Applied DNA Sciences Q3 2023 Earnings Call Transcript

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August 10, 2023

There are 7 speakers on the call.

Operator

Good day, and welcome to the Applied DNA Science Inc. Fiscal Third Quarter 2023 Financial Results Conference Call. All participants will be in a listen only mode. Followed by 0. After today's presentation, there will be an opportunity to ask questions.

Operator

Please note this event is being recorded. I would now like to turn the conference over to Sanjay Hurry, Head of Investor Relations. Please go ahead.

Speaker 1

Thank you, Betsy. Good afternoon, everyone, and welcome to Applied DNA's conference call to discuss our Q3 fiscal 2023 financial results. You can access the press release that was issued after market close today as well as a slide presentation accompanying this call on the Investor Relations section of our corporate website. Speaking on the call today are Doctor. James Hayward, our Chairman, President and CEO Beth Jansen, our Chief Financial Officer and Clay Chirock, our Chief Legal Officer and Head of Business Development.

Speaker 1

Judy Murrah, our Chief Operating Officer, will also be available to answer questions on the Q and A portion of the call. Before we begin, please note that some of the information you will hear today during our discussion may consist of forward looking statements. I refer you to Slide 2 of the presentation and our Form 10 Q filed a short while ago for important risk factors that could cause the company's actual performance and results to differ materially from those expressed or implied in any forward looking statements. We undertake no obligation to update or revise any forward looking statements or other information provided on this call as a result of new information or future results or developments. Now it's my pleasure to introduce our first speaker on today's call, Beth Chanther, please go ahead, Beth.

Speaker 2

Thank you, Sanjay. Good afternoon, everyone. Thank you for joining us on our fiscal 3rd quarter Investor Call. I will start this afternoon with an overview of our results for the quarter ended June 30, 2023. I will then turn the call over to Doctor.

Speaker 2

James Hayward, our President and CEO, who will update you on our ongoing business initiative. We will then open the line for questions from our analysts and institutional investors. To preface our performance in the fiscal Q3, our results reflect a weaker environment for COVID-nineteen testing demand following the federal declaration in early May that COVID-nineteen no longer constitutes a public health emergency. Following the declaration and as noted in our fiscal second quarter call, The City University of New York, our largest diagnostic testing program customer, opted not to renew their contract for our testing services. The wind down of the CUNY program began in May with the end of the academic term and was concluded by mid June.

Speaker 2

With this as a backdrop, total revenue for the quarter ended June 30, 2023 was $2,900,000 compared to $4,300,000 for the same period last year. Offsetting the decline was a year over year increase from our therapeutic DNA production segment of approximately 296,000 related to a final delivery under our largest contract for Linear DNA to date. Gross profit was $1,300,000 or 44 percent compared to $1,000,000 or 24% in the prior The improvement in gross profit margin was primarily driven by improved margins at Applied DNA Clinical Labs due to improved expense management associated with the CUNY contract and a higher percentage of the segment's revenues attributable to higher margin COVID-nineteen surveillance testing. The operating costs of our Molecular Diagnostics Testing Services segment are currently being absorbed by surveillance testing contracts. Total operating expenses increased approximately 6% to $4,100,000 from $3,900,000 in the prior fiscal year period.

Speaker 2

The year over year increase in total operating expenses primarily reflects an increase in SG and A related to the implementation of quality system automation and an allowance for doubtful accounts to reserve for an account balance that was deemed uncollectible. With the unrealized gain on the change in fair value of the warrant Classified as a liability, included in our net loss line, we now highlight operating loss as best representing the company's operations. Operating loss for fiscal Q3 was flat at $2,900,000 compared to the prior fiscal period. Excluding non cash expenses, consolidated adjusted EBITDA for fiscal Q3 was negative $2,100,000 compared to negative $2,300,000 in the fiscal year ago period. This improvement resulted primarily from our improved gross profit during the 3rd fiscal quarter.

Speaker 2

Now turning to our balance sheet. Cash and cash equivalents, excluding restricted cash, totaled $10,800,000 on June 30 compared to $12,300,000 at March 31. As of June 30, our accounts receivable stood at $683,000 We have since collected the majority of this AR. Year to date, our average monthly cash burn is $495,000 compared to $620,000 in the prior comparable period. This improvement is due primarily to increased cash receipts under our CUNY contract as well as lower costs to support the CUNY contract.

