Dyadic International (NASDAQ: DYAI) reports Q2 2026 loss, shrinking cash and going concern risk
Rhea-AI Filing Summary
Dyadic International reported second-quarter 2026 results, combining growing commercial activity with mounting financial pressure. Total revenue was $961,138 for the quarter ended June 30, 2026, slightly below $966,630 a year earlier, as higher grant revenue of $837,252 offset lower research and development and milestone revenue. Cost of revenue rose to $984,165, driven mainly by CEPI and Gates Foundation grant activity, resulting in a negative gross margin.
Operating expenses shifted, with research and development expenses reduced to $332,621 from $629,379, while general and administrative costs increased to $1,689,863, reflecting rebranding, business development, legal and accounting spending. Loss from operations widened to $2,054,204, and net loss was $2,123,884, or $(0.06) per share, compared with $1,793,774, or $(0.06) per share, a year earlier.
Liquidity and balance sheet indicators weakened. As of June 30, 2026, cash, cash equivalents, restricted cash and investment-grade securities totaled $4,794,798, down from $8,587,289 as of December 31, 2025. Total assets were $6,536,531 against total liabilities of $8,923,775, and stockholders’ equity moved to a deficit of $(2,387,244). The company states management has concluded there is substantial doubt about its ability to continue as a going concern for the 12 months following June 30, 2026, and notes potential dilutive capital raises as a risk. Dyadic also highlights progress in commercial shipments, OEM distribution, precision-fermented dairy partnerships, and global health collaborations using its C1 expression system.
Positive
- Grant revenue increased to $837,252 for Q2 2026 from $503,181 a year earlier, reflecting expanded activity under CEPI and Gates Foundation grants.
- Research and development expenses fell to $332,621 from $629,379, reducing cash burn as the company narrowed internal research initiatives.
- The company reports advancing commercial shipments and product launches across recombinant proteins, OEM distribution, and precision-fermented dairy programs, creating more potential licensing and royalty streams.
Negative
- Management concludes there is substantial doubt about the company’s ability to continue as a going concern for the 12 months following June 30, 2026.
- Cash, cash equivalents, restricted cash and investment securities declined to $4,794,798 from $8,587,289 at December 31, 2025, tightening liquidity.
- Stockholders’ equity shifted to a deficit of $(2,387,244) at June 30, 2026, from positive $1,232,410 at year-end 2025, with total liabilities exceeding total assets.
- Net loss widened to $2,123,884 for Q2 2026 from $1,793,774 a year earlier, while revenue remained roughly flat.
- General and administrative expenses increased to $1,689,863 from $1,436,630, driven by rebranding, business development, and higher professional fees.
Filing Explained
As of June 30, 2026, Dyadic reported higher issued and outstanding share counts plus convertible notes of $2,971,125 and $2,069,885.
This Form 8-K furnishes the company’s second-quarter results; the release says its information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
As of
If the higher share counts reflect additional issuance, the supplied dilution definition means existing holders’ percentage ownership can decline absent offsetting changes; the filing does not provide holder-specific ownership percentages.
The balance sheet also recorded convertible notes of
8-K Event Classification
Key Figures
Key Terms
going concern financial
grant revenue financial
Convertible notes financial
precision-fermented dairy protein technical
monoclonal antibody medical
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much revenue did Dyadic International (DYAI) generate in Q2 2026?
What was Dyadic International’s (DYAI) net loss for Q2 2026?
What is Dyadic International’s (DYAI) cash position as of June 30, 2026?
Does Dyadic International (DYAI) face going concern risks?
How did Dyadic International’s (DYAI) operating expenses change in Q2 2026?
What is Dyadic International’s (DYAI) equity position at June 30, 2026?
