emerging infectious disease threats and pandemic response, and not just humans, but also in animal health.
Speaker 4: In addition to the production of large quantities of antigen antibodies in complex biomolecates.
In addition to the production of large quantities of antigens and antibodies.
Complex molecules. These products can also be made rapidly and cost effectively are developed and emerging countries.
Speaker 4: These products can also be made rapidly and cost-effectively for developed and emerging countries.
Speaker 4: making C1a a potential pandemic preparedness platform for response or stock.
And when I touch a pandemic preparedness platform response or stockpiling.
Speaker 4: In addition to what we shared today, discussions are ongoing with several parties interested in the potential adoption of the C1 platform across countries of all income levels.
In addition to what we shared today discussions are ongoing with several parties interested in the potential adoption of the C. One platform across countries of all income levels.
Speaker 4: In addition to Rubic, we are increasing our penetration of the animal health markets for vaccines and therapeutic proteins.
In addition to aerobic we are increasing our penetration of the animal health market, a vaccine and therapeutic proteins animal.
Speaker 4: Animal health continues to be an attractive segment for diadic due to the higher margin sensitivity of pharmaceutical biologics and the significant impact that an outbreak can have on the global supply chain and potentially human health.
Animal health continues to be enacted attractive segment of dyadic due to the higher margin sensitivity of pharmaceutical biologics and its significant impact and then I'll break can have on our global supply chain and potentially human health.
Speaker 4: The recognition, data, and scientific advancements we are generating of accelerator efforts and animal health, as well as we have expanded our collaboration with Stibral, Aevic, and have initiated the fully funded research and development project with a new animal health company for development of a human expressed livestock vaccine and antigen.
The recognition data and scientific advancements, we are generating and accelerate our efforts in animal health as well as we've expanded our collaboration with phibro ever.
And have initiated the phone funded research and development project with a new animal Health company the development of a schulman expressed.
Livestock vaccine antigen.
Speaker 4: A third vertical of alternative proteins continues to be an area of great excitement or dyadic. And one which we believe also holds their term potential promise in terms of opportunity and revenue.
A third vertical of alternative proteins continues to be an area of great excitement and Diana.
And one which we believe also holds near term potential promise in terms of opportunity and revenue.
Speaker 4: The data gives continued to dedicate resources and support for the existing and future projects within this rapidly growing segment.
Diana is continuing to dedicate resources and support.
Existing and future projects within this rapidly growing segment.
Speaker 4: Roughly one year ago, a dietic launch had developed this platform. It's filamentous, fungal-based, my curvilogenic expression, in protein production platform, which is for the design and customized to enable the rapid development and large-scale manufacturing of low-cost enzymes, protein, metabolites, and other biologic products. For use in non-parameteral claptications, which is such as food, nutrition, health, and wellness.
One year ago dyadic launch develop this platform.
Elemental bumblebee microbial gene expression and protein production platform, which is part of the design.
<unk> to enable the rapid development and large scale manufacturing of low class enzyme protein metabolites and other biologic products are used in non pharmaceutical applications.
As such as food nutrition health and wellness.
Speaker 4: The agreement we signed in September to utilize our depth of the platform to develop and commercialize certain non-animal birian zones, using production of food products, demonstrates the potential for our depth of the platform to deliver results as well as the increased interest in this segment.
The agreement we signed in September to utilize our depth of its platform to develop and commercialize certain non animal <unk> enzymes.
And production of food products demonstrates the potential.
Potential for our dapple because platform.
Who deliver results as well as the increased interest in this segment.
Speaker 4: And that's a agreement we received an upfront payment of $600,000 in October .
Unless your Grandma, Boosh, Wuxi and upfront payment of $600000 in October.
Speaker 4: The product development and our eligible to see certain potential success fees as early as the first half of 2024, in addition to future models known tomorrow.
Product development and are eligible to receive certain potential successfully.
Really as the first half of 'twenty 'twenty four in addition to future milestones and royalties.
Also in the third quarter dynamic sign to calling funded research collaboration for the development of an enzyme for discussion and absorption of injected drugs reduce tissue damage.
Speaker 4: This ends on my loan accounts for a $900 million dollar market across multiple applications.
This enzyme alone.
For the $900 million market across multiple applications.
Speaker 4: Even just a few examples of our focus on shorter term, product commercialization opportunities that have less time, costs, and risk, associated with development is beginning to show results.
These are just a few examples of our focus on shorter term quite a commercialization opportunities.
Less time cost and risk.
So she waited with development is beginning to show results.
Speaker 4: This focus has accelerated our capability to develop an internal pipeline of proteins and enzymes with commercial potential coethycore verticals. Whose utilization is not dependent on lengthening expensive clinical development program.
This focus has accelerated our capability to develop an internal pipeline of proteins and enzymes commercial potential.
Our core verticals, whose utilization is not dependent on lengthy and extensive clinical development programs.