Speaker 2

Average monthly cash burn year to date does not include our restricted cash of 750,000 Updating our cash burn projections post CUNY contract conclusion, we anticipate a monthly burn of about $1,000,000 per month beginning in the current quarter and moving forward. This projection is contingent On order flow for Linear DNA for IVT templates, the launch of our Pharma Genomics business and DNA tagging for textiles, the latter as we approach the start of the cotton ginning season in the U. S. It is also contingent on CapEx necessary to establish a linear DNA production capacity suitable for clinical use and to support our ongoing platform development. Based on our recurring losses from operations and continued cash outflows from operating activities Included in our just filed Form 10 Q is a disclosure of a substantial doubt of a going concern.

Speaker 2

Our ability to alleviate the going concern is dependent on our ability to implement our business plan further and generate revenues or raise capital. Our cash position on July 31 was approximately $9,600,000 This concludes my prepared remarks. Thank you for joining us today. I will now turn the call over to Jim for his comments.

Speaker 3

Well, thank you, Beth. Good afternoon, everyone. Thank you for joining us on our call today. In recent quarters, we have made steady progress on our strategic pivot towards the biotherapeutics market and the unlocking of the full value of our PCR expertise applied to the manufacturer of Next Generation Nucleic Acid Therapies. Remember, DNA encodes for the transcribed Messenger RNA, which itself encodes for the translated amino acid sequence of an expressed protein.

Speaker 3

The translation may take place in the patient as is the case for the messenger RNA When the therapeutic modality is the delivery of a preformed protein, such as a monoclonal After the close of the quarter, we took a significant step toward our forward rather with our Acquisition of Spindle Biotech. When combined with our linear DNA IVT templates, Spindle's proprietary RNA polymerase offers the following advantages. It gives us a differentiated offering with market advantages over conventional IVT mRNA production. It increases the commercial relevance of our platform to the growing pipeline of mRNA Therapeutics in development globally and it substantially increases our mRNA total addressable market with improved economics. The acquisition translates to roughly a 4 fold increase in our mRNA total addressable market made relevant through our now integrated offering.

Speaker 3

As we announced a few weeks ago, we have branded this new integrated platform LineaRDT With the tagline, better mRNA, faster, as shown in this slide. In a moment, I'll ask Clay to take you through our business development plan for this new exciting offering. Our goal is to enhance further the platform's value proposition to mRNA manufacturers and developers and acquire additional evaluation customers while we bring online our cGMP quality production capacity to support the demand for DNA at volumes relevant to both clinical and commercial stages. My presentation today will also detail the non therapeutic linear DNA revenue opportunities being advanced alongside our mRNA initiatives. In the aggregate, these opportunities represent compelling paths for growth.

Speaker 3

Recall that at the start Of the fiscal year, we announced the receipt of our largest single purchase order of Linea DNA, which is for a diagnostic assay. Now we can produce linear DNA today at a quality sufficient for commercial diagnostic applications. These applications do not require the compliance of therapeutic DNA. Consequently, the cost to us of diagnostic DNA is less than that of therapeutic DNA. And as we are approaching the start of the cotton ginning season in the U.

Speaker 3

S, some of our opportunities are also tied to our supply chain traceability business catalyzed by the Uyghur Forced Labor Protection Act or UFLPA, which is now entering its 2nd year of enforcement. I will now turn the call over to Clay to offer his insights into our acquisition of

Speaker 4

Thank you, Jim, and good afternoon, everyone. We are very excited about our acquisition of Spindle Biotech as we feel that integration with our linear DNA IVT templates to create our new Linea IVT platform offers a compelling and differentiated offering to RNA stakeholders addresses 2 main pain points in mRNA manufacturing. 1, to use the plasma DNA as starting material and 2, to double stranded or DS RNA contamination. When utilizing a customer's mRNA production workflow, We believe our Linea IBC platform will produce a higher purity mRNA product with a simplified workflow compared to conventional mRNA production. The mRNA market continues to grow at a brain dead base with approximately 350 therapies in preclinical or clinical development.

