Dyadic International (DYAI)
Market Price (11/6/2026): $0.35 | Market Cap: $14.0 MilSector: Health Care | Industry: Biotechnology
Dyadic International (DYAI)
Market Price (11/6/2026): $0.35Market Cap: $14.0 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, mRNA Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -162% | Penny stockMkt Price is 0.3 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -7.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -555% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.3%, Rev Chg QQuarterly Revenue Change % is -73% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 49% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -555%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -555% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -67% Key risksDYAI key risks include [1] a history of widening net losses and declining revenue, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, mRNA Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -162% |
| Penny stockMkt Price is 0.3 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -7.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -555% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.3%, Rev Chg QQuarterly Revenue Change % is -73% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -555%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -555% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -67% |
| Key risksDYAI key risks include [1] a history of widening net losses and declining revenue, Show more. |
Qualitative Assessment
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Dyadic International (DYAI) stock has lost about 70% since 7/31/2026 because of the following key factors:
1. Poor Fiscal Q2 2026 Financial Results and Going Concern Warning.
Dyadic International reported its fiscal Q2 2026 financial results on August 12, 2026, announcing an earnings per share (EPS) of -$0.06, which missed the consensus estimate of -$0.04. Additionally, quarterly revenue came in at $0.96 million, falling short of the consensus estimate of $1.03 million. The company also reported a widening operating loss of $2.1 million and ended the quarter with only $4.8 million in cash, leading to the issuance of a "going concern warning". This financial performance and the explicit liquidity concerns directly contributed to a 16.2% decline in Dyadic's stock price the day following the announcement.
2. Share Dilution from Registered Direct Offering.
On August 13, 2026, the day after the weak fiscal Q2 2026 earnings report, Dyadic International announced a registered direct offering and a concurrent private placement of warrants with an institutional investor. The offering involved the sale of 3,625,000 shares of common stock at a price of $0.795 per share, along with warrants to purchase an equal number of shares. This transaction was expected to generate approximately $2.9 million in gross proceeds for general corporate purposes and working capital. The timing of this dilutive financing immediately following disappointing financial results likely exacerbated downward pressure on the stock.
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Dyadic International (DYAI) stock has lost about 70% since 7/31/2026 because of the following key factors:
1. Poor Fiscal Q2 2026 Financial Results and Going Concern Warning.
Dyadic International reported its fiscal Q2 2026 financial results on August 12, 2026, announcing an earnings per share (EPS) of -$0.06, which missed the consensus estimate of -$0.04. Additionally, quarterly revenue came in at $0.96 million, falling short of the consensus estimate of $1.03 million. The company also reported a widening operating loss of $2.1 million and ended the quarter with only $4.8 million in cash, leading to the issuance of a "going concern warning". This financial performance and the explicit liquidity concerns directly contributed to a 16.2% decline in Dyadic's stock price the day following the announcement.
2. Share Dilution from Registered Direct Offering.
On August 13, 2026, the day after the weak fiscal Q2 2026 earnings report, Dyadic International announced a registered direct offering and a concurrent private placement of warrants with an institutional investor. The offering involved the sale of 3,625,000 shares of common stock at a price of $0.795 per share, along with warrants to purchase an equal number of shares. This transaction was expected to generate approximately $2.9 million in gross proceeds for general corporate purposes and working capital. The timing of this dilutive financing immediately following disappointing financial results likely exacerbated downward pressure on the stock.
3. Negative Analyst Sentiment.
As of October 30, 2026, Dyadic International has received a consensus "Sell" rating from analysts, with one research report issuing a sell rating and no strong buy, buy, or hold ratings. The company's average rating score was 1.00, and its MarketRank™ score was 0.7785668173 out of 5 stars, ranking it 849th out of 903 stocks in the healthcare sector. This overwhelmingly negative analyst sentiment signals a lack of confidence in the company's near-term prospects and likely influenced investor decisions to sell off the stock.
