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DYAI

Dyadic International, Inc.

DYAI

Dyadic International, Inc. • NASDAQ
$0.95 ▲ 1.27% (+0.01)
Market Cap $34.25 M
52w High $2.20
52w Low $0.71
Dividend Yield 0%
P/E -4.3
Volume 87.48K
Outstanding Shares 36.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.165M ▲ $2.835M ▲ $-1.976M ▼ -169.671% ▲ $-0.06 ▼ $-1.89M ▼
Q2-2025 $463.449K ▲ $1.579M ▼ $-1.794M ▲ -387.049% ▲ $-0.06 ▲ $-1.68M ▲
Q1-2025 $183.1K ▼ $1.888M ▼ $-2.028M ▼ -1.107K% ▼ $-0.068 ▼ $-1.914M ▼
Q4-2024 $817.376K ▼ $1.995M ▲ $-1.551M ▼ -189.739% ▼ $-0.053 ▼ $-1.425M ▼
Q3-2024 $1.958M $1.764M $-203.46K -10.394% $-0.007 $-75.288K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.255M ▲ $11.673M ▲ $9.065M ▲ $2.607M ▲
Q2-2025 $4.983M ▼ $8.138M ▲ $8.668M ▲ $-529.701K ▼
Q1-2025 $7.349M ▼ $7.895M ▼ $6.971M ▼ $923.611K ▼
Q4-2024 $9.263M ▼ $9.93M ▼ $7.46M ▲ $2.47M ▼
Q3-2024 $9.922M $10.806M $7.394M $3.412M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.976M ▼ $-1.852M ▼ $93.442K ▲ $4.941M ▲ $3.427M ▲ $-1.852M ▼
Q2-2025 $-1.794M ▲ $-130.015K ▲ $-961.62K ▼ $0 ▼ $-1.091M ▲ $-130.015K ▲
Q1-2025 $-2.028M ▼ $-1.95M ▼ $482.104K ▼ $24.249K ▼ $-1.442M ▼ $-1.95M ▼
Q4-2024 $-1.551M ▼ $-696.395K ▼ $1.263M ▲ $24.251K ▲ $585.136K ▲ $-696.395K ▼
Q3-2024 $-203.46K $-201.057K $-11.977K $0 $-211.784K $-201.057K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Grant
Grant
 $0 ▲$0 ▲$0 ▲$0 ▲
Research and Development
Research and Development
 $0 ▲$0 ▲$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Dyadic looks like a classic early-stage platform biotech on the income side. Over the last several years, it has effectively had no meaningful revenue and has run steady, recurring losses. The losses are not huge in absolute terms, but they are persistent and reflect a company still in investment and development mode rather than one that has reached commercial scale. There are some signs that the loss per share has improved a bit over time, suggesting some cost control, but the big picture remains: the business is not yet generating operating profits and is still pre‑scale from a revenue standpoint.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple. Assets are modest and largely made up of cash, with very little in the way of physical assets or long-lived equipment, which fits an asset-light, technology-licensing model. Equity has trended down as losses accumulate, and the company has recently added a bit of debt, which introduces some financial obligations that weren’t present before. Overall, Dyadic has a limited financial cushion and depends on continued access to capital markets or partners to support its operations until commercial revenues become meaningful.

Cash Flow

Cash Flow Cash flow mirrors the income picture: the company consistently spends more cash than it brings in from its operations. Operating cash flow has been negative year after year, which is typical for a research-heavy biotech that hasn’t yet turned its technological platform into recurring, commercial revenue. Capital spending is very light, again underscoring the asset-light model. Free cash flow is therefore negative mainly because of operating costs, not big investments in equipment. This means Dyadic is reliant on external funding—equity raises, debt, or partner payments—to keep funding its development and commercialization plans.

Competitive Edge

Competitive Edge Dyadic’s competitive position is built far more on technology than on current market share. Its fungal-based C1 and Dapibus platforms promise faster, cheaper, and more scalable production of proteins than many traditional systems, which could be a strong differentiator if widely adopted. The company has a long operating history in fungal genetics, a proprietary host strain, a meaningful patent portfolio, and a collaboration‑ and licensing‑driven business model that lets it tap into multiple end markets without building everything in-house. On the other hand, Dyadic is small and up against much larger, well-funded players and entrenched technologies. Its competitive strength will ultimately depend on whether partners and customers adopt its platforms at scale and stick with them over time.

Innovation and R&D

Innovation and R&D Innovation is clearly Dyadic’s core. The C1 and Dapibus platforms are designed to deliver high protein yields quickly and at lower cost, with flexibility across vaccines, biologics, industrial enzymes, and especially animal-free and alternative proteins. The company has spent decades refining its fungal host system and recently added CRISPR gene-editing tools to further improve strains and productivity. It is also working on a line of proteins for cell culture and molecular biology, and is leaning into food, nutrition, and other non-pharma markets where regulations can be lighter and time to market shorter. The main risk is execution: turning strong lab and pilot data into repeatable, scaled commercial products and royalties is a big step that many innovative biotech platforms struggle with.

Summary

Dyadic is a technology-rich but revenue-light biotech platform company. Financially, it remains in a development stage: little to no revenue so far, ongoing operating losses, a thin but mostly cash-based balance sheet, and continued reliance on outside funding. Strategically, it has built a specialized edge in fungal-based protein production, with potentially compelling advantages in speed, cost, and scalability, protected by long-standing know-how and intellectual property. The company is now trying to shift from being mainly an R&D and licensing story to a commercially driven one, especially in alternative proteins, life sciences reagents, and animal health, with a growing focus on partnerships and global expansion. Going forward, the key things to watch are whether its platforms gain real commercial traction, how quickly recurring revenues build, and how management balances growth ambitions with its limited financial resources.

NEWS

November 12, 2025 · 4:05 PM UTC

Dyadic Announces Third Quarter 2025 Financial Results and Highlights Strategic Progress

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October 29, 2025 · 7:25 AM UTC

Dyadic to Report Third Quarter 2025 Financial Results on Wednesday, November 12, 2025

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October 6, 2025 · 8:30 AM UTC

Dyadic Applied BioSolutions Announces Milestone Achievements and Recent Company Developments

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September 4, 2025 · 9:00 AM UTC

Dyadic to Present at Investor Conferences and BPI East

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