Speaker 4: We've made further progress in developing animal-free, recombinant, serum-albuming products that have demonstrated analytical comparability to commercially available roughened samples, bringing us another step closer to commercialization and monetization.
We've made further progress in developing animal free.
Imminent serum albumin products, demonstrating analytical comparability to commercially available reference samples bring us another step closer to commercialization and monetization.
Speaker 4: We are currently providing samples of recombinant serum out of the one and end on catalyst in order to accelerate emotionalization with potential collaborators while we complete additional functional testing with different grades of products that can be offered.
We are currently providing samples of recombinant term albion and enzyme catalysts in order to accelerate.
<unk> with potential collaborators are we complete additional functional testing.
Grades of products that can be offered.
Speaker 4: To further support revenue growth through the initiative development, additional pipeline projects, which is cell culture media, and other closings and enzymes across our core of verticals, at different grades and price points, from multiple applications pharmaceutical and non-pharmaceutical markets. Which we believe will improve our capability to drive near-term levels.
To further support revenue growth, we've initiated development additional pipeline projects, such as cell culture media and other proteins and enzymes across our core verticals and different grades and price points and multiple applications pharmaceutical and non pharmaceutical markets, which we believe will improve our capability driving.
Near term revenues.
Speaker 4: I will now turn the call over to our Chief Business Officer, Joe Haydwell, who's in the Divine Update, on our Phase One tile progress, and discuss the IOT strategy plan for revenue and growth. And potential. Joe.
I'll now turn the call over to our Chief business Officer will then provide an update on our phase one trial progress and discuss Diana strategy plan for revenue and growth and potential no.
Thank you Martin.
Speaker 5: I'm happy to report that the Phase 1 trial for DYA 100 has completed and the process for building the final study report has begun.
I'm happy to report that the phase one trial for <unk> 100 has completed and the process for building. The final study report has begun for background to establish a track record of safety in humans for incidents produced from our C. One protein production platform. The ongoing phase one trial is a randomized double blind placebo controlled trial.
Speaker 5: For background, to establish a track record of safety in humans for incidents produced from our C1 protein production platform, the ongoing phase one trial is a randomized double blind placebo control trial to evaluate the safety of the DYAI 100 COVID-19 recombinant protein or RBD booster vaccine in 30 healthy adults in South Africa at two different dose levels.
To evaluate the safety of the D Y AI 100, COVID-19, recombinant protein or RBC booster vaccines in 30 healthy adults in South Africa at two different dose levels.
Speaker 5: Dozing of all patients was completed in late February and the last patient's last visit took place in September . The database lock occurred last week and we anticipate providing top-line results in the coming weeks with the final full clinical study report to follow.
Dosing of all patients was completed in late February and the last patient last visit took place in September.
Database lock occurred last week, and we anticipate providing top line results in the coming weeks with the final clinical study reports fall.
Speaker 5: Day 90 safety data for all patients was presented at the Data Safety Monitoring Board meeting in the second quarter, which found no major vaccine related safety events at either dose level. And to date, there have been no serious adverse events reported.
Dana I haven't safety data for all patients was presented at the data safety monitoring board meeting in the second quarter, which found no major vaccine related safety events at either dose level and to date there have been no serious adverse events reported.
Speaker 5: Giving the evolving regulatory and market outlook for COVID, we're in discussions with Rubik One Health, our South African partner, to evaluate the next development phase of the COVID-19 booster vaccine candidate pending the market condition.
Given the evolving regulatory and market outlook for Covid, we're in discussions with Rubicon helps our south African partner to evaluate the next development phase of the COVID-19 booster vaccine candidates pending market conditions, we're continuing to validate the C. One platform to reduce clinical development risk for our partners and adding to our strong repository.
Speaker 5: We're continuing to validate the C1 platform to reduce clinical development risk for our partners and adding to our stronger repository of safety, efficacy, and productivity data regarding the C1 platform across a wide range of vaccines in Annabelle.
<unk> of safety efficacy and productivity data regarding the C. One platform across a wide range of vaccines.
<unk>.
Speaker 5: As we enter the fourth quarter, we also want to provide greater insight into our strategic planning and execution to improve near-term revenue potential.
As we entered the fourth quarter. We also wanted to provide greater insight into our strategic planning and execution to improve near term revenue potential with <unk>.
Speaker 5: As Mark discussed earlier, we've made progress advancing our pharmaceutical and non-pharmaceutical microbial platforms across our core verticals in 2023. But like our partners, we are not immune to the current economic climate. In pharmaceutical development, whether human or animal in tough economic markets, funding for research and development is scaled back to focus on shorter term revenue generating or any potential.
Art discussed earlier, we've made progress advancing our pharmaceutical and non pharmaceutical microbial platforms across our core verticals in 2023, but like our partners were not immune to the current economic climate.
