Dyadic International Inc. (DYAI) shares jumped 6.94% to $3.85 in pre-market on Friday, June 4, 2021. Earlier, DYAI’s stock lost 1.91% to close Thursday’s morning session at $3.60. DYAI shares have fallen 39.09% over the last 12 months, and they have moved down 11.76% in the past week. Over the past three months, the stock has lost 27.13%, while over the past six months, it has plummeted 41.84%.
Let’s have a brief look at its recent news.
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Development of COVID-19 Vaccine with Syngene
On May 26, 2021, Dyadic International, Inc entered into a collaboration with Syngene International Limited to develop a COVID-19 vaccine that can be manufactured affordably, at a very large scale, using Dyadic’s proprietary C1-cell protein production platform.
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Participation in the upcoming investor conferences
Dyadic International, Inc will participate in BIO International Convention Digital Conference which is scheduled for June 10-11 & 14-18, 2021.
The President and CEO of Dyadic, Mark Emalfarb, will provide a corporate overview and update on the Company’s progress in advancing its C1-Cell Protein.
The company recently participated in Jefferies Virtual Healthcare Conference which held on Tuesday, June 1, 2021.
Recent financial results announcement
On May 13, 2021, Dyadic International, Inc reported its financial results for the first quarter of 2021.
Q1 2021 financial highlights
- Research and development expenses were $1,808,000 for Q1 2021 compared to $755,000 for Q1 2020.
- General and administrative expenses were $1,554,000 for Q1 2021 compared to $1,653,000 for the same period a year ago.
- Total cost and expenses were $3.78 million in Q1 2021 compared to $2.7 million in Q1 2020.
- Interest income was approximately $26,000 in Q1 2021 compared to $168,000 for the same period a year ago.
- Dyadic suffered a net loss of approximately $3.3 million or $0.12 per share in Q1 2021 compared to $2.2 million or $0.08 per share in Q1 2020.
- Dyadic International had cash, cash equivalents, and the carrying value of investment-grade securities, including accrued interest, of approximately $27.4 million on March 31, 2021, compared to $29.2 million on December 31, 2020.
FY-2020 financial results
- Revenue was $1.60 million in FY 2020 compared to $1.68 million in FY 2019
- Dyadic International reported a net loss of $9.3 million, or $0.34 per share in FY 2020 compared to a net loss of $8.3 million, or $0.31 per share for FY 2019.
- Research and development expenses were $3,868,000 for FY 2020 compared to $3,088,000 for FY 2019.
- General and administrative expenses were approximately $6,085,000 for 2020 compared to $5,520,000 for the year ended December 31, 2019.
- Total operating expenses were $11.63 million for FY 2020 compared to $10.96 million in FY 2019.
Conclusion
Well, there is no recent news but covid-19 vaccine development news could be the reason behind its gains.