DYAINasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Dyadic International, Inc

Dyadic International is a U.S.-based biotechnology platform company that develops microbial protein production systems for industrial, life sciences, food and nutrition, and bio-industrial applications. It has no approved products for sale today and instead monetizes its C1 and Dapibus platforms through research collaborations, government grants, sublicensing, and related development services.

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Revenue3.1m USD
−11.6 %y/y
Operating profit (EBIT)-7.2m USD
−21.9 %y/y
EBIT margin-232.8%
−63.9 ppy/y
Net income-7.4m USD
−26.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-15-10-505m USD2020: 1.6 m USD2020: EBIT -10 m USD20202021: 2.4 m USD2021: EBIT -15 m USD20212022: 2.9 m USD2022: EBIT -10 m USD20222023: 2.9 m USD2023: EBIT -8.2 m USD20232024: 3.5 m USD2024: EBIT -5.9 m USD20242025: 3.1 m USD2025: EBIT -7.2 m USD20253.1-7.2
RevenueOperating profit (EBIT)
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Business

Share of revenue
Protein production platforms45 %

Core microbial expression systems used to produce commercial quantities of proteins and enzymes.

Research collaboration services35 %

R&D services performed under collaboration agreements and government or commercial projects.

Sublicensing and technology transfer15 %

License-related arrangements, upfront fees, milestones, and potential royalties from platform IP.

Applied biotech programs5 %

Targeted development programs in food, nutrition, life sciences, and bio-industrial markets.

Products

Reported · share of revenue
60.1%31.3%8.6%FY2025100 %
  • Grant60.1 %
  • Research and Development31.3 %
  • License8.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Dyadic sells primarily to collaboration partners, licensees, and research sponsors rather than end consumers. Its customer base includes industrial biotechnology companies, life sciences and food/nutrition partners, government or grant-funded programs, and contract research organizations that support its internal and partnered R&D. Revenue is highly concentrated, with a small number of customers accounting for most sales in recent periods.

Collaboration partners

Partners fund research and development work and may pursue future licenses or commercialization rights.

Licensees and sublicense counterparties

Companies that pay for access to Dyadic's platform IP, technology transfer, or milestone-based rights.

Government and grant-funded sponsors

Public or quasi-public programs that fund research projects and platform development.

European customers

Non-U.S. customers that buy research services or collaboration access and diversify the revenue base geographically.

Contract research organizations

CROs are not customers in the usual sense but are critical service providers enabling Dyadic's research execution.

Strategy

Dyadic is shifting from a research-driven organization toward a more commercially focused biotechnology platform under the Dyadic Applied BioSolutions brand. The strategy centers on monetizing its patented C1 and Dapibus platforms through partnerships, sublicensing, and applied programs in food, nutrition, life sciences, and bio-industrial markets. Near term, the company is also focused on preserving liquidity, advancing pre-commercial programs, and securing external funding or strategic collaborations to support development.

Commercialize the C1 and Dapibus platformsMedium term

The company has no approved products, so platform monetization is the main path to durable revenue.

Build applied biotech partnershipsShort term

Partnerships can fund development, validate the platform, and create downstream licensing opportunities.

Maintain liquidity and access to capitalShort term

The company expects continued operating losses and may need external financing to fund development.

Geography

Dyadic is headquartered in Jupiter, Florida and operates in the United States with a satellite office and foreign subsidiary in the Netherlands. Revenue is generated mainly from U.S. and European customers, and the company explicitly discloses meaningful exposure to customers outside the United States. The Netherlands presence matters because it supports international operations and reflects the company’s cross-border research and collaboration model.

Risks

Dyadic remains a pre-commercial biotechnology company, so its results depend on successful platform validation, partner adoption, and eventual commercialization. Revenue is concentrated in a small number of customers and outsourced research providers, which creates execution and counterparty risk, while the company also faces ongoing funding needs and regulatory uncertainty. As a cross-border biotech platform, it is exposed to IP, compliance, and market-acceptance risks typical of early-stage life sciences businesses.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Capital needs and dilution2Commercialization and regulatory risk3Dependence on CROs4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: High

    A small number of customers accounted for most revenue and receivables, so losing one could materially reduce sales and cash flow.

    Exposure: Three customers accounted for 67.4% of 9M 2025 revenue

  2. Capital needs and dilutionImpact: HighLikelihood: High

    The company expects continued operating losses and may need to raise external capital to fund R&D and commercialization.

    ExposurePotential equityDebtOr collaboration financing
  3. Commercialization and regulatory riskImpact: HighLikelihood: High

    The platforms must gain market acceptance and, for some programs, regulatory clearance before meaningful product revenue can emerge.

    Exposure: Microbial protein platforms and vaccine-related programs

  4. Dependence on CROsImpact: HighLikelihood: Medium

    Research execution is outsourced to a few contract research organizations, creating operational dependency and potential delays or cost overruns.

    Exposure: Two CROs accounted for 87.6% of research services purchased in 9M 2025

  5. Intellectual property riskImpact: Medium

    Value depends on protecting proprietary platform technology and license rights from challenge or obsolescence.

    Exposure: C1 and Dapibus platforms

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Accounting

Judgemental items
Revenue recognition under ASC 606

Collaboration, licensing, milestone, and royalty arrangements require judgment on timing and allocation of consideration.

Impact: Can shift revenue between quarters and affect comparability

Contract assets and deferred revenue

Billing may not match performance, so unbilled receivables and deferred obligations must be tracked carefully.

Impact: Affects working capital and reported revenue timing

Research and development expense recognition

R&D is expensed as incurred, including CRO costs and internal development spend.

Impact: Drives operating loss volatility

Stock-based compensation

Options and RSUs granted to employees, directors, and consultants create noncash expense.

Impact: Can materially affect reported operating costs

Investment securities and cash equivalents

Short-term securities and cash balances require valuation and liquidity monitoring.

Impact: Affects liquidity disclosure and interest income

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Last updated: 24/09/2026

Dyadic International, Inc (DYAI) Revenue, Earnings & Financials 2025 – Clarifo