Pharmaceutical development, whether human or animal and tough economic markets funding for research and development has scaled back to focus on shorter term revenue generating potentials. The same holds true for other markets such as bio industrial and alternative proteins were tighter margins mean more difficult choices of where to allocate limited resources.
Speaker 5: The same holds true for other markets such as Bioindustrial and alternative proteins where tighter margins mean more difficult choices of where to allocate limited resources.
Speaker 5: Despite the current economic situation, we've made able to sign agreements with equity, commercialization options, or upfront fees across our core verticals in 2023. In addition to adding fully funded research and development projects with key human and animal health from the suitable companies and non-farmaceutical partners.
Despite the current economic situation, we've been able to sign agreements with equity commercialization options or upfront fees across our core verticals. In 2023. In addition to adding fully funded research and development projects with key human and animal health pharmaceutical companies and non pharmaceutical partners.
Speaker 5: Well, this is encouraging. It is also why we have our foundation of my group of platforms is not just important, but also valuable. Through our protein expression systems, we are not only enable our partners to develop targets, but we also have the capability to develop product opportunities of our own, such as a recombinant human argument and recombinant both my argument as Mark had mentioned earlier.
While this is encouraging as will also why we have a foundation of micro platform is not just important but also value.
Through our protein expression systems, we are now not only enable our partners to develop targets, but we also have the capability to develop product opportunities of our own such as a recombinant human albumin and recall that both on albumin as Mark had mentioned earlier.
Speaker 5: In challenging economic times, our strategy and out of our partner's aligns on these types of product opportunities that do not require a big clinical trials significant development costs for additional regulatory reviews.
In challenging economic times, our strategy and out of our apartments are aligned on these types of product opportunities that do not require clinical trials significant development costs or additional regulatory reviews.
Speaker 5: By focusing on high value product opportunities, we are still advancing our microbial protein production platforms by demonstrating that our pipeline products, such as enzyme catalysts or animal feed proteins that have analytical and functional properties, equal to or better than currently commercialized products.
By focusing on high value product opportunities, we are still advancing our microbial protein production platforms by demonstrating that our pipeline products such as Enbrel fabulous oriented b proteins that have analytical and functional properties equal to or better than currently commercialized products.
Speaker 5: At the same time, we're expanding the adoption of our technology with existing and new partners to increase the number of potential targets expressed in our microbial platforms for pharmaceutical and non-pharmaceutical applications as evidenced by our agreement with Farm Box earlier this year for the development of animal tree proteins and our recently announced collaboration with the Vaccine and Immunotherapy Center and Massachusetts General Hospital to express influenza vaccine in.
At the same time, we're expanding the adoption of our technology with existing and new partners to increase the number of potential targets expressed on microbial platforms for pharmaceutical and non pharmaceutical applications as evidenced by our agreement with foreign box earlier this year for the development of animal proteins, and our recently announced collaboration.
With the vaccine and immunotherapy Center at Massachusetts General Hospital to express influenza vaccine antigens.
Speaker 5: By increasing the volume of internal pipeline products and external partnerships across our verticals, we believe we can accelerate more consistent revenue generation in the coming year that is not strictly reliant on platform licensing and inclusive of potential product licensing for targets such as Recomit Abulment and Time Catalysts for Self-Culture Media Components.
By increasing the volume of internal pipeline products and external partnerships across our verticals. We believe we can accelerate more consistent revenue generation in the coming year. This is not strictly relying a platform licensing and inclusive of potential product licensing for targets such as your common albumin enzyme catalyst, where self culture media components.
Speaker 5: As we are commercializing our current product opportunities and broadening our internal pipeline, we also must continue to invest in our infrastructure and capability to efficiently exploit the increase in potential opportunities and broaden our targeted outreach across our barbarous.
As we are commercializing our current product opportunities and broadening our internal pipeline. We also must continue to invest in our infrastructure and capability to efficiently exploit the increase in central opportunities and broaden our targeted outreach across our core verticals.
Speaker 5: To accelerate our capability, we've expanded our leadership team with the addition of a seasoned pharmaceutical business development and marketing executive, Doug Pettics.
To accelerate our capability, we've expanded our leadership team with the addition of a seasoned pharmaceutical business development and marketing executive Doug bass.
Speaker 5: Mr. Pace started his career with large pharmaceutical companies such as Nevada's advisor working on both small and large molecule products in the oncology about a similar market.
Mr Pace started his career with large pharmaceutical companies, such as Novartis and Pfizer working on both small and large molecule products in the oncology Biosimilar markets.
Speaker 5: He was most recently engaged in licensing of health tech platform technologies to large pharmaceutical companies that improved patient engagement.
Most recently engaged in licensing of health Tech platform technologies to large pharmaceutical companies that improve patient engagement.
Speaker 5: He's had an immediate impact illustrated by a significant increase in unique climate engagements and a 300% increase in new followers in the last 45 days versus the 45 days high on a leading social networking app.
