Dyadic International, Inc., a biotechnology platform company, develops, produces, and sells enzymes and other proteins in the United States. The company utilizes its patented and proprietary C1 platform and other technologies to conduct research, development, and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles and antigens, monoclonal antibodies, bi/tri-specific antibodies, fab antibody fragments, Fc-fusion proteins, biosimilars and/or biobetters, and other therapeutic enzymes and proteins. It offers DYAI-100, SARS-CoV-2-S-RBD antigen vaccine candidate towards a first-in-human Phase 1 clinical trial, is to validate to serve as proof of concept for the development of next generation multivariant COVID-19 vaccine candidates. The company has a research and development agreement with VTT Technical Research Centre of Finland, Ltd.; strategic research services agreement with Biotechnology Developments for Industry in Pharmaceuticals, S.L.U.; and collaboration with a Syngene International Limited. Dyadic International, Inc. was founded in 1979 and is headquartered in Jupiter, Florida.
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- Like Intel (INTC) for biomanufacturing, providing a foundational, high-performance platform for producing proteins for drugs, vaccines, and industrial enzymes.
- Imagine Twist Bioscience (TWST), but instead of synthetic DNA, Dyadic's core offering is a proprietary genetic system for rapidly and cost-effectively producing various proteins.
- Similar to Illumina (ILMN), but rather than providing machines to read genetic code, Dyadic offers a powerful genetic platform to build and produce proteins for therapeutic and industrial uses more efficiently.
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- C1 Expression Platform Technology: A proprietary fungal expression system designed for the discovery, development, and manufacturing of biologic products, including enzymes, vaccines, and therapeutic proteins.
- Biologics Development and Manufacturing Services: Offers partners the use of its C1 platform for the efficient and scalable development and manufacturing of a wide range of biologic drugs and therapies.
- Enzyme Production Services: Provides solutions for the high-yield production of industrial enzymes used in various sectors such as biofuels, animal nutrition, and food processing.
- Vaccine and Therapeutic Protein Development: Focuses on leveraging the C1 platform to develop and produce more affordable and accessible vaccines and therapeutic proteins for human and animal health.
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The public company Dyadic International (symbol: DYAI) sells primarily to other companies. Its major customers, which are primarily collaboration partners leveraging Dyadic's C1 expression system for research and development, include:
- Sanofi (NYSE: SNY)
- Serum Institute of India Pvt. Ltd. (private company)
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Mark A. Emalfarb, Chief Executive Officer
Mr. Emalfarb is the founder of Dyadic, having established its predecessor in 1979. He has been instrumental in leading the company's evolution from its origins in providing ingredients for stone-washing blue jeans to its current focus as a biotechnology company. He is also an inventor with over 25 U.S. and foreign biotechnology patents and patent applications related to the patented C1 fungal microorganism.
Ping W. Rawson, Chief Financial Officer
Ms. Rawson has served as Dyadic's Chief Financial Officer since June 2019. Prior to this role, she was the company's Chief Accounting Officer and Director of Financial Reporting, having joined Dyadic in June 2016. Her previous experience includes a technical accounting management position at ADT Security Services, where she managed accounting and financial reporting for acquisitions, integrations, and restructuring. Ms. Rawson also worked as an accounting research principal for NextEra Energy, Inc. (formerly Florida Power & Light Company) and as a manager at Deloitte in New York City, specializing in derivatives, financial instruments, and valuation for multinational public companies.
Joe Hazelton, President & Chief Operating Officer
Mr. Hazelton joined Dyadic in November 2021 as Chief Business Officer, was appointed Chief Operating Officer on March 26, 2024, and became President on June 2, 2025. He brings over two decades of experience in the pharmaceutical industry, particularly in product and business development, licensing, and commercialization. Before joining Dyadic, Mr. Hazelton held the positions of Chief Operating Officer and Chief Commercial Officer at Charleston Laboratories, Inc.
Ronen Tchelet, Vice President of Research and Business Development
Dr. Tchelet joined Dyadic in May 2014 and has been the Vice President of Research and Business Development since January 2016. Prior to Dyadic, he was the founder and Managing Director of Codexis Laboratories Hungary kft. and a Vice President of Codexis Inc. from 2007 to 2014, where he established a laboratory for strain engineering and fermentation.
