Dyadic International, Inc.
- Open
- 1.07
- Day high
- 1.12
- Day low
- 1.04
- Prev close
- 1.07
- Volume
- 96K
- Mkt cap
- $39M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -94.7
- P/S
- 13.0
- Yield
- —
- Per share
- —
- ▲Insiders net buying $656K over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions reducing (13F)
Dyadic International, Inc. (DYAI) is a Healthcare company listed on NASDAQ. The stock is up 7% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4).
Dyadic International, Inc. (DYAI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DYAI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.04 | $-0.05 | -25.0% | $1M | +22.9% |
| Mar 25, 2026 | $-0.03 | $-0.06 | -100.0% | $564345 | -58.0% |
| Nov 12, 2025 | $-0.04 | $-0.06 | -50.0% | $1M | -13.3% |
| Aug 13, 2025 | $-0.06 | $-0.06 | +0.0% | $463449 | -69.1% |
| May 14, 2025 | — | $-0.07 | — | $393572 | — |
| Mar 26, 2025 | $-0.04 | $-0.05 | -25.0% | $817376 | -48.9% |
| Nov 10, 2022 | $-0.10 | $-0.06 | +40.0% | $879597 | -53.7% |
| Aug 10, 2022 | $-0.09 | $-0.12 | -33.3% | $658553 | -64.2% |
| May 12, 2022 | $-0.09 | $-0.09 | +0.0% | $648427 | -72.6% |
| Nov 10, 2021 | $-0.10 | $-0.06 | +40.0% | $692929 | -20.6% |
| Aug 12, 2021 | $-0.09 | $-0.14 | -55.6% | $937092 | +0.0% |
| May 13, 2021 | $0.09 | $-0.12 | -233.3% | $460520 | -66.7% |
DYAI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 41,143 | $1.84 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 26,340 | $2.43 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 40,000 | $1.98 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 20,000 | $1.92 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 15,000 | $2.01 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Buy | 558,659 | $1.79 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 5,100 | $1.80 |
| Jul 6, 2026 | Francisco Trust under agreement dated February 28, 199610 percent owner | Sell | 25,281 | $1.87 |
| Jan 6, 2026 | Hazelton Joseph Pofficer: President & COO | Grant | 67,250 | $0.94 |
| Jan 6, 2026 | EMALFARB MARK Adirector, 10 percent owner, officer: CEO | Grant | 102,609 | — |
| Jan 6, 2026 | EMALFARB MARK Adirector, 10 percent owner, officer: CEO | Grant | 126,000 | $0.94 |
| Jan 6, 2026 | Rawson Ping Wangofficer: Chief Financial Officer | Grant | 29,158 | — |
| Jan 6, 2026 | TCHELET RONENofficer: VP of Research and Bus. Dvlpmt | Grant | 47,250 | $0.94 |
| Jan 6, 2026 | TCHELET RONENofficer: VP of Research and Bus. Dvlpmt | Grant | 18,064 | — |
| Jan 6, 2026 | Rawson Ping Wangofficer: Chief Financial Officer | Grant | 47,250 | $0.94 |
Source: DYAI SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full DYAI insider & 13F page →Dyadic International, Inc. company profile
Overview
Dyadic International, Inc. (NASDAQ:DYAI) is a biotechnology platform company founded in 1979 and headquartered in Jupiter, Florida. The company went public in 2008 and has evolved from its original focus on industrial enzymes to become a specialized biotechnology firm developing advanced protein production platforms. Dyadic's core innovation is its proprietary C1 platform technology, which enables rapid and cost-effective production of complex proteins for pharmaceutical, biotechnology, and alternative protein applications. The company has successfully completed its first human clinical trial and is now pursuing multiple commercial opportunities across human health, animal health, and alternative protein markets.
Business
Dyadic operates in the biotechnology sector, specifically focusing on protein production and expression systems. The company's primary asset is its C1 platform, a proprietary microbial protein expression system based on a genetically modified fungus that can produce complex proteins rapidly and at high yields - potentially up to 300 times more productive than traditional mammalian cell lines. The company operates across three main business segments: 1. Human Health Applications (approximately 40-50% of focus): Dyadic develops vaccine candidates and therapeutic proteins using its C1 platform. This includes their DYAI-100 COVID-19 vaccine candidate, which completed a Phase 1 clinical trial, and various monoclonal antibodies and therapeutic proteins developed through partnerships with pharmaceutical companies. The platform can produce virus-like particles, antigens, antibody fragments, and biosimilar proteins. 2. Alternative Proteins and Life Sciences (approximately 30-40% of focus): The company produces high-value recombinant proteins for research, cell culture media, and food applications. Key products include recombinant human serum albumin, DNase-1 enzymes, transferrin, and non-animal dairy proteins like alpha-lactalbumin and lactoferrin. This segment targets the growing alternative protein market, particularly for cultured meat and dairy applications. 3. Animal Health (approximately 10-20% of focus): Dyadic develops vaccines and therapeutic proteins for livestock and companion animals, including work on avian flu vaccines and other veterinary biologics through partnerships with companies like Phibro and ViroVax. The C1 platform's key advantage lies in its ability to produce proteins in just 21 days compared to months required by traditional systems, while maintaining high purity and reducing contamination risks compared to animal-derived proteins.
