Full Year Dyadic International Inc Earnings Call
None: [music].
Operator: Good evening, and welcome to Dyadic International's fiscal year 2023 year-end conference call. Currently, all participants are in a listen-only mode.
Good evening and welcome to the Dyadic International's fiscal year 2023, a year end conference call.
Currently all participants are in a listen only mode.
Operator: Following management's prepared remarks, there will be a brief question and answer session. As a reminder, this conference call is being recorded today, March 28th, 2024. I would now like to turn the call over to Ms. Ping Rawson, Chief Financial Officer. Please go ahead.
Following managements prepared remarks, there will be a brief question and answer session.
As a reminder, this conference call is being recorded today March 'twenty eight 'twenty 'twenty four.
I would now like to turn the call over to MS. Peng Roston die.
Peng Roston: Diotic cheap.
Peng Roston: Chief Financial Officer. Please go ahead.
Ping Wang Rawson: Thank you, Operator. Good evening, and welcome everyone to Dyadic International's fiscal year 2023 year end conference call. I hope you have had a chance to an opportunity to review Dyadic's press releases announcing financial results for the year ended December 31st, 2023 and a separate press release on changes in board and management leadership. You may access our release and Form 10-K under the Investors section of the company's website at d On today's call, our President and CEO, Mark Emalfarb, and our new Chief Operating Officer, Joe Hazelton, will give a review of our 2024 Business and Corporate Highlights, including a brief summary of our recent research and business development efforts. I will follow with a review of our financial results for 2023 in more detail.
Peng Roston: Thank you operator with evening and welcome everyone to Diavik International physical year 2023 year end conference call.
Peng Roston: Hope you have had a chance to.
Peng Roston: Opportunity to review Diotic press releases announcing financial results for the year ended December 31st 2023, and a separate press release on changes in board and management leadership roles. You may access our release and Form 10-K, and the investors section of the company's website at <unk>.
Peng Roston: Dot com.
Peng Roston: On today's call are president and CEO, Marty M, a bar and our new Chief operating Officer, Joe Hazelton will give a review of our 2020 for business and corporate highlights.
Joseph P. Hazelton: Including a brief summary of our recent research and business development efforts I.
Joseph P. Hazelton: I will follow with a review of our financial results of 2023 in more detail.
Ping Wang Rawson: We'll then hold a brief Q&A session. At this time, I would like to inform you that certain commentary made in this conference call may be considered forward-looking statements, which involve risks and uncertainties and other factors that could cause Dyadic's actual results, performance, scientific or otherwise, or achievements to be materially different from those expressed or implied by these forward-looking statements. Dyadic disclaims any duty to provide updates to its forward-looking statement, whether because of new information, future events, or otherwise.
None: We will then hold a brief Q&A session.
None: At this time I would 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 actual results performance scientific oh, otherwise or achievements to be materially different from those expressed.
None: Or implied by these forward looking statements.
None: <unk> expressly disclaims any duty to provide updates to its forward looking statements, whether because of new information future events or otherwise.
Ping Wang Rawson: Participants are directed to the risk factors set forth in Dyadic's report filed with the ICC. It is now my pleasure to pass the call to our CEO, Mark Emalfarb. Thank you, Ping.
None: Participants are directed to the risk factors set forth in Biotics reports filed with the SEC.
None: Is now my pleasure to pass the call to our CEO Mark <unk>.
None: Mark.
Mark: Thank you Hello, everyone and thank you for joining Diana <unk> full year 2023 conference call.
Mark A. Emalfarb: Hello, everyone, and thank you for joining the Dyadic School Year 2023 conference call. I cannot overstate how exciting this time is in dyadic history. We are uniquely positioned to rapidly capitalize on the present opportunities and those on the horizon. Over the next two years, we anticipate reaching multiple revenue streams and other inflection points, to fully funded collaborations in the company's pipeline products to enhance shareholder value. We are building upon the momentum witnessed in 2023, and we've further accelerated our progress. The acclaim and acknowledgements of our C1 technology for its speed, productivity, and effectiveness persist both domestically and globally. Proceeding to recommendations, recommendations from academia, industry, and government bodies.
Mark: I cannot overstate how exciting this time is the dyadic history.
Mark: We are uniquely positioned to rapidly capitalize on the present opportunities and those on the horizon.
Mark: Over the next two years, we anticipate reaching multiple revenue streams another inflection point.
Mark: We're fully funded collaborations in the company's pipeline products to enhance shareholder value.
Mark: We are building upon momentum witnessed in 2023.
Mark: And we have further accelerated our progress.
Mark: The claim an acknowledgment of our Cmos technology.
Mark: The productivity and effectiveness persists, both domestically and globally.
Mark: Jamie recommendations.
Mark: Our commendations from academia and industry and government body.
Mark: The C. One platform distinction is further bolstered by our clinical validation through our successful phase one human trial.
Mark A. Emalfarb: The C1 platform's distinction is further bolstered by clinical validation through our successful Phase 1 human trial, which demonstrated that the proteins produced from our semen cells are safe to use in humans. Additionally, the DYA-100 vaccine has been shown to induce immune responses at both dose levels, suggesting its potential efficacy in generating protective immunity against the target virus. We believe that our successful first-in-human clinical trial of a C1-produced protein redefines the benchmarks for recombinant protein antigen production levels. C1's productivity is up to 300 times that of baculovirus cells.
Mark: But it's not only demonstrated that the proteins produce.
Mark: Human cells are safe for use in humans and humans. Additionally, the D Y E 100 vaccines have been shown to induce immune responses at both dose levels, suggesting it's potential efficacy generating protective immunity against the target virus.
Mark: We believe that our successful person human clinical trial of a tier one produce protein redefine the benchmark for recombinant protein antigen production levels.
<unk> productivity is up to 300 times that are back with by ourselves.
Mark A. Emalfarb: Coupled with its abbreviated fermentation times and lack of need for viruses or endotoxins needing removal and downstream processing, the future with rapid, large-scale, and cost-efficient production of recombinant vaccines becomes the norm rather than the exception. Speaking to our pharmaceutical initiatives, I cannot overstate the significance of the positive outcomes from our Phase I human study that has bolstered industry attention toward Dyadic and our C1 Expression platform since the announcement of these top results. Increasing interest from industry partners, including two top 10 pharmaceutical firms, has spurred the commencement of over 12 fully funded vaccine and antibody projects. These projects span various disease areas and are an example of our strategic partnership with RabinBV, a Dutch innovative SME founded by seasoned entrepreneurs and vaccine scientists. Rabien secured 1.7 million dollars in euros or 1.7 million euros in funding from Eurostars for the Avatar project aiming to leverage its virology expertise to develop a rabies vaccine using the Dyadic C1 protein production platform.
