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1. Company Snapshot

1.a. Company Description

Dyadic International, Inc., a biotechnology platform company, develops, produces, and sells enzymes and other proteins in the United States.The company utilizes its patented and proprietary C1 platform and other technologies to conduct research, development, and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles and antigens, monoclonal antibodies, bi/tri-specific antibodies, fab antibody fragments, Fc-fusion proteins, biosimilars and/or biobetters, and other therapeutic enzymes and proteins.It offers DYAI-100, SARS-CoV-2-RBD antigen vaccine candidate towards a first-in-human Phase 1 clinical trial, is to validate to serve as proof of concept for the development of next generation multivariant COVID-19 vaccine candidates.


The company has a research and development agreement with VTT Technical Research Centre of Finland, Ltd.; strategic research services agreement with Biotechnology Developments for Industry in Pharmaceuticals, S.L.U.; and collaboration with Syngene International Limited.Dyadic International, Inc.was founded in 1979 and is headquartered in Jupiter, Florida.

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1.b. Last Insights on DYAI

Dyadic International's recent performance was hindered by a lack of concrete commercialization milestones for its Dapibus and C1 microbial protein production platforms. The company's failure to provide a clear timeline for the commercialization of these platforms has led to investor skepticism. Furthermore, the absence of any significant partnerships or collaborations in the recent quarter has also contributed to the negative sentiment. Additionally, the company's guidance for the upcoming quarter was not provided, which has added to the uncertainty surrounding its future prospects.

1.c. Company Highlights

2. Dyadic Applied Biosolutions' Q3 2025 Earnings: A New Chapter Unfolds

Dyadic Applied Biosolutions reported total revenue of $1,165,000 for Q3 2025, a decrease from $1,958,000 in the same period last year. However, grant revenue increased by $815,000, driven by funding from the Gates Foundation and CEPI grants. The company's EPS came in at -$0.06, slightly worse than the estimated -$0.04. The decrease in revenue was offset by the successful public offering of 6,052,000 shares, which raised approximately $4.9 million in net proceeds.

Publication Date: Nov -30

📋 Highlights
  • Commercial Traction: Achieved first bulk sale of recombinant protein in Q3 2025, marking transition to commercial operations.
  • Revenue & Grants: Q3 revenue $1.165M vs. $1.958M prior year, offset by $815K in Gates Foundation/CEPI grants.
  • DNase I Market Target: Aims to penetrate $250M recombinant market, targeting OEM agreements and scaling to GMP-grade products.
  • Balance Sheet Strength: $10.4M in cash and investments post-August 2025 public offering ($4.9M raised).

Commercial Traction and Expansion

The company achieved a significant milestone with the first bulk sale of a Dyadic protein in Q3 2025, marking the beginning of its transition to a commercially focused biotechnology company. Dyadic Applied Biosolutions is expanding its global commercial reach through partnerships, including a collaboration with Intralink to accelerate market penetration in Japan and South Korea. As the company's CEO mentioned, "We're targeting the Asia market, particularly Japan and Korea, where there's significant growth in the uptake of our products, especially in cell and gene therapy."

Product Development and Market Opportunity

Dyadic Applied Biosolutions is focusing on near-term product revenue from markets where the need for animal-free, high-performance materials is rapidly expanding. The company's key products include recombinant human albumin, fibroblast growth factor (FGF), transferrin, and DNase I. The DNase I market is approximately $250 million for recombinant products, with a broader market of around $1.5 billion. The company is well-positioned to capitalize on this opportunity, with a strong balance sheet of $10.4 million in cash and investments.

Valuation and Growth Prospects

With a P/S Ratio of 8.28 and an estimated revenue growth of 92.0% next year, Dyadic Applied Biosolutions appears to be poised for significant growth. However, the company's current valuation metrics, including a P/E Ratio of -5.11 and an EV/EBITDA of -6.8, indicate that the stock may be trading at a premium. As the company executes its commercial strategy and expands its product offerings, investors will be watching to see if the company can deliver on its growth prospects.

3. NewsRoom

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Reviewing Dyadic International (NASDAQ:DYAI) and Kezar Life Sciences (NASDAQ:KZR)

Dec -03

Source: defenseworld.net

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Dyadic and BRIG BIO Sign Development & Commercialization Agreement to Bring Animal-Free Bovine Alpha-Lactalbumin to Global Nutrition Markets

Dec -01

Source: globenewswire.com

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Bandera Partners LLC Has $1.37 Million Holdings in Dyadic International Inc. $DYAI

Nov -25

Source: defenseworld.net

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Dyadic International, Inc. (DYAI) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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Dyadic Announces Third Quarter 2025 Financial Results and Highlights Strategic Progress

Nov -12

Source: globenewswire.com

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Dyadic to Report Third Quarter 2025 Financial Results on Wednesday, November 12, 2025

Oct -29

Source: globenewswire.com

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Dyadic International Inc. (NASDAQ:DYAI) Sees Significant Growth in Short Interest

Oct -24

Source: defenseworld.net

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Dyadic Applied BioSolutions Announces Milestone Achievements and Recent Company Developments

Oct -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Industrial Enzymes and Other Proteins

Expected Growth: 8.97%

Dyadic International's Industrial Enzymes and Other Proteins segment growth of 8.97% is driven by increasing demand for sustainable and eco-friendly products, growing adoption in pharmaceutical and biotechnology industries, and rising need for efficient biocatalysts in various industries such as food, feed, and biofuels.

7. Detailed Products

C1 Expression System

A versatile and efficient protein expression system for the production of recombinant proteins, vaccines, and biosimilars.

C1 Fungal Expression System

A fungal-based expression system for the production of recombinant proteins, enzymes, and other biomolecules.

Dyadic's Microbial Expression System

A microbial-based expression system for the production of recombinant proteins, vaccines, and biosimilars.

Fungal Strains

A collection of fungal strains for use in various biotechnological applications.

Gene Expression Kits

A range of gene expression kits for use in various biotechnological applications.

8. Dyadic International, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Dyadic International, Inc. has a moderate threat of substitutes due to the availability of alternative products and services in the biotechnology industry.

Bargaining Power Of Customers

Dyadic International, Inc. has a low bargaining power of customers due to the specialized nature of its products and services, which limits customer switching.

Bargaining Power Of Suppliers

Dyadic International, Inc. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and services.

Threat Of New Entrants

Dyadic International, Inc. has a high threat of new entrants due to the attractiveness of the biotechnology industry and the relatively low barriers to entry.

Intensity Of Rivalry

Dyadic International, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.28%
Debt Cost 3.95%
Equity Weight 97.72%
Equity Cost 7.08%
WACC 7.01%
Leverage 2.33%

11. Quality Control: Dyadic International, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Synlogic

A-Score: 4.8/10

Value: 7.2

Growth: 5.6

Quality: 4.8

Yield: 0.0

Momentum: 8.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
scPharma

A-Score: 4.8/10

Value: 8.2

Growth: 4.7

Quality: 4.5

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Dyadic International

A-Score: 4.5/10

Value: 8.2

Growth: 5.0

Quality: 4.6

Yield: 0.0

Momentum: 8.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
GlycoMimetics

A-Score: 3.7/10

Value: 6.2

Growth: 4.6

Quality: 3.3

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Mersana Therapeutics

A-Score: 3.4/10

Value: 9.2

Growth: 4.8

Quality: 5.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Genelux

A-Score: 3.2/10

Value: 6.0

Growth: 4.2

Quality: 3.6

Yield: 0.0

Momentum: 4.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.95$

Current Price

0.95$

Potential

-0.00%

Expected Cash-Flows