So having a median impact illustrated by a significant increase in unique client engagements and a 300% increase in new followers in the last 45 days versus 45 days preceding is higher on a leading social networking.
Speaker 5: Well, I can't predict the future of provided definitive timeline for increased revenues. What I can say is that we are wholly focused on executing our strategic plan of driving internal product opportunities and capitalizing our external collaborations and partnerships to increase revenue in the coming year.
While I can't predict the future provided a definitive timeline for increased revenues. While I can say is that we are fully focused on executing our strategic plan of driving internal product opportunities and capitalizing on external collaborations and partnerships to increase revenue in the coming year.
Speaker 5: The most saline example continues to be our Recombed and Serum Abundant products. As the global Serum Abundant market is approximately $5.7 billion market, growing it over 6% a year due to the increased use across a multitude of markets in human animal health.
Salient example continues to be our recombinant serum albumin products as the global <unk> market is approximately $5 7 billion market growing at over 6% a year due to the increased use across a multitude of markets in human and animal health.
Speaker 5: In the pharmaceutical segment, serum albumin is not only being developed as a potential treatment for disease, but is currently being used in the product development of vaccines as a carrier protein for therapeutics and as a common reagent in R&D.
In the pharmaceutical segment serum albumin is not only being developed as a potential treatment for disease, but it is currently being used in the product and the vaccines as a carrier protein therapeutics and there is a common reagent and R&D.
Speaker 5: There are many different grades and price points for serum albuming across these and other markets. And data has the potential to produce animal free or common serum albuming at competitive pricing due to our highly productive C1 and database microbial platforms using low cost media.
There are many different grades and price points for serum albumin across these and other markets and datacom potential to produce animal free from the German government at competitive pricing due to our highly productive C. One and depth of this microbial platforms using low cost media.
Speaker 5: We now have the initial analytics demonstrating our recombinant argument is comparable to commercialized reference samples on the market today, which improves our ability to commercialize a research grade product in the coming year.
We now have the initial analytics, demonstrating our recombinant albumin is comparable to commercialized reference samples on the market today, which improves our ability to commercialize our research grade product in the coming year.
Speaker 5: It also provides potential opportunities for larger sub-exit options such as joint ventures or spin-offs as products like the common albumin have been the foundation for companies such as Albumetics, which was purchased in 2022 for over 400 million British Pals.
It also provides potential opportunities for larger stomach ships of exit options, such as joint ventures or spin offs as products like recombinant albumin had been the foundation for companies such as <unk>, which was purchased in 2022 for over 400 million British pounds.
Speaker 5: Another example of a near-term opportunity has been born out of our fully funded code development and co-market agreements signed early this year with FarmBop.
Another example of a near term opportunity has been born of our fully funded co development and co marketing agreement signed earlier this year with Thermodox.
Speaker 5: This is utilized our DAPBIS platform for the development of a cellulosic enzyme for use of biofuels and other segments.
This is utilize our depth of this platform for the development of the Cellulosic enzyme for use in Biofuels and other segments that.
Speaker 5: Datic will have the potential to license the Zenzai as part of our portfolio of offerings to potential clients in the bi-industrial market in the coming year.
<unk> will have a touch with the licenses enzyme as part of our portfolio of offerings to potential clients and the bio industrial market in the coming year.
Speaker 5: Hopefully what we share today and still the same enthusiasm and confidence that the Datic leadership team has in the company's future growth potential.
Hopefully what we share today and still has the same enthusiasm and confidence that the Daddock leadership team has and the company's future growth potential.
Speaker 5: Advancements to both are C1 and depth of this platform as further enhance the speed, quality, and productivity of these cell lines for targeted product opportunities, such as increasing our infectious disease antigen library to include seasonal and endemic influenza, new COVID variants, rabies as well as other antigen of the antibodies, as potential product opportunities for the C1 platform.
Advancements to both our C wanted up this platforms Brooklyn against the speed quality and productivity of these cell lines for targeted product opportunities such as increasing our infectious disease antigen library to include seasonal and pandemic influenza newco with variance rabies as well as other antigens with antibodies as potential problem.
The opportunities for the <unk> platform.
Speaker 5: For the depth of this platform, we will continue to evaluate new technologies to increase stability and productivity to further reduce the cost of manufacturing common and plans and proteins from marginal sensitive markets.
Adapt this platform, we will continue to evaluate new technologies to increase stability and productivity to further reduce the cost of manufacturing comment enzymes and proteins for margin sensitive markets.
Speaker 5: While the future is bright, we still have work ahead to maximize and monetize the various opportunities that lay before us. And Mark and I have revised and begun execution of our strategic plan to ensure we have the right infrastructure and resources to adequately address key business opportunities and accelerate near term revenue across our board.
The future is bright we still have work ahead to maximize and monetize the various opportunities that lay before us and mark and I have revised and begun execution of our strategic plan to ensure we have the right infrastructure and resources to adequately address key business opportunities and accelerate near term revenue across our core verticals I will now turn the call back.