Mark: Coupled with its abbreviated fermentation times and lack of need for viruses or endotoxin removal and downstream processing kills the future with a rapid large scale and cost efficient production of pork.
Mark: Comment on vaccine becomes the norm rather than the exception.
Mark: Speaking to our pharmaceutical initiatives I cannot overstate the significance of the positive outcomes from our phase one human study that has bolstered industry attention towards <unk> and are seeing what expression platform.
Mark: Since the announcement of these top result.
Mark: High interest from industry partners, including two top 10 pharmaceutical firms.
Mark: For the commencement of over 12 fully funded vaccine and antibody projects.
Mark: These projects span various disease areas exemplified by our strategic partnership with rabies BV.
Mark: <unk> innovative SME founded by season entrepreneurs and vaccine scientists.
Mark: <unk> secured $1 $7 million and euros are $1 7 million euros.
Mark: Lending from Europe.
Mark: The Avatar project aiming to leverage barology expertise to develop a rabies vaccine utilizing dyadic C. One protein production platform.
Mark A. Emalfarb: Additionally, the Israeli Institute for Biological Research, the IIBR, is harnessing Dyadic's microbial platform expertise in conjunction with their own capabilities in antibody and antigen discovery to develop and manufacture treatments and vaccines for emerging diseases and potential bio-threats for out-licensing opportunities. In the realm of infectious diseases, our recombinant vaccine capability continues to attract growing interest. We are engaged in an expanded research collaboration with the top five pharmaceutical companies to develop a number of antigens preventing and treating various infectious diseases. Furthermore, we have initiated a new research collaboration with the Vaccine and Immunotherapy Center, VIC, and Massachusetts General Hospital, which received over $5 million in funding from the Department of Defense, DOD, to develop and test vaccine antigens for influenza A and other infectious diseases, including antigens produced using our C Additionally, the depth of this expression platform has exceeded our initial expectations.
Mark: Additionally, the Israeli Institute for biological research.
Mark: B R is harnessing the headaches microbial platform expertise jumps.
Mark: Junction with their own capability, and antibody and antigen discovery to develop and manufacture treatments and vaccines emerging diseases and potential bio threats for out licensing opportunities.
Mark: In the realm of infectious diseases, a recombinant vaccine capability continues to attract growing interest.
Mark: We're engaged in an expanded research collaboration but the top biopharmaceutical company to develop a number of antigen, preventing and treating various infectious disease.
Mark: Furthermore, we've initiated a new research collaboration with the vaccine and Immunotherapy Center, Vic and Massachusetts General Hospital, which received over $5 million in funding for the department of Defense D. O D to develop and test vaccine antigen for influenza and.
Mark: And other infectious diseases, including antigen produced using our <unk> platform.
Mark: Additionally, our depth of this expression platform has exceeded our initial expectations.
Mark A. Emalfarb: Sprite launched a little over a year ago, gaining substantial traction and generating revenue in both their alternative protein and bio-industrial sectors. During today's call, Joe and I will review our strategic blueprint for enhancing revenue growth, highlighting significant technological strides and recent achievements in business development across our primary markets. We will elaborate on our near and longer-term strategies aimed at bolstering our revenue outlook and enhancing shareholder value. I would like to extend our gratitude to long-term shareholders for their steadfast support as we successfully closed a $6 million convertible note financing.
Mark: Despite launching a little over a year ago gained substantial traction generating revenue in both their alternative protein and bio industrial sectors.
Mark: Today's call, Joe and I will review, our strategic blueprint for enhancing revenue growth highlighting significant technological strides and recent achievements in business development across our primary markets.
Mark: We will elaborate on our near and longer term strategy aimed at bolstering our revenue outlook and enhancing shareholder value.
Mark: I would like to extend our gratitude to long term shareholders.
Mark: Fast support as we successfully closed.
Mark: $6 million convertible note financing.
Mark A. Emalfarb: These funds will fuel the acceleration of our goal to introduce revenue-generating products targeting both pharmaceutical and non-pharmaceutical sectors. Our recent announcements of both business and scientific achievements demonstrate that the success of our corporate strategy is beginning to be realized and that Dyadic is strongly positioned for new areas of revenue growth. To further support our growth and progress, we have announced changes in leadership roles at the board level and management team. We have expanded the responsibilities of our Chief Business Officer, Joe Hazelton, appointing him as Chief Operating Officer.
Mark: These funds will fuel the celebration of our goal to introduce revenue generating products targeting both pharmaceutical and non pharmaceutical sectors.
Mark: Our recent announcements of both business and scientific achievements demonstrate that the success of our corporate strategy is beginning to be realized.
Mark: <unk> is strongly positioned for new area of revenue growth.
Further support our growth imperatives, we have announced changes in leadership roles at the board level and management team.
Mark: We expanded the responsibilities of our Chief business Officer, Joe Hazelton appointing him as Chief operating officer.
Mark A. Emalfarb: His demonstrated pivotal role in advancing our strategic objectives is undeniable. With strength in financial resources and scientific prowess, we are well positioned to execute our strategic business objectives. Michael Tarnak is stepping down as chairman of Dyadic's board of directors and making room for Patrick Lucey, who has been appointed to succeed him, effective immediately. Mr. Tarnoff will continue as director to the end of his current term, which ends in June 2025, at the time he expects to retire.
Mark: As demonstrated pivotal role in advancing our strategic objectives is undeniable.
Mark: Our strength in financial resources, and scientific prowess, we are well positioned to execute our strategic business objectives.
Mark: Michael <unk> is stepping down as chairman of <unk> Board of directors, and making room for Patrick Lucy who has been appointed to succeed him.
Effective immediately.
Patrick Lucy: Mr. <unk> will continue as a director to the end of his current term which ends in June 2025 at the time, which you expect to retire.
Mark A. Emalfarb: Dr. Barry Butland is retiring from the board at the end of his term in June 2024, which will result in a reduction in the size of the board to six members. I would like to thank Mike Tarnock for his leadership as chairman over the past 10 years and for agreeing to serve out his remaining one-year term, enabling a smooth transition of board leadership. I'm excited that Mr. Lucy, who has been an outstanding board member over the past three years, has agreed to take on the role of board chairman at an important time for Dyadic. You know, ongoing efforts to make clear our strategy and business perspective. We will spotlight our focus on three primary sectors, human health, animal health, and alternative proteins. Joe and I will outline our achievements in strategic outlook spanning both pharmaceutical and non-pharmaceutical domains, along with providing a look into our roadmap for 2024 and beyond. We are poised at the edge of leveraging our microbial protein production platform C1 daffodils to create antigens, antibodies, enzymes, and other recombinant proteins pivotal to each of our core sectors.