4. Sustained Downward Momentum and Underperformance.
Over the twelve months leading up to October 9, 2026, Dyadic International's stock returned -60.7%, significantly underperforming the S&P 500, which returned +17.3% (dividends included). This sustained negative momentum suggests that even prior to the specific events in fiscal Q3 2026, the stock was already in a downtrend, and the new negative catalysts further accelerated the decline experienced since July 31, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -67.6% change in DYAI stock from 7/31/2026 to 11/5/2026 was primarily driven by a -59.3% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.05 | 0.34 | -67.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 1 | -20.3% |
| P/S Multiple | 22.8 | 9.3 | -59.3% |
| Shares Outstanding (Mil) | 36 | 36 | -0.1% |
| Cumulative Contribution | -67.6% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| DYAI | -67.6% | |
| Market (SPY) | -1.9% | 9.5% |
| Sector (XLV) | 13.8% | 1.2% |
Fundamental Drivers
The -56.6% change in DYAI stock from 4/30/2026 to 11/5/2026 was primarily driven by a -45.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.78 | 0.34 | -56.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 8.2% |
| P/S Multiple | 17.2 | 9.3 | -45.9% |
| Shares Outstanding (Mil) | 27 | 36 | -26.0% |
| Cumulative Contribution | -56.6% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| DYAI | -56.6% | |
| Market (SPY) | 2.3% | 9.6% |
| Sector (XLV) | 27.2% | -6.1% |
Fundamental Drivers
The -69.9% change in DYAI stock from 10/31/2025 to 11/5/2026 was primarily driven by a -61.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.13 | 0.34 | -69.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 1 | -61.0% |
| P/S Multiple | 9.9 | 9.3 | -6.5% |
| Shares Outstanding (Mil) | 30 | 36 | -17.4% |
| Cumulative Contribution | -69.9% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| DYAI | -69.9% | |
| Market (SPY) | 8.4% | 14.9% |
| Sector (XLV) | 29.8% | 0.4% |
Fundamental Drivers
The -79.0% change in DYAI stock from 10/31/2023 to 11/5/2026 was primarily driven by a -61.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.62 | 0.34 | -79.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 1 | -61.2% |
| P/S Multiple | 13.6 | 9.3 | -31.7% |
| Shares Outstanding (Mil) | 29 | 36 | -20.7% |
| Cumulative Contribution | -79.0% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| DYAI | -79.0% | |
| Market (SPY) | 81.3% | 11.1% |
| Sector (XLV) | 55.5% | 6.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DYAI Return | -16% | -73% | 31% | 9% | -46% | -64% | -94% |
| Peers Return | 12% | -60% | 1% | -3% | -24% | 59% | -46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| DYAI Win Rate | 42% | 33% | 58% | 50% | 17% | 36% | |
| Peers Win Rate | 56% | 27% | 50% | 45% | 40% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| DYAI Max Drawdown | -52% | -75% | -36% | -57% | -62% | -77% | |
| Peers Max Drawdown | -36% | -66% | -56% | -47% | -52% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CDXS, DNA, TWST, IFF, RGEN. See DYAI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | DYAI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 50.0% | 23.1% |
| Time to Breakeven | 420 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.9% | -9.5% |
| % Gain to Breakeven | 20.4% | 10.5% |
| Time to Breakeven | 113 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.3% | -6.7% |
| % Gain to Breakeven | 22.4% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.6% | -33.7% |
| % Gain to Breakeven | 120.2% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -30.9% | -0.2% |
| % Gain to Breakeven | 44.7% | 0.2% |
| Time to Breakeven | 1765 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.9% | -17.9% |
| % Gain to Breakeven | 28.0% | 21.8% |
| Time to Breakeven | 4 days | 123 days |
In The Past
Dyadic International's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 50.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | DYAI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 50.0% | 23.1% |
| Time to Breakeven | 420 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.6% | -33.7% |
| % Gain to Breakeven | 120.2% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -30.9% | -0.2% |
| % Gain to Breakeven | 44.7% | 0.2% |
| Time to Breakeven | 1765 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.9% | -17.9% |
| % Gain to Breakeven | 28.0% | 21.8% |
| Time to Breakeven | 4 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -47.4% | -15.4% |
| % Gain to Breakeven | 90.0% | 18.2% |
| Time to Breakeven | 3197 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.0% | -53.4% |
| % Gain to Breakeven | 257.1% | 114.4% |
| Time to Breakeven | 34 days | 1085 days |
In The Past
Dyadic International's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 50.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Dyadic International (DYAI)
Dyadic International, Inc. (DYAI) is a biotechnology platform company that specializes in developing and producing enzymes and other proteins. The company utilizes its patented and proprietary C1 platform technology to conduct research, development, and commercial activities primarily focused on the human and animal health markets. Its core offering is the efficient production of complex biological molecules for various therapeutic applications.
