Bandera Partners Reports 1.38M Shares (4.6%) of DYAI

Bandera Partners LLC, together with Managing Members Gregory Bylinsky and Jefferson Gramm, filed an amended Schedule 13G reporting ownership of 1,383,308 shares of Dyadic International, Inc. common stock as of June 30, 2025.

Rhea-AI Filing Summary

Bandera Partners LLC, together with Managing Members Gregory Bylinsky and Jefferson Gramm, filed an amended Schedule 13G reporting ownership of 1,383,308 shares of Dyadic International, Inc. common stock as of June 30, 2025. Those shares represent 4.6% of the outstanding class based on 30,090,661 shares reported by the issuer on May 13, 2025. The shares are directly held by Bandera Master Fund L.P.; Bandera Partners is the investment manager with authority to vote and dispose of the shares, and Messrs. Bylinsky and Gramm are reported as managing members with shared voting and dispositive power. The filing states the position is held in the ordinary course of business and not for control purposes.

Insights

Financial Analyst

TL;DR: Passive ownership disclosure of 4.6% via an investment manager; not a control stake.

The filing documents a non-control position where Bandera Master Fund holds 1,383,308 shares and Bandera Partners, as investment manager, exercises voting and dispositive authority. At 4.6% of the float, this is below the 5% threshold that typically attracts greater regulatory and market scrutiny. The statement that holdings are in the ordinary course of business suggests a passive investment posture rather than an activist intent. For investors, the filing provides transparency on a modest concentrated holder without indicating any change in corporate control or strategy.

Corporate Governance Expert

TL;DR: Disclosure clarifies manager authority and beneficial ownership but signals no control attempt.

The Schedule 13G clarifies that Bandera Partners, as the investment manager, may be deemed to beneficially own the shares held by Bandera Master Fund, while the principals disclaim direct beneficial ownership of shares they do not own. The certification attests the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing control. From a governance perspective, this is a routine disclosure that improves shareholder transparency without indicating imminent governance actions or proposals by the reporting persons.

FAQ

What stake does Bandera Partners report in DYAI?

The reporting persons disclose 1,383,308 shares, representing 4.6% of Dyadic International's common stock based on 30,090,661 shares outstanding.

Who holds the shares reported in the Schedule 13G for DYAI?

The shares are directly held by Bandera Master Fund L.P., with Bandera Partners LLC as the investment manager and Messrs. Bylinsky and Gramm as managing members.

Does the filing indicate Bandera Partners seeks control of DYAI?

No. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

What voting and dispositive powers are reported?

Bandera Partners reports 1,383,308 shares of sole voting and sole dispositive power; Messrs. Bylinsky and Gramm report shared voting and dispositive power over the same amount.

What date is the ownership information as of?

Ownership is reported as of the close of business on June 30, 2025.

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Accepted by SEC EDGAR 08/19/2025 - 06:45 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DYADIC INTERNATIONAL INC

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

26745T101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 26745T101

1

Names of Reporting Persons

Bandera Partners LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,383,308.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,383,308.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,383,308.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 26745T101

1

Names of Reporting Persons

Bylinsky Gregory

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,383,308.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,383,308.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,383,308.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 26745T101

1

Names of Reporting Persons

Gramm Jefferson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,383,308.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,383,308.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,383,308.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DYADIC INTERNATIONAL INC
(b)	Address of issuer's principal executive offices:
Item 2.
(a)	Name of person filing: This statement is filed by Bandera Partners LLC, a Delaware limited liability company ("Bandera Partners"), Gregory Bylinsky and Jefferson Gramm. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Bandera Partners, Mr. Bylinsky and Mr. Gramm are filing this Statement with respect to 1,383,308 shares of Common Stock, par value $0.001 per share, of the Issuer (the "Shares") directly held by Bandera Master Fund L.P., a Cayman Islands exempted limited partnership ("Bandera Master Fund"). Bandera Partners is the investment manager of Bandera Master Fund and may be deemed to have beneficial ownership over the Shares held by Bandera Master Fund by virtue of the sole and exclusive authority granted to Bandera Partners by Bandera Master Fund to vote and dispose of such Shares. Messrs. Bylinsky and Gramm are Managing Members of Bandera Partners and may be deemed to beneficially own the Shares held by Bandera Master Fund. The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own. Without limiting the foregoing sentence, Bandera Master Fund specifically disclaims beneficial ownership of the Master Fund's Shares by virtue of its inability to vote or dispose of such Shares.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 138 Atlantic Avenue, Brooklyn, NY 11201.
(c)	Citizenship: Bandera Partners is organized under the laws of the State of Delaware. Each of Messrs. Bylinsky and Gramm is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 26745T101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: All ownership information reported in this Item 4 is as of the close of business on June 30, 2025. Bandera Partners LLC 1,383,308 Shares Gregory Bylinsky 1,383,308 Shares Jefferson Gramm 1,383,308 Shares
(b)	Percent of class: Bandera Partners LLC 4.6% (based on 30,090,661 Shares outstanding as of May 13, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025) Gregory Bylinsky 4.6% (based on 30,090,661 Shares outstanding as of May 13, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025) Jefferson Gramm 4.6% (based on 30,090,661 Shares outstanding as of May 13, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2025)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on February 14, 2022.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bandera Partners LLC

Signature:	/s/ Gregory Bylinsky
Name/Title:	Gregory Bylinsky, Managing Member
Date:	08/19/2025

Bylinsky Gregory

Signature:	/s/ Gregory Bylinsky
Name/Title:	Gregory Bylinsky
Date:	08/19/2025

Gramm Jefferson

Signature:	/s/ Jefferson Gramm
Name/Title:	Jefferson Gramm
Date:	08/19/2025