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Dyadic International
(NASDAQ:DYAI)
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Rating:42Neutral
Price Target:
$0.45
▼(-32.27% Downside)
Action:Reiterated
Date:09/26/26
The score is held down primarily by weak financial fundamentals (persistent large losses, ongoing cash burn, and negative equity) and bearish technicals (price well below key moving averages with negative MACD). Offsetting factors include signs of operational progress from the earnings call and some liquidity support from financing, but going-concern and Nasdaq compliance risks keep the overall profile speculative.
Positive Factors
Platform productivity improvement
The transferrin productivity gain indicates that Dyadic’s platform can improve output economics at pilot scale. If replicated commercially, lower manufacturing costs could strengthen customer adoption, support partner returns, and improve the competitiveness of C1-produced biologics over the next several quarters.
Negative Factors
Persistent losses and cash burn
Sustained negative operating and free cash flow shows that Dyadic is not yet self-funding its operations. Continued cash consumption limits investment flexibility and means future commercialization, research, and corporate expenses depend on additional financing or successful external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform productivity improvement
The transferrin productivity gain indicates that Dyadic’s platform can improve output economics at pilot scale. If replicated commercially, lower manufacturing costs could strengthen customer adoption, support partner returns, and improve the competitiveness of C1-produced biologics over the next several quarters.
Read all positive factors
Dyadic International (DYAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.79M
Dividend YieldN/A
Average Volume (3M)151.78K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth-8.05%
EPS Growth-14.12%
CountryUS
Employees5
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.21
Shares Outstanding40,063,700
10 Day Avg. Volume115,974
30 Day Avg. Volume151,784
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)24.88
Price to Sales (P/S)24.89
P/FCF Ratio-5.38
Enterprise Value/Market Cap2.09
Enterprise Value/Revenue9.51
Enterprise Value/Gross Profit31.24
Enterprise Value/Ebitda-4.60
Forecast
1Y Price Target
$4.00Price Target Upside506.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.14
Revenue Forecast (FY)$6.51M
Dyadic International Business Overview & Revenue Model
Company Description
Dyadic International, Inc. operates as a U.S.-based biotechnology platform company, specializing in the development, production, and commercialization of enzymes and other proteins. Its core activities are underpinned by a patented and proprietary...
How the Company Makes Money
Dyadic primarily seeks to monetize its C1 expression system through partnering and licensing arrangements with biopharmaceutical and biotechnology companies and other organizations that want to use the platform for developing and manufacturing bio...
Dyadic International Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presents meaningful operational and technical progress—notably an 80% productivity improvement for transferrin, a 15-day plasmid-to-protein capability, growing product shipments and partner commercialization, and a 52% year-to-date revenue increase—indicating positive momentum in commercialization and platform validation. However, financial performance and liquidity pose near-term risks: Q2 revenue was flat year-over-year, cost of revenue rose 60% and exceeded revenue for the quarter, operating and net losses persist, G&A increased, and management disclosed substantial doubt about going concern with only ~$4.8M in cash. Management is pursuing non-dilutive and strategic financing and emphasizing capital-efficient commercialization, but the business remains early-stage and cash-constrained. Overall, progress is encouraging on the technical and commercial fronts, but financial and execution risks keep the outlook balanced.Positive Updates
Commercialization Progress and Distribution Expansion
Dyadic reports tangible commercialization progress: product shipments to IBT Bioservices under an OEM distribution agreement, additional shipments after quarter-end, initial pilot sales into cultivated meat and research/cell culture applications, and expanded commercialization via partners (Proliant, Enzymes, Fermbox Bio). Management notes multiple products moving through qualification, distribution and initial commercial sales.
Negative Updates
Quarterly Revenue Essentially Flat
Total revenue for Q2 2026 was ~$961,000, essentially flat compared to ~$967,000 in Q2 2025, indicating revenue remains early-stage and not yet showing sustained quarter-over-quarter growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Commercialization Progress and Distribution Expansion
Dyadic reports tangible commercialization progress: product shipments to IBT Bioservices under an OEM distribution agreement, additional shipments after quarter-end, initial pilot sales into cultivated meat and research/cell culture applications, and expanded commercialization via partners (Proliant, Enzymes, Fermbox Bio). Management notes multiple products moving through qualification, distribution and initial commercial sales.