Patrick Lucy: Barry Buckland is retiring from the board at the end of his term in June 2024, which will result in reduction of the size of the board to six members.
Patrick Lucy: I'd like to thank Mark Tom might turn out for his leadership as chairman over the past 10 years and for agreeing to serve out his remaining one year term.
Patrick Lucy: Enabling a smooth transition of board leadership.
Patrick Lucy: I'm excited to Mr. Lucy who has been an outstanding board member over the past three years has agreed to take on the role as board Chairman and important time for Diane.
Patrick Lucy: And our ongoing efforts to make clear our strategy business perspectives.
Patrick Lucy: We will spotlight our focus.
Patrick Lucy: The primary sectors human health animal health and alternative proteins.
Patrick Lucy: Joe and I will outline our achievements and strategic outlook spanning both pharmaceutical and non pharmaceutical domain.
Patrick Lucy: We're providing a look into our roadmap for 2024 and beyond.
Patrick Lucy: We are poised at the edge of leveraging our microbial protein production platforms see one gap of this to create antigen antibody enzymes and other recombinant proteins pivotal to each of our core sectors.
Mark A. Emalfarb: These efforts are anticipated to unlock the monetization avenues, significantly enhancing shareholder value for Dyadic and our partners. In defining the dyadic value proposition against the conventional platform, for the Manufacturer of Vaccines and Therapeutics, it's pivotal to grasp the foundation and see one's unique potential, which is in our industrial heritage. This heritage isn't just a backdrop; it's the bedrock of our approach to biologic pharmaceutical production. Traditional cell lines typically evolve on research scales, struggling to balance increasing scale and yield against cost constraints. In stark contrast to that, Dyadic harnesses microbial platforms and seasoned veterans in the economical production of large-scale bio-industrial proteins and enzymes at large scale. This deep-rooted experience is being repurposed to navigate the complex landscape of biologic pharmaceutical development and production, mirroring it with industrial scale efficiencies and pharmaceutical precision.
Patrick Lucy: These efforts are anticipated to unlock the monetization avenues significantly enhancing shareholder value for Diana and our partners.
Patrick Lucy: And defining dyadic value proposition against conventional platforms.
Patrick Lucy: Any factor of vaccines and therapeutics is pivotal to grasp the foundation Cmos uniqueness, which is our industrial heritage is.
Patrick Lucy: This heritage isn't just the backdrop.
Patrick Lucy: Bedrock of our approach to biologic pharmaceutical production.
Patrick Lucy: Traditional cell lines typically involve a research scale struggling to balance increasing scale and yield against cost constraints.
Patrick Lucy: Dark contrast, it at Diana Congresses, microbial platforms and seasoned veteran Nick economical production of large scale bio industrial proteins and enzymes at large scale.
Patrick Lucy: His deep rooted experience being repurposed to navigate the complex landscape, a biologic pharmaceutical development and production marrying it with industrial scale efficiencies with pharmaceutical precision.
Mark A. Emalfarb: As I highlighted earlier, the C1 platform distinction is further bolstered by its clinical validation through our successful phase 1 human trial, which demonstrated that proteins produced from our C1 cells are safe for use in humans, but that the DY vaccine has been shown to induce immune responses at both those levels, suggesting its potential efficacy in generating protective immunity against the target virus. We believe we are redefining the benchmark for a common protein-antigen production level.
Patrick Lucy: As I highlighted earlier the Siem one platform distinction is further bolstered by its clinical validation.
Patrick Lucy: Successful phase one human trial.
Patrick Lucy: <unk> demonstrated the protein is produced and where someone sells or say peers in humans and that the DIY vaccine has been shown to induce immune responses at both those levels. So.
Patrick Lucy: Jesse its potential potential efficacy and generating protective immunity against the target virus. We believe we are redefining the benchmark or accounting protein antigen production levels.
Mark A. Emalfarb: We are pleased with the progress of the C1 platform, but it's crucial to keep investing in validating and advancing our technology to match emerging science and support our partner's development efforts. To this end, more than a year ago, we engaged Cygnus Technologies to co-develop a C1 host cell protein, HCP, ELISA kit. This step is vital for regulatory reviews and manufacturing, as HCP residues can cause toxicity and affect biologic stability. These kits are essential for detecting and quantifying HCPs during manufacturing to ensure product purity and quality necessary for marketing approval, and we are excited that C1HCP ELISA kits are now available to Dyadic and Cygnus customers.
Patrick Lucy: We are pleased with the progress of a few one platform, but it is crucial to keep investing in validating and advancing our technology to match emerging science.
Patrick Lucy: Support our partners' development efforts.
Patrick Lucy: To this end more than a year ago, we engaged sickness technologies to co develop a C. One wholesale protein HCP Elisa kit. This step is vital a regulatory views and manufacturing as HCP revenues can cause toxicity and effects biologic stability here.
Patrick Lucy: Hits are essential for detecting and quantifying hcp's, Gary manufacturing to ensure product purity and quality nice to see necessary for marketing approval and we are excited that tier one ACP Oh advocates are now available to dyadic and cigna customers.
Mark A. Emalfarb: Expanding our portfolio with potential new commercial products produced by the C1 platform is equally important. Dyadic has entered into a development and commercialization agreement with EU-based Fiorna to explore the development of messenger RNA using our C1 technology. This collaboration combines Bjorner's innovative eukaryotic bioRNA platform with Dyadic's proven C1 protein production platform.
Patrick Lucy: Expanding our portfolio with potential new commercial products produced by the <unk> one platform is equally important.
Patrick Lucy: <unk> entered into a development and commercial is great position agreement with EU based biana to explore the development of messenger RNA using our <unk> technology.
Patrick Lucy: This collaboration combines the honors innovative eukaryotic bio RNA platform with Diana proven seen one protein production platform.
Mark A. Emalfarb: This aims to offer the pharmaceutical industry a potentially more cost-efficient method for manufacturing large quantities of lower-cost messenger RNAs, facilitating broader global access to mRNA vaccines and drugs. Turning our focus to our therapeutic proteins, particularly monoclonal antibodies, we see significant potential in utilizing the C1 production system for the production of antibodies targeting infectious and other diseases such as arthritis, oncology, and neurological diseases. Therapeutic proteins aimed at combating infectious diseases often require shorter-term treatment durations, yet they may necessitate larger quantities and shorter manufacturing times to effectively and efficiently address pandemics are over. Earlier this week, we announced the publication of a manuscript in the esteemed peer-reviewed journal Nature Communications, detailing the preclinical studies conducted on a monoclonal antibody produced using the C1 system, utilizing non-human primates and hamsters as models.
Patrick Lucy: The same is true on the pharmaceutical industry.
