Dyadic International (NASDAQ:DYAI) outlined its efforts to shift from a development-stage platform business toward a more commercialization-focused model during its full-year 2025 earnings call. Management highlighted multiple product launches and distribution agreements across life sciences, progress in partner-led food and nutrition programs, and continued partner-funded biopharmaceutical collaborations, while reporting a wider net loss and lower year-over-year revenue.
Strategic shift toward commercialization
President and Chief Operating Officer Joe Hazelton, who stepped into the president role in June 2025, said the company’s focus has been to “accelerate Dyadic’s transition from a development stage platform company into a commercial product-driven biotechnology business with multiple paths for revenue.” Over the prior nine months, Hazelton said the company completed a corporate rebrand to “Dyadic Applied BioSolutions,” aligned the organization around commercialization, strengthened its technology through CRISPR licensing, and expanded manufacturing access through its Fermbox partnership.
Life sciences products: albumin, transferrin, DNase I, and growth factors
Management described life sciences as the most advanced segment with the clearest near-term product revenue potential, centered on a portfolio of recombinant animal-free proteins used in cell culture media and molecular biology workflows.
Hazelton highlighted recombinant albumin as a key example. Through a partnership with Proliant Health & Biologicals, Dyadic is producing recombinant human albumin that was commercially launched in early 2026. Hazelton said the collaboration is structured as a profit-sharing arrangement, allowing Dyadic to participate in commercial success as Proliant sells through established global channels. Proliant’s product was identified on the call as AlbuFree DX, and Hazelton noted Proliant has assembled a data package comparing it to animal-derived albumin.
Dyadic is also developing animal-free recombinant transferrin, describing both bovine transferrin for “cost-sensitive, high volume markets like cultivated meat” and human transferrin for higher-spec uses such as cell and gene therapy and biopharmaceutical production. Hazelton characterized transferrin as a recurring consumable where demand scales with a customer’s production volume.
To expand commercial reach, Dyadic entered an OEM distribution agreement with IBT Bioservices for global sales of certain animal-free recombinant products, including DNase I and transferrin, through IBT’s distribution channels. Hazelton said this approach supports near-term revenue while positioning the company for longer-term volume growth as products move from sampling to qualification and routine purchasing.
Dyadic and Fermbox Bio launched a recombinant RNase-free DNase I product after completing production validation. Hazelton said DNase I is used across bioprocessing and molecular biology workflows to remove residual DNA, with applications including cell and gene therapy manufacturing and biologics production.
In addition, Hazelton said Dyadic achieved its first sales of fibroblast growth factor (FGF) in the fourth quarter of 2025, calling it an important milestone. He noted growth factors can be high-value inputs in cell culture systems and may generate meaningful revenue even at modest volumes.
Food and nutrition: partner-led development with milestones and royalties
In food and nutrition, Dyadic said it is targeting animal-free recombinant proteins and functional ingredients, emphasizing a strategy of partnering with companies that have market access and application expertise.
Hazelton pointed to a 2025 agreement with BRIG BIO to develop and commercialize animal-free recombinant bovine alpha-lactalbumin for global health and nutrition markets. He described the program as including funded development, milestone payments, and revenue participation, aligning with what he called a “capital-efficient model” intended to combine near-term funding with longer-term royalties.
The company also discussed its recombinant human lactoferrin program. Hazelton said Dyadic has established a stable production strain and is optimizing yields and performance, and sees potential for both direct sales and partner-driven revenue as it moves toward commercialization.
Another program discussed was recombinant bovine chymosin with partner Enzymes, targeting a 2026 launch. Management said Dyadic has received upfront access fees and milestone payments to date, with potential royalties during commercialization.
Bio-industrial and biopharma collaborations: scaling via partners and grants
In the bio-industrial segment, management emphasized scaling through strategic partnerships and manufacturing leverage, citing its expanded collaboration with Fermbox Bio as a key element to move faster without building large-scale infrastructure internally.
Hazelton highlighted EN3ZYME, an enzyme cocktail produced using Dyadic’s Dapibus platform, which converts agricultural residues into fermentable sugars for biofuels and industrial applications. He said Fermbox has fulfilled its first large-scale order and is expanding sampling and commercial activity, including in the Asia-Pacific region. He added that Fermbox arrangements are typically structured with Dyadic participating in product economics through profit-sharing.
