Dyadic International Q3 revenue falls 61.4% to $449K
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Dyadic International, Inc. (DYAI) reported third-quarter 2026 revenue of $449,101, down 61.4% from $1,164,617 a year earlier, as grant and research and development revenue fell. Operating loss narrowed 5.9% to $1,812,365; net loss was $1,357,041, or $0.04 per share, versus $1,976,012, or $0.06, in 2025. Other income included a $545,527 noncash gain from the change in fair value of warrant liability. Cash, cash equivalents, restricted cash and investment securities, including accrued interest, totaled $6,046,083 at September 30, 2026, compared with $8,587,289 at December 31, 2025.
Dyadic recorded its first direct commercial protein sales, described as not material, and expects a $225,000 milestone payment from Inzymes for a camel chymosin commercial-sale milestone, with revenue recognition expected in the fourth quarter of 2026. The Gates Medical Research Institute began animal studies in October comparing C1-produced RSV and malaria antibodies with GMP CHO-produced counterparts; results are anticipated in the first quarter of 2027. Management cited substantial doubt about Dyadic’s ability to continue as a going concern for the 12 months following November 12, 2026, and said it is evaluating financing alternatives and other opportunities.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointOperating loss narrowed 5.9% to $1,812,365 in the third quarter.
Negative
- Major pointManagement cited substantial doubt about Dyadic’s ability to continue as a going concern for the 12 months following November 12, 2026.
- Moderate pointRevenue declined 61.4% to $449,101 in the third quarter.
Filing Explained
Dyadic’s balance sheet lists 40,091,203 common shares outstanding at
8-K Event Classification
Key Figures
Key Terms
recombinant proteins medical
Dapibus production strain technical
warrant liability financial
pharmacokinetics medical
GMP CHO-produced medical
human-like glycosylation profiles medical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was DYAI’s third-quarter 2026 revenue and net loss?
Why did DYAI revenue decline in the third quarter of 2026?
What production yields did DYAI report for its Gates Foundation antibody program?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2026, Dyadic International, Inc. (“Dyadic”) issued a press release announcing its results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. Such information shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit Number | Description | |
| 99.1 | Press release issued by Dyadic International, Inc., dated November 12, 2026. | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DYADIC INTERNATIONAL, INC. | ||
| Date: November 13, 2026 | By: | /s/ Mark A. Emalfarb |
| Mark A. Emalfarb | ||
| Chief Executive Officer | ||
Exhibit 99.1
DYADIC
ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS
Advances Commercialization, Expands Strategic Partnerships and Accelerates Biopharmaceutical Platform Validation
Dyadic
to host earnings call
JUPITER, FL — November 12, 2026 — Dyadic International, Inc. (NASDAQ: DYAI), doing business as Dyadic Applied BioSolutions (the “Company” or “Dyadic”), a biotechnology company developing and commercializing precision-engineered, animal-free recombinant proteins and enzymes, today reported financial results for the third quarter ended September 30, 2026. Highlights included the Company’s first direct commercial protein sales, broader third-party distribution, additional partner-commercialized products, new strategic development opportunities and progress across its C1 and Dapibus™ production platforms.
“During
the third quarter, we reached a key commercialization milestone for our animal-free protein portfolio, advancing market adoption through
initial product sales and growing customer engagement across the food, life sciences, and biopharmaceutical sectors,” said Joe
Hazelton, President and Chief Operating Officer. “While early sales remain modest and evaluation timelines are longer than anticipated,
we are seeing increased sampling requests—particularly for transferrin—as we convert initial qualifications into
“Concurrently,
partner-led commercialization is building momentum. Proliant is expanding promotion for C1-produced AlbuFree™ DX with additional
products planned, Inzymes commercialized a second Dapibus-produced chymosin, and our alpha-lactalbumin collaborations are moving toward
commercial-scale supply. Looking ahead, we are
Recent Company Developments
Commercial Products & Market Adoption
First
Direct Commercial Product Sales: During the third quarter, Dyadic recorded its first direct commercial product sales, primarily of
recombinant transferrin and DNase I. Although initial sales were not material
Expanded OEM Distribution: Integrated Biotherapeutics (IBT Bioservices) launched an initial portfolio of six Dyadic-produced research-use-only recombinant protein products through its distribution network. The companies are evaluating additional offerings, extending Dyadic’s potential reach across research, diagnostics, reagent and cell culture applications.