Patrick Lucy: Tension more cost efficient method of manufacturing large quantities of lower cost messenger RNA, facilitating broader global access to mrna vaccines and drugs.
Patrick Lucy: Turning our focus to our therapeutic proteins, particularly monoclonal antibodies.
Patrick Lucy: See significant potential in utilizing the <unk> production system for the production of antibodies targeting in Texas, and other diseases, such as arthritis oncology and neurological diseases.
Patrick Lucy: European proteins aimed at campaign combating infectious disease, often require shorter term treatment durations, yet they may necessitate larger quantities and shorter manufacturing times to effectively and efficiently address.
Patrick Lucy: Pandemics or outbreaks earlier.
Patrick Lucy: Earlier this week, we announced the publication of a manuscript and he his team peer reviewed journal nature Communications.
Detailing the preclinical studies conducted on a monoclonal antibody produced using the C. One system utilizing nonhuman primate enhancers as models.
Mark A. Emalfarb: In a non-human primate challenge study, a C1-produced COVID-19 monoclonal antibody previously shown to present broad neutralization protection against various variants, including all the way from Wuhan to VA1 and VA2 Omicron, as well as the earlier variants concerning enhancers and under one dosing, findings from the challenge study involving the SARS-CoV-2 Delta variant and non-human primacy indicated promisingly high levels of protection.
Patrick Lucy: In the nonhuman Primate Challenge study a human produced COVID-19 monoclonal antibody previously showed presented broad neutralization protection against various variance.
Patrick Lucy: Clothing, all the way from one to be a one and B two army ground as well as the earlier variance concerning enhancers and underwent dosing.
<unk> has been a challenge study involving a Sars cov, two delta variant and non human primates.
Patrick Lucy: Indicated prominently high levels of protection.
Mark A. Emalfarb: This marks the instance, or the first instance, of a C1-produced monoclonal antibody being employed in a non-human primate study, affirming both the safety and efficacy of C1-produced antibodies for addressing infectious diseases. These recent findings regarding the safety and efficacy of monoclonal antibodies produced using C1 technology are significant in accelerating the research and development efforts in the field of infectious and other diseases. This is particularly noteworthy, taken with the previously reported data, that C1-produced MAVs are comparable in efficacy and safety to those produced using traditional CHO and Chinese Ham-Torobi cell lines. Just this week, Dyadic entered into a collaboration with another top 10 pharmaceutical company to develop an infectious disease monoclonal antibody and a vaccine antigen using C1 technology, which marks a significant step forward in this area.
Patrick Lucy: This marks the engines. So the first instance of a C. One produce monoclonal antibody being employed in nonhuman Primate study affirming both the safety and efficacy of <unk> produced antibodies for addressing infectious diseases.
Patrick Lucy: These recent findings regarding the safety and efficacy of monoclonal antibodies produced using Q1 technology are significant and accelerating the research and development efforts and the feel of infections and other diseases.
Patrick Lucy: This is particularly noteworthy taken with the previously reported data the Seo and produce nabs are comparable in efficacy and safety.
Patrick Lucy: Produced using traditional Joe Chinese hamster ovary cell lines.
Patrick Lucy: Just this week dyadic entered into a collaboration with another top 10 pharmaceutical company to develop an infectious disease monoclonal antibody and vaccine antigen using Cmos technology, which marks a significant step forward in this area.
Mark A. Emalfarb: The fact that this collaboration is fully funded by a top 10 pharmaceutical company underscores the confidence in the potential of C1 technology for producing effective treatments and vaccines against infectious and other diseases. Moreover, Dyadic's existing collaborations with industry partners for producing monoclonal antibodies targeting diseases like Ebola and Marburg highlight the versatility and applicability of C1 technology across a range of infectious diseases. Overall, these developments suggest a promising future for C1 technology in the field of infectious and other disease research and development, potentially leading to more effective treatments and vaccines against a variety of pathogens for the global population.
Patrick Lucy: The fact that this collaboration is fully funded by a top 10 pharmaceutical company underscores the confidence and the potential human technology.
Patrick Lucy: We're seeing effective treatments and vaccines against infectious and other diseases.
Patrick Lucy: Moreover, Diana existing collaborations with industry partners for producing monoclonal antibody targeting diseases like Ebola and Marburg highlight the versatility and applicability of <unk> technology across a range of infectious diseases.
Patrick Lucy: Overall these developments suggest a promising future for C. One technology in the field of infectious and other disease research and development potentially leading to more effective treatments and vaccines against a variety of pathogens are global population.
Mark A. Emalfarb: We are continuing our efforts to forge and sustain long-term strategic partnerships in the pharmaceutical sector for both humans and animals. This is evidence as well as we enter the fourth year of our expanded collaboration with Rubicon Health to advance commercial products and clinical development of vaccines for human and animal health in Africa, and Mark. Thank you.
We are continuing our efforts to forge and sustain long term strategic partnerships in the pharmaceutical sector for both humans and animals. This.
Patrick Lucy: This is evidence as well as we enter the fourth year of our expanded collaboration with Rubicon health the advanced commercial products and clinical development of vaccines for human and animal health in Africa.
Mark A. Emalfarb: Our collaboration with FibroEggec to develop C1-produced poultry vaccines is entering its fifth year and has expanded to additional infectious diseases and disease areas over that time. Animal health remains a targeted segment for Dyadic due to the higher margin sensitivity of pharmaceutical biologics and the significant impact of outbreaks on the global supply chain and potentially human health. We continue to expand our presence in the animal health market for vaccines and therapeutic drugs. I will now turn the call over to our Chief Operating Officer, Joe Hazelton, to provide an update on our non-pharmaceutical licenses and product opportunities. Joe
Patrick Lucy: Our collaboration with several Arabic to develop human produced poultry vaccine is entering its fifth year is expanded to additional infectious diseases and disease areas over that time.
Patrick Lucy: Animal health remains a targeted segment per day added to the higher margin sensitivity of pharmaceutical biologics and the significant impact of outbreaks and the global supply chain and potentially human health.
We've continued to expand our presence in the animal health market, our vaccine and therapeutic royalties.
Patrick Lucy: I will now turn the call over to our Chief operating Officer, Joe Haynesville can you provide an update on our non pharmaceutical license and product opportunities Joe. Thank.
Joseph P. Hazelton: Thank you, Mark. Dyadic remains truly excited about the non-therapeutic uses of its microbial platforms, which are adept at producing recombinant proteins and enzymes. We believe this field offers significant promise in terms of both opportunity and revenue in the near term. To this end, Dyadic is committed to allocating appropriate resources and providing support for current and future products within this rapidly expanding sector. Our gene expression and protein production platforms, including the recently launched Java, are tailored to facilitate swift development and large-scale manufacturing of cost-effective enzymes, proteins, metabolites, and other biological products. These products span the full spectrum of production grades, from research to food grade and ultimately pharmaceutical grade materials.
