Dyadic International Inc (NASDAQ: DYAI), doing business as Dyadic Applied BioSolutions, is a biotechnology company based in Jupiter, Florida, that develops, manufactures, and commercializes precision-engineered, animal-free recombinant proteins and enzymes using proprietary microbial expression platforms. Revenue is generated through direct product sales, distribution partnerships, manufacturing collaborations, technology licensing agreements, and profit-sharing arrangements with commercial partners. The Company targets life sciences, food and nutrition, and bio-industrial end markets, competing against larger, better-capitalized companies. Its two core production platforms are the C1 fungal expression system and the Dapibus system. Licensing partners include Rubic One Health in South Africa and Abic Biological Laboratories, an affiliate of Phibro Animal Health Corporation. A commercial agreement with Proliant Health and Biologics covers recombinant human albumin for cell culture media. The Company maintains operations in the United States and a satellite office in Wageningen, Netherlands. As of the 10-K filed March 25, 2026, Dyadic characterizes itself as transitioning from a research-driven organization to a commercially focused enterprise.

Revenue model

Direct product sales of recombinant proteins and enzymes; technology licensing agreements that may include milestone payments and royalties; manufacturing collaborations; distribution partnerships; profit-sharing on commercial sales (e.g., EN3ZYME with Fermbox). Capital raises have included an underwritten common stock offering completed in August 2025 for net proceeds of $4.9 million and an at-the-market equity program.

Products and services

C1 microbial expression platform for recombinant protein production; Dapibus protein production platform; EN3ZYME enzyme cocktail for converting agricultural residue into fermentable cellulosic sugars; recombinant human albumin for cell culture media (commercialized with Proliant Health and Biologics); recombinant transferrin and growth factors for cell culture media; molecular biology reagents including recombinant DNase; industrial enzymes for biomass processing and biofuels; vaccine and therapeutic protein production capabilities licensed to partners for animal and human health applications.

Customers and end markets

Life sciences research and diagnostics; cell culture media manufacturers and distributors (addressable recombinant protein opportunity estimated at approximately $2 billion within the approximately $5 billion global cell culture media market, per 10-K filed 2026-03-25); molecular biology reagent market (approximately $2 billion global market per same filing); food and nutrition; bio-industrial including biofuels and biomass processing; pharmaceutical licensing partners including Rubic One Health (African human and animal health markets) and Abic/Phibro Animal Health (livestock vaccines and treatments).

Value-chain role

Platform technology developer and protein/enzyme manufacturer that uses third-party contract research organizations, consultants, and manufacturing partners for certain research, development, and commercial activities. Sells directly, through OEM supply agreements, and via distribution and licensing arrangements. Participates in downstream commercial sales through profit-sharing with partners such as Fermbox.

Geographic exposure

Primary operations in the United States (Jupiter, Florida headquarters); satellite office in Wageningen, Netherlands (annual rent approximately $5,000, lease expiring January 31, 2027); licensing activity in South Africa through Rubic One Health; R&D collaboration with VTT Technical Research Centre of Finland since 2016.

Competitors

Danisco

Source: SEC 10-K, filed 2026-03-25

Industry: Biological Products, (No Diagnostic Substances) Peers: Applied Therapeutics, Inc. Quince Therapeutics Inc Exagen Inc Immunome Inc Lantern Pharma Inc MERRIMACK PHARMACEUTICALS INC Minerva Neurosciences Inc Mustang Bio Inc TAO Synergies Inc