The company's platform is leveraged for the development and manufacturing of a wide array of drugs and vaccines. This includes virus-like particles, antigens, monoclonal antibodies, bi/tri-specific antibodies, antibody fragments, Fc-fusion proteins, biosimilars, biobetters, and other therapeutic enzymes and proteins. A notable current pipeline candidate is DYAI-100, a SARS-CoV-2-S-RBD antigen vaccine candidate, which is slated for a Phase 1 clinical trial. This trial aims to validate the C1 platform for developing next-generation multivariant COVID-19 vaccines.
Dyadic primarily serves the pharmaceutical and animal health industries by offering its advanced protein expression technology for drug development. Its business model often involves strategic research and development agreements and collaborations with other institutions and companies, such as VTT Technical Research Centre of Finland and Syngene International Limited, to advance its technologies and therapeutic candidates.
AI Analysis | Feedback
Think of Dyadic as the Intel of biotech, providing foundational protein manufacturing technology that can be used for various drugs and vaccines.
Dyadic is like a specialized manufacturing foundry for biological drugs and vaccines, similar to how TSMC manufactures chips for many tech companies.
AI Analysis | Feedback
- C1 Platform Technology: Dyadic's patented and proprietary technology utilized for the research, development, and manufacturing of enzymes and other proteins.
- DYAI-100: A SARS-CoV-2-S-RBD antigen vaccine candidate currently advancing towards a first-in-human Phase 1 clinical trial.
- Therapeutic Enzymes and Proteins: A broad category encompassing human and animal vaccines and drugs, such as monoclonal antibodies and biosimilars, developed and manufactured using their C1 platform.
AI Analysis | Feedback
Dyadic International sells primarily to other companies and research institutions within the biotechnology and pharmaceutical sectors. Based on the provided background, the company has agreements and collaborations with the following entities:
- VTT Technical Research Centre of Finland, Ltd.
- Biotechnology Developments for Industry in Pharmaceuticals, S.L.U.
- Syngene International Limited (Symbol: NSE: SYNGENE)
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- Syngene International Limited (SYNGENE)
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Mark A. Emalfarb, Chief Executive Officer & Director
Mark A. Emalfarb is the founder of Dyadic International, Inc. and its predecessor, which he established in 1979. He has led the company through significant transformations, transitioning from a business providing ingredients for stone-washing blue jeans to industrial enzymes, and subsequently to the C1/Dapibus microbial protein production platforms focused on biopharmaceuticals and other applications. Under his leadership, Dyadic sold most of its Industrial Technology assets business to DuPont's Industrial Biosciences business for $75 million in cash in December 2015. Mr. Emalfarb is also an inventor with over 25 U.S. and foreign biotechnology patents and patent applications.
Ping W. Rawson, Chief Financial Officer & Secretary
Ping W. Rawson has served as Dyadic International's Chief Financial Officer since June 2019. She joined Dyadic in June 2016 and held previous roles as Chief Accounting Officer and Director of Financial Reporting within the company. Prior to Dyadic, Ms. Rawson held a technical accounting management position at ADT Security Services, where she managed the accounting and financial reporting for acquisitions, integration, and restructuring. Her experience also includes roles as a Manager at Deloitte LLP in New York and a Principal at NextEra Energy, Inc. Ms. Rawson holds an M.B.A. in Finance and an M.S. in Accounting from the State University of New York at Buffalo, and a B.S. in Economics from Guangdong University of Foreign Studies.