Joseph P. Hazelton: Thank you Mark direct remains truly excited about the long therapeutic uses of its microbial platforms, which are a depth of producing carbonate proteins and enzymes. We believe this field offers a significant promise in terms of both opportunity and revenue in the near term to this end dyadic is committed to allocating appropriate resources and.
Joseph P. Hazelton: Adding support for current and future products within this rapidly expanding sector.
Joseph P. Hazelton: Our gene expression and protein production platforms, including the recently launched outcomes are tailored to facilitate swift development and large scale manufacturing cost effective enzymes proteins metabolites and other biological products.
Joseph P. Hazelton: These products span the full spectrum of production grades from research to food grade and ultimately pharmaceutical grade materials their.
Joseph P. Hazelton: Their applications are diverse and encompass diagnostics, research, nutrition, health, and wellness, reflecting the increasing demand in these areas. Diving deeper into our strategic plans to boost short-term revenue potential, we remain focused and confident that identifying and producing high-value recombinant targets that can be rapidly and efficiently commercialized provide the best near-term revenue potential. And we're now seeing this strategy creating value, as evidenced by the recent term sheet we executed with a global albumin manufacturer and distributor to develop and license Dyadic's recombinant serum albumin products, initially for diagnostic and research purposes. This strategic partnership will allow for more rapid commercialization of our recombinant products to enter the market within the next 12 months. And we hope to be able to share more information in the very near future about this important collaboration.
Joseph P. Hazelton: The applications are diverse and accomplished diagnostics research nutrition health and wellness, reflecting the increasing demand in these areas.
Joseph P. Hazelton: Diving deeper into our strategic plans to boost short term revenue potential we remain focused and confident that identifying to producing high value covenant targets that can be rapidly and efficiently commercialize provides the best near term revenue potential and we're now seeing this strategy, creating value as evidenced by the recent term sheet.
Joseph P. Hazelton: We've executed with a global albumin manufacturer and distributor to develop and license by Alex recombinant serum albumin products initially for diagnostic and research grade purposes.
Joseph P. Hazelton: This strategic partnership will allow for more rapid commercialization of our recombinant products to enter the market within the next 12 months.
Joseph P. Hazelton: And we hope to be able to share more information in the very near future on this important collaboration.
Joseph P. Hazelton: Recombinant serum albumin serves as a prime illustration of a focus on valuable recombinant products offering diverse commercialization prospects across various market segments. For example, pharmaceutical grade serum albumin holds potential as a disease treatment and is integral to vaccine development, serving as a carrier protein for therapeutics and as a standard agent in research and development. Recent completion of certificates of analysis for our recombinant human and recombinant bovine albumin affirms their analytical equivalence to currently commercialized research-grade products on the market today. Moreover, we're exploring recombinant bovine albumin's application at food grade in cell culture media for cultured meat production.
Joseph P. Hazelton: Recall that serum albumin serves as a prime illustration of a focus on valuable recombinant products offering diverse commercialization prospects across various market segments.
Joseph P. Hazelton: For example, pharmaceutical grade serum albumin holds potential disease treatment and is integral to vaccine development, serving as a carrier protein for therapeutics and is a standard agent in research and development.
Recent completion of certificates of analysis for our recombinant human and recombinant bovine albumin affirms their analytical equivalents to currently commercialized research grade products on the market today.
Joseph P. Hazelton: Moreover, we're exploring recombinant bovine albumin <unk> application of food grade and cell culture media for cultured meat production.
Joseph P. Hazelton: This showcases Dyadic's capacity to produce animal-free recombinant serum albumin across different grades at competitive prices using our efficient and affordable microbial platform. Such opportunities may lead to broader strategic options, including joint ventures or spin-offs, akin to successful companies like Albumetics, which was acquired for over 400 million British pounds in 2020. To strengthen Dyadic's foothold in the alternative protein sector and explore broader exit opportunities, we've executed a co-promotion agreement with Turkish company Biftec Incorporated. Their patent-pending, animal-free, growth-medium supplement aims to reduce expenses linked to costly culture-media components. This collaboration enables Dyadic to extend its reach into the cell culture media domain, earning a share of all net sales from BifTeX software. Additionally, our successful initial production of recombinant transferrin using our microbial platforms presents another potential product for the alternative protein and cell culture sectors.
Joseph P. Hazelton: This showcases baddish capacity to produce animal free recombinant serum albumin across different rates at competitive prices using our efficient and affordable microbial platforms, such opportunities may lead to broader strategic options, including joint ventures are spinoffs akin to successful companies like AB inbev.
Joseph P. Hazelton: <unk>, which was acquired for over 400 million British pounds in 2022.
Joseph P. Hazelton: To strengthen diet its foothold in the alternative protein sector and explore broader exit opportunities. We've executed a co promotion agreement with Turkish company. This tech incorporated there.
Joseph P. Hazelton: Their patent pending animal free growth medium supplement aims to reduce expenses linked to costly culture media components.
Joseph P. Hazelton: This collaboration enables data to extend its reach into the cell culture media domains, earning this year all net sales from this tech supplement. Additionally, our successful initial production of recombinant transfer it using our microbial platforms presents another potential product for the alternative protein and cell culture sectors.
Joseph P. Hazelton: Outside of recombinant cell culture products, we believe recombinant non-animal dairy products offer Dyadic the potential for more rapid commercialization opportunities. The global animal-free dairy products market was valued at over $26 billion in 2022 and is projected to reach more than $75 billion by 2030. Today's animal-free dairy products are crafted through precision microbial fermentation technology.
Joseph P. Hazelton: Outside of recombinant cell culture products, we believe recombinant non animal dairy products offered dyadic the potential for more rapid commercialization opportunities.
Joseph P. Hazelton: The global animal free dairy products market was valued at over $26 billion in 2022 and is projected to reach more than $75 billion by 2032.
Joseph P. Hazelton: Today's animal free dairy products are crafted through precision microbial fermentation technology, a market driven by evolving consumer preferences and concerns over health issues associated with traditional Cal mode, such as laptops or intolerance and allergies.
Joseph P. Hazelton: The market is driven by evolving consumer preferences and concerns over health issues associated with traditional cow milk, such as lactose intolerance and allergy. Despite the current high cost of animal-free dairy, this obstacle aligns with our expertise in producing large quantities of cost-effective recombinant proteins using our microbial expression platform. Our 2023 agreement involving our Dapibus platform for developing and commercializing non-animal dairy enzymes for food production, inclusive of upfront payments, milestones, and royalties, validates our focus on this sector and reflects growing interest in the use of Dapibus for the development and manufacture of non-animal dairy products. We also anticipate success fees from this collaboration in the first half of 2024. Furthermore, we have engineered a highly productive strain of non-animal recombinant alpha-lactalbumin, a key whey protein commercially available in large volumes.
