Dyadic (NASDAQ: DYAI) posts 182% Q1 2026 revenue jump amid continued losses
Rhea-AI Filing Summary
Dyadic International reported much stronger Q1 2026 results, with total revenue of $1,110,956, up 182.3% from $393,572 a year earlier. Growth was driven by higher research and development revenue tied to the Proliant agreement, increased grant revenue from CEPI and the Gates Foundation, and $220,000 of new license and milestone revenue under the Inzymes agreement.
Total costs and expenses rose to $3,013,649, reflecting higher cost of revenue and general and administrative spending, while research and development expenses declined slightly. Loss from operations narrowed to $1,902,693, and net loss improved to $1,954,683, or $(0.05) per share, compared with $(0.07) per share last year. As of March 31, 2026, Dyadic held $6.6 million in cash, equivalents, restricted cash, and investment-grade securities but reported negative stockholders’ equity of $407,732.
Operationally, the company highlighted multiple commercial milestones, including initial purchase orders for recombinant bovine transferrin, the commercial launch of AlbuFree™ DX recombinant human albumin by Proliant, an expanded collaboration with Fermbox Bio, an OEM distribution agreement with IBT Bioservices, and a development and commercialization agreement with BRIG Bio for animal-free bovine alpha-lactalbumin. Dyadic also continued progressing biopharmaceutical programs supported by the Gates Foundation, CEPI, and Fondazione Biotecnopolo di Siena and is expanding its commercial footprint in Asia and Europe.
Positive
- Revenue up 182.3% year over year: Q1 2026 revenue grew to $1,110,956 from $393,572, driven by higher research and development revenue, increased grants from CEPI and the Gates Foundation, and $220,000 of new license and milestone revenue under the Inzymes Agreement.
- Broadening commercial footprint and partnerships: The quarter featured initial purchase orders for recombinant bovine transferrin, Proliant’s commercial launch of AlbuFree™ DX using Dyadic’s platform, an expanded Fermbox Bio collaboration, an OEM agreement with IBT Bioservices, and a BRIG Bio development and commercialization deal.
Negative
- Persistent losses and negative equity position: Despite higher revenue, Q1 2026 loss from operations was $1,902,693 and net loss was $1,954,683, and stockholders’ equity moved from a positive $1,232,410 at December 31, 2025 to a deficit of $407,732 at March 31, 2026.
Insights
Revenue is scaling quickly, but losses and balance sheet pressure remain.
Dyadic delivered a sharp Q1 2026 revenue increase to $1.11M, up 182.3% year over year, helped by grant funding and new license and milestone income. This shows early commercial traction for its microbial protein platforms across life sciences and food applications.
However, total costs and expenses reached $3.01M, leaving a loss from operations of $1.90M and a net loss of $1.95M. Stockholders’ equity swung to a deficit of $407,732, while total cash, restricted cash, and investment-grade securities were about $6.6M as of March 31, 2026.
The company is layering on commercial agreements—Proliant’s AlbuFree™ DX, the expanded Fermbox Bio collaboration, IBT’s OEM distribution, and BRIG Bio’s alpha-lactalbumin program—plus ongoing Gates Foundation and CEPI-backed projects. Subsequent filings may clarify how quickly these relationships translate into recurring product revenue and whether the current cash position and convertible notes structure support its plans.
8-K Event Classification
Key Figures
Key Terms
OEM distribution agreement financial
recombinant bovine transferrin technical
convertible notes financial
grant revenue financial
forward-looking statements regulatory
recombinant human albumin technical
Earnings Snapshot
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Item 2.02. Results of Operations and Financial Condition.
On May 13, 2026, Dyadic International, Inc. (“Dyadic”) issued a press release announcing its results for the quarter ended March 31, 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 May 13, 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: May 13, 2026 | By: | /s/ Mark A Emalfarb |
| Mark A. Emalfarb | ||
| Chief Executive Officer | ||
Exhibit 99.1
DYADIC ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS AND
HIGHLIGHTS RECENT COMPANY PROGRESS
| ● | 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 of March 31, 2026 | |
| ● | Dyadic to host an earnings call today at 5:00 pm ET |
JUPITER, Fla., May 13, 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 Q1 2026 along with significant corporate achievements.
“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 Joe Hazelton, President and Chief Operating Officer of Dyadic. “We are encouraged that these products are now moving through commercial sales channels and reaching customers, demonstrating the scalability of our technology platforms and the increasing market demand for our products. As our distribution partners broaden their reach and customer adoption continues to expand across cell culture media and biomanufacturing applications supporting key growth markets such as cell and gene therapy, biologics manufacturing, and emerging markets such as cultivated meat, we believe Dyadic is well positioned to drive increasing product revenues. At the same time, we are expanding our business development initiatives across Europe to build on the momentum we are achieving in Japan through our collaboration with Intralink.”
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 and Europe: Dyadic expanded its engagement with Intralink to include Europe in addition to Japan and South 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 March 31, 2026, cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including accrued interest, were $6,604,006 compared to $8,587,289 as of December 31, 2025.
Revenue:
Total revenue for the three months ended March 31, 2026, amounted to $1,110,956 representing an increase of $717,384 or 182.3% compared
to $393,572 for the three months ended March 31, 2025. The increase was driven by a $220,490 increase in research and development revenue
Cost
of Revenue: Total cost of revenue for the three months ended March 31, 2026, amounted to $791,840 representing an increase of $494,182
or 166.0% compared to $297,658 for the three months ended March 31, 2025. The increase was driven by a $213,677 increase in cost of research
and development revenue. Cost of grant revenue increased by $280,505 due to activities under grants from CEPI and the Gates
R&D Expenses: Research and development expenses for the three months ended March 31, 2026, decreased $18,910 or 3.8% to $476,069 compared to $494,979 for the same period a year ago. The decrease was driven by a slight decrease in the number of active internal research initiatives undertaken.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2026, increased by $158,993 or 10.0% to $1,755,331 compared to $1,596,338 for the same period a year ago. The increase was related to legal and accounting expenses of $221,304, incentives of $36,258, rebranding and business development expenses of $22,196, offset by a decrease in share-based compensation expenses of $110,381 and insurance expenses of $10,384.
Loss from Operations: Loss from operations for the three months ended March 31, 2026, decreased $99,782 or 5.0% to $1,902,693 compared to $2,002,475 for the same period a year ago. The decrease in loss from operations was largely attributable to an increase in total revenue of $717,384, decrease in research and development expenses of $18,910, partially offset by an increase in total cost of revenue of $494,182, and an increase in general and administrative expenses of $158,993.
Net
Loss: Net loss for the three months ended March 31, 2026, was $1,954,683 or $(0.05) per
Conference Call Information
Date: Wednesday, May 13, 2026
Time: 5:00 p.m. Eastern 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 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 March 31, | ||||||||
| 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 May 13, 2026.
DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| March 31, 2026 | December 31, 2025 | |||||||
| (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, $.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 March 31, 2026, and December 31, 2025, respectively | 48,693 | 48,442 | ||||||
| Additional paid-in capital | 113,879,281 | 113,564,991 | ||||||
| Treasury stock, shares held at cost - 12,253,502 | (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 May 13, 2026.