Joe Hazelton, President & Chief Operating Officer
Joe Hazelton was appointed President on June 2, 2025, and Chief Operating Officer on March 26, 2024. He joined Dyadic in November 2021 as Chief Business Officer. Mr. Hazelton brings over two decades of pharmaceutical industry experience in product and business development, licensing, and commercialization, including previous experience at Novartis.
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Key Risks to Dyadic International (DYAI)
- Clinical Trial and Regulatory Risk: Dyadic International's business model is heavily reliant on the successful development, clinical testing, and regulatory approval of its biopharmaceutical products and platforms. The company's leading vaccine candidate, DYAI-100 (SARS-CoV-2-S-RBD antigen), is still in the very early stages, "towards a first-in-human Phase 1 clinical trial." This exposes the company to significant risks inherent in drug development, including high failure rates, lengthy and costly trial processes, and uncertainty in gaining regulatory acceptance for commercialization of its microbial protein production platforms or other technologies for therapeutic proteins, antibodies, vaccines, and metabolites.
- Financial Viability and Nasdaq Listing Risk: Dyadic International has a history of net losses and faces uncertainty in achieving or maintaining profitability. Furthermore, the company recently received a Nasdaq Listing Rule deficiency notice for failing to maintain the minimum $35 million Market Value of Listed Securities (MVLS), initiating a 180-day cure period to regain compliance. This indicates significant financial instability and poses a direct threat to its ability to remain listed on the Nasdaq, which could adversely affect its ability to raise capital and maintain investor visibility.
- Market Acceptance and Competition: The company's revenue growth is dependent on the market and regulatory acceptance of its proprietary C1 microbial protein production platform and other technologies. Dyadic operates in a highly competitive biotechnology market. There is a risk that competitors may develop superior technologies or products more rapidly and market them more effectively, which could reduce or eliminate Dyadic's commercial opportunities. The emergence of alternative technologies that do not require microbial or other cell-produced proteins, like its C1 cells and Dapibus™, also presents a competitive threat.
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The continued rapid development and deployment of highly adaptable mRNA vaccine platforms for emerging COVID-19 variants and next-generation multivariant vaccine candidates by established pharmaceutical companies presents a clear emerging threat to Dyadic International's ambitions in this specific market segment, as their DYAI-100 candidate aims to serve as proof of concept for similar applications.
AI Analysis | Feedback
Dyadic International (DYAI) operates in several significant addressable markets globally, leveraging its C1 platform for the development and manufacturing of various biopharmaceutical products.
- Human Vaccines: The global human vaccines market was valued at approximately US$46.9 billion in 2024 and is projected to reach US$71.4 billion by 2030.
- Animal Vaccines: The global animal vaccines market was estimated at USD 13.48 billion in 2024 and is projected to reach USD 22.95 billion by 2030.
- Monoclonal Antibodies: The global monoclonal antibodies market was valued at USD 285.9 billion in 2025 and is expected to grow to USD 936.1 billion by 2035.
- Biosimilars: The global biosimilars market size was estimated at USD 40.36 billion in 2025 and is predicted to increase to approximately USD 191.29 billion by 2035.
- COVID-19 Vaccines: The global COVID-19 vaccine market size stood at USD 13.71 billion in 2025, though it is projected to contract to USD 8.28 billion by 2030.
- Biologic Therapeutic Drugs (Overall): The broader global market for biologic therapeutic drugs is estimated to increase from $499.2 billion in 2024 to reach $794.5 billion by 2029.
AI Analysis | Feedback
Dyadic International (NASDAQ: DYAI) anticipates several key drivers for its future revenue growth over the next two to three years, stemming from a strategic shift towards commercialization and expansion of its proprietary technology.
Here are 5 expected drivers of future revenue growth:
- Increased Product Sales from Commercialization Strategy: Dyadic is strategically transitioning from a research and development focus to a commercial one, aiming to generate near-term revenue through direct product sales. This includes the sale of bovine and human growth factors, which began in late 2025, and the planned launch of DNase I and transferrin in 2026. Further products, such as Cellulosics and alpha-lactalbumin, are expected to be introduced in late 2026 and early 2027, forming a foundational stream of revenue the company can directly control.
