Form 8-K
8-K — DYADIC INTERNATIONAL INC
Accession: 0001493152-26-037257
Filed: 2026-08-12
Period: 2026-08-12
CIK: 0001213809
SIC: 2836 (BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES))
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (date of earliest event reported): August 12, 2026
Dyadic
International, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
001-32513
45-0486747
(State
or other jurisdiction of
incorporation
or organization)
(Commission
File
Number)
(I.R.S.
Employer
Identification
Number)
1044
North U.S. Highway One, Suite 201
Jupiter,
FL 33477
(Address
of principal executive offices and zip code)
(561)
743-8333
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act
Title
of each class
Trading
Symbol(s)
Name
of each exchange on which registered
Common
Stock, par value $0.001 per share
DYAI
The
Nasdaq Stock Market LLC
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
August 12, 2026, Dyadic International, Inc. (“Dyadic”) issued a press release announcing its results for the quarter ended
June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein
by reference.
The
information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, is furnished and shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of such section. Such information shall not be incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits:
Exhibit
Number
Description
99.1
Press release issued by Dyadic International, Inc., dated August 12, 2026.
104
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
DYADIC
INTERNATIONAL, INC.
Date:
August 12, 2026
By:
/s/
Mark A Emalfarb
Mark
A. Emalfarb
Chief
Executive Officer
EX-99.1
EX-99.1
Filename: ex99-1.htm · Sequence: 2
Exhibit
99.1
DYADIC
ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS
ACCELERATING
COMMERCIALIZATION MOMENTUM ACROSS KEY BUSINESS AREAS
Dyadic to host earnings
call on August 12 at 5:00 pm ET
JUPITER,
FL — August 12, 2026 — Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”,
or the “Company”) (NASDAQ: DYAI), d/b/a Dyadic Applied BioSolutions, a global biotechnology company producing precision-engineered,
animal-free proteins and enzymes for diverse commercial applications, today reported its financial results for the second quarter
ended June 30, 2026, highlighting significant progress in product commercialization, strategic partnerships, and C1 biomanufacturing
platform expansion.
“Our strong second-quarter performance
underscores Dyadic’s ongoing transformation into a commercial-stage biotechnology leader, “said
Joe Hazelton, President and COO. “We are driving commercial launches and sales of recombinant proteins, securing
recurring revenue through strategic partners, distribution and optimizing manufacturing yields across life sciences,
food and nutrition, and bioindustrial markets. Simultaneously, leading global health, government, academic and industry collaborations
continue to validate the speed, productivity, scalability and potential commercial viability of our proprietary
C1 expression system, while advancing C1-produced antibodies, vaccine antigens and other biologics toward broader preclinical evaluation
and potential future clinical and commercial adoption.”
Recent
Company Developments
●
Commercial
Sales & Product Shipments: Advanced the recombinant protein portfolio through Q2 product shipments directly and through distribution
partners. Subsequent to quarter-end, Dyadic completed shipments of six distinct recombinant protein products and generated initial
pilot sales of recombinant transferrin and growth factors for cultivated-meat applications.
●
OEM
Distribution Progress: Initiated Q2 shipments to IBT Bioservices under Dyadic’s OEM distribution agreement, with additional
shipments completed after quarter-end, supporting product evaluation, qualification and commercialization across IBT’s global
life-science customer network.
●
Proliant
Health & Biologicals: Proliant has begun commercialization of Albufree™ DX recombinant human albumin for life
science and diagnostic applications and announced plans to expand the Albufree™ portfolio with Albufree™ TX for cell
culture and Albufree™ CGT for cell and gene therapy applications, positioning Dyadic for future royalties.
●
Fermbox
Bio: Scaled commercialization and initial orders for recombinant DNase I (RNase-free) and recombinant human transferrin.
●
Inzymes:
Confirmed initial commercial sales of non-animal bovine chymosin, with a second product in development that could trigger milestone payments
and royalties.
●
Cell
Culture & Life-Science Products: Continued advancing animal-free recombinant proteins for cell-culture and related applications.
Pilot-scale process improvements increased recombinant human transferrin productivity by approximately 80%, further supporting
the potential for competitive manufacturing economics as Dyadic advances transferrin, albumin, growth factors and other recombinant
animal-free proteins toward broader commercial use.
●
Food
& Nutrition Pipeline Expansion: Initiated scale-up activities with BRIG BIO for recombinant bovine alpha-lactalbumin under
a funded development agreement. Subsequent to quarter-end, Dyadic expanded its precision-fermented dairy protein portfolio through
an additional development and commercialization agreement, broadening potential opportunities to generate future product, licensing
and royalty revenues.
●
Global
Health Programs: Advanced Gates Foundation-funded RSV and malaria monoclonal antibody (“mAb”) programs, with C1-produced
antibodies demonstrating high productivity and functional characteristics comparable to established mammalian-cell reference materials.
