Dyadic International, Inc. reported its 2025 financial results and outlined a series of commercial and development milestones aimed at expanding market access for its animal-free proteins and enzymes. The company said it is transitioning toward a more commercially driven model by broadening product channels and deepening its partner network across life sciences, food and nutrition, and bio-industrial markets.
Key corporate progress
- AlbuFree™ DX launch: Proliant Health and Biologicals announced the commercial launch of AlbuFree™ DX recombinant human albumin in February 2026, produced using Dyadic’s production platform. Dyadic is eligible to receive a share of profits from product sales.
- Expanded Fermbox Bio collaboration: Dyadic launched animal-origin-free recombinant DNase I (RNase-free) in March 2026 as the first commercialized product under the expanded partnership.
- OEM distribution agreement with IBT Bioservices: In March 2026, Dyadic signed an OEM distribution agreement with IBT Bioservices to commercialize Dyadic’s recombinant DNase I and transferrin for research and cell culture applications through IBT’s global distribution channels.
- BRIG Bio agreement: Dyadic entered into a development and commercialization agreement with BRIG Bio to produce animal-free bovine alpha-lactalbumin for global nutrition markets, including funded development, milestones, and potential revenue participation.
- Inzymes milestone: Inzymes announced plans to commercialize recombinant non-animal bovine chymosin in 2026 after meeting development milestones and making an additional milestone payment to Dyadic.
Financial position and results for 2025
Cash and investments: As of December 31, 2025, Dyadic reported cash, cash equivalents, restricted cash, and investment-grade securities of $8.6 million (approximately $8.59 million including accrued interest).
Revenue: Total revenue for the year ended December 31, 2025 decreased to $3.09 million from $3.50 million in 2024. The company attributed the decline primarily to a $638,000 reduction in research and development revenue due to fewer active collaborations. License and milestone revenue totaled $265,000 in 2025, compared with $1.89 million in 2024 from Inzymes and Proliant agreements. These decreases were partially offset by an increase in grant revenue to $1.86 million in 2025 from the Gates Foundation and CEPI.
Cost of revenue: Cost of research and development revenue decreased to $601,000 in 2025 from $1.20 million in 2024. Grant-related costs totaled $1.72 million in 2025, compared with none in 2024.
Operating expenses: Research and development expenses increased modestly to $2.16 million in 2025 from $2.04 million in 2024, driven by higher internal research activity to accelerate product development. General and administrative expenses decreased to $5.76 million in 2025 from $6.13 million in 2024, primarily due to lower management incentive compensation ($225,000), share-based compensation ($166,000), and insurance costs ($51,000), partially offset by higher professional services ($51,000) and other expenses ($18,000).
Losses: Loss from operations widened to $7.19 million in 2025 from $5.90 million in 2024, primarily due to lower license and milestone revenue, partially offset by reduced general and administrative expenses. Net loss for 2025 was $7.36 million or $(0.23) per share, compared with a net loss of $5.81 million or $(0.20) per share in 2024.
Program updates by segment
Life sciences
- AlbuFree™ DX: Commercial launch announced by Proliant in February 2026; Dyadic eligible for profit share.
- DNase I (RNase-free): Production validation completed; launched in March 2026 with Fermbox Bio as the first commercialized product under the expanded collaboration.
- Transferrin and growth factors: Continued advancement of animal-free transferrin and fibroblast growth factor (FGF) products for cell culture media, diagnostics, and research.
- Reagent proteins and nucleic acid enzymes: Advancing enzymes for DNA and RNA manipulation, including RNase inhibitors and T7 RNA polymerase.
Food and nutrition
- Alpha-lactalbumin: BRIG Bio agreement signed in December 2025 for recombinant bovine alpha-lactalbumin for global nutrition markets.
- Human lactoferrin: Stable cell line established for recombinant human lactoferrin production, with ongoing optimization and characterization.
- Non-animal dairy enzymes: Inzymes plans to launch recombinant non-animal bovine chymosin in 2026 after development milestones.
- Pipeline expansion: Company anticipates broadening partner-led and internal programs in non-animal dairy proteins and selected food and nutrition enzymes.
Bio-industrial products
- Fermbox Bio collaboration expansion: Expanded development and manufacturing of animal-free recombinant proteins and enzymes.
- EN3ZYME platform: Fermbox Bio previously launched EN3ZYME using the Dapibus platform, converting agricultural residues into fermentable cellulosic sugars, and fulfilled its first large-scale order in 2025, with sampling activity extending into Asia Pacific.
Biopharmaceutical programs
- Gates Foundation grant: Approximately $3.1 million grant, with approximately $2.4 million received to date, supporting low-cost monoclonal antibodies targeting RSV and malaria; early data cited as comparable to CHO-derived antibodies.
- CEPI program: Participation in a $4.5 million CEPI-funded program, with eligibility to receive up to $2.4 million, to advance recombinant vaccine development using the C1 platform, including scale-up toward cGMP manufacturing; an H5 antigen is in preclinical evaluation.
- Additional early- to mid-stage programs: The company cited multiple government- and partner-supported efforts, including programs involving NIAID/NIH (LMIV), The Scripps Research Institute, AdaptVac (CEPI-supported), European Vaccines Hub (EVH), Uvax Bio (CEPI-funded), and Rabian (EUROSTARS RABIVA consortium).
Other corporate actions
- CRISPR license agreement: Dyadic entered a non-exclusive CRISPR/Cas9 license agreement with ERS Genomics to expand genetic engineering capabilities and accelerate strain optimization.
- Rebrand and website: The company rebranded as Dyadic Applied BioSolutions and launched a redesigned corporate website.
- Commercial expansion in Asia: Dyadic engaged Intralink to expand commercial development activities in Japan and South Korea.
- Peer-reviewed publication: A study published in Vaccine on October 24, 2025 reported successful production and characterization of the SARS-CoV-2 spike protein using Dyadic’s C1 expression platform.
Earnings call details
Dyadic will host an earnings call on Wednesday, March 25, 2026 at 5:00 p.m. Eastern Time. Dial-in numbers were listed as +1-877-407-9219 and +1 412-652-1274, with conference ID 13758915. The company also stated an archived webcast would be available within 24 hours after the live event.
