Dyadic Q3 revenue falls on lower grant activity
DYAI•Dyadic’s third-quarter revenue fell 61% year over year as grant and R&D revenue declined. Its net loss narrowed, and the company recorded its first direct product sales, which were not material.
1. Revenue and loss
Dyadic said third-quarter revenue fell 61% year over year, driven by lower grant activity and the completion of prior collaboration projects. Its net loss narrowed from a year earlier, helped by lower costs and a non-cash gain; loss per share was $0.04.
2. Commercial progress
The company recorded its first direct commercial product sales in the quarter, though the amounts were not material. Dyadic cited partner efforts to expand promotion and commercialization of products using its platforms, and said it is emphasizing larger strategic partnerships and licensing.
3. Financing alternatives
Dyadic continues to evaluate financing alternatives to strengthen its balance sheet.
