- Received initial purchase orders for recombinant bovine transferrin from customers in the cultivated meat industry
- Commercial launch of AlbuFree™ DX recombinant human albumin by
Proliant Health & Biologicals using Dyadic’s production platform, with Dyadic eligible to receive a share of profits from product sales - Expanded strategic collaboration with Fermbox Bio, including the launch of animal-origin-free recombinant DNase I (RNase-free) as the first commercialized product under the expanded partnership, while advancing scale-up and commercialization activities for additional recombinant products, including transferrin
- Signed an OEM distribution agreement with IBT Bioservices to commercialize Dyadic’s recombinant products, with initial product quantities completed for shipment to support commercialization through IBT’s global distribution channels
- Entered a development and commercialization agreement with BRIG Bio to produce animal-free bovine alpha-lactalbumin for global nutrition markets, which includes funded development, milestones, and potential revenue participation
- Continued advancement of
Gates Foundation -supported RSV and malaria antibody programs and the CEPI/FBS H5 avian influenza program, leveraging AI-enabled target development and generating additional validation of Dyadic’s C1 platform - Cash, cash equivalents, restricted cash and investment grade securities of approximately
$6.6 million as ofMarch 31, 2026 - Dyadic to host an earnings call today at
5:00 pm ET
“Throughout 2025 and into early 2026, we remained focused on transforming Dyadic into a commercially driven organization by leveraging our proprietary microbial production platforms to bring animal-free recombinant proteins and enzymes to market, both independently and through strategic partnerships,” said
Recent Company Developments and Updates
Life Sciences
- Recombinant Serum Albumin (AlbuFree™ DX): In
February 2026 ,Proliant Health and Biologicals announced the commercial launch of AlbuFree™ DX recombinant human albumin, produced using Dyadic’s production platform. Dyadic is entitled to a share of profits from commercial sales. - OEM Distribution Agreement with IBT Bioservices: In
March 2026 , Dyadic entered into an OEM distribution agreement with IBT Bioservices to support commercialization of multiple recombinant proteins and enzymes through IBT’s global distribution channels. Initial product quantities, including DNase I and transferrin, have been completed and shipped to support channel commercialization activities. - DNase-1 (RNase-free): Dyadic completed production validation of recombinant DNase I and, together with Fermbox Bio, commercially launched DNase I (RNase-free) as the first product under their expanded collaboration.
- Recombinant Transferrin and Growth Factors: Dyadic continues advancing its animal-free transferrin and fibroblast growth factor (FGF) products for use in cell culture media, diagnostics, and research, with expanded customer interest and sampling activity for recombinant bovine transferrin within the cultivated meat industry.
- Reagent Proteins and Nucleic Acid Enzymes: Dyadic continues advancing a portfolio of enzymes for DNA and RNA manipulation, including RNase inhibitors and T7 RNA polymerase.
Food and Nutrition
- Alpha-Lactalbumin: In
December 2025 , Dyadic signed a development and commercialization agreement with BRIG Bio to create recombinant bovine alpha-lactalbumin for global nutrition markets. Product development activities have been initiated, including initial product quality and application testing, with customer sampling activities expected to begin in mid-2026. - Human Lactoferrin: Dyadic has established a stable cell line for recombinant human lactoferrin production and is continuing optimization and characterization efforts supporting future nutrition applications.
- Non-Animal Dairy Enzymes: Dyadic’s partner Inzymes has commercialized recombinant non-animal bovine chymosin following achievement of development milestones under its agreement with Dyadic.
- Food and Nutrition Pipeline Expansion: Dyadic anticipates broadening both partner-led and internal development programs focused on non-animal dairy proteins, selected food and nutrition enzymes, and related baking and brewing enzyme applications.
Bio-Industrial Products
- Expanded Fermbox Bio Collaboration: Dyadic expanded its collaboration with Fermbox Bio to support the development and manufacturing of animal-free recombinant proteins and enzymes across life sciences, food and nutrition, and bio-industrial markets.