Speaker 4

These therapies target a wide range of indications ranging from infectious disease to oncology and genetic disorders with an increasing number of therapies reaching late clinical mRNA vaccines for common infectious diseases such as RSV2 are on the horizon and represent very large mRNA manufacturing opportunities. It's with these opportunities in mind that we have launched the Linea IVT platform. Our Linea IVT platform is built on the integration of our Linea IBT Teplase and its proprietary fusion RNA polymerase or RNA P that we acquired from Spindle. The novel RNA P developed by Spindle is a fusion protein consisting of wild type T7 RNA P and DNA binding domain. The DNA binding domain has a high affinity for certain chemical compounds that can be efficiently added to our linear DNA It's the enabling technology for spindle's enzyme, something allowing us to extract the full benefit of the spindle RNA phase.

Speaker 4

At the time of the acquisition, Spindle was pre commercial, but has attracted an annual list of partners drawn from the upper tier of biotech. But it's held back by the inability to manufacture a chemically modified IVC template at scale. Our PCR based Linear DNA platform solved this issue and unlocks the full value of the Spindle LENS. As Jim noted, acquiring Spindle and launching the Linea IVT platform expands our mRNA related total addressable market. On a standalone basis, our linear IDT or excuse me, our linear DNA IDT templates are relative to approximately 5% of the mRNA manufacturing value.

Speaker 4

And only a limited amount of DNA template is required to produce very large amounts of mRNA. With the ability to now sell paired IVT template with the spindle RNA P under the Linea IVT platform, We expect to have relevance over 20% of the mRNA manufacturing value chain, representing an approximate 4x increase in the company's mRNA related total addressable As I noted, our newly launched Linea IBP platform addresses 2 key pain points in interventional mRNA Avoiding the use of plasmid DNA ITP templates and minimizing dsRNA contamination, all while also providing simplified workflow. On the top of Slide 9, which is the current slide, represents a conventional mRNA production Hello, that utilizes plasma DNA and conventional wild type Q7 RNA. The bottom of that slide represents a potential Linea IDT mRNA production workflow using both chemically modified lineage DNA IPT set plate and the spindle RNA tape. I will highlight 2 important differences between these workflows.

Speaker 4

The first difference is the simplification of the front end of the mRNA manufacturing process. The use of cDNA or platinum DNA as a template causes long lead times and requires numerous steps and costs specific to its use, including effective enzyme, increased regulatory scrutiny and additional filtration steps. By replacing plasmid DNA with linear DNA in the bottom workflow, these upstream plasmid related pain points are used, resulting in a simpler mRNA workflow. We estimate that using linear DNA removes about 40% of the upstream steps involved in Conventional plasma based IVC, which is the top one. 2nd difference is in the streamlining of the back end of the mRNA mandatory process by reducing dsRNA contamination through the unique combination of chemistry modified linear templates and the spindle RNA piece.

Speaker 4

DsRNA contamination is a byproduct of wild type T7 RNA piece used in all mRNA Manufacturing. T7 is used throughout the mRNA industry due to its ability to create large amounts of RNA from a small amount of DNA template. But there are trade offs, including the production of problematic dsRNA. DsRNA is an immunosimulatory and Currently, dsRNA is removed via expensive and complex downstream purification methods. Now due to the ability of our linear ICT G platform to significantly reduce dsRNA contamination without sacrificing mRNA yields.

Speaker 4

We believe the need for downstream Purifications will be reduced and further streamlining the mRNA workflow for our customers. In sum, by simplifying both the upstream and downstream aspect of mRNA production, we believe our linear IVT platform can enable our customer experience Better R and A with reduced workflow steps and timelines. Now shortly after we acquired Spindle, we attended a key industry conference involved. The reception to our new platform is very encouraging. The plasma DNA and dsRNA contamination pain points addressed by Our IVC platform are public across the industry, and it's clear that manufacturers and developers are seeking new and differentiated Equally encouraging is that our mRNA initiatives are gaining strong traction within the industry.

Speaker 4

We are today in the highest number of valuation customers since the launch of IVT Tech Lift 1 year ago. These customers range from pre From preclinical mRNA therapy developers to CDMOs to large therapy developers pursuing mRNA Vaccines for common respiratory illnesses. Our future planned cGMP quality production capabilities are critical to converting these customers Looking ahead, our business development efforts are focused on further elevating our profile in the marketplace and building a broader base of interest Our efforts will also center on continued optimization of the platform for both conventional mRNA products as well as a Growing number of self amplifying or s mRNA therapies. At the same time, we are hard at work at updating our sales and marketing materials to highlight the Linea IP platform to new and existing customers. Finally, we remain committed to building our patent estate around our Linea, for our AXA products and services.