- Expansion of Strategic Partnerships and Licensing Agreements: Future revenue growth is expected from new and expanded strategic partnerships that generate license fees, milestone payments, and recurring royalties. Current examples include collaborations with Proliant Health & Biologicals for human albumin, Inzymes ApS for non-animal dairy enzymes, and Fermbox Bio for animal-free proteins like DNase I. An expanded licensing agreement with Rubic One Health also aims to develop and commercialize vaccines and biologics for the African continent, including potential individual product royalties upon commercialization.
- Penetration of New Global Markets, particularly Asia: Dyadic is actively pursuing an international growth strategy by expanding its commercial reach into new global markets, with a particular focus on Asia, including Japan and South Korea. This expansion, facilitated by partnerships such as the one with Intralink, targets the commercialization of the company's high-value animal-free proteins, such as DNase I and Transferrin, to address increasing regional demand for biologics and cell and gene therapy manufacturing inputs.
- Commercialization of C1 and Dapibus Platforms in Non-Therapeutic Applications: The company is leveraging its proprietary C1 and Dapibus microbial protein production platforms to develop and commercialize functional recombinant solutions for non-therapeutic applications. These include high-value segments within life sciences, bioactives, ingredients, and industrial markets, such as cell culture media, nucleic, and other enzymes. An example is the sale of recombinant fibroblast growth factor (FGF) for the cultured meat market, demonstrating the platforms' readiness for commercial-grade material at scale.
- Innovation Driven by CRISPR Technology: Revenue growth is also anticipated from advancements enabled by the integration of CRISPR technology. Dyadic has secured a non-exclusive CRISPR/Cas9 license with ERS Genomics, which is expected to enhance its genetic engineering capabilities. This will accelerate strain optimization and pathway enhancement across its proprietary production platforms, leading to improved productivity, product quality, and innovation for both internal programs and partner-driven applications, potentially opening new product categories in DNA and RNA molecular biology reagents.
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Share Issuance
- Dyadic International launched an "at-the-market" stock program on March 6, 2026, allowing it to sell up to $4,237,818 of common stock over time.
- In August 2025, the company completed a public offering of 6,052,000 shares of common stock, generating approximately $5.75 million in gross proceeds before deducting offering expenses.
Inbound Investments
- Dyadic received a $4.5 million grant from SEPI and a $3 million grant from the Gates Foundation, with $1.5 million of the Gates Foundation grant received in 2025, to support the development of vaccines and monoclonal antibodies.
- In 2026, the company received $1.5 million in license and milestone fees from Proliant Health and Biologicals, and an additional $1.4 million in license and milestone fees from Inzymes.
Capital Expenditures
- Dyadic maintains a relatively low annual burn rate of $4-5 million, with a strategic goal to achieve cash flow positivity by the end of 2026.
- Research and development expenses increased to $629,000 in the second quarter of 2025, reflecting expanded internal research initiatives.