- EN3ZYME™ Platform: Fermbox Bio previously launched EN3ZYME™, an enzyme cocktail produced using the Dapibus™ platform that converts agricultural residues into fermentable cellulosic sugars and fulfilled its first large scale order in 2025, with sampling activity now extending into the
Asia Pacific region.
Biopharmaceutical Programs
Gates Foundation -supported RSV and malaria monoclonal antibody programs and the CEPI/Fondazione Biotecnopolo di Siena (“FBS”) H5 avian influenza antigen program continued to advance toward preclinical evaluation, with C1-produced antigens and antibodies expressed at high yields while demonstrating binding and neutralization profiles virtually identical to CHO-derived clinical reference materials.- Collaborative development activities with Fondazione Biotecnopolo di Siena (“FBS”) continue to demonstrate rapid antigen development timelines and the ability to progress from receipt of a codon-optimized plasmid to purified recombinant antigen candidates within weeks, while multiple preclinical animal studies evaluating C1-produced H5 (avian influenza), RSV and malaria antigens were initiated, with initial data readouts demonstrating high levels of neutralizing antibodies.
Corporate Development
- Expanding Commercial Efforts in
Asia andEurope : Dyadic expanded its engagement with Intralink to includeEurope in addition toJapan andSouth Korea , supporting broader commercial development activities and market entry initiatives for Dyadic’s animal-free proteins. - Commercial Scale-Up Activities: Together with Fermbox Bio and other manufacturing partners, Dyadic continues scaling production capabilities for multiple recombinant proteins and enzymes, including transferrin and additional commercial-stage products, to support broader market launch activities and channel expansion.
- Expanding Commercial Partnerships and Distribution Channels: Dyadic continues prioritizing relationships with manufacturing, supply chain, and distribution partners to support commercialization and broaden market access for its growing portfolio of recombinant proteins and enzymes.
- Commercialization and Channel Expansion Strategy: Dyadic is focused on increasing product availability through both direct and partner-led commercialization efforts, including OEM distribution, regional business development partnerships, and strategic manufacturing collaborations designed to support long-term recurring product revenue opportunities.
Financial Highlights
Cash Position: As of
Revenue: Total revenue for the three months ended
Cost of Revenue: Total cost of revenue for the three months ended
R&D Expenses: Research and development expenses for the three months ended
G&A Expenses: General and administrative expenses for the three months ended
Loss from Operations: Loss from operations for the three months ended
Net Loss: Net loss for the three months ended
Conference Call Information
Date:
Time:
Dial-in numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274
Conference ID:13759380
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qVNgtGJ6
An archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations section of the Company’s website at www.dyadic.com. To access the replay of the webcast, please follow the webcast link above.
About Dyadic Applied BioSolutions
Dyadic Applied BioSolutions is a global biotechnology company that uses its proprietary microbial platforms to produce recombinant proteins that are sold or licensed to partners across the life sciences, food and nutrition, and bio-industrial markets. These high-quality proteins are designed to enable customers to develop more efficient, scalable, and sustainable products. Dyadic’s Dapibus™ and C1 expression systems support flexible, cost-effective manufacturing, and are the foundation of a growing portfolio of commercial and partnered programs.
For more information, please visit http://www.dyadic.com.