Joseph P. Hazelton: Despite the current high cost of animal free dairy this obstacle aligns with our expertise in producing large quantities of cost effective recombinant proteins using our microbial expression platforms are.
Joseph P. Hazelton: 2023 agreement involving our <unk> platform for developing and commercializing non animal dairy enzymes for food production inclusive of upfront payments milestones and royalties validates our focus on this sector and reflects growing interest in use of database for the development and manufacture of Dod animal dairy products.
Joseph P. Hazelton: We also anticipate success fees from this collaboration in the first half of 2024.
Joseph P. Hazelton: Furthermore, we have engineered a highly productive strains of non animal recombinant Alpha lab to albumin, a key whey protein commercially available in large volumes.
Joseph P. Hazelton: We're actively sampling our alpha-lactalbumin and casein products and have commenced development of beta-lactogolbion, another widely used whey protein, and lactoferrin for food-grade products, with sampling anticipated to begin in the third quarter of this year. Numerous discussions with potential partners are ongoing, bolstering our confidence in the short-term revenue prospects of the non-animal dairy segment in 2022. Beyond our focus on cell culture and non-animal dairy products, we're further expanding our potential pipeline through the development of several bio-industrial grade enzymes that have the potential for use in multiple industries, such as nutrition, biofuels, and biorefiners. By increasing the volume of internal pipeline products and external partnerships within non-pharmaceutical and pharmaceutical applications, we believe we can accelerate more consistent revenue generation in the coming year that is not strictly reliant With the funding secured in the first quarter and the recent organizational adjustments, Dyadic is poised for a new phase of growth. I'm grateful to Mark and Dyadic's Board of Directors for their trust in me as the new Chief Operating Officer.
We're actively sampling our alpha left the albumin and <unk> products and have commenced development of beta lack of golf.
Another widely use whey protein and lactoferrin for food grade products with sampling anticipated to begin in the third quarter of this year.
Joseph P. Hazelton: Numerous discussions with potential partners are ongoing bolstering our confidence in the short term revenue prospects of the non animal dairy segment in 2024.
Joseph P. Hazelton: Beyond our focus in cell culture, and Auditable dairy products, we're further expanding our potential pipeline through the development of several bio industrial grade enzymes that have the potential for use in multiple industries, such as nutrition, Biofuels and bio refinery.
Joseph P. Hazelton: By increasing the rate increasing the volume of internal pipeline products and external partnerships within non pharmaceutical and pharmaceutical applications. We believe we can accelerate more consistent revenue generation in the coming years. This is not strictly relying a platform licensing and inclusive of potential product license into targets.
Joseph P. Hazelton: Such as recall that argument enzyme catalyst where cell culture media combos.
None: With the funding secured in the first quarter and the recent organizational adjustments dyadic is poised for a new phase of growth are grateful to Mark and Diana Its board of directors for their trust in me as the New Chief operating Officer, Mark support has been invaluable and I'm eager to play a more active role in daily operations, allowing our research and development.
Joseph P. Hazelton: Mark's support has been invaluable, and I'm eager to play a more active role in daily operations, aligning our research and development with our business needs, and streamlining our operating model to ultimately achieve our goals efficiently. While the future looks promising, there's still work ahead to capitalize on the opportunities before us and drive near-term revenue growth across our core sectors. The strategic plan has been refined, and we have commenced its implementation in key areas where our technologies, such as the depth of this platform, can have a significant impact.
None: Our business needs streamlining our operating model to ultimately achieve our goals efficiently.
None: While the future looks promising there is still work ahead to capitalize on the opportunities before us and drive near term revenue growth across our core sectors.
None: Our strategic plan has been refined and we have commenced its implementation in key areas, where our technologies such as the depth of this platform can have significant impact. Additionally, we're exploring new opportunities aligned with our verticals in targeted markets with high potential returns, particularly those seeking cost effective solutions for <unk>.
Joseph P. Hazelton: Additionally, we're exploring new opportunities aligned with our verticals in targeted markets with high potential returns, particularly those seeking cost-effective solutions for affordable recombinant protein production. With that, I'd like to turn the call over to our CFO, Ping Rawson, to go through our financials.
None: The bolt recombinant protein production.
Speaker Change: With that I'd like to turn the call over to our CFO pig Ros to go through our financials.
Ping Wang Rawson: Thank you, Joe. Thank you, everyone, for joining our call today. As Mark mentioned earlier, on March 8th, 2024, the company issued an aggregated principal amount of $6 million of 8% senior secured convertible promissory notes due March 8th, 2027 in a private placement. The convertible notes have a conversion price of $1.79 with no warrants.
Ros: Thank you Joe. Thank you everyone for joining our call today as Margaret mentioned earlier on March eight 2024, the company issued an aggregate principal amount of $6 million, 8% senior secured convertible promissory notes due March eight 2027 in the private placement.
Pig Ros: The notes have a conversion price of $1 79 with no warning.
Ping Wang Rawson: The purchasers of the convertible notes include immediate family members and family trusts related to Mark Emalfarb, President and CEO; the Francisco Trust, an existing holder of more than 5% of the company's outstanding contracts. As of December 31, 2023, we will have cash and investment grade securities of $7.3 million. Combined with the $6 million we just raised, $1.3 million from the sale of our equity interest in Afazyme, and $600,000 from payment from an animal-free diary enzyme licensing agreement in 2022, we believe we are well positioned financially to support our near-term revenue growth and accelerate our strategic objective of commercialization opportunities for pharmaceuticals. I will now go over our key financial results for the year ended December 31st, 2023 in more detail.
Pig Ros: The purchasers of the convertible notes include immediate family members and the family Trust, we needed to Marc Fox, Our President and CEO, Dr. Francisco Trust and existing holder of more than 5% of the company out there.
Pig Ros: As of December 31st 2023, we have cash in investment grade securities of $7 $3 million.
Pig Ros: Mine waste of 6 million, we just raised $1 3 million from the sale of equity interest in Alpha dine and $600000 upfront payment from our animal diary enzyme licensing agreements in 2022, we believe we are well positioned financially to support our near term.
Pig Ros: Term revenue.
And accelerates our strategic objective of commercialization opportunities for pharmaceutical and non pharmaceutical applications.
Pig Ros: I will now go over our key financial results for year ended December 31st 2023 in more detail.