Revenue model
Dyadic generates revenue through multiple business models reflecting its platform-based approach. The company primarily makes money through licensing agreements, where partners pay upfront fees, milestone payments, and ongoing royalties for access to the C1 platform technology. For example, their partnership with Proliant Health & Biologics included a $1.5 million total payment for recombinant human serum albumin development. The company also earns revenue through research and development services, conducting fully-funded projects for pharmaceutical and biotechnology companies. In recent periods, Dyadic has initiated over 15 fully funded human health vaccine and antibody projects. Additionally, the company receives grant funding from government agencies and foundations, including a $4.5 million grant from CEPI (Coalition for Epidemic Preparedness Innovations) and a $3 million grant from the Gates Foundation. A growing revenue stream comes from product sales of research-grade recombinant proteins and enzymes, with the company expecting to launch commercial products like recombinant human serum albumin in 2025. Revenue-sharing arrangements with partners like Fermbox Bio provide additional income streams through profit-splitting agreements. Several factors influence Dyadic's margins and profitability. Positive margin drivers include the platform's high productivity and speed advantage, which allows for premium pricing, and the shift toward higher-value life sciences applications with better margins than traditional industrial enzymes. The company's ability to produce proteins without animal-derived components also commands premium pricing in pharmaceutical and food applications. Margin pressures come from the high upfront research and development costs required to develop new protein products, competition from established protein production methods, and the need for regulatory approvals which can be costly and time-consuming. The company's current focus on transitioning from a pure R&D model to commercial product sales also requires significant investment in manufacturing capabilities and quality systems.
Competitive moat
Dyadic's competitive moat is moderately strong but faces several challenges. The company's primary moat stems from its proprietary C1 platform technology, which is protected by patents and trade secrets. The platform's demonstrated ability to produce complex proteins 300 times faster than traditional cell lines, combined with successful human clinical trial data proving safety and efficacy, creates a meaningful technical advantage. The company has built regulatory moats through its completed Phase 1 clinical trial, which provides valuable safety data that competitors would need to replicate. This clinical validation, combined with growing partnerships with major pharmaceutical companies, creates switching costs and relationship-based barriers to entry. However, Dyadic's moat faces significant competitive pressures. Large biotechnology companies like Genentech, Amgen, and emerging players in synthetic biology have substantial resources to develop competing protein expression platforms. Traditional mammalian cell culture systems, while slower, are well-established and trusted by the pharmaceutical industry, creating inertia against adoption of new platforms. The alternative protein market presents both opportunity and threat - while it offers new revenue streams, it also attracts well-funded competitors including precision fermentation companies like Perfect Day and Impossible Foods, which have raised hundreds of millions in funding. Additionally, advances in other expression systems, including bacterial, yeast, and plant-based platforms, could erode C1's competitive advantages. The company's small size relative to competitors also limits its ability to invest in platform improvements and market development at the scale of larger biotechnology firms. While Dyadic has established partnerships, it lacks the financial resources to compete directly with major players in large-scale manufacturing and global market penetration.
Risks & safety
Dyadic presents a moderate to high-risk investment with limited margin of safety due to its early-stage commercial status and cash burn profile. Liquidity and Solvency: - Cash and short-term investments: $5.1 million as of Q1 2025 - Current ratio: 3.98, indicating strong short-term liquidity - Debt-to-equity ratio: 5.48, reflecting significant liabilities relative to equity - Annual cash burn: approximately $4-5 million based on recent trends - Estimated runway: 12-15 months at current burn rate without additional funding Valuation Metrics: - Price-to-book ratio: 43.7, indicating high valuation relative to book value - EV/EBITDA: negative due to losses, but improving operational metrics - Graham net-net ratio: 0.02, suggesting limited asset protection - Market cap: approximately $30 million, small-cap with high volatility risk Other Considerations: - Pre-revenue stage for most commercial products creates execution risk - Heavy dependence on partnership revenues and grants for near-term cash flow - Regulatory approval risks for pharmaceutical applications - Competition from well-funded larger players in biotechnology sector
Recent development
Over the past few years, Dyadic has undergone a significant strategic transformation from a traditional industrial enzyme company to a biotechnology platform focused on high-value protein applications. The most significant milestone was completing their first-in-human Phase 1 clinical trial for the DYAI-100 COVID-19 vaccine candidate, which successfully demonstrated the safety and potential efficacy of C1-produced proteins in humans. The company has pivoted toward near-term commercial opportunities rather than long-term pharmaceutical development, launching initiatives in alternative proteins and life sciences markets. Key product developments include recombinant human serum albumin (launching in Q3 2025 through partnership with Proliant), DNase-1 enzymes for molecular biology applications, and non-animal dairy proteins like alpha-lactalbumin and lactoferrin targeting the cultured food market. Dyadic has significantly expanded its partnership network, securing major grants including $4.5 million from CEPI for vaccine development and $3 million from the Gates Foundation for monoclonal antibody development. The company has also established collaborations with multiple top-tier pharmaceutical companies and was selected for the European Vaccines Hub for Pandemic Readiness, indicating growing recognition of its platform capabilities. The strategic focus has shifted from resource-intensive long-term collaborations to licensing deals and product partnerships that generate more immediate revenue. This includes profit-sharing arrangements like the Fermbox Bio joint venture and success fee structures that provide cash flow as products reach market milestones. The company has also streamlined operations to reduce cash burn while maintaining core R&D capabilities.
DYAI company profile · for informational purposes only — not investment advice.
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