Funding is in place to advance these programs, and Dyadic is working toward delivery of C1-produced material to support initiation
of preclinical studies with one or both mAbs, providing an additional opportunity to support potential future clinical and commercial
adoption.
Continued
C1 development with CEPI/Fondazione Biotecnopolo di Siena (“FBS”) to accelerate protein-vaccine antigen development and advancing
NIAID-supported preclinical evaluation of C1-produced malaria antigens.
●
Rapid
Pandemic Response Capabilities: Demonstrated C1’s platform agility by producing, purifying and delivering two Scripps-designed
Bundibugyo ebolavirus (“BDBV”) antigens to Scripps Research and FBS in approximately 15 days from plasmid to purified
protein. The antigens are undergoing further characterization and may support future preclinical evaluation, subject to program priorities,
additional evaluation and available funding.
●
Government,
Academic & Industry Adoption: Continued monoclonal antibody development with the Israel Institute for Biological Research
(“IIBR”) and expanded access to C1 strains, processes and development capabilities for academic and industry partners
evaluating next-generation vaccines and therapeutics. Dyadic is also pursuing several potential monoclonal antibody programs through
the European Vaccines Hub/FBS ecosystem, as well as opportunities with prospective first-time C1 collaborators.
Financial
Highlights
Cash
Position: As of June 30, 2026, cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including
accrued interest, were $4,794,798 compared to $8,587,289 as of December 31, 2025.
Revenue:
Total revenue for the three months ended June 30, 2026 was $961,138, representing a decrease of $5,492 or 0.6% compared to $966,630 for
the three months ended June 30, 2025. The slight decrease was driven by a $89,563 decrease in research and development revenue resulting
from the reduction in the numbers and size of collaboration activities, and the absence of a $250,000 milestone revenue recorded in 2025,
partially offset by a $334,071 increase in grant revenue from activities under the CEPI and Gates Foundation grants.
Cost
of Revenue: Total cost of revenue for the three months period ended June 30, 2026 was $984,165, representing an increase of $370,574
or 60.4% compared to $613,591 for the three months ended June 30, 2025. The increase was due to a $395,709 increase in cost of grant
revenue from activities under the CEPI and Gates Foundation grants, partially offset by a $25,135 decrease in the cost of research and
development revenue.
R&D
Expenses: Research and development expenses for the three months ended June 30, 2026, were $332,621, a decrease of $296,758 or 47.2%
compared to $629,379 for the same period in 2025. The decrease was due to reduction in the number of active internal research initiatives.
G&A
Expenses: General and administrative expenses for the three months ended June 30, 2026, were $1,689,863, an increase of $253,233
or 17.6%, compared to $1,436,630 for the same period in 2025. The increase was due to higher rebranding and business development expenses
of $322,638, increased legal and accounting expenses of $115,836, and other expenses of $43,639, partially offset by a decrease in share-based
compensation expenses of $196,408 and incentives of $32,472.
Loss
from Operations: Loss from operations for the three months ended June 30, 2026 was $2,054,204, an increase of $325,136 or 18.8%,
compared to $1,729,068 for the same period in 2025. The increase was largely attributable to higher total cost of revenue of $370,574
and higher general and administrative expenses of $253,233, partially offset by lower research and development expenses of $296,758.
Net
Loss: Net loss for the three months ended June 30, 2026, was $2,123,884 or $(0.06) per share, compared to $1,793,774 or $(0.06) per
share for the same period a year ago.
Conference
Call Information
Date:
Wednesday, August 12, 2026
Time:
5:00 p.m. Eastern Time
Dial-in
numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274
Conference
ID:13761129
Webcast
Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=b9s8dhjS
An
archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations
section of the Company’s website at www.dyadic.com. To access the replay of the webcast, please follow the webcast link above.
About
Dyadic Applied BioSolutions
Dyadic
Applied BioSolutions is a global biotechnology company that uses its proprietary microbial platforms to produce recombinant proteins
that are sold or licensed to partners across the life sciences, food and nutrition, and bio-industrial markets. These high-quality proteins
are designed to enable customers to develop more efficient, scalable, and sustainable products. Dyadic’s Dapibus™ and C1
expression systems support flexible, cost-effective manufacturing, and are the foundation of a growing portfolio of commercial and partnered
programs.
For
more information, please visit http://www.dyadic.com.
Safe
Harbor Regarding Forward-Looking Statements
This
press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events
or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research
projects and third-party collaborations, as well as the availability of necessary funding. Forward-looking statements generally can be
identified by use of the words “expect,” “should,” intend,” anticipate,” “will,” “project,”
“may,” “might,” “potential,” or “continue” or other similar terms or variations of them.
Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic’s control. These factors include, but
are not limited to, the following: (i) our history of net losses, and management’s related conclusion that there is substantial
doubt about our ability to continue as a going concern for the 12 months following June 30, 2026; (ii) market and regulatory
acceptance of our microbial protein production platforms and other technologies; (iii) failure to commercialize our microbial protein
production platforms or our other technologies; (iv) competition, including from alternative technologies; (v) the results of nonclinical
studies and clinical trials; (vi) our capital needs and the dilutive impact of a capital raise to mitigate our going-concern
risk; (vii) changes in global economic and financial conditions; (viii) our reliance on information technology; (ix)
our dependence on third parties; (x) government regulations and environmental, social and governance issues; (xi) intellectual
property risks; and (xii) our ability to comply with the listing standards of the Nasdaq Stock Market LLC. For a more complete description
of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk
Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may
be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at
www.dyadic.com. All forward-looking statements speak only as of the date made, and except as required by applicable law, Dyadic assumes
no obligation to publicly update any such forward-looking statements for any reason after the date of this press release to conform these
statements to actual results or to changes in our expectations.
Contact:
Dyadic
International, Inc.
Ping
Rawson
Chief
Financial Officer
Phone:
(561) 743-8333
Email:
ir@dyadic.com
DYADIC
INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenue:
Research and development revenue
$ 123,886
$ 213,449
$ 527,476
$ 396,549
Grant revenue
837,252
503,181
1,324,618
713,653
License and milestone revenue
—
250,000
220,000
250,000
Total revenue
961,138
966,630
2,072,094
1,360,202
Costs and expenses:
Costs of research and development revenue
123,322
148,457
463,479
274,937
Costs of grant revenue
860,843
465,134
1,312,526
636,312
Research and development
332,621
629,379
808,690
1,124,358
General and administrative
1,689,863
1,436,630
3,445,194
3,032,968
Foreign currency exchange (gain) loss
8,693
16,098
(898 )
23,170
Total costs and expenses
3,015,342
2,695,698
6,028,991
5,091,745
Loss from operations
(2,054,204 )
(1,729,068 )
(3,956,897 )
(3,731,543 )
Other income (expense):
Interest income
39,705
49,127
96,896
137,585
Interest expense
(64,479 )
(89,456 )
(128,821 )
(178,699 )
Interest expense - related party
(44,906 )
(24,377 )
(89,745 )
(48,696 )
Total other income (expense), net
(69,680 )
(64,706 )
(121,670 )
(89,810 )
Net loss
$ (2,123,884 )
$ (1,793,774 )
$ (4,078,567 )
$ (3,821,353 )
Basic and diluted net loss per common share
$ (0.06 )
$ (0.06 )
$ (0.11 )
$ (0.13 )
Basic and diluted weighted-average common shares outstanding
36,438,703
30,102,324
36,418,462
30,071,285
See
Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on August 12, 2026.
DYADIC
INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
June 30, 2026
December 31, 2025
(Unaudited)
(Audited)
Assets
Current assets:
Cash and cash equivalents
$ 1,425,364
$ 4,622,331
Short-term investment securities
1,688,355
2,698,661
Restricted cash
1,555,649
1,231,168
Interest receivable
16,014
35,129
Accounts receivable
1,302,439
1,090,297
Prepaid expenses and other current assets
418,943
219,067
Total current assets
6,406,764
9,896,653
Non-current assets:
Long-term investment securities
109,416
—
Operating lease right-of-use asset, net
9,851
38,535
Other assets
10,500
10,537
Total assets
$ 6,536,531
$ 9,945,725
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 816,059
$ 852,024
Accrued expenses
1,395,680
967,974
Deferred research and development obligations
1,564,172
1,730,852
Operating lease liability
5,054
34,621
Accrued interest
60,000
60,000
Accrued interest- related party
41,800
41,800
Total current liabilities
3,882,765
3,687,271
Non-current liabilities:
Convertible notes, net of issuance costs
2,971,125
2,962,304
Convertible notes, net of issuance costs - related party
2,069,885
2,063,740
Total liabilities
8,923,775
8,713,315
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $.0001 par value:
Authorized shares - 5,000,000; none issued and outstanding
—
—
Common stock, $.001 par value:
Authorized shares - 100,000,000; issued shares - 48,692,205 and 48,441,300, outstanding shares - 36,438,703 and 36,187,798 as of June 30, 2026, and December 31, 2025, respectively
48,693
48,442
Additional paid-in capital
114,023,653
113,564,991
Treasury stock shares held at cost - $12,253,502
(18,929,915 )
(18,929,915 )
Accumulated deficit
(97,529,675 )
(93,451,108 )
Total stockholders’ (deficit) equity
(2,387,244 )
1,232,410
Total liabilities and stockholders’ equity
$ 6,536,531
$ 9,945,725
See
Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on August 12, 2026.
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