Ping Wang Rawson: You can find additional information in our earnings release, price release, and Form 10-K, which we filed earlier today. Research and Development revenue and Licensed revenue for the year ended December 31, 2023 slightly decreased to approximately $2.9 million compared to $2.93 million for the year ended December 31, 2022. House of Research and Development revenue for the year ended December 31, 2023 decreased to approximately $2 million compared to $2.1 million for the year ended December 31, 2022.
Pig Ros: You can find additional information in our earnings press release, and Form 10-K, which we filed earlier today.
Research and development revenue and the license revenue for the year ended December 31, 2023, slightly decreased to approximately $2 $9 million compared to $2 $93 million for year ended December 31st 2022.
Pig Ros: Popped up research and development revenue for the year ended December 31st 2023 decreased to approximately $2 million compared to $2 $1 million for the year ended December 31st 2022, the decrease was related to.
Ping Wang Rawson: The decrease was related to higher individual contract amounts of certain research funding and related work performed during 2022. Research and development expenses for the year ended December 31, 2023 decreased to approximately $3.3 million compared to $4.5 million for the year ended December 31, 2022. The decrease primarily reflected the winding down of activities related to the company's Phase 1 clinical trial of the YAI-100 COVID-19 vaccine candidate. GNA expenses for the year ended December 31st, 2023 decreased to approximately $5.8 million compared to $6.4 million for the year ended December 31st, 2022. The decrease principally reflected a decrease in management incentives of $466,000, business development and investor relations costs of $219,000, and a legal expense of $1,000, partially offset by increases in insurance premiums of $96,000 and other increases.
Pig Ros: Higher individual contract amounts surgeon research funding and related work performed during 2022.
Pig Ros: Research and development expenses for the year ended December 31st 2020 to me decreased to approximately $3 $3 million compared to $4 $5 million for the year ended December 31st 2022.
Pig Ros: The decrease primarily reflected the winding down of activities related to the company phase one clinical trial of <unk> 100, COVID-19 vaccine candidates.
Pig Ros: G&A expenses for the year ended December 31st 2023 decreased to approximately $5 $8 million compared to $6 $4 million for the year ended December 31st 2022.
Pig Ros: The decrease principally reflected a decrease in management incentives of $466000 business development, and Investor relations costs up $219000 and the legal expenses.
Pig Ros: Partially offset by increases in insurance premiums $96000 and other increases.
Ping Wang Rawson: The net loss for the year ended December 31st, 2023 was approximately $6.8 million or $0.24 per share compared to a net loss of $9.7 million or $0.34 per share for the year ended December 31st, 2020. With that, I will now ask the operator to begin our Q&A session. Each caller will be allowed one question and one follow-up question to provide all callers an opportunity to participate. If time permits, the operator will allow additional questions from those who have already spoken. Thank you.
Net loss for the year ended December 31st 2023 was approximately $6 $8 million or 24 cents per share compared to a net loss of $9 $7 million or 34 cents per share for the year ended December 31st 2022.
None: With that I will now ask the operator to begin Q&A session. Each caller will be allowed one question and one follow up question to provide all callers an opportunity to participate if time permits the operator will allow additional questions from those who have already spoken operator.
None: Thank you ladies and gentlemen at this time, we'll begin Inducting a question and answer session.
Operator: Ladies and gentlemen, at this time we will be conducting a question and answer session. If you'd like to ask a question, you may press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.
Operator: If you'd like to ask a question you May press star one on your telephone keypad.
Operator: A confirmation tone will indicate your line is in the question queue.
Operator: You May press Star two if you would like to remove your question from the queue.
Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Please permit yourself one question and one follow-up so we may get to everyone's questions. Our first question comes from the line of John Vandermosten with Zax. Please proceed with your question. Thank you, and good evening, everyone.
Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing pressing the starkey.
Operator: Please permit yourself to one question and one follow up so we may get to everyone's questions.
Operator: Our first question comes from the line of Jon Vander motion with Zacks. Please proceed with your question.
Speaker Change: Thank you and good evening everyone.
John D. Vandermosten: Now that Dyadic has C1-produced protein that's been administered to humans and you've completed the trial, has it, and Mark, you also mentioned that several top pharma companies had come in and asked to work with you, has that changed the nature of what the collaborators want to work on? having that data. Yeah, I'll let Joe answer that first. Hi, John.
Now that diabetic has she wont produce protein that's been administered to humans and you've completed the trial has it and and and Mark you also mentioned that several top pharma companies had come in and asked to work with you has that changed the nature of what the collaborators who want to work on.
Speaker Change: Having that data.
Mark A. Emalfarb: Yeah, I'll, let Joe answer that first yes, hi, John.
Joseph P. Hazelton: Great question, and to be honest, it has. So traditionally, as you look at some of our projects, they're more comparative using C1 versus products that have already been produced in other cell lines. And I'm not saying that's typically not always going to be the case moving forward. But what we've seen is an increase in C1 actually being chosen as either the first or producing hard-to-express proteins in other systems. So it's less comparative and more actual commercialization targets that are being put into the system. Okay, and Joe, congratulations on your ascension to COO. I wanted to mention that to you.
Joe: Great question and to be honest it has.
None: Traditionally as you looked at all of our projects that are more comparative using C. One versus products that have already been produced and other cell lines and I'm not saying, that's typically not always going to be the case moving forward, but what we've seen is an increase in C. One actually being chosen as either the first or producing hard to express protein.
None: And other systems, so its less competitive and more actual commercialization targets that are being put into the system.
None: Okay and Joe Congratulations on your on your Ascension to C. O I wanted to mention that to you.
None: And then my second question is on on some of the partnerships you have the the Arabian partnership there was an equity component to that.
Mark A. Emalfarb: And then my second question is about some of the partnerships you have. For example, the Arabian partnership, there was an equity component to that, and do you have any other arrangements like this, and is this going to be a push in the future to have a component like that as part of the arrangement? Well, I think if you look back, Alfazyme was similar to that, where we netted 1.3 million dollars. Because when these small biotech companies start out, or whether it's biotech or an enzyme industrial company, they don't traditionally have money to spend on license agreements, so we take equity rather than take nothing and, you know, sort of leave opportunities on the shelf. BDI, if you remember, a couple of years ago, So both of those have already turned to cash. So they're both good decisions. Rubic One Health is another example where we actually have an equity position right in that company. And, of course, here with Rabian.
None: And do you have any other arrangements like this and is this going to be a push in the future to have a component like that as part of the arrangement.
None: Well I think if you if you look back Alba dime was similar to that where we netted $1.3 million.
Because when a small biotech companies start out or whether its biotech or an enzyme industrial company. We don't traditionally have money to spend and license agreements. So we take equity rather than take nothing sort.
None: Leave opportunities on the shelf.
BD I can remember a couple of years ago. We also got about $1 3 million euros. So both of those have already turned into cash. So they were good decisions.
