Friday, May 10, 2019 11:01:05 AM
Putting Recent Developments Into Perspective
Rating: OUTPERFORM
Friday, May 10, 2019
Positioned in a rapidly growing market. The biologics market remains one of the most rapidly growing segments of the pharmaceutical industry, expected to grow to $1.2 billion in sales in 2022. Dyadic has expanded its collaboration and licensing portfolio to assess C1's potential to manufacture vaccines, gene therapy, monoclonal antibodies and others in human disease and in animal health.
More deals appear likely. Following two recently announced licensing agreements for its C1 technology, management indicated on an investor call that more licensing agreements and research collaborations are likely. These agreements will potentially generate revenues with upfront payments.
First Quarter Earning Update. The company reported $0.4 million in revenues, $0.7 million in R&D expenses and $1.4 million of G&A expenses. Net loss was $2.2 million, or $0.08 per share. The reported numbers are in line with our estimates.
Adjusting Price Target. We are reiterating our Outperform rating, while increasing our price target from $4 to $9 to reflect the current potential of C1 technology in the biologics market. In our previous valuation, we had only included Cimzia biosimilar sales in our estimates. However, we believe the recent licensing and research agreements provide value expansion for the company beyond Cimzia and the biosimilar market. We now forecast F2029 sales of $525 million. We are using discounted cash flow (DCF) analysis with a 15% discount rate.
Recent DYAI News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 08:17:23 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/13/2024 08:15:54 PM
- Dyadic Announces Second Quarter 2024 Financial Results and Highlights Recent Company Progress • GlobeNewswire Inc. • 08/13/2024 08:05:00 PM
- Dyadic to Report Second Quarter 2024 Financial Results on Tuesday, August 13, 2024 • GlobeNewswire Inc. • 07/30/2024 08:00:00 PM
- Dyadic International, Inc. and Proliant Health and Biologicals announce Recombinant Albumin Development and Commercialization Partnership • GlobeNewswire Inc. • 06/28/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 01:26:02 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/11/2024 08:31:42 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/06/2024 09:36:45 PM
- Dyadic to Attend Industry Events in June • GlobeNewswire Inc. • 05/30/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 07:42:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:47:41 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 08:47:30 PM
- Dyadic Announces First Quarter 2024 Financial Results and Highlights Recent Company Progress • GlobeNewswire Inc. • 05/14/2024 08:00:00 PM
- Dyadic to Attend Industry and Investor Events in May • GlobeNewswire Inc. • 05/08/2024 12:30:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 05/08/2024 04:15:21 AM
- Dyadic to Report First Quarter 2024 Financial Results on Tuesday, May 14, 2024 • GlobeNewswire Inc. • 04/30/2024 08:30:00 PM
- Dyadic Reports 2023 Full Year Results and Recent Company Progress • GlobeNewswire Inc. • 03/28/2024 08:00:00 PM
- Dyadic Announces Change in Board and Management Leadership Roles • GlobeNewswire Inc. • 03/28/2024 12:30:00 PM
- Dyadic to Attend Industry Events in April • GlobeNewswire Inc. • 03/27/2024 12:30:00 PM
- Dyadic Announces Publication of C1 Monoclonal Antibody in Nonhuman Primate Study in Nature Communications • GlobeNewswire Inc. • 03/26/2024 12:30:00 PM
- Dyadic to Attend Future Food Tech Event March 21 – 22, 2024 in San Francisco, California • GlobeNewswire Inc. • 03/21/2024 12:30:00 PM
- Dyadic to Report Full Year 2023 Financial Results and Host Conference call on Thursday, March 28, 2024 • GlobeNewswire Inc. • 03/14/2024 08:30:00 PM
- CORRECTION – Dyadic Announces Closing of Private Placement of $6.0 Million Convertible Notes to Accelerate Near-Term Revenue Growth and Commercialization • GlobeNewswire Inc. • 03/11/2024 01:57:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/11/2024 12:45:28 PM
- Dyadic Announces Closing of Private Placement of $6.0 Million Convertible Notes to Accelerate Near-Term Revenue Growth and Commercialization • GlobeNewswire Inc. • 03/11/2024 12:30:00 PM
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