Francisco Trust Reports 11.97% Stake in Dyadic International

Dyadic International reported a Schedule 13G showing beneficial ownership of 4,363,045 shares of Common Stock, equal to 11.97% of the class.

Rhea-AI Filing Summary

Dyadic International reported a Schedule 13G showing beneficial ownership of 4,363,045 shares of Common Stock, equal to 11.97% of the class.

The filing states the Reporting Person is Thomas Emalfarb, Trustee for the Francisco Trust and has sole voting power over 3,410,664 shares and sole dispositive power over 4,363,045 shares. The trust also holds 952,381 shares issuable upon conversion of a convertible note. Shares outstanding were 36,438,703 as of March 24, 2026.

Insights

Corporate Governance Analyst

Trust filing signals a substantial single-holder stake with concentrated voting power.

The Schedule 13G lists the Francisco Trust, via Trustee Thomas Emalfarb, as beneficial owner of 4,363,045 shares representing 11.97% of outstanding common stock as of March 24, 2026. The filing specifies sole voting power over 3,410,664 shares, which indicates concentrated control over voting decisions tied to this stake.

Dependencies include the 952,381 shares convertible-note component; conversion timing and holder choice determine whether the trust's economic position changes. Subsequent disclosures may clarify any plans for voting or disposition.

Equity Markets Specialist

An 11.97% reported stake is sizable but below typical control thresholds like 20%.

The filing shows an economic position of 4,363,045 shares alongside a convertible-note link of 952,381 shares. This creates potential for additional economic exposure if conversion occurs at the holder's option. The disclosure is informational under Schedule 13G rules and does not itself signal a transaction.

Market impact will depend on any future sales, conversions, or voting actions reported in subsequent filings.

Key Figures

Beneficial ownership: 4,363,045 shares Percent of class: 11.97% Sole voting power: 3,410,664 shares +2 more

5 metrics

Beneficial ownership 4,363,045 shares Schedule 13G beneficially owned

Percent of class 11.97% Based on 36,438,703 shares outstanding as of March 24, 2026

Sole voting power 3,410,664 shares Shares with sole voting power held by the trustee

Convertible-note-linked shares 952,381 shares Shares issuable upon conversion of a convertible note at holder's option

Shares outstanding 36,438,703 shares Aggregate outstanding used for percentage (as of March 24, 2026)

Key Terms

Schedule 13G, Beneficial ownership, Sole dispositive power, Convertible note

4 terms

Schedule 13G regulatory

"Schedule 13G filing reporting beneficial ownership (first line)"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Amount beneficially owned: 4,363,045 (Item 4)"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 4,363,045"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Convertible note financial

"holds 952,381 shares underlying a Convertible Note convertible at the holder's option"

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Francisco Trust hold in Dyadic International (DYAI)?

The trust beneficially owns 4,363,045 shares, representing 11.97% of Dyadic's common stock. The filing credits 36,438,703 shares outstanding as of March 24, 2026, which is the basis for the percentage calculation.

Who filed the Schedule 13G for Dyadic International (DYAI)?

The Schedule 13G was filed by Thomas Emalfarb, Trustee for the Francisco Trust. The filing lists his address in Northbrook, Illinois, and identifies the trust as the beneficial owner.

How much voting power does the Francisco Trust report for DYAI?

The filing reports sole voting power over 3,410,664 shares and no shared voting power. It also lists sole dispositive power over 4,363,045 shares in the Schedule 13G.

Does the Schedule 13G include convertible securities for DYAI holdings?

Yes. The report notes the trust holds 952,381 shares that are issuable upon conversion of a convertible note, exercisable at the holder's option at any time, and included in the beneficial count.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 04:35 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

DYADIC INTERNATIONAL INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

26745T101

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 26745T101

1

Names of Reporting Persons

Francisco Trust under agreement dated February 28, 1996

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,410,664.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,363,045.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,363,045.00

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)

11.97 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: All percentages calculated in this Schedule 13G are based upon an aggregate of 36,438,703 shares outstanding of the Issuer's Common Stock on March 24, 2026, as disclosed in the Issuer's Annual Report for the fiscal year ended December 31, 2025 filed on Form 10-K/A with the Securities and Exchange Commission on April 30, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DYADIC INTERNATIONAL INC
(b)	Address of issuer's principal executive offices: 1044 North U.S. Highway One, Suite 201, Jupiter, FL, 33477
Item 2.
(a)	Name of person filing: Thomas Emalfarb, Trustee
(b)	Address or principal business office or, if none, residence: 606 Dauphine Avenue, Northbrook, IL 60062
(c)	Citizenship: Florida
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 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: 4,363,045 The Reporting Person has sole voting power over 3,410,664 shares of common stock. Francisco Trust also holds 952,381 shares underlying a Convertible Note convertible at the holder's option at any time. All percentages calculated in this Schedule 13G are based upon an aggregate of 36,438,703 shares outstanding of the Issuer's Common Stock on March 24, 2026, as disclosed in the Issuer's Annual Report for the fiscal year ended December 31, 2025 filed on Form 10-K/A with the Securities and Exchange Commission on April 30, 2026.
(b)	Percent of class: 11.97%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,410,664
	(ii) Shared power to vote or to direct the vote: None
	(iii) Sole power to dispose or to direct the disposition of: 4,363,045
	(iv) Shared power to dispose or to direct the disposition of: None
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	Not Applicable
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 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.

Francisco Trust under agreement dated February 28, 1996

Signature:	/s/ Thomas Emalfarb
Name/Title:	Thomas Emalfarb, Trustee
Date:	05/11/2026