Growing Customer Engagement: Sampling requests and customer evaluations increased for human and bovine transferrin and other recombinant proteins. Dyadic is supporting customer testing and qualification with the objective of converting these engagements into repeat purchases and sustained product demand.
Proliant
AlbuFree™ Product Commercialization and Expansion: Proliant Health & Biologicals continued commercial promotion of AlbuFree™
DX, an animal-free recombinant human serum albumin produced using Dyadic’s C1 platform, including performance data relevant to
diagnostic assay blocking and protein stabilization. Proliant also presented analytical research reporting high purity, low endotoxin
levels and molecular characteristics resembling native human serum albumin. In addition, Proliant outlined planned additions to the
Second Commercial Chymosin Demonstrates Dapibus™ Versatility: In November 2026, Inzymes reported that the first commercial sale of the Company’s second chymosin product, camel chymosin produced with the Company’s Dapibus™ production strain, occurred in October 2026, achieving the first-commercial-sale milestone under the Inzymes agreement. The Company expects to receive the $225,000 milestone payment and recognize it as revenue in the fourth quarter of 2026.
Strategic Partnerships, Licensing & Product Development
Advancing Alpha-Lactalbumin Toward Commercialization: Advanced collaboration activities with BRIG BIO and Strive Nutrition to develop, scale and potentially commercialize Dapibus-produced bovine alpha-lactalbumin for next-generation nutrition products. The participants bring complementary protein development, manufacturing, regulatory and commercialization capabilities intended to support economically competitive commercial-scale production.
Expanding
Strategic Licensing Opportunities: Continued discussions with
Broader Nutrition Protein Portfolio: Initiated development of recombinant bovine lactoferrin, complementing the Company’s human lactoferrin and alpha-lactalbumin programs and extending its portfolio of animal-free nutritional and functional proteins.
C1 Biopharmaceutical Platform – Advancing Global Vaccine and Antibody Programs
Rapid
Biologics Development: Demonstrated C1’s rapid development capabilities by producing and purifying two Scripps Research-designed
Bundibugyo ebolavirus antigens in approximately 15 days from plasmid to C-tag-purified protein. Dyadic also demonstrated the development
of a clonal C1 production strain and production of a Protein A-purified monoclonal antibody in approximately seven weeks.
Gates
Foundation Programs Advance to Animal Studies: Under its approximately $3.1 million Gates Foundation-funded program, Dyadic achieved
production yields of approximately 12.1 g/L for RSV monoclonal antibody RSM01 and 13.2 g/L for malaria monoclonal antibody MAM01 in seven-day
fermentation runs. Independent laboratory evaluations included binding studies of both C1-produced antibodies conducted by Duke University
and neutralization testing of RSM01 conducted by IQVIA. Following quarter-end, the Gates Medical Research Institute initiated preclinical
animal studies in October 2026 to evaluate the pharmacokinetics of the C1-produced RSV and malaria antibodies through direct, head-to-head
comparisons with their respective GMP CHO-produced counterparts. Results are anticipated in the first quarter of 2027. These studies
aim to generate additional comparative preclinical data to support the antibodies’ continued advancement toward potential clinical
development.
