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Note 7 - Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Subsequent Events [Text Block] | Note 7: Subsequent Events Management continues to actively monitor the COVID-19 pandemic and its development, and the possible effects on the Company’s financial condition, liquidity, operations, vendors, industry, and workforce. On July 21, 2021, the Company entered into a technology transfer and licensing agreement (the “Rubic Agreement”) with the Rubic Consortium (Pty) Ltd. (“Rubic”), a South African-based company whose mission is to develop a South African-based solution for the discovery, development, evaluation, and manufacture of high-quality, cost-effective vaccines for distribution primarily to the African markets. Pursuant to the terms of the Rubic Agreement, the Company will license and transfer its C1 platform technology to Rubic, who will provide a potential funding pathway for a C1 manufactured COVID-19 vaccine to progress through Phase II and Phase III clinical trials. On August 10, 2021, the Company entered into a binding term sheet (the “Term Sheet”) outlining the terms and conditions of an Intellectual Property License Agreement (the “License Agreement”) to be entered into within 45 business days. Pursuant to the License Agreement, Dyadic would exclusively license certain patents and patent applications, know-how, trade secrets, proprietary technology, and other intellectual property to Sorrento Therapeutics, Inc. (“Sorrento" or "Licensee”), with Sorrento obtaining exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries to utilize Dyadic’s C1 technology for the development and commercialization of vaccines, therapeutic antibodies, protein therapeutics, and diagnostics for coronaviruses, including DYAI-100, Dyadic’s lead COVID-19 vaccine candidate. The License Agreement will further set forth that the exclusive license is within the Human Field of Use (as defined in the License Agreement), with a non-exclusive license being granted in the Animal Field of Use (as defined in the License Agreement). Within 30 days after the execution of the License Agreement, Sorrento will pay to Dyadic an up‑front license fee of $10,000,000, of which $5,000,000 will be paid in cash and the remaining $5,000,000 will be paid in shares of Sorrento’s restricted common stock. Sorrento has agreed to register the shares with the Securities and Exchange Commission (“SEC”) pursuant to a registration statement on Form S-3 to be filed by Licensee with the SEC within thirty (30) days after the execution date of the License Agreement and Licensee shall use its best efforts to have such registration statement declared effective by the SEC within ninety (90) days after the execution date of the License Agreement. Dyadic will also receive ongoing royalties for the sale of a Licensed Product, as such term is defined in the Term Sheet, and will receive certain reimbursements not to exceed $4,000,000 for preclinical and clinical development costs incurred by Dyadic in connection with the development of the Licensed Products prior to the effective date of the License Agreement. In addition, Dyadic will receive up to $33,000,000 of non‑refundable, non‑creditable, one-time “milestone payments” following the first achievement by Sorrento of certain “milestone events,” as described in the Term Sheet. The final terms of the license will be set forth in a definitive agreement to be entered into between the parties.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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