Read all positive updates
Company Guidance
The company gave no formal numeric guidance but said Q3 product revenue could be "lumpy" as initial shipments to IBT and direct pilot sales move through customer qualification and repeat-order cycles, and that prioritization will favor opportunities that generate the most near-term revenue. Key reported Q2 / YTD metrics: total revenue $961k in Q2 (vs. $967k a year ago), including $124k R&D and $837k grant revenue, six‑month revenue $2.1M (up ~52% vs. $1.4M); cost of revenue $984k in Q2 (up ~60% vs. $614k); internal R&D down 47% to $333k in Q2 (six‑month $809k, down 28%); G&A $1.7M in Q2 (up 18%; six‑month $3.4M, up 14%); operating loss ~$2.1M and net loss ~$2.1M or $0.06/share in Q2 (six‑month net loss ~$4.1M or $0.11/share). They ended the quarter with ~ $4.8M of cash and equivalents, included a going‑concern disclosure under ASC 205‑3, remain in compliance with convertible note covenants (notes mature 12/31/2027), and are actively pursuing financing options — especially non‑dilutive licensing, milestones, royalties, funded development and strategic partnerships — citing precedents like a prior ~$30M non‑dilutive arrangement and active grant support (Gates grant ~ $3.9M; CEPI funding eligibility up to ~ $2.4M). Operational and technical milestones cited to support commercialization include an ~80% pilot‑scale productivity gain for recombinant human transferrin (expected to cut costs ~40%), a ~15‑day plasmid‑to‑purified‑protein capability, six product opportunities placed into IBT distribution, partner product launches (Proliant, Enzymes, Fermbox) and fully funded scale‑up work with BRIG Bio — all intended to drive recurring sales, partner income and non‑dilutive funding to extend runway.Dyadic International Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.47M | 1.23M | 3.50M | 2.90M | 2.93M | 2.40M |
| Gross Profit | 1.06M | -1.09M | 2.30M | 922.96K | 807.11K | 459.39K |
| EBITDA | -7.18M | -6.86M | -5.38M | 0.00 | -10.12M | -11.14M |
| Net Income | -7.62M | -7.36M | -5.81M | -6.80M | -9.74M | -13.07M |
Balance Sheet | ||||||
| Total Assets | 6.54M | 9.95M | 9.93M | 8.22M | 13.71M | 21.30M |
| Cash, Cash Equivalents and Short-Term Investments | 3.11M | 7.32M | 9.26M | 7.26M | 12.64M | 20.26M |
| Total Debt | 5.05M | 5.06M | 5.07M | 136.93K | 0.00 | 0.00 |
| Total Liabilities | 8.92M | 8.71M | 7.46M | 2.34M | 2.63M | 2.91M |
| Stockholders Equity | -2.39M | 1.23M | 2.47M | 5.88M | 11.09M | 18.39M |
Cash Flow | ||||||
| Free Cash Flow | -7.40M | -5.70M | -3.97M | -6.73M | -8.08M | -11.28M |
| Operating Cash Flow | -7.40M | -5.70M | -3.97M | -6.73M | -8.08M | -11.28M |
| Investing Cash Flow | 1.47M | 82.08K | -1.88M | 7.45M | -2.37M | 5.22M |
| Financing Cash Flow | 4.94M | 4.96M | 5.85M | 0.00 | 543.59K | 1.23M |
Dyadic International Technical Analysis
Negative
0.66
Price Trends
0.48
Negative
0.72
Negative
0.77
Negative
Market Momentum
-0.03
Negative
37.56
Neutral
34.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DYAI, the sentiment is Negative. The current price of 0.66 is above the 20-day moving average (MA) of 0.42, above the 50-day MA of 0.48, and below the 200-day MA of 0.77, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 37.56 is Neutral, neither overbought nor oversold. The STOCH value of 34.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DYAI.
Dyadic International Risk Analysis
Dyadic International disclosed 48 risk factors in its most recent earnings report. Dyadic International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dyadic International Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $159.61M | -2.38 | -708.20% | ― | ― | 30.16% | |
44 Neutral | $48.94M | -2.47 | -47.92% | ― | -75.00% | 74.04% | |
43 Neutral | $31.04M | -0.33 | -63.65% | ― | -59.84% | -5.97% | |
42 Neutral | $15.79M | -1.85 | -2918.10% | ― | -8.05% | -14.12% | |
41 Neutral | $39.21M | -3.52 | -292.13% | ― | ― | -21.64% |
* Healthcare Sector Average
DYAI
Dyadic International
0.39
-0.71
-64.18%
IBIO
Ibio
0.80
-0.74
-47.79%
XBIT
XBiotech
1.99
-0.38
-16.03%
PDSB
PDS Biotechnology
1.52
0.51
50.50%
MGX
Metagenomi, Inc.
0.82
-1.53
-65.06%
EXOZ
eXoZymes
4.23
-8.43
-66.60%
Dyadic International Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Dyadic International Faces Nasdaq Listing Compliance Challenges
Negative
Sep 25, 2026
On September 25, 2026, Dyadic International received two deficiency notices from Nasdaq after its shares traded below the $1 minimum bid price and its Market Value of Listed Securities fell under the $35 million threshold for the past 30 consecuti...
Business Operations and StrategyPrivate Placements and Financing
Dyadic International Announces New Equity Financing Agreements
Positive
Aug 14, 2026
On August 13, 2026, Dyadic International, Inc. announced that it had entered definitive agreements with an institutional investor for a registered direct offering of 3,625,000 shares of common stock at $0.795 per share, alongside a concurrent priv...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Dyadic Regains Nasdaq Compliance, Secures Continued Listing
Positive
Jul 24, 2026
On July 24, 2026, Dyadic International announced that Nasdaq confirmed the company has regained compliance with Listing Rules 5550(a)(2) and 5550(b), allowing its common stock to remain listed and traded on the Nasdaq Capital Market. The resolutio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.