DYADIC INTERNATIONAL INC

Listed Company

DYAICIK 0001213809NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.09M

Net Income

—

Total Assets

—

Equity

—

Shares Out

36.44M

Op. Cash Flow

$-5.70M

Business

DYADIC INTERNATIONAL INC is a biotechnology platform company that develops and commercializes microbial fungal protein production technologies for pharmaceutical and non-pharmaceutical applications. It offers two proprietary platforms, C1 for human and animal biopharmaceuticals (e.g., vaccines, monoclonal antibodies, VLPs, therapeutic proteins) and Dapibus™ for recombinant alternative proteins, enzymes, reagents, and cell culture media components. The company operates through research, development, licensing, strategic collaborations, and service agreements across pharmaceutical programs and non‑pharmaceutical commercial product lines. Dyadic distributes its products and services globally via partnerships, contract research organizations, manufacturers, and direct collaborations in the United States, Europe, and other international markets.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	3	3	3	3	2
Costs of research and development revenue	600,700	1	—	—	—
Costs of grant revenue	2	—	—	—	—
Research and development	2	2	3	5	8
General and administrative	6	6	6	6	7
Foreign currency exchange loss	46,900	22,561	—	—	—
Total costs and expenses	10	9	11	13	17
Loss from operations	−7	−6	−8	−10	−15
Interest income	284,085	456,992	—	—	—
Gain on sale of Alphazyme	—	62,642	1	0	—
Total other income (expense), net	−171,812	91,663	1	430,420	2
Net loss	−7	−6	−7	−10	−13
Basic net loss per common share	−0.23	−0.2	−0.24	−0.34	−0.47
Diluted net loss per common share	−0.23	−0.2	—	—	—
Basic weighted-average common shares outstanding	33	29	29	28	28
Diluted weighted-average common shares outstanding	33	29	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	7	7	6	16
Short-term investment securities	3	3	—	—	—
Restricted cash	1	—	—	—	—
Interest receivable	35,129	24,248	—	—	—
Accounts receivable	1	237,027	—	—	—
Prepaid expenses and other current assets	219,067	303,066	327,775	392,236	375,830
Total current assets	10	10	8	13	21
Operating lease right-of-use asset, net	38,535	92,211	141,439	0	—
Other assets	10,537	10,396	10,462	6,045	6,117
Total assets	10	10	8	14	21
Accounts payable	852,024	482,320	656,445	1	2
Accrued expenses	967,974	970,462	1	955,081	709,560
Deferred research and development obligations	2	833,813	490,113	40,743	151,147
Operating lease liability, current portion	34,621	54,249	48,059	0	—
Total current liabilities	4	2	2	2	3
Operating lease liability, net of current portion	—	34,621	88,870	0	—
Total liabilities	9	7	2	3	3
Commitments and contingencies (Note 4)	—	—	—	—	—
Authorized shares - 5,000,000; none issued and outstanding	—	—	0	0	0
Authorized shares - 100,000,000; issued shares - 48,441,300 and 42,089,301, outstanding shares - 36,187,798 and 29,835,799 as of December 31, 2025, and December 31, 2024, respectively	48,442	42,090	41,065	40,817	40,483
Additional paid-in capital	114	107	105	103	101
Treasury stock shares held at cost - 12,253,502	−19	−19	−19	−19	−19
Accumulated deficit	−93	−86	−80	−73	−64
Total stockholders equity	1	2	6	11	18
Total liabilities and stockholders equity	10	10	8	14	21

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	930,183	1	1	2	2
Amortization of held-to-maturity securities, net	−24,169	−71,057	−53,032	33,790	—
Amortization of debt issuance costs	48,697	63,021	0	—	—
Gain on investment in Alphazyme	—	−60,977	—	—	—
Foreign currency exchange loss	46,901	22,561	38,418	49,918	96,893
Interest receivable	−10,881	−14,165	48,202	36,090	17,872
Accounts receivable	−846,964	219,425	−141,332	−83,265	−31,792
Prepaid expenses and other current assets	83,964	24,742	64,902	−13,925	−95,366
Operating lease assets and liabilities, net	−573	1,169	−4,510	0	—
Accounts payable	314,451	−180,182	−651,168	−248,128	549,562
Accrued expenses	229,132	252,664	444,269	245,521	219,824
Accrued interest	−20,000	80,000	—	—	—
Accrued interest - related party	14,627	27,173	—	—	—
Deferred research and development obligations	897,039	343,700	449,370	−110,404	28,131
Net cash used in operating activities	−6	−4	−7	−8	−11
Purchases of held-to-maturity investment securities	−6	−7	−3	−10	−11
Proceeds from maturities of investment securities	6	5	9	8	15
Proceeds from the sale of investment in Alphazyme	—	60,977	1	0	—
Net cash provided by (used in) investing activities	82,085	−2	7	−2	5
Proceeds from public offering, net of offering costs	5	—	—	—	—
Proceeds from issuance of convertible notes, net of issuance costs	—	4	—	—	—
Proceeds from issuance of convertible notes, net of issuance costs - related party	—	2	—	—	—
Proceeds from exercise of options	24,249	24,251	0	543,591	1
Net cash provided by financing activities	5	6	0	543,591	1
Effect of exchange rate changes on cash	1,941	−5,796	−2,385	−44,744	−63,262
Net decrease in cash, cash equivalents and restricted cash	−653,251	−8,278	720,756	−10	−5
Vesting of restricted stock units	231,621	340,334	342,186	0	—
Conversion of convertible notes	—	910,000	0	—	—
Cash paid for interest	412,573	257,778	0	—	—
Fair value of warrants issued in connection with the offering	168,881	—	—	—	—
Purchase and assignment of convertible note by related party	1	—	—	—	—

Filings

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