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
of Report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices and zip code)
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The
|
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 August 12, 2026, Dyadic International, Inc. (“Dyadic”) issued a press release announcing its results for the quarter ended June 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 August 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: August 12, 2026 | By: | /s/ Mark A Emalfarb |
| Mark A. Emalfarb | ||
| Chief Executive Officer | ||
Exhibit 99.1
DYADIC ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS
ACCELERATING COMMERCIALIZATION MOMENTUM ACROSS KEY BUSINESS AREAS
Dyadic to host earnings call on August 12 at 5:00 pm ET
JUPITER, FL — August 12, 2026 — Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), d/b/a Dyadic Applied BioSolutions, a global biotechnology company producing precision-engineered, animal-free proteins and enzymes for diverse commercial applications, today reported its financial results for the second quarter ended June 30, 2026, highlighting significant progress in product commercialization, strategic partnerships, and C1 biomanufacturing platform expansion.
“Our strong second-quarter performance underscores Dyadic’s ongoing transformation into a commercial-stage biotechnology leader, “said Joe Hazelton, President and COO. “We are driving commercial launches and sales of recombinant proteins, securing recurring revenue through strategic partners, distribution and optimizing manufacturing yields across life sciences, food and nutrition, and bioindustrial markets. Simultaneously, leading global health, government, academic and industry collaborations continue to validate the speed, productivity, scalability and potential commercial viability of our proprietary C1 expression system, while advancing C1-produced antibodies, vaccine antigens and other biologics toward broader preclinical evaluation and potential future clinical and commercial adoption.”
Recent Company Developments
| ● | Commercial Sales & Product Shipments: Advanced the recombinant protein portfolio through Q2 product shipments directly and through distribution partners. Subsequent to quarter-end, Dyadic completed shipments of six distinct recombinant protein products and generated initial pilot sales of recombinant transferrin and growth factors for cultivated-meat applications. |
| ● | OEM Distribution Progress: Initiated Q2 shipments to IBT Bioservices under Dyadic’s OEM distribution agreement, with additional shipments completed after quarter-end, supporting product evaluation, qualification and commercialization across IBT’s global life-science customer network. |
| ● | Proliant Health & Biologicals: Proliant has begun commercialization of Albufree™ DX recombinant human albumin for life science and diagnostic applications and announced plans to expand the Albufree™ portfolio with Albufree™ TX for cell culture and Albufree™ CGT for cell and gene therapy applications, positioning Dyadic for future royalties. |
| ● | Fermbox Bio: Scaled commercialization and initial orders for recombinant DNase I (RNase-free) and recombinant human transferrin. |
| ● | Inzymes: Confirmed initial commercial sales of non-animal bovine chymosin, with a second product in development that could trigger milestone payments and royalties. |
| ● | Cell Culture & Life-Science Products: Continued advancing animal-free recombinant proteins for cell-culture and related applications. Pilot-scale process improvements increased recombinant human transferrin productivity by approximately 80%, further supporting the potential for competitive manufacturing economics as Dyadic advances transferrin, albumin, growth factors and other recombinant animal-free proteins toward broader commercial use. |
| ● | Food & Nutrition Pipeline Expansion: Initiated scale-up activities with BRIG BIO for recombinant bovine alpha-lactalbumin under a funded development agreement. Subsequent to quarter-end, Dyadic expanded its precision-fermented dairy protein portfolio through an additional development and commercialization agreement, broadening potential opportunities to generate future product, licensing and royalty revenues. |
| ● | Global Health Programs: Advanced Gates Foundation-funded RSV and malaria monoclonal antibody (“mAb”) programs, with C1-produced antibodies demonstrating high productivity and functional characteristics comparable to established mammalian-cell reference materials. Funding is in place to advance these programs, and Dyadic is working toward delivery of C1-produced material to support initiation of preclinical studies with one or both mAbs, providing an additional opportunity to support potential future clinical and commercial adoption. |
Continued C1 development with CEPI/Fondazione Biotecnopolo di Siena (“FBS”) to accelerate protein-vaccine antigen development and advancing NIAID-supported preclinical evaluation of C1-produced malaria antigens.