Noelia Valbuena, Director of Research and Development
Dr. Valbuena joined Dyadic in January 2021 as R&D Senior Project Manager and currently serves as the Director of Research and Development. She is recognized for her expertise in molecular biology and strain development for industrial applications. Her prior leadership roles include serving as the Head of Strain Development Area at Abengoa Bioenergy in Spain from 2012 to 2016 and as the Head of the Molecular Biology and Microbiology Area at BDi (53 Biologics) from 2017 to 2020.
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1. History of Net Losses and Financial Performance
Dyadic International has a consistent history of net losses, which is a primary concern for its financial stability and ongoing operations. The company reported a significant increase in net loss for Q3 2025 to $1,976,000, compared to $203,000 for the same period a year prior. Total revenue also decreased to $1,165,000 from $1,958,000 in Q3 2024, raising concerns about its ability to grow sales post-rebranding. Increased operating losses and research and development expenses, despite a strategic pivot towards commercialization, further highlight these financial challenges. These factors indicate potential difficulties in achieving and maintaining profitability, which could impact the company's ability to fund future operations and investments.
2. Dependence on Third-Party Collaborations
Dyadic's business model relies heavily on collaborations with third parties for the development, manufacturing, and commercialization of its technologies and products. A significant risk stems from the potential failure to maintain or successfully manage existing collaborations, or to enter into new strategic partnerships. The company has limited or no control over the resources that collaborators or licensees may devote to its programs, and reductions in partners' research and development budgets could adversely affect Dyadic's business. This reliance on external entities for critical aspects of its operations introduces a degree of uncertainty and potential for delays or disruptions if these relationships do not perform as expected.
3. Challenges in Commercialization and Market Acceptance
Despite a strategic pivot towards commercialization, Dyadic faces significant challenges in successfully bringing its microbial protein production platforms and other technologies to market and gaining widespread acceptance. The company needs to effectively scale its product offerings and secure OEM agreements for bulk sales to drive revenue growth. Furthermore, Dyadic operates in a competitive landscape with alternative technologies, which could impede its market penetration and growth. The recent decrease in revenue, partly due to fewer active collaborations, underscores the hurdles in establishing a robust commercial presence and achieving substantial market traction for its products.
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The increasing prominence and adoption of mRNA and other nucleic acid-based vaccine technologies represent a clear emerging threat to Dyadic International's focus on protein-subunit vaccine production. The rapid development and widespread commercial success of mRNA vaccines for diseases like COVID-19 indicate a significant market shift, potentially reducing the demand for and reliance on traditional protein expression platforms like Dyadic's C1 for vaccine antigen manufacturing in certain key applications.
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Dyadic International (DYAI) leverages its C1 protein production platform to develop and manufacture various recombinant proteins and enzymes for diverse addressable markets. The estimated market sizes for their main products and services are primarily global, as follows:
- Global Vaccines Market: Dyadic identifies the global vaccines market as $60 billion and also notes a global vaccine market of $29 billion.
- Alternative Proteins Market: The global market for alternative proteins is estimated at $58 billion.
- Global Antibody Market: Dyadic notes the global antibody market as $195 billion and also mentions a global antibody market of $700 million.
- Reagent Market: The global reagent market is valued at $72 billion.
- Animal Feed Protein Market: The global animal feed protein market is estimated at $275 billion.
- Biofuels Market: The global biofuels market is approximately $155 billion.
- Industrial Enzymes Market: The global market for industrial enzymes is $7.4 billion.
- mRNA Synthesis Raw Materials Market: This global market was approximately $1.72 billion in 2023, with a projected Compound Annual Growth Rate (CAGR) of 2.85%.
- Cell Culture Media (CCM) Market: The global CCM market is estimated at $4.7 billion with a CAGR of over 12%. Another estimate placed it at $4.73 billion in 2023, with an expected CAGR of 12.54% from 2024 to 2030.
- Bovine Alpha-lactalbumin (Food/Nutrition/Reagent): The market is estimated at $300-400 million.
- Dairy Enzyme (Cheese production): This market is valued at $110 million.
- Hyaluronidase (Cosmetics): The market for hyaluronidase in cosmetics is $900 million.
- Cellulosic Enzymes (Biofuels): The market size is $1.1 billion.
- Human Albumin (Support cell growth and protein production): The market is estimated at $100-300 million.
