HomeTrending StocksWhy Dyadic International Inc. (DYAI) stock surged on Thursday?

Why Dyadic International Inc. (DYAI) stock surged on Thursday?

Dyadic International Inc. (DYAI) shares gained 2.73% in after-hours on Thursday, December 30, 2021, and closed the daily trading at $4.52. Even in the regular trading session of Thursday, DYAI’s stock soared 5.77%. DYAI shares have fallen 18.22% over the last 12 months, and they have moved up 7.32% in the past week. Over the past three months, the stock has lost 20.86%, while over the past six months, it has jumped 21.21%.

Let’s discuss its recent news and developments.


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DYAI received NIMBL Coronavirus grant

On December 22, 2021, Dyadic International, Inc (DYAI), received one of thirty-two project grants awarded by the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) funded through the White House’s American Rescue Plan (ARP).

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Dyadic will receive up to $690,000 to engineer the Company’s proprietary and patented C1 thermophilic fungal protein production platform to produce two different antibodies.

DYAI collaboration agreement with Janssen

On December 17, 2021, Dyadic International, Inc. (DYAI) entered into a Research, License, and Collaboration Agreement with Janssen Biotech, Inc. The Agreement was facilitated by Johnson & Johnson Innovation.

According to the agreement, Dyadic will get an upfront payment of $500,000 from Janssen to utilize the C1 platform. Janssen will provide up to €1.6 million in R&D funding to develop and assess C1 production cell lines for its product candidates.

Janssen would have the right to add additional non-exclusive targets to the collaboration and Dyadic would receive a milestone payment in the mid-seven figures.

DYAI latest financial results

On November 10, 2021, Dyadic International, Inc. (DYAI), released its financial results for the third quarter of 2021.

Q3 2021 financial highlights

  • DYAI reported total revenue of $693,000 for Q3 2021 compared to $416,000 for the same period a year ago.
  • The total cost of revenue was $393,000 in Q3 2021 compared to $267,000 in Q3 2020.
  • Total cost and expenses were $4.01 million in Q3 2021 compared to $3.0 million in Q3 2020.
  • It suffered a net loss of approximately $1,715,000 or $0.06 per share in Q3 2021 compared to $2,499,000 or $0.09 per share in Q3 2020.
  • The company ended the third quarter with cash, cash equivalents of approximately $22.8 million compared to $29.2 million on December 31, 2021.

DYAI new appointment

On November 09, 2021, Dyadic International, Inc. (DYAI), appointed Joe Hazelton as Chief Business Officer, effective immediately. Mr. Hazelton will join Dyadic’s executive leadership team reporting directly to President and Chief Executive Officer, Mark Emalfarb.

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Conclusion

Well, we have no reason whatsoever for its good performance on Thursday. we hope that it will continue its momentum on Friday as well.

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