| ● | Rapid Pandemic Response Capabilities: Demonstrated C1’s platform agility by producing, purifying and delivering two Scripps-designed Bundibugyo ebolavirus (“BDBV”) antigens to Scripps Research and FBS in approximately 15 days from plasmid to purified protein. The antigens are undergoing further characterization and may support future preclinical evaluation, subject to program priorities, additional evaluation and available funding. |
| ● | Government, Academic & Industry Adoption: Continued monoclonal antibody development with the Israel Institute for Biological Research (“IIBR”) and expanded access to C1 strains, processes and development capabilities for academic and industry partners evaluating next-generation vaccines and therapeutics. Dyadic is also pursuing several potential monoclonal antibody programs through the European Vaccines Hub/FBS ecosystem, as well as opportunities with prospective first-time C1 collaborators. |
Financial Highlights
Cash Position: As of June 30, 2026, cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including accrued interest, were $4,794,798 compared to $8,587,289 as of December 31, 2025.
Revenue: Total revenue for the three months ended June 30, 2026 was $961,138, representing a decrease of $5,492 or 0.6% compared to $966,630 for the three months ended June 30, 2025. The slight decrease was driven by a $89,563 decrease in research and development revenue resulting from the reduction in the numbers and size of collaboration activities, and the absence of a $250,000 milestone revenue recorded in 2025, partially offset by a $334,071 increase in grant revenue from activities under the CEPI and Gates Foundation grants.
Cost of Revenue: Total cost of revenue for the three months period ended June 30, 2026 was $984,165, representing an increase of $370,574 or 60.4% compared to $613,591 for the three months ended June 30, 2025. The increase was due to a $395,709 increase in cost of grant revenue from activities under the CEPI and Gates Foundation grants, partially offset by a $25,135 decrease in the cost of research and development revenue.
R&D Expenses: Research and development expenses for the three months ended June 30, 2026, were $332,621, a decrease of $296,758 or 47.2% compared to $629,379 for the same period in 2025. The decrease was due to reduction in the number of active internal research initiatives.
G&A Expenses: General and administrative expenses for the three months ended June 30, 2026, were $1,689,863, an increase of $253,233 or 17.6%, compared to $1,436,630 for the same period in 2025. The increase was due to higher rebranding and business development expenses of $322,638, increased legal and accounting expenses of $115,836, and other expenses of $43,639, partially offset by a decrease in share-based compensation expenses of $196,408 and incentives of $32,472.
Loss from Operations: Loss from operations for the three months ended June 30, 2026 was $2,054,204, an increase of $325,136 or 18.8%, compared to $1,729,068 for the same period in 2025. The increase was largely attributable to higher total cost of revenue of $370,574 and higher general and administrative expenses of $253,233, partially offset by lower research and development expenses of $296,758.
Net Loss: Net loss for the three months ended June 30, 2026, was $2,123,884 or $(0.06) per share, compared to $1,793,774 or $(0.06) per share for the same period a year ago.
Conference Call Information
Date: Wednesday, August 12, 2026
Time: 5:00 p.m. Eastern Time
Dial-in numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274
Conference ID:13761129
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=b9s8dhjS
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 June 30, 2026; (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 and the dilutive impact of a capital raise to mitigate our going-concern risk; (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 Nasdaq Stock Market LLC. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at www.dyadic.com. All forward-looking statements speak only as of the date made, and except as required by applicable law, Dyadic assumes no obligation to publicly update any such forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.