Speaker 5: I'll now turn the call back to Mark for some final comments on the third quarter. Mark?
To Mark for some final comments on third quarter Mark.
Speaker 4: Thank you, Joe. We will continue to leverage our decades of commercial-scale industrial manufacturing knowledge and experience to accelerate near-term product development opportunities across our core verticals.
Thank you Joe we will continue to leverage our decades of commercial scale industrial manufacturing knowledge and experience to accelerate near term product development opportunities across our core verticals.
Speaker 4: In parallel, we remain physically responsible with our research and development spending and being strategically focused with our partnerships and collaborations to help fund advancements of our science and critical area.
In parallel we remain fiscally responsible with our research and development spending and being strategically focused with our partnerships and collaborations to help fund advancements of our songs.
Critical areas.
Speaker 4: We continue to believe that our Zoom and platform is well positioned to lean alternative platform in developing the manufacturing, next generation that chains, and divides in other state of state proteins, from public health and future dynamics. What we're happy to see, Zoom 1, is getting more recognition globally within academia, government, and...
We continue to believe that our platform is well positioned to be an alternative platform and developing a manufacturing next generation vaccines and antibodies and other therapeutic proteins public health and <unk>.
Happy to Susan one is getting more recognition globally.
In academia and government and industry.
Speaker 4: We've refined our strategic plan and begun execution in core areas where technologies such as our database platform can have the greatest impact and we're evaluating new opportunities aligned with our verticals and targeted markets of high potential return that are in need of cost effective solutions such as alternative approach
We've refined our strategic plan and began execution core areas for technologies, such as our debit. This platform can have the greatest impact and we're evaluating new opportunities aligned with our verticals in targeted markets.
Potential per ton or in need of cost effective solutions, such as alternative protein.
Speaker 4: With that, I'd like to turn the call over to our CFO , then Ross and to run to our finance.
With that I'd like to turn the call over to our CFO Ross and run through our financials.
Speaker 3: Thank you, Mark. Thank you, everyone, for joining our call today. I will now go over our key financial results for the quarter-ended September 30, 2023. You can find additional information in our earnings press release and form 10Q, which we filed earlier today.
Thank you Mark. Thank you everyone for joining our call today I will now go over our key financial results for the quarter ended September 32023, you can find additional information in our earnings press release and Form 10-Q, which we filed earlier today.
Speaker 3: Research and development revenue and the license revenue for the third quarter of 2023 decreased to approximately 397,000 Compared to $880,000 for the same period a year
Research and development revenue on the license revenue for the third quarter up 2023 decreased to approximately $397000 compared to $880000 for the same period a year ago.
Speaker 3: Cost of research and development revenue for the quarter decreased to approximately $106,000 compared to $603,000 for the same period a year.
Research and development revenue for the quarter decreased to approximately $106000 compared to $683000 for the same period a year ago.
Speaker 3: The decrease in revenue and cost of revenue for the quarter was due to several research projects winding down or unhode as a result of a lab relocation at one of our major contract research as individuals each would under fourteen.
The decrease in revenue and cost of revenue for the quarter was due to several research project winding down or on hold as a result of our lab relocation and one of our major contract research organizations.
Speaker 3: Research and development revenue and the license revenue for the nine months ended September 30, 2023 slightly increased to approximately $2,200, $12,000 compared to $2,187,000 for the same period of year.
Research and development revenue and the license revenue for the nine months ended September 32023, slightly increased to approximately two middle $212000 compared to $2.187 million for the same period a year ago.
Speaker 3: Cost of research and development revenue for the 9 months ended September 30, 2023 increased to approximately $1,626,000 compared to $1,419,000 for the same period a year.
Cost of research and development revenue for the alignment ended September 32023 increased to approximately $1.626 million compared to $1.419 million what are the same period a year ago.
Speaker 3: In the third quarter of 2023, we have signed several new research collaboration as we announce.
In the third quarter of 2023 we have signed several new research collaboration as we announced we expect our research revenue will pick up in the fourth quarter and our total revenue for 2023 will be in line with 2022.
Speaker 3: We expect our research revenue will pick up in the fourth quarter and our total revenue for 2023 will be in line with 2022.
Speaker 3: Research and development expenses for the quarter decreased to approximately $716,000 compared to $744,000 for the same period a year.
Research and development expenses for the quarter decreased to approximately $716000 compared to $744000 for the same period a year ago.
Speaker 3: Research and development expenses for the nine months year today decreased to approximately $2,444,000 compared to $3,917,000 for the same period a year.
Research and development expenses for the nine months year to day decreased to approximately $2.444 million compared to $3.917 million for the same period a year ago.
Speaker 3: The decrease primarily reflected the winding down activity related to the company's Phase I clinical trial of BIA-R100 COVID-19 vaccine candidates as patient dosing was completed in February 2020.
<unk>.
The decrease.