Accelerating
C1 Biopharmaceutical Validation and Adoption: Continued to advance multiple vaccine and monoclonal antibody programs through preclinical
development, including ongoing animal studies evaluating ebolavirus and other vaccine candidates conducted in collaboration with Fondazione
Biotecnopolo di Siena (FBS) and the European Vaccines Hub (EVH). Dyadic also continued advancing programs with Scripps Research, CEPI,
NIAID/NIH, the University of Oxford, Wits University, the Israel Institute for Biological Research and other collaborators, including
participation in the €170 million European Vaccines Hub initiative (representing total initiative funding, not funding awarded to
Dyadic). These ongoing studies and collaborations are expected to generate additional preclinical and technical data to further validate
C1’s capabilities and support broader adoption of the platform for biopharmaceutical applications addressing infectious and other
diseases. Collectively,
Financial Highlights
Cash Position: As of September 30, 2026, cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including accrued interest, were $6,046,083 compared to $8,587,289 as of December 31, 2025.
Revenue: Total revenue for the three months ended September 30, 2026, was $449,101, representing a decrease of $715,516 or 61.4% compared to $1,164,617 for the three months ended September 30, 2025. The decrease was driven by a $538,199 decrease in grant revenue from lower activities under the Gates Foundation and CEPI grants and a $187,728 decrease in research and development revenue resulting from the completion of several collaboration projects in the prior-year period, partially offset by a $10,411 increase in license fee revenue.
Cost
of Revenue: Total cost of revenue for the three months ended September 30, 2026 was $375,115, representing a decrease of $648,888
or 63.4% compared to $1,024,003 for the three months ended September 30, 2025. The decrease was due to a $503,610 decrease in cost of
grant revenue from lower activities under the Gates
R&D Expenses: Research and development expenses for the three months ended September 30, 2026 were $429,945, a decrease of $141,927 or 24.8% compared to $571,872 for the same period in 2025. The decrease was primarily due to a $199,105 decrease in third-party contract research services resulting from a reduction in the number of active internal research initiatives, partially offset by a $57,178 increase in personnel costs and other costs.
G&A
Expenses: General and administrative expenses for the three months ended September 30, 2026 were $1,450,750, a decrease of $30,606
or 2.1%, compared to $1,481,356 for the same period in 2025. The decrease was primarily due to lower legal and professional expenses
of $166,541, partially offset by higher outside business development services
Loss from Operations: Loss from operations for the three months ended September 30, 2026 was $1,812,365, a decrease of $113,004 or 5.9%, compared to $1,925,369 for the same period in 2025. The decrease was largely attributable to lower total cost of revenue of $648,888, lower research and development expenses of $141,927, and lower general and administrative expenses of $30,606, partially offset by lower total revenue of $715,516.
Other Income (Expenses), Net: For the three months ended September 30, 2026, total other income, net, was $455,324, compared to total other expenses, net, of $50,643 for the same period in 2025. The change was primarily due to a $545,527 non-cash gain from the change in fair value of the warrant liability, net of $388,702 of issuance costs allocated to the warrant liability, partially offset by lower interest income of $44,140.
Net Loss: Net loss for the three months ended September 30, 2026 was $1,357,041 or $(0.04) per share, compared to $1,976,012 or $(0.06) per share for the same period a year ago.
Conference Call Information
Date: Thursday, November 12, 2026
Time: 5:00 p.m. Eastern Time
Dial-in numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274
Conference ID: 13761286
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IKih8Wc8
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, and management’s related conclusion that
there is substantial doubt about our ability to continue as a going concern for the 12 months following
Contact:
Dyadic International, Inc.
