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1. Company Snapshot

1.a. Company Description

Dyadic International, Inc., a biotechnology platform company, develops, produces, and sells enzymes and other proteins in the United States.The company utilizes its patented and proprietary C1 platform and other technologies to conduct research, development, and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles and antigens, monoclonal antibodies, bi/tri-specific antibodies, fab antibody fragments, Fc-fusion proteins, biosimilars and/or biobetters, and other therapeutic enzymes and proteins.It offers DYAI-100, SARS-CoV-2-RBD antigen vaccine candidate towards a first-in-human Phase 1 clinical trial, is to validate to serve as proof of concept for the development of next generation multivariant COVID-19 vaccine candidates.


The company has a research and development agreement with VTT Technical Research Centre of Finland, Ltd.; strategic research services agreement with Biotechnology Developments for Industry in Pharmaceuticals, S.L.U.; and collaboration with Syngene International Limited.Dyadic International, Inc.was founded in 1979 and is headquartered in Jupiter, Florida.

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1.b. Last Insights on DYAI

Dyadic International's recent performance was hindered by a lack of concrete commercialization milestones for its Dapibus and C1 microbial protein production platforms. The company's failure to provide a clear timeline for the commercialization of these platforms has led to investor skepticism. Furthermore, the absence of any significant partnerships or collaborations in the recent quarter has also contributed to the negative sentiment. Additionally, the company's guidance for the upcoming quarter was not provided, which has added to the uncertainty surrounding its future prospects.

1.c. Company Highlights

2. Dyadic International: From Development to Commercialization

Dyadic International, Inc. posted a revenue decline to $3.09 million in 2025, down from $3.50 million, while reporting a diluted loss of $0.06 per share versus an estimate of $0.03. The company’s P/E ratio sits at –3.88, and its P/S ratio is 10.32, reflecting the transitional nature of its earnings. Despite the dip, grant inflows rose sharply, and cash balances climbed to $8.60 million, positioning the firm for a disciplined 2026 cash strategy.

Publication Date: Apr -20

📋 Highlights

Revenue Decline & Grant Upswing

The $400,000 revenue drop stems mainly from lower R&D collaboration and licensing activity. A $1.86 million uptick in Gates Foundation and CEPI grants offsets part of this loss, underscoring Dyadic’s growing presence in public‑sector funding streams and its pivot toward grant‑driven growth.

Life Sciences Commercialization

Dyadic’s life sciences arm now sells recombinant animal‑free proteins for cell culture and molecular biology. The corporate rebrand, CRISPR licensing, and Fermox manufacturing partnership have enabled early product launches, boosting market traction and setting the stage for recurring revenue streams.

Food & Nutrition Advances

In collaboration with RigBio, Dyadic is developing animal‑free bovine alpha‑lactalbumin for global nutrition markets. This partnership expands the company’s footprint beyond biopharma, tapping a growing demand for animal‑free proteins in the food sector and diversifying its product pipeline.

Bioindustrial Collaboration

The firm deepened ties with Fermox Bio, securing commercial‑scale manufacturing access. This move not only supports existing product lines but also unlocks new bioindustrial opportunities, positioning Dyadic to capture larger share of the synthetic biology market.

Cash Position & Capital Discipline

With $8.60 million in liquid assets and an ATM facility for flexibility, Dyadic plans disciplined cash usage in 2026. Priorities include high‑impact R&D, grant‑funded initiatives, and scaling product revenues, ensuring a runway into 2027 without immediate dilution.

Strategic Partnerships & Pricing

Dyadic’s partner‑led programs benefit from upfront license fees that vary by product maturity. Distribution agreements provide margin control, while partner‑led pricing remains market‑driven. The company’s focus on partner capabilities—sales teams, ground presence—enhances its commercial reach.