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Forward-looking statements generally can be identified by use of the words “expect,” “should,” intend,” anticipate,” “will,” “project,” “may,” “might,” “potential,” or “continue” or other similar terms or variations of them. Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic’s control. These factors include, but are not limited to, the following: (i) our history of net losses; (ii) market and regulatory acceptance of our microbial protein production platforms and other technologies; (iii) failure to commercialize our microbial protein production platforms or our other technologies; (iv) competition, including from alternative technologies; (v) the results of nonclinical studies and clinical trials; (vi) our capital needs; (vii) changes in global economic and financial conditions; (viii) our reliance on information technology; (ix) our dependence on third parties; (x) government regulations and environmental, social and governance issues; (xi) intellectual property risks; and (xii) our ability to comply with the listing standards of the
Contact:
Chief Financial Officer
Phone: (561) 743-8333
Email: ir@dyadic.com
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| Three months ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue: | ||||||||
| Research and development revenue | $ | 403,590 | $ | 183,100 | ||||
| Grant revenue | 487,366 | 210,472 | ||||||
| License and milestone revenue | 220,000 | — | ||||||
| Total revenue | 1,110,956 | 393,572 | ||||||
| Costs and expenses: | ||||||||
| Cost of research and development revenue | 340,157 | 126,480 | ||||||
| Cost of grant revenue | 451,683 | 171,178 | ||||||
| Research and development | 476,069 | 494,979 | ||||||
| General and administrative | 1,755,331 | 1,596,338 | ||||||
| Foreign currency exchange (gain) loss | (9,591 | ) | 7,072 | |||||
| Total costs and expenses | 3,013,649 | 2,396,047 | ||||||
| Loss from operations | (1,902,693 | ) | (2,002,475 | ) | ||||
| Other income (expense): | ||||||||
| Interest income | 57,191 | 88,458 | ||||||
| Interest expense | (64,342 | ) | (89,243 | ) | ||||
| Interest expense - related party | (44,839 | ) | (24,319 | ) | ||||
| Total other income (expense), net | (51,990 | ) | (25,104 | ) | ||||
| Net loss | $ | (1,954,683 | ) | $ | (2,027,579 | ) | ||
| Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.07 | ) | ||
| Basic and diluted weighted-average common shares outstanding | 36,397,997 | 29,886,665 | ||||||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Annual Report on Form 10-Q filed with the Securities and Exchange Commission on
CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,247,269 | $ | 4,622,331 | ||||
| Short-term investment securities | 1,361,043 | 2,698,661 | ||||||
| Restricted cash | 908,459 | 1,231,168 | ||||||
| Interest receivable | 12,423 | 35,129 | ||||||
| Accounts receivable | 996,464 | 1,090,297 | ||||||
| Prepaid expenses and other current assets | 174,238 | 219,067 | ||||||
| Total current assets | 7,699,896 | 9,896,653 | ||||||
| Non-current assets: | ||||||||
| Long-term investment securities | 74,812 | — | ||||||
| Operating lease right-of-use asset, net | 24,354 | 38,535 | ||||||
| Other assets | 10,511 | 10,537 | ||||||
| Total assets | $ | 7,809,573 | $ | 9,945,725 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,060,092 | $ | 852,024 | ||||
| Accrued expenses | 891,420 | 967,974 | ||||||
| Deferred research and development obligations | 1,110,570 | 1,730,852 | ||||||
| Operating lease liability | 19,998 | 34,621 | ||||||
| Accrued interest | 60,000 | 60,000 | ||||||
| Accrued interest - related party | 41,800 | 41,800 | ||||||
| Total current liabilities | 3,183,880 | 3,687,271 | ||||||
| Non-current liabilities: | ||||||||
| Convertible notes, net of issuance costs | 2,966,646 | 2,962,304 | ||||||
| Convertible notes, net of issuance costs - related party | 2,066,779 | 2,063,740 | ||||||
| Total liabilities | 8,217,305 | 8,713,315 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | ||||||||
| Authorized shares - 5,000,000; none issued and outstanding | — | — | ||||||
| Common stock, | ||||||||
| Authorized shares - 100,000,000; issued shares - 48,692,205 and 48,441,300, outstanding shares - 36,438,703 and 36,187,798 as of | 48,693 | 48,442 | ||||||
| Additional paid-in capital | 113,879,281 | 113,564,991 | ||||||
| (18,929,915 | ) | (18,929,915 | ) | |||||
| Accumulated deficit | (95,405,791 | ) | (93,451,108 | ) | ||||
| Total stockholders’ equity | (407,732 | ) | 1,232,410 | |||||
| Total liabilities and stockholders’ equity | $ | 7,809,573 | $ | 9,945,725 | ||||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Annual Report on Form 10-Q filed with the Securities and Exchange Commission on