None: Quick one health is another example, where we actually have an equity position right in that company and of course here with rabies. So.
Mark A. Emalfarb: So, you know, we're gaining not only the potential opportunity to get revenue in the future from equity positions, but we're also getting more products in the marketplace, more products in the human body to expand the use and adoption and speed of the technology platforms, whether that be C1 for pharmaceuticals or Dappavis for non-pharmaceutical applications. So there's a lot of really benefits that are intangibles that you might not see that we see and that we're recognizing and that we're actually commercializing and, in some cases, turning to cash, as we did with EDI and Alkazam already. So we'll do those if and when they make sense.
None: We're gaining not only potential opportunity to get revenue future equity positions.
None: They're getting more products than our marketplace more products in a human being to expand the use and adoption speed the adoption of the technology platforms, whether it be seen one for pharmaceuticals or dapple. This for non pharmaceutical applications. So there's a lot of really benefits that are intangibles that you might not see that we see.
And we're recognizing and were actually commercializing and in some cases turning into cash as we did with DDI Alba Dawn Meridian.
None: So we'll do those if and when it makes sense, but of course with big pharma and big industrial companies as we did with shell and BSF and Havent go in the past and then ultimately Dupont, we generated $110 million of non dilutive money by doing those kind of deals no upfront cash.
Joseph P. Hazelton: But of course, with big pharma and big industrial companies, as we did with Shell and BSF and Amigo in the past, and then ultimately DuPont, we generated $110 million of non-dilutive money by doing those kinds of deals, up-front cash rather than equity. So we're looking for up-front cash, milestones, and royalties, and those are the goals and objectives. But it takes longer to get that in some of these big pharmaceutical companies, but we're on the way. And I'd just say, John, to that point, we're flexible in that approach, but to Mark's point, it's not our priority. The priority, obviously, is non-diluted funding as early as possible in any of our agreements. But we need to remain open because Mark's absolutely right. The more products and the more data we can generate, especially in human beings, potentially non-human primates, that consistently adds to the validation of the platform. But again, it's not going to be our primary focus to retain equity, but we will do so when appropriate. Great, thank you for taking the mic.
None: Rather than equity so we're looking for a point cash milestones and royalties and those are the goals and objectives, but if as we takes longer to get that in some of these big pharmaceutical companies, but we're on the web.
None: Yeah, So just to jump to that point, where we're flexible in that approach, but to Mark's point, it's not a priority priority. Obviously is non dilutive funding as early as possible in any of our agreements, but what we need to remain open because mark's absolutely right the more products and the more data, we can generate especially in human beings potentially.
None: Primates that consistently adds to the validation of the platform, but again, it's not going to be our primary focus to retain equity, but we will do so when appropriate.
None: Great. Thank you for taking my question.
Mark A. Emalfarb: And John, just to add to that, you know, the Arabian project not only potentially gives us a payment as equity in milestone payments and royalties on the product, but just as importantly, these agencies like the WHO, CEPI, the Gates Foundation, PASS, IABI, these people are looking at what we're doing with this technology. And the more it gets adopted, the more opportunities we can get to get funding from a lot of these non-profit organizations that fund vaccine development and will absolutely need to fund monoclonal antibody development. We think we just have a game-changing platform. As a reminder, it is star number one to ask a question. There are no further questions in the queue.
None: And John just to add to that the Arabian project not only potentially gives us a a payment did in aggregate milestone payments and royalties on their product, but just as importantly is.
John: These agents easily to designate Joe Cepheid and Gates Foundation path I V. I V. I see these people are looking at what we're doing with this technology and the more it gets adopted more opportunities we can get to get funding from a lot of these nonprofit organizations that fund vaccine development and will absolutely.
John: Need to be funny monoclonal antibody development, we think which is a game changing platform.
John: As a reminder, it is star one to ask a question.
Speaker Change: There are no further questions in the queue I'd like to hand, it back to Mark Emil Farr for closing remarks.
Mark A. Emalfarb: I'd like to hand it back to Mark Emalfarb for closing remarks. In fiscal year 2023, we're witnessing the positive impact of our phase one human clinical safety trial, further validating the C1 platform's potential for pharmaceutical use in both human and animal health. Moreover, the investment in our diapobis platform for alternative proteins and enzymes is beginning to yield revenue, marking a significant milestone. Our primary focus remains on enhancing dyadic value within the life science industry, which in turn benefits our shareholders and promotes global access to affordable vaccines and therapeutics. We refined our focus and adjusted our business strategies to capitalize on existing and emerging commercialization opportunities in the near term, aligning with our mission as a global biotechnology company to revolutionize how we feed, fuel, and heal the world.
Speaker Change: In fiscal year 2023, we're witnessing the positive impact of our phase one human clinical safety trial further validated as tier one platforms potential for pharmaceutical use in both human and animal health. Moreover.
Speaker Change: Moreover, the investment in our depth of this platform for alternative proteins and enzymes is beginning to yield revenue.
Speaker Change: Marking a significant milestone.
Speaker Change: Our primary focus remains on enhancing Diane the value within the life science industry, which in turn benefits, our shareholders and promotes global access to affordable vaccines and therapeutics.
Speaker Change: We refined our focus and adjusted our business strategy to capitalize on existing and emerging commercialization opportunities in the near term aligning with our mission as a global biotechnology company to revolutionize, how we feed fuel and heal the world the <unk>.
Mark A. Emalfarb: The company remains dedicated to driving near-term revenue and growth through innovation and commercialization, expanding the use of the DAPA-Bis platform for developing alternative recombinant proteins such as alpha-like albumin, recombinant human albumin, and non-animal derived enzymes for food production across various other applications. Once again, I cannot overstate how exciting this time is in Dyadic's history. We are uniquely positioned to rapidly capitalize on the present opportunities and those on the horizon. Thank you for joining us on today's fiscal year 2023 conference call. We look forward to keeping you informed as we progress in commercial and scientific endeavors during our next call; please stay tuned for additional updates. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time. And have a wonderful day.
Company remains dedicated to driving near term revenue and growth through innovation and commercialization efforts expanding the use of depth of this platform for developing alternative recombinant proteins, such as alpha like the albumin or common human albumin and non animal dairy enzyme for food production across various other applications.
Speaker Change: Once again I cannot overstate how exciting. This time is in direct history, we are uniquely positioned to rapidly capitalize on their present opportunities and those on the horizon.
None: Thank you for joining us in today's fiscal year 2023 conference call. We look forward to keeping you informed as we progress in commercial and scientific endeavors. During our next call. Please stay tuned for additional updates from us.
None: Okay.
None: Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation you may disconnect. Your lines at this time and have a wonderful day.
Okay.
None: Sure.