I'm really reflected the winding down activity related to the Companys phase one clinical trial of <unk> 100, <unk> COVID-19 vaccine candidate as patient dosing was completed in February 2023.
Speaker 3: DNA expenses for the quarter decreased by 7.3% to approximately $1,282,000 compared to $1,383,000 for the same period a year.
G&A expenses for the quarter decreased by seven 3% to approximately $1.282 million compared to $1.383 million for the same period a year ago.
Speaker 3: CNA expenses for the 9 months decreased by 12.4% to approximately $4,165,000 compared to $4,763,000 for the same period a year.
G&A expenses for the nine months decreased by 12, 4% to approximately $4.165 million compared to eight 4 million and $753000. It's like a same period a year ago.
Speaker 3: The deep secrets are principally reflected decreases in business development and investor relations expenses, accrued expenses related to management incentives and insurance expenses as well as legal expenses.
The decrease principally reflected decreases in business development and Investor relations expenses accrued expenses related to management incentives.
And ink and insurance expenses as well as legal expenses.
Speaker 3: Net loss for the quarter was approximately $1,614,000 or $0.06 per share compared to $1,809,000 or 6% per share for the same period a year ago.
Net loss for the quarter was approximately $1 million $614000 or six cents per share compared to one eight.
$809000 or 6% per share same period, a year ago.
Speaker 3: Net loss for the nine months was approximately $4,724,000 or $16 per share compared to $7,589,000 or $27 per share for the same period a year.
Net loss for the nine months was approximately 4 million and $724000 or <unk> 16 cents per share compared to <unk> 7 million and $589000 or 27 cents per share same period a year ago.
Speaker 3: As of September 30, 2023, cash equivalent and the caring value of investment-grade securities, including accrued inches, were approximately $8.2 million compared to $12.7 million as of December 31, 2020.
As of September 32023, cash cash equivalents and the carrying value of the investment grade securities, including accrued interest were approximately $8 $2 million compared to $12 $7 million as of December 31st 2020.
Speaker 3: In October , we received an upfront payment of $0.6 million for product development and licensing of our database platform for animal-free diary and sign products.
In October we received an upfront payment of $6 million for product development and licensing of our database platform for animal free diary enzyme products, our projections for our annual cash burn of 2023 will be less dense.
Speaker 3: Our projections for our annual cash burn of 2023 will be at last then $6 million.
$6 million.
Speaker 3: We expect that our existing cash balance will be sufficient to fund our operations into late 2022.
We expect that our existing cash balance will be sufficient to fund our operations into late 2024.
Speaker 3: With that, I will now ask the operator to begin our Q&A session. Don't mark and I to answer your questions. Each caller will be allowed one question and one follow-up question to allow all callers and opportunities to participate.
With that I'll now ask the operator to begin our Q&A session.
Joe will join Mark and I to answer your questions. Each caller will be allowed one question and one follow up question to allow all callers an opportunity to participate.
Speaker 3: If time permits, the operator will allow additional questions from those who have already spoken. Operator.
If time permits the opex will allow additional questions from those who have already stopped at all.
Operator.
Speaker 2: Thank you. If you would like to ask a question, please press star then 1 at this time. If you would like to remove yourself from queue, please press star then 2. Once again, ladies and gentlemen, that's star then 1 if you have a question.
Thank you if you would like to ask a question. Please press Star then one at this time.
I would like to remove yourself from Chu. Please press Star then two.
Once again, ladies and gentlemen that started in one of you have a question.
Speaker 2: And today's first question comes from John Van Demiston with Zach's. Please go ahead.
And today's first question comes from John the Dumbest them with Zacks. Please go ahead.
Speaker 6: Thank you and good afternoon everyone. I was reading through the, you know, the firm box details and one of the things you could give me a better understanding of what the cellulosic enzymes for renewable biofuels is, is that something like, you know, auto fuel or something like that? I just wanted to get a sense of that opportunity and what, what am I going to...
Alright, Thank you and good afternoon, everyone.
I was reading through the you know the firm box details and wanted to see if you could give me a better understanding of what the Cellulosic enzymes for renewable Biofuels is is that is that something like you know auto fuel or something like that I, just wanted to get a sense of that opportunity and what what might represent.
Speaker 4: Yeah, so I'll let Joe speak to some of that, but it's basically similar to what we did before with Avangola and DuPont and with co-ductors and shell, you know, our non-competent ended a couple of years ago with the pond and the market for silos and sugars seems to be coming back as the cost of oil is going higher and as they're growing demand for enzymes to reduce the cost of digesting the biomass to make fermentable to make manure more milk too.
Yeah, So I'll, let Joe speak to some of that but it's basically similar to what we did before where they haven't Goa and Dupont.
And with Codexis and gel.
Our noncompete ended a couple of years ago with an L.
The market for Cellulosic sugars equally coming back as the cost of oil is going higher and there is a growing demand for enzymes to reduce the cost of digesting the biomass from incremental sugars to make renewable fuel.