Ping Rawson
Chief Financial Officer
Phone: (561) 743-8333
Email: ir@dyadic.com
DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||||
| Research and development revenue | $ | 162,318 | $ | 350,046 | $ | 689,794 | $ | 746,595 | ||||||||
| Grant revenue | 276,372 | 814,571 | 1,600,990 | 1,528,224 | ||||||||||||
| License and milestone revenue | 10,411 | — | 230,411 | 250,000 | ||||||||||||
| Total revenue | 449,101 | 1,164,617 | 2,521,195 | 2,524,819 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of research and development revenue | 109,475 | 254,753 | 572,954 | 529,690 | ||||||||||||
| Costs of grant revenue | 265,640 | 769,250 | 1,578,166 | 1,405,562 | ||||||||||||
| Research and development | 429,945 | 571,872 | 1,238,635 | 1,696,230 | ||||||||||||
| General and administrative | 1,450,750 | 1,481,356 | 4,895,944 | 4,514,324 | ||||||||||||
| Foreign currency exchange (gain) loss, net | 5,656 | 12,755 | 4,758 | 35,925 | ||||||||||||
| Total costs and expenses | 2,261,466 | 3,089,986 | 8,290,457 | 8,181,731 | ||||||||||||
| Loss from operations | (1,812,365 | ) | (1,925,369 | ) | (5,769,262 | ) | (5,656,912 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 19,327 | 63,467 | 116,223 | 201,052 | ||||||||||||
| Interest expense | (64,556 | ) | (85,934 | ) | (193,377 | ) | (264,633 | ) | ||||||||
| Interest expense - related party | (44,974 | ) | (28,176 | ) | (134,719 | ) | (76,872 | ) | ||||||||
| Change in fair value of warrant liability, net of issuance costs of $388,702 | 545,527 | — | 545,527 | — | ||||||||||||
| Total other income (expense), net | 455,324 | (50,643 | ) | 333,654 | (140,453 | ) | ||||||||||
| Net loss | $ | (1,357,041 | ) | $ | (1,976,012 | ) | $ | (5,435,608 | ) | $ | (5,797,365 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.15 | ) | $ | (0.18 | |||||
| Basic and diluted weighted-average common shares outstanding | 38,291,651 | 34,081,115 | 37,049,720 | 31,423,446 | ||||||||||||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2026.
DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,926,803 | $ | 4,622,331 | ||||
| Short-term investment securities | 646,987 | 2,698,661 | ||||||
| Restricted cash | 1,464,821 | 1,231,168 | ||||||
| Interest receivable | 7,472 | 35,129 | ||||||
| Accounts receivable | 1,523,052 | 1,090,297 | ||||||
| Prepaid expenses and other current assets | 299,162 | 219,067 | ||||||
| Total current assets | 7,868,297 | 9,896,653 | ||||||
| Non-current assets: | ||||||||
| Operating lease right-of-use asset, net | 55,627 | 38,535 | ||||||
| Other assets | 9,750 | 10,537 | ||||||
| Total assets | $ | 7,933,674 | $ | 9,945,725 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,522,210 | $ | 852,024 | ||||
| Accrued expenses | 1,389,740 | 967,974 | ||||||
| Deferred research and development obligations | 1,584,920 | 1,730,852 | ||||||
| Operating lease liability | 50,536 | 34,621 | ||||||
| Accrued interest | 60,000 | 60,000 | ||||||
| Accrued interest - related party | 41,800 | 41,800 | ||||||
| Total current liabilities | 4,649,206 | 3,687,271 | ||||||
| Non-current liabilities: | ||||||||
| Convertible notes, net of issuance costs | 2,975,681 | 2,962,304 | ||||||
| Convertible notes, net of issuance costs - related party | 2,073,059 | 2,063,740 | ||||||
| Warrant liability | 813,424 | — | ||||||
| Total liabilities | 10,511,370 | 8,713,315 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $.0001 par value: | ||||||||
| Authorized shares - 5,000,000; none issued and outstanding | — | — | ||||||
| Common stock, $.001 par value: | ||||||||
| Authorized shares - 100,000,000; issued shares - 52,344,705 and 48,441,300, outstanding shares - 40,091,203 and 36,187,798 as of September 30, 2026, and December 31, 2025, respectively | 52,345 | 48,442 | ||||||
| Additional paid-in capital | 115,186,590 | 113,564,991 | ||||||
| Treasury stock, shares held at cost - 12,253,502 | (18,929,915 | ) | (18,929,915 | ) | ||||
| Accumulated deficit | (98,886,716 | ) | (93,451,108 | ) | ||||
| Total stockholders’ (deficit) equity | (2,577,696 | ) | 1,232,410 | |||||
| Total liabilities and stockholders’ equity | $ | 7,933,674 | $ | 9,945,725 | ||||
See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2026.