Road to Breakeven & Growth Outlook

Dyadic does not yet have a breakeven timeline but aims for rapid profitability through smart decisions. With animal‑free proteins in high demand, regulatory momentum, and on‑shoring efficiencies, the firm expects 100.4% revenue growth in 2026, driven by repeat orders and expanding recurring revenue bases.

3. NewsRoom

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Dyadic to Report Q1 2026 Financial Results and Host Conference Call on Wednesday May 13, 2026

Apr -29

Source: globenewswire.com

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Dyadic International, Inc. (DYAI) Q4 2025 Earnings Call Transcript

Mar -26

Source: seekingalpha.com

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Dyadic Announces 2025 Financial Results and Highlights Recent Company Progress

Mar -25

Source: globenewswire.com

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Dyadic Applied BioSolutions Announces Commercial Distribution Partnership with IBT Bioservices

Mar -16

Source: globenewswire.com

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Dyadic to Report 2025 Full Year Financial Results and Host Conference Call on Wednesday, March 25, 2026

Mar -11

Source: globenewswire.com

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Dyadic and Fermbox Bio Launch First Product Under Expanded Collaboration: Animal-Origin-Free Recombinant DNase I (RNase-Free)

Mar -04

Source: globenewswire.com

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Dyadic Applied BioSolutions and Inzymes ApS Announce Planned 2026 Commercialization of Non-Animal Dairy Enzyme Following Achievement of Development Milestone

Mar -02

Source: globenewswire.com

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Dyadic Applied BioSolutions and Proliant Health & Biologicals Announce Commercial Launch of Recombinant Human Albumin

Feb -17

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Industrial Enzymes and Other Proteins

Expected Growth: 8.97%

Dyadic International's Industrial Enzymes and Other Proteins segment growth of 8.97% is driven by increasing demand for sustainable and eco-friendly products, growing adoption in pharmaceutical and biotechnology industries, and rising need for efficient biocatalysts in various industries such as food, feed, and biofuels.

7. Detailed Products

C1 Expression System

A versatile and efficient protein expression system for the production of recombinant proteins, vaccines, and biosimilars.

C1 Fungal Expression System

A fungal-based expression system for the production of recombinant proteins, enzymes, and other biomolecules.

Dyadic's Microbial Expression System

A microbial-based expression system for the production of recombinant proteins, vaccines, and biosimilars.

Fungal Strains

A collection of fungal strains for use in various biotechnological applications.

Gene Expression Kits

A range of gene expression kits for use in various biotechnological applications.

8. Dyadic International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Dyadic International, Inc. has a moderate threat of substitutes due to the availability of alternative products and services in the biotechnology industry.

Bargaining Power Of Customers

Dyadic International, Inc. has a low bargaining power of customers due to the specialized nature of its products and services, which limits customer switching.

Bargaining Power Of Suppliers

Dyadic International, Inc. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and services.

Threat Of New Entrants

Dyadic International, Inc. has a high threat of new entrants due to the attractiveness of the biotechnology industry and the relatively low barriers to entry.

Intensity Of Rivalry

Dyadic International, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.28%
Debt Cost 3.95%
Equity Weight 97.72%
Equity Cost 7.08%
WACC 7.01%
Leverage 2.33%

11. Quality Control: Dyadic International, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
scPharma

A-Score: 5.1/10

Value: 8.2

Growth: 4.8

Quality: 4.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Synlogic

A-Score: 4.3/10

Value: 7.3

Growth: 5.6

Quality: 2.5

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Dyadic International

A-Score: 3.5/10

Value: 8.2

Growth: 5.0

Quality: 4.6

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Genelux

A-Score: 3.3/10

Value: 6.2

Growth: 4.3

Quality: 3.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Mersana Therapeutics

A-Score: 3.2/10

Value: 8.4

Growth: 4.8

Quality: 5.5

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
GlycoMimetics

A-Score: 2.8/10

Value: 6.0

Growth: 4.4

Quality: 3.8

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.79$

Current Price

0.79$

Potential

-0.00%

Expected Cash-Flows