Speaker 4

The acquisition of Spindle brought with it a large portfolio of pending U. S. And international patent applications covering the enzyme as well Various other modalities of next generation RNA production. In addition, the company continues to pursue patent protection around both its linear DNA for the EMEA IVT Platforms. Now let me turn the call back to Jim for further remarks.

Speaker 3

Well, thank you, Clay. I will now address the opportunities to drive revenue growth in addition to linear IVT. Beyond messenger RNA and central to our long term vision for our linear DNA platform is the ability to support the manufacturer of a host of genetic medicines currently subject to the drawbacks of plasmid DNA. Recent work conducted in collaboration with our partners Our approach Combines the rapid design and manufacturing capabilities akin to mRNA therapies With the thermal stability and relative manufacturing simplicity of linear DNA for a potential new class of Veterinary and Human Health Therapeutics. With this in mind, we expect to announce soon The establishment of a sponsored research agreement with the prestigious institution of veterinary medicine to accelerate the development of linear DNA based vaccine platform targeting diseases that impact Our long term roadmap for Linear DNA for our Linear DNA platform includes developing and out licensing veterinary therapeutics.

Speaker 3

Our approach to veterinary therapeutics Leverages many developments necessary for mRNA production and supports our human health aspirations. In addition to the opportunities discussed already, Our business segments have had other exciting developments. During the fiscal Q3, We delivered the last shipment under our largest linear DNA contract to date. For context, this slide represents multiple shipments of the prior three quarters For a single amplicon utilized as a control in one diagnostic assay, The dollar values of these shipments have tripled over the time as the customer has Progress their assay through validation to commercial readiness. The assay is today in the early stages of The customer's commercial rollout and as the assay is adopted, we would expect recurring orders.

Speaker 3

This customer is also developing 2 additional linear DNA dependent assays. We expect this customer's demand for LineaRDNA will grow as they validate and commercialize these other assays. Linear DNA is also being evaluated for other diagnostic use cases, including in an assay to test for the presence of heavy metals in water and another by a leading biotech company in a Quality control assay for cutting edge therapeutic. These latter two opportunities are in the early stages, But they are identical to that first application I described from a production perspective. Now we are awaiting the New York State Department of Health's approval of our pharmacogenomics assay.

Speaker 3

Meanwhile, we've been actively building our go to market plan and awareness for our company and our PGx platform within the segment of potential institutional users and partners. Now turning to our supply chain traceability business, as the industry continues to adjust To the UFLP Act compliance requirements, we are seeing ongoing demand for our source verification tools and steady growth in the associated revenues. As discussed on prior calls, the value of source verification customers is as an initial customer base within which we can expand our offering to include Complementary DNA tagging and genotyping at potentially higher margins. Represented on this slide, discussions are ongoing with Current source verification customers potentially migrating to DNA tagging And to new and existing DNA tagging prospects that in the aggregate represent potential revenue opportunities of 1,000,000 of dollars. This extends not only to U.

Speaker 3

S. Brands and Retailers, but also to overseas manufacturers with supply chains that extend into India And Pakistan. Before opening the call to questions, Let me briefly recap some key points that we've made today. The combination of Spindle Biotech's Proprietary RNA polymerase with our linear DNA IVT templates Significantly increases the commercial relevance of our integrated offering to mRNA manufacturers and developers. The acquisition also positions us to monetize a much larger segment of the mRNA value chain, Significantly increasing our total addressable market.

Speaker 3

The industry's reception to the acquisition has been positive and is helping us to advance discussions with existing evaluation customers, while also attracting new prospective evaluation customers. Now, We remain committed to delivering cGMP quality linear DNA at volumes suitable for IVT use in clinical stages and commercial launch in early calendar 2024. We continue to advance the work necessary to position our linear DNA platform for the manufacture of next generation genetic medicines. Our ability to deliver linear DNA for diagnostic applications gives us a path to incremental revenue opportunities. We continue to see momentum Operator, this concludes my prepared remarks.

Speaker 3

Will you please open the call to questions?

Operator

We will now begin the question and answer session. The first question today comes from Jason McCarthy with Maxim Group. Please go ahead.