Speaker 4: So that's one of the opportunities. One of the other things that we're working on is an enzyme for pulp and paper with a customer that has a market for the app that's looking for a new supplier.
So that's one of the opportunities one of the other things that we're working on is an enzyme for pulp and paper with a customer that are there any markets, where theyre looking for a new supplier.
Okay.
Speaker 6: Is it auto-related? That fuel or is it for some other type of...
Is it is it auto related that fuel or is it for for some other <unk>.
Type of.
Speaker 4: Yes, well, of course it's partly auto-ridilated. Of course, for the maneuver fuel from cars, like ethanol, example, but cellulosic ethanol, not some corn, but it's also just cellulosic sugars which we use for fuels and chemicals, and for other, obviously, fuels as well.
Yes, well it's of course, it's partly auto renovate and of course for Minerva will fuel cars.
Like ethanol example, but cellulosic ethanol corn, but it's also just cellulosic sugars.
We used for fuels and chemicals.
Obviously fuels as well.
Okay very good and then you know as you look at those are the latest three programs that you bet you added the bio RNA.
Speaker 6: And then, you know, as a look at those of the latest three programs that you think you added via the Bi-O-RNA enzymes and the DOD program, how would you rank those in terms of contribution to...
<unk> and the D O D program, how would you rank those in terms of contribution.
To your efforts.
Speaker 4: Well, again, I think we just want to remind people, we've got gene sequences from customers, put them in the cells, make protein, give them back to samples, and the customers move those forward.
Well again, I think we're just want to remind people.
We get gene sequences on customers put them under cells make proteins given back to the samples and the customers who goes forward.
Speaker 4: course, then some of these new products we're working on on our own as well. But basically, I would say that the common and healing albumin is one of our major focuses.
Of course in some of these new products, we're working on on our own well.
Basically I would say that.
Our common human albumin is one of our major focus is.
Speaker 4: But we picked up new programs in the last quarter for an enzyme for use for biosimilars, which we talked about earlier in the conference call. We picked up three antibodies to be going potentially into the clinic. So we're just doing the preliminary work of taking their genes, creating cell lines, put it in proteins and providing them back, providing they like the quality.
But we picked up new programs in the last quarter.
For an enzyme for use for biosimilars.
We talked about earlier in the conference call, we picked up three antibodies three going potentially into the clinic.
So we're just doing the preliminary work of taking their jeans craze cell lines, producing proteins and providing them back.
Providing they like the quality of yield.
Speaker 4: and potentially can go into a clinical and then purple trotles. And the beautiful thing to be honest, all those sweet protein, they're very targeted proteins on bartered Hitler.
It potentially can go and do a preclinical and then clinical trial.
And the beautiful thing to be honest all of those three proteins are very targeted proteins on BARDA Hitler.
Speaker 4: And so, if they go into clinical trials, not only would our customers benefit, but we'll benefit through the exposure that they get from the US government to BARDA and also all over the world. There's some really horrible infectious disease that they're looking for new products for.
And so if they go onto clinical trials, not only with our customers benefit but will benefit through the exposure that they get on the U S government for BARDA and also all over the world.
I'm really horrible infectious disease, but they're looking for new products for.
Speaker 4: I don't know if I've answered all your questions, but I didn't John maybe you can ask me which one I missed. No, I'm just trying to get a sense.
I don't know if I've answered all your questions, but I.
I didn't John maybe and he asked me, which one I missed.
No I mean, I just was trying to get a sense I think you did mark Thank you.
Speaker 2: Thank you. And ladies and gentlemen, our next question today comes from Paul Rosenbaum with SWR. Please go ahead.
Thank you.
Our next question today comes from Paul Rosenbaum with Eskom.
Please go ahead.
Speaker 4: Hey, thanks Mark and the whole team. You've done a wonderful job. I'm very excited about the potential, but as a major shareholder, what I'm concerned about, and I'm sure a lot of other people are, is you've got existing cash that lasted to late 2024. That's technically less than a year.
Hey, Thanks, Mark as a whole team you've done a wonderful job I'm very excited about.
The potential but as a major shareholder.
What I'm concerned about.
And I'm sure a lot of other people are is you've got existing cash.
The last until late.
'twenty 'twenty four.
Less than a year.
Speaker 7: And do you have any capital plan that you can share with the shareholders? Or are you saying to us that you really don't need to raise any more cash over the next year?
And do you have any capital plan that you can share with the shareholders or are you, saying to us that you really don't need to raise any more cash over the next year.
Speaker 4: I think what we're saying is pink stated earlier, we expected our existing cash balance will be submission to fund Operation Interlay 2024. And that's without getting any other cash in.
I think what we're saying is paying stated earlier, we expect that our existing cash balance will be sufficient to fund our.
Abrasion into late 'twenty 'twenty four and.
And that's without getting any other cash in.