- Human Transferrin (Regulates iron supply to cells): The market is estimated at $100-300 million.
- Human Growth Factors (Stimulate cellular processes): The market is $1.6 billion.
- Bovine Albumin (Support cell growth and protein production): The market is estimated at $100-300 million.
- Bovine Transferrin (Regulates iron supply to cells): The market is estimated at $100-300 million.
- Bovine Growth Factors (Stimulate cellular processes): The market is $1.6 billion.
- Murine RNase Inhibitor: The market is valued at $225 million.
- T7 RNA Polymerase: The market is valued at $300 million.
- Animal Healthcare Market: The global animal healthcare market was valued at $186.1 billion in 2023 and is projected to grow at a CAGR of 6% from 2024 to 2032. Another source indicates a global market size of $63.3 billion in 2023, expected to grow to $119.34 billion by 2032 with a CAGR of 7.3%. A third estimate projects the global market revenue to reach $80.12 billion by 2030, with a CAGR of 7%. The North American animal healthcare market alone was $72.3 billion in 2023 and is expected to reach $119.1 billion by 2032. Specifically, the U.S. market was $67.2 billion in 2023, with a projected growth to $108.9 billion by 2032 at a CAGR of 5.3%.
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Dyadic International (DYAI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives leveraging its proprietary C1 and Dapibus™ microbial protein production platforms:
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Commercialization of Cell Culture Media Components: Dyadic is progressing towards the commercial launch of animal-free recombinant human serum albumin in Q2 2025, in partnership with Proliant Health and Biologicals, which is expected to generate recurring revenue through profit-sharing from sales. Additionally, the company is actively developing and sampling other recombinant proteins such as transferrin and Fibroblast Growth Factor (FGF) for use in cell culture media, diagnostics, and biopharmaceutical applications.
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Expansion in Non-Animal Dairy Enzymes and Alternative Proteins: The company anticipates a commercial launch for a recombinant dairy enzyme in late 2025, following successful productivity milestones and ongoing commercialization efforts. Dyadic is also expanding its portfolio of alternative proteins with additional life science products under development for nutritional, research, and other non-pharmaceutical applications, aiming to capitalize on the growing market for animal-free products.
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Grants and Collaborations for Vaccine and Antibody Development: Dyadic has secured significant grants, including up to $4.5 million from CEPI and $3 million from the Gates Foundation. These funds are dedicated to accelerating the development of its C1 platform for the rapid and cost-effective manufacturing of recombinant protein vaccines and antibodies, such as for malaria and RSV. These collaborations involve milestone payments and potential future revenue streams from successful development and commercialization.
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Strategic Licensing and Partnerships Across Multiple Sectors: Dyadic is actively leveraging its C1 and Dapibus™ platforms through licensing agreements and partnerships across human and animal health, and bio-industrial applications. Examples include milestone payments from existing collaborations and a 50/50 profit-sharing model with Fermbox Bio for the EN3ZYME™ enzyme cocktail, demonstrating a strategy to generate revenue through technology transfer and commercial sales with partners.
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Launch of New Nucleic Acid Enzymes and Reagent Proteins: Dyadic is advancing the development of new reagent proteins and nucleic acid enzymes, including RNase-free DNase-1, RNase Inhibitors, and T7 RNA Polymerase. These products are targeted for molecular diagnostics, biopharma, and other related applications, with commercial availability for DNase-1 nearing and further optimization and sampling for other enzymes expected through late 2025 and into 2026.
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Share Issuance
- Dyadic International announced and priced an underwritten public offering of 6,052,000 shares of common stock at $0.95 per share in July 2025.
- The public offering, which closed on August 1, 2025, generated gross proceeds of approximately $5.75 million and net proceeds of approximately $5.3 million.
- The net proceeds from this offering are intended for working capital and general corporate purposes, including product development, sales, and marketing initiatives.
Inbound Investments
- Dyadic secured a $4.5 million research grant from CEPI to accelerate recombinant protein vaccine development and manufacturing in March 2025.
- In January 2025, Dyadic initiated a $3 million project in collaboration with the Gates Foundation to develop low-cost monoclonal antibodies for malaria and respiratory syncytial virus (RSV).
- The company achieved a $500,000 milestone payment from Proliant Health and Biologicals in Q3 2025 for productivity in recombinant human albumin, with payment expected in Q4 2025.
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