Speaker 5

Hey, team. Thanks for taking the questions. Just a couple related to Linea

Speaker 4

Hi, BT. Can you guys talk a

Speaker 5

little bit about how pretty much T7 RNAAP is Baked into the process. Everybody uses it. So it's not so exotic. It's very common, which is good for what you're doing. And how having the fusion protein with a DNA binding domain can separate out from Regular T7 use.

Speaker 5

I don't know if I'm phrasing that correctly. But how is I guess I'm asking how easy is it to make that switch for an end user of your product?

Speaker 3

Sure. That's a great question, Jason. Thank you. The workflow process for both Our fusion protein and for the wild type T7 are virtually the same. So in terms of the burden On an existing mRNA manufacturer, we feel there really is none.

Speaker 3

However, we Shorten the workflow process at the beginning of the process and also at the end And build as a consequence in significant efficiency in the associated savings. Perhaps more important is the fact that the wild type T7 As part of its processivity, forms double stranded RNA, which can have A very detrimental effect when delivered. That is it's both highly immunogenic, Meaning that by the second time you use it, you could be allergic to it. And secondly, it's Very inflammatory. So, with little Effort, we believe that the use of our platform can provide significant Gain in value.

Speaker 3

Clay, would you like to add anything to that?

Speaker 4

I think that was a great answer, Jim. I mean, the platform is built, Jason, to essentially be plug and play Existing plasma based workflows, right. So as Jim noted, it takes our upstream and downstream process steps, But because of the way that the Spindle RNAF interacts with our chemically modified Linear DNA template, it allows us to alter the buffer conditions of the IVT reaction in a way that wild type T7 Would actually inhibitory to wild type T7. And that's what allows us to greatly mitigate or To a certain extent, eliminate the IFRS.

Speaker 5

Got it. And now I'm just going to ask one more. It's kind of a 2 part question And then I'll jump back into the queue. So Clay, you'd mentioned there's about 350 mRNA based therapies in preclinical or Clinical development. At any point along that process from a regulatory perspective, can A drug developer, an mRNA developer make the switch to Linea IVT from whatever else that they're using That's one part.

Speaker 5

And the other part is from a simple way to just plug and play to your point. Does it make it much more attractive for contract manufacturers who are probably all lining up and competing with each other And they're not that different from each other for a contract for like Moderna's vaccine for COVID or something else. Does this Product Linea IVT really separate these contract manufacturers from one another and is that a market that you're targeting?

Speaker 3

So, Clay, I'll jump into the second question and leave the first question for you. How's that?

Speaker 4

Good afternoon.

Speaker 3

So, Jason, we believe that this is a great way for a CDMO to Pete in a crowded, unicolor marketplace. So that Offering our platform in a license agreement to CDMO gives us the opportunity to spread the effect to or the benefit to Their customers as well. And Clay, would you like to speak to the first one?

Speaker 4

Sure. Sure. Yes. So To your question of it being plug and play, how much of it is positive actually that is. When we built the Linea IVT platform, we had a couple of options.

Speaker 4

And we could have really turned IVT on With some of the capabilities that the spindle concept can do and some of the IP that it has in progress, We could have really built an IDC version 2.0, but we chose not to do that because there's a huge existing CDMO market out As you noted, and we wanted this to be plug and play. So using the concept of this locking key The mechanism of action of Spindle Plus Linear DNA, we kind of built a version 1.5, where it plugs into the existing That feeds IVT manufacturing workflows. And I think that's the advantage to existing manufacturers. But down the line, we do see some pretty exotic things that you can do with chemically modifying DNA and having binding domains on the enzyme that It can be used in maybe a new form of IBC, but that is down the line.

Speaker 5

Great. Thank you, fellas.

Speaker 3

Okay. Thank you, Jason.

Operator

The next question comes from Yi Chen with H. C. Wainwright. Please go ahead.

Speaker 6

Hey, everyone. This is Chetan on behalf of Yi Chen. And my apologies, my signal is bad. So if you've already Sir, these questions, please excuse me. But could you comment on the types of customers you're attracting With respect to the CertainT Authenticity platform, I know you indicated that you have over 50 customers Added.

Speaker 6

So are these textile and manufacturing customers across the world, any color on that Would be very helpful and also your take on its potential in the future from a revenue standpoint. Thank you so much.