Chief Executive Officer Mark Emalfarb discussed partner-funded biopharmaceutical collaborations using the C1 platform for vaccines and antibody development under what he described as a “non-dilutive capital-efficient model.” He said Dyadic is seeing consistent expression, proper protein folding, and functional activity across programs, supporting performance “comparable to mammalian and insect cell production systems.”
- Gates Foundation: Emalfarb said approximately $2.4 million has been received to date under a $3 million grant, and early data shows C1-derived monoclonal antibodies targeting RSV and malaria are comparable to CHO-produced material, supporting further development.
- CEPI/Fondazione Biotecnopolo di Siena: Emalfarb said the collaboration is advancing recombinant vaccines and scaling toward GMP manufacturing, with an H5 avian influenza antigen in preclinical evaluation.
- Scripps Research Institute: Emalfarb said a new collaboration is focused on pre-fusion antigens and multivalent vaccine candidates targeting RSV, human metapneumovirus (HMPV), and parainfluenza virus type three (PIV3). He said early preclinical studies indicate C1-produced RSV pre-fusion antigens perform comparably to mammalian-produced antigens, with potentially improved neutralizing antibody responses relative to insect cell production-based systems.
Financial results and cash runway
Chief Financial Officer Ping Rawson reported total revenue of $3.09 million for 2025, down from $3.5 million in 2024, attributing the decline primarily to lower R&D collaboration activity and reduced license and milestone revenue, partially offset by a $1.86 million increase in grant revenue from the Gates Foundation and CEPI.
Rawson said cost of R&D revenue declined to $0.6 million from $1.2 million in 2024, while Gates and CEPI grant-related costs totaled $1.72 million in 2025 versus zero in 2024. Internal R&D expenses increased to $2.16 million from $2.04 million, and G&A expenses decreased to $5.76 million from $6.13 million, driven by lower compensation and insurance costs.
Loss from operations was $7.19 million, compared with $5.9 million in 2024. Net loss was $7.36 million, or $0.23 per share, versus a net loss of $5.81 million, or $0.20 per share, in the prior year.
Dyadic ended 2025 with approximately $8.6 million in cash equivalents, restricted cash, and investment-grade securities. Net cash used in operating activities was approximately $5.7 million in 2025. Looking to 2026, Rawson said the company expects “disciplined cash usage” while prioritizing high-impact R&D and grant-funded activities, anticipates growth in product revenues across life sciences and food and nutrition driven by new product launches, and expects operating expenses to remain generally in line with 2025 levels. Based on its current operating plan, the company said it believes existing cash resources provide a runway into 2027.
Rawson also addressed the rationale for establishing an at-the-market (ATM) facility, describing it as a tool for financing flexibility and optionality that may be used depending on market conditions, pricing, and trading volume, but emphasizing that establishing the facility does not necessarily mean it will be used.
During the Q&A, Hazelton said product revenue is expected to ramp as customers qualify products within their workflows, with faster adoption typically in research settings than in more regulated environments such as cell and gene therapy. He also said the likelihood and size of upfront fees in new collaborations depends on the product and how far along it is in development, with later-stage programs generally supporting larger upfront access fees. In closing remarks, Hazelton said Dyadic’s focus is on execution in 2026, including scaling life sciences product sales, advancing partner-led food and nutrition programs, expanding the bio-industrial footprint through Fermbox, and continuing to leverage its platforms to create additional revenue opportunities.
About Dyadic International (NASDAQ:DYAI)
Dyadic International, Inc is a biotechnology company headquartered in Jupiter, Florida, that specializes in developing and commercializing its proprietary C1 fungal-based expression platform. The company’s core business revolves around enabling efficient, scalable production of proteins and enzymes for a wide range of applications, including biopharmaceuticals, industrial enzymes, agricultural bioactives and biofuels. By leveraging its C1 system, Dyadic seeks to offer clients cost-effective, high-yield manufacturing processes that can accelerate development timelines and reduce overall production costs.
The Dyadic C1 platform is designed to produce complex proteins five to ten times faster than traditional cell culture technologies, such as CHO cells or yeast.