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
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||||
| Research and development revenue | $ | 123,886 | $ | 213,449 | $ | 527,476 | $ | 396,549 | ||||||||
| Grant revenue | 837,252 | 503,181 | 1,324,618 | 713,653 | ||||||||||||
| License and milestone revenue | — | 250,000 | 220,000 | 250,000 | ||||||||||||
| Total revenue | 961,138 | 966,630 | 2,072,094 | 1,360,202 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of research and development revenue | 123,322 | 148,457 | 463,479 | 274,937 | ||||||||||||
| Costs of grant revenue | 860,843 | 465,134 | 1,312,526 | 636,312 | ||||||||||||
| Research and development | 332,621 | 629,379 | 808,690 | 1,124,358 | ||||||||||||
| General and administrative | 1,689,863 | 1,436,630 | 3,445,194 | 3,032,968 | ||||||||||||
| Foreign currency exchange (gain) loss | 8,693 | 16,098 | (898 | ) | 23,170 | |||||||||||
| Total costs and expenses | 3,015,342 | 2,695,698 | 6,028,991 | 5,091,745 | ||||||||||||
| Loss from operations | (2,054,204 | ) | (1,729,068 | ) | (3,956,897 | ) | (3,731,543 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 39,705 | 49,127 | 96,896 | 137,585 | ||||||||||||
| Interest expense | (64,479 | ) | (89,456 | ) | (128,821 | ) | (178,699 | ) | ||||||||
| Interest expense - related party | (44,906 | ) | (24,377 | ) | (89,745 | ) | (48,696 | ) | ||||||||
| Total other income (expense), net | (69,680 | ) | (64,706 | ) | (121,670 | ) | (89,810 | ) | ||||||||
| Net loss | $ | (2,123,884 | ) | $ | (1,793,774 | ) | $ | (4,078,567 | ) | $ | (3,821,353 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.13 | ) | ||||
| Basic and diluted weighted-average common shares outstanding | 36,438,703 | 30,102,324 | 36,418,462 | 30,071,285 | ||||||||||||
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 August 12, 2026.
DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,425,364 | $ | 4,622,331 | ||||
| Short-term investment securities | 1,688,355 | 2,698,661 | ||||||
| Restricted cash | 1,555,649 | 1,231,168 | ||||||
| Interest receivable | 16,014 | 35,129 | ||||||
| Accounts receivable | 1,302,439 | 1,090,297 | ||||||
| Prepaid expenses and other current assets | 418,943 | 219,067 | ||||||
| Total current assets | 6,406,764 | 9,896,653 | ||||||
| Non-current assets: | ||||||||
| Long-term investment securities | 109,416 | — | ||||||
| Operating lease right-of-use asset, net | 9,851 | 38,535 | ||||||
| Other assets | 10,500 | 10,537 | ||||||
| Total assets | $ | 6,536,531 | $ | 9,945,725 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 816,059 | $ | 852,024 | ||||
| Accrued expenses | 1,395,680 | 967,974 | ||||||
| Deferred research and development obligations | 1,564,172 | 1,730,852 | ||||||
| Operating lease liability | 5,054 | 34,621 | ||||||
| Accrued interest | 60,000 | 60,000 | ||||||
| Accrued interest- related party | 41,800 | 41,800 | ||||||
| Total current liabilities | 3,882,765 | 3,687,271 | ||||||
| Non-current liabilities: | ||||||||
| Convertible notes, net of issuance costs | 2,971,125 | 2,962,304 | ||||||
| Convertible notes, net of issuance costs - related party | 2,069,885 | 2,063,740 | ||||||
| Total liabilities | 8,923,775 | 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 - 48,692,205 and 48,441,300, outstanding shares - 36,438,703 and 36,187,798 as of June 30, 2026, and December 31, 2025, respectively | 48,693 | 48,442 | ||||||
| Additional paid-in capital | 114,023,653 | 113,564,991 | ||||||
| Treasury stock shares held at cost - $12,253,502 | (18,929,915 | ) | (18,929,915 | ) | ||||
| Accumulated deficit | (97,529,675 | ) | (93,451,108 | ) | ||||
| Total stockholders’ (deficit) equity | (2,387,244 | ) | 1,232,410 | |||||
| Total liabilities and stockholders’ equity | $ | 6,536,531 | $ | 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 August 12, 2026.