Speaker 3

Sure. Happy to. So our technology is relevant to every node in the supply chain And every node is impacted by the Uyghur Forced Labor Protection Act. So even if you consider starting at the level of the farm, The bailed cotton needs to be able to prove its origin all the way through the supply chain or when it's debailed At the spinner, so we're seeing request For every from every element of the supply chain, from the farm to the spinner To the weaver, to the cut and sew operation, to the brand owner, to the retailer, Each one has to be concerned with whether or not they can prove that Their product is made without the benefit of forced labor. So, not only are we seeing it integrated across Every node of the supply chain, but we are seeing it effectively Relevant across the entire world for the most part.

Speaker 3

So We have exciting new opportunities in India and Pakistan. We've got a long standing business Dealing with American Cotton. And so this platform is Does that answer your question?

Speaker 6

It did. Thank you so much. And one quick one on Linea I see and my apologies if I missed it earlier on, but where are you with In terms of discussions with prospective evaluation customers, any color on the nature of discussions and the stage would be very helpful. Thank you so much.

Speaker 3

Clay, would you like to handle that one?

Speaker 4

Sure. Yes, so we launched the Linear DNA IBT templates about 1 year ago, right? And that is our enzymatically produced templating service. About 1 month ago, we launched the Linea IBC platform, which The integration of this Linear DNA templates right with disciplined LRF. We have a good number of evaluation Customers really running the gamut from preclinical start up biotech to CDMOs to large pharma, Looking at our Linea D and A templates, we have a fair amount of interest within our existing eValuation customers for the Linea IDT Which just launched last month.

Speaker 4

So our commercialization strategy is to leverage our existing relationships With these strong contacts in biotech and pharma for our templates to get them to evaluate the linear IBP platform. In addition, we have since this launch last month, since there are a conference 2 weeks ago, we do have a fair amount of new contacts that wish to evaluate the Linea IVT platform exclusively. And we're seeing that mainly in the CDMO space As a way to really mitigate against dsRNA and we're seeing a lot of interest in this platform for the potential manufacturer Self amplifying mRNA. That seems to be where the industry is going and there are substantial manufacturing challenges With samRNA and we do believe this platform can address many of those.

Speaker 6

Excellent. Thank you so much.

Operator

This concludes our question and answer session. I would like to turn the conference back over to James Hayward for any closing remarks.

Speaker 3

Thank you so much. Well, thank you all for joining us today. Before I conclude the call, I'd like to take an opportunity to say on behalf of all of Applied DNA That we were privileged to assist the City University of New York in keeping their community safe, which was really a success as judged both by the notes of gratitude we received from the administration, including Hector Batista, the Executive Chancellor, Vice Chancellor and COO, who stated, Your tools and practical solutions empowered the university with real time data to make informed decisions that in turn kept our community safe. From the beginning of the pandemic, we recognized the importance of following the science And Applied DNA was instrumental to helping us uphold that principle. But it's also noteworthy to recognize that throughout the course of our contract, CUNY positivity rates remained at a fraction of the surrounding boroughs.

Speaker 3

Well, thank you again and we look forward to updating you on our progress on our fiscal Q4 year end. Thank you very much and have a good evening.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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Key Takeaways

  • In Q3, Applied DNA reported $2.9 million in revenue, down from $4.3 million a year ago, yet improved its gross profit margin to 44% from 24% due to tighter expense management and a higher mix of margin-accretive COVID-19 surveillance testing.
  • As of June 30, cash and equivalents were $10.8 million with an average monthly cash burn of $495 thousand, but the company now forecasts a post-CUNY burn rate of about $1 million per month and disclosed substantial doubt about its going concern.
  • The acquisition of Spindle Biotech and launch of the Linea IVT platform integrates a proprietary fusion RNA polymerase with linear DNA templates, addressing plasmid-based workflows and dsRNA contamination while expanding the mRNA total addressable market about fourfold.
  • Applied DNA is accelerating its cGMP production capacity to meet clinical and commercial linear DNA demand, and it has engaged the highest number of evaluation customers to date, ranging from preclinical biotechs and CDMOs to large pharma.
  • Beyond therapeutics, the company delivered its largest linear DNA contract to date for diagnostic assays, is developing new applications (e.g., heavy-metal water testing), and continues to build its UFLPA supply-chain authenticity business with over 50 customers and ~$1 million in DNA-tagging prospects.
A.I. generated. May contain errors.
Earnings Conference Call
Applied DNA Sciences Q3 2023
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