License fee revenue for the six months decreased $5.0 million as no license fee contracts were signed in the first half of 2014. In Q2 2013, we entered into a license agreement with BASF which had a $5.0 million upfront license fee.
Research and development revenue for the six months increased 56% to $1.1 million compared to $725,000 for 2013. The increase was due in part to several projects meeting certain milestone targets and objectives sooner than originally anticipated. Additionally, a number of projects accounted for on the completed contract basis, met their technological milestones and deliverables.
Total revenue for the six months decreased $3.6 million to $6.0 million compared to $9.6 million for the same period last year. The decrease in license fee revenue of $5.0 million previously discussed was offset by increases in product related revenue of $1.1 million and research and development revenue of $405,000 for the six months ended June 30, 2014.
Gross profit for the six months decreased to $1.9 million compared to $5.7 million for the same period a year ago. The decrease came primarily from the decrease in license fee revenue of $5.0 million and the related margin that a license transaction would recognize. Excluding the effects of the decrease in license fee revenues, gross profit for the six months ended June 30th increased from 14% in 2013 to 32% for the six months ended June 30, 2014. The increase was due to a combination of higher fermentation and recovery yi
|SOURCE Dyadic International, Inc.|
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