Peer Outperformance in Biotechnology
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DYAI | Dyadic International | -6.3% | -1.6x | -67.3% | -79.6% | -91.7% | — |
| IMNM | Immunome | -6.8% | -8.0x | 16.6% | 103.9% | -13.2% | +79pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 56.6% | 93.6% | CAH 498% · MCK 396% · COR 181% |
| Health Care Services | 20 | 33.8% | 28.8% | 6.1% | HIMS 189% · RDNT 125% · DGX 100% |
| Health Care Facilities | 25 | 13.9% | 27.4% | -1.4% | THC 280% · NHC 210% · EHC 186% |
| Managed Health Care | 8 | 47.9% | 1.6% | -2.2% | OSCR 95% · HQY 52% · ELV 10% |
| Health Care Equipment | 50 | 11.0% | 17.8% | -17.6% | UFPT 355% · GKOS 286% · PLSE 127% |
| Pharmaceuticals | 61 | -12.9% | 10.6% | -37.3% | LQDA 977% · XERS 571% · KNSA 500% |
| Health Care Supplies | 11 | 23.9% | 17.0% | -40.1% | LNTH 248% · HAE 66% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -8.1% | -18.9% | -74.5% | AXGN 255% · NTRA 214% · MEDP 181% |
| Biotechnology ← | 364 | -25.8% | -36.1% | -82.0% | ELVN 1073% · TRVI 995% · DNTH 956% |
| Health Care Technology | 21 | -21.4% | -50.4% | -82.8% | VEEV -3% · DOCS -51% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.30 |
| Mkt Cap | 4.1 |
| Rev LTM | 272 |
| Op Inc LTM | -16 |
| FCF LTM | -10 |
| FCF 3Y Avg | -24 |
| CFO LTM | -9 |
| CFO 3Y Avg | -23 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.5% |
| Rev Chg 3Y Avg | -0.6% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | 7.6% |
| Op Inc Chg 3Y Avg | 16.7% |
| Op Mgn LTM | -31.6% |
| Op Mgn 3Y Avg | -58.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | -12.8% |
| CFO/Rev 3Y Avg | -41.4% |
| FCF/Rev LTM | -18.6% |
| FCF/Rev 3Y Avg | -46.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 7.6 |
| P/Op Inc | -2.0 |
| P/EBIT | -2.9 |
| P/E | -2.6 |
| P/CFO | -2.7 |
| Total Yield | -17.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -12.0% |
| D/E | 0.4 |
| Net D/E | 0.2 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Developing and commercializing synthetic protein products using the Company’s proprietary microbial | 3 | 3 | 3 | ||
| License revenue | 0 | 0 | |||
| Research and development revenue | 3 | 2 | |||
| Total | 3 | 3 | 3 | 3 | 2 |
| $ Mil | 2014 |
|---|---|
| The Netherlands Operating Segment | 1 |
| U.S. Operating Segment | -6 |
| Total | -5 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing and commercializing synthetic protein products using the Company’s proprietary microbial | -7 | -6 | -7 |
| Total | -7 | -6 | -7 |
| $ Mil | 2014 |
|---|---|
| Eliminations | 8 |
| U.S. Operating Segment | 5 |
| The Netherlands Operating Segment | -5 |
| Total | 9 |
Price Behavior
| Market Price | $0.34 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -76.9% | |
| 50 Days | 200 Days | |
| DMA Price | $0.44 | $0.75 |
| DMA Trend | down | down |
| Distance from DMA | -22.7% | -54.7% |
| 3M | 1YR | |
| Volatility | 75.6% | 83.6% |
| Downside Capture | 283.74 | 138.83 |
| Upside Capture | -318.33 | -6.18 |
| Correlation (S&P 500) | -4.5% | 12.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.35 | -0.15 | -0.11 | 0.41 | 0.83 | 0.51 |
| Up Beta | 8.38 | 0.51 | 2.81 | 3.44 | 3.04 | 0.88 |
| Down Beta | -3.11 | -2.41 | -1.89 | -2.53 | -0.91 | -0.24 |
| Up Capture | 2% | -78% | -205% | -29% | -3% | 9% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 17 | 24 | 53 | 107 | 325 |
| Down Capture | 221% | 200% | 258% | 146% | 129% | 102% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 26 | 40 | 72 | 142 | 393 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DYAI | |
|---|---|---|---|---|
| DYAI | -67.8% | 83.6% | -0.99 | - |
| Sector ETF (XLV) | 29.2% | 16.9% | 1.33 | 0.5% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 14.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 8.7% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -7.6% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | -3.9% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DYAI | |
|---|---|---|---|---|