Speaker 4: whether it be highlighted in our actively pursuing near term product and license opportunities to generate some of that cash.
Whether it be highlighted and are actively pursuing near term product in license opportunities to generate some of that cash.
Speaker 4: We also believe we will generate revenue in the coming year to not only product and license opportunities, but potential spinoffs of some of the technologies as we advance these products further down the line towards commercialization.
We also believe we will generate revenue in the coming year show, not only product and license opportunity, but potential spinoffs of some of the technology as we advance these products further down the line towards commercialization.
Speaker 4: And this is in line with our new business strategy, which switches from platform licensing solely to product development to both internal and third party business partners.
And this is in line with our new business strategy, which switches from platform licensing solely to product development.
<unk>.
Both internal and third party business partners.
Speaker 4: And as a management team, we're focused on execution of our strategic plan to ensure we have the right infrastructure and resources to adequately address key business opportunities and to accelerate those in near term revenue across our curve verticals in the coming year.
And as a management team, we're focused on execution of our strategic plan.
Sure we have the right infrastructure and resources to adequately address key business opportunities and they accelerate those in near term revenue closer curve verticals in the coming year.
Speaker 7: So, just so I understand this, between your existing cash.
So.
Just so I understand this between your existing cash.
Speaker 7: flow and what you expect to bring in in revenue next year that you feel that you can go on without raising any additional funds.
Hello, and what you expect to bring in in revenue next year that you feel that you can go on without any raising of the additional funds.
Speaker 4: Well, what we said is we have $8.2 million in September 30th, we got another $600,000.
Well, what we said is we have $8 $2 million in September 30th.
Another $600000 that came in.
Speaker 4: We're burning estimated this year $660 million. So that would have, from 9.30 forward, put us in the $8.8 million cash. And we're looking at all alternatives.
When a burning estimated this year $606 million. So that would have from a 930 forward put us on the $8.8 million in cash.
And we're looking at all alternatives as to how to.
Bring in cash from either products licensing and our other methods, which potentially could even be somewhere down the road of pineapple.
Speaker 2: Thank you. And our next question today comes from Skip Gazza with County Road Rental. Please go ahead.
Thank you and our next question today comes from Skip Gaza with Kona rental. Please go ahead.
Speaker 4: Hey Mark, I think my question just got answered because I see that you're burning about $500,000 a month, negative cash flow. And that was my exact question. You know, you got 16 months and you're out of money if you didn't bring in any revenue. So, but I think you just kind of answered that unless you want to go into it a little bit more. No, I think we just answered it.
Hey, Mark Hi, Hi team I.
I think my question just got answer because I see that you're burning about $500000 a month negative cash flow.
And that was my exact question you know you got 16 months and you're out of money if he didn't bring in any revenue.
So, but I think you just kind of answered that unless you want to go into it a little bit more.
No I think we just answered it.
Thanks for your question.
And your support.
Speaker 2: Thank you. I'm Lady Zellan, that concludes our question and answer session. I'd like to turn the conference back over to Diatics, CEO , Mr. Hemelfarb for closing comments.
Thank you ladies and gentlemen.
That concludes our question and answer session I would like to turn the conference back over to the Attic CEO Mr. Emel forward for closing comments.
Speaker 4: In 2023, we are seeing the impact of our Phase 1 human safety trial further validate the C-1 platform for pharmaceutical use in human and animal health.
In 2023.
The impact of our phase one human safety trial further validate the seamless platform for pharmaceutical use and human and animal health.
Speaker 4: We're also beginning to realize the investment in adaptivist platform in alternative proteins has already led to a revenue event.
We're also beginning to realize investment and the depth of this platform and alternative proteins.
He led to a revenue event.
Speaker 4: We remain focused on improving the value of diatic for the life science industry, which will in turn improve value for shareholders and improve access to affordable vaccines and therapeutics globally.
We remain focused on improving the value of dyadic.
Life science industry, which will in turn improve value for shareholders and improve access to affordable vaccines and.
It predicts globally.
Speaker 4: We've refined our focus and revised our business strategies to exploit existing and new commercialization opportunities in the near term while enabling us to fulfill our mission as a global biotechnology company to improve the way we feed, fuel, and heal the world.
We've refined our focus and revise our business strategies.
Boyd existing and new commercialization opportunities in the near term, while enabling us to fulfill our mission as a global biotechnology company to improve the way, we feed fuel and heal the world.
Speaker 4: I want to thank you for joining us in today's 3Q2023 conference call and we look forward to keeping you updated as we advance our commercial and scientific initiatives on the next call. Please keep an eye out for our other
I want to thank you for joining us in today's <unk> 2023, Calvert call and we look forward to keeping you updated as we advance our commercial and scientific initiatives on the next call. Please.
Please keep an eye out for our other periodic updates.
Speaker 2: Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time and have a wonderful evening.
Thank you.
Conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Your lines at this time and have a wonderful evening.
Yeah.
Okay.