| DYAI | -39.3% | 74.7% | -0.35 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 12.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 17.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 3.8% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.5% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 12.4% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 13.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DYAI | |
|---|---|---|---|---|
| DYAI | -20.1% | 80.7% | -0.02 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.60 | 13.7% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 17.8% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 5.1% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 7.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 14.6% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -16.2% | -27.2% | -53.4% |
| 5/13/2026 | -2.9% | 3.8% | -4.0% |
| 3/25/2026 | -19.6% | -2.3% | -1.4% |
| 11/12/2025 | -3.9% | -1.4% | -12.2% |
| 8/13/2025 | -2.4% | -1.2% | 17.9% |
| 5/14/2025 | -4.3% | -1.0% | -9.6% |
| 3/26/2025 | 1.5% | 5.3% | -11.3% |
| 11/12/2024 | -1.8% | 7.0% | 42.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 7 |
| # Negative | 13 | 11 | 14 |
| Median Positive | 4.1% | 6.1% | 18.3% |
| Median Negative | -3.9% | -2.3% | -8.8% |
| Max Positive | 10.5% | 22.1% | 46.3% |
| Max Negative | -19.6% | -27.2% | -53.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -16.2% | -27.2% | -53.4% |
| 5/13/2026 | -2.9% | 3.8% | -4.0% |
| 3/25/2026 | -19.6% | -2.3% | -1.4% |
| 11/12/2025 | -3.9% | -1.4% | -12.2% |
| 8/13/2025 | -2.4% | -1.2% | 17.9% |
| 5/14/2025 | -4.3% | -1.0% | -9.6% |
| 3/26/2025 | 1.5% | 5.3% | -11.3% |
| 11/12/2024 | -1.8% | 7.0% | 42.1% |
| 8/13/2024 | 0.7% | -2.2% | -8.1% |
| 5/14/2024 | 5.4% | 12.0% | 46.3% |
| 3/28/2024 | 0.0% | 8.4% | -16.8% |
| 11/8/2023 | -4.8% | 1.2% | -3.6% |
| 8/9/2023 | 10.0% | 3.9% | 5.0% |
| 5/10/2023 | 10.5% | 22.1% | 29.1% |
| 11/10/2022 | -8.7% | -13.0% | -38.6% |
| 8/10/2022 | -1.5% | 10.4% | -3.0% |
| 5/12/2022 | 5.8% | 2.4% | 15.4% |
| 11/10/2021 | 2.9% | -3.8% | -6.3% |
| 8/12/2021 | -2.1% | -7.4% | 18.3% |
| 5/13/2021 | -2.9% | -6.8% | -6.5% |
| 11/12/2020 | -4.0% | -1.5% | -9.4% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 7 |
| # Negative | 13 | 11 | 14 |
| Median Positive | 4.1% | 6.1% | 18.3% |
| Median Negative | -3.9% | -2.3% | -8.8% |
| Max Positive | 10.5% | 22.1% | 46.3% |
| Max Negative | -19.6% | -27.2% | -53.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/30/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/13/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.21 | 2,616 | 3,173 | 3,979,298 | Form | |
| 2 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.30 | 54,760 | 71,303 | 4,274,648 | Form | |
| 3 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.33 | 38,016 | 50,481 | 4,432,063 | Form | |
| 4 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 2.01 | 15,000 | 30,224 | 6,801,625 | Form | |
| 5 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.92 | 20,000 | 38,458 | 6,519,908 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.21 | 2,616 | 3,173 | 3,979,298 | Form | |
| 2 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.30 | 54,760 | 71,303 | 4,274,648 | Form | |
| 3 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7242026 | 1.33 | 38,016 | 50,481 | 4,432,063 | Form | |
| 4 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 2.01 | 15,000 | 30,224 | 6,801,625 | Form | |
| 5 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.92 | 20,000 | 38,458 | 6,519,908 | Form | |
| 6 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.98 | 40,000 | 79,072 | 6,742,201 | Form | |
| 7 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.80 | 5,100 | 9,192 | 6,219,477 | Form | |
| 8 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.84 | 41,143 | 75,567 | 6,347,202 | Form | |
| 9 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 1.87 | 25,281 | 47,339 | 6,547,958 | Form | |
| 10 | Francisco, Trust Under Agreement Dated February 28, 1996 | Direct | Sell | 7062026 | 2.43 | 26,340 | 63,911 | 8,546,237 | Form | |
| 11 | Hazelton, Joseph P | President and COO | Direct | Buy | 8052025 | 0.95 | 26,000 | 24,700 | 147,573 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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