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Form 8-K

sec.gov

8-K — DYADIC INTERNATIONAL INC

Accession: 0001493152-26-022727

Filed: 2026-05-13

Period: 2026-05-13

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): May 13, 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

May 13, 2026, Dyadic International, Inc. (“Dyadic”) issued a press release announcing its results for the quarter ended March

31, 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 May 13, 2026.

104

Cover

Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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:

May 13, 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 FIRST QUARTER 2026 FINANCIAL RESULTS AND

HIGHLIGHTS

RECENT COMPANY PROGRESS

Received

initial purchase orders for recombinant bovine transferrin from customers in the cultivated meat industry

Commercial

launch of AlbuFree™ DX recombinant human albumin by Proliant Health & Biologicals using Dyadic’s production platform,

with Dyadic eligible to receive a share of profits from product sales

Expanded

strategic collaboration with Fermbox Bio, including the launch of animal-origin-free recombinant DNase I (RNase-free) as the first

commercialized product under the expanded partnership, while advancing scale-up and commercialization activities for additional recombinant

products, including transferrin

Signed

an OEM distribution agreement with IBT Bioservices to commercialize Dyadic’s recombinant products, with initial product quantities

completed for shipment to support commercialization through IBT’s global distribution channels

Entered

a development and commercialization agreement with BRIG Bio to produce animal-free bovine alpha-lactalbumin for global nutrition

markets, which includes funded development, milestones, and potential revenue participation

Continued

advancement of Gates Foundation-supported RSV and malaria antibody programs and the CEPI/FBS H5 avian influenza program, leveraging

AI-enabled target development and generating additional validation of Dyadic’s C1 platform

Cash,

cash equivalents, restricted cash and investment grade securities of approximately $6.6 million as of March 31, 2026

Dyadic

to host an earnings call today at 5:00 pm ET

JUPITER,

Fla., May 13, 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 Q1 2026 along with significant

corporate achievements.

“Throughout

2025 and into early 2026, we remained focused on transforming Dyadic into a commercially driven organization by leveraging our proprietary

microbial production platforms to bring animal-free recombinant proteins and enzymes to market, both independently and through strategic

partnerships,” said Joe Hazelton, President and Chief Operating Officer of Dyadic. “We are encouraged that these products

are now moving through commercial sales channels and reaching customers, demonstrating the scalability of our technology platforms and

the increasing market demand for our products. As our distribution partners broaden their reach and customer adoption continues to expand

across cell culture media and biomanufacturing applications supporting key growth markets such as cell and gene therapy, biologics manufacturing,

and emerging markets such as cultivated meat, we believe Dyadic is well positioned to drive increasing product revenues. At the same

time, we are expanding our business development initiatives across Europe to build on the momentum we are achieving in Japan through

our collaboration with Intralink.”

Recent

Company Developments and Updates

Life

Sciences

Recombinant Serum Albumin (AlbuFree™ DX): In February 2026, Proliant Health and Biologicals announced the commercial launch of

AlbuFree™ DX recombinant human albumin, produced using Dyadic’s production platform. Dyadic is entitled to a share of profits

from commercial sales.

OEM Distribution Agreement with IBT Bioservices: In March 2026, Dyadic entered into an OEM distribution agreement with IBT Bioservices

to support commercialization of multiple recombinant proteins and enzymes through IBT’s global distribution channels. Initial product

quantities, including DNase I and transferrin, have been completed and shipped to support channel commercialization activities.

DNase-1 (RNase-free): Dyadic completed production validation of recombinant DNase I and, together with Fermbox Bio, commercially launched

DNase I (RNase-free) as the first product under their expanded collaboration.

Recombinant Transferrin and Growth Factors: Dyadic continues advancing its animal-free transferrin and fibroblast growth factor (FGF)

products for use in cell culture media, diagnostics, and research, with expanded customer interest and sampling activity for recombinant

bovine transferrin within the cultivated meat industry.

Reagent Proteins and Nucleic Acid Enzymes: Dyadic continues advancing a portfolio of enzymes for DNA and RNA manipulation, including

RNase inhibitors and T7 RNA polymerase.

Food

and Nutrition

Alpha-Lactalbumin: In December 2025, Dyadic signed a development and commercialization agreement with BRIG Bio to create recombinant

bovine alpha-lactalbumin for global nutrition markets. Product development activities have been initiated, including initial product

quality and application testing, with customer sampling activities expected to begin in mid-2026.

Human Lactoferrin: Dyadic has established a stable cell line for recombinant human lactoferrin production and is continuing optimization

and characterization efforts supporting future nutrition applications.

Non-Animal Dairy Enzymes: Dyadic’s partner Inzymes has commercialized recombinant non-animal bovine chymosin following achievement

of development milestones under its agreement with Dyadic.

Food and Nutrition Pipeline Expansion: Dyadic anticipates broadening both partner-led and internal development programs focused on non-animal

dairy proteins, selected food and nutrition enzymes, and related baking and brewing enzyme applications.

Bio-Industrial

Products

Expanded Fermbox Bio Collaboration: Dyadic expanded its collaboration with Fermbox Bio to support the development and manufacturing of

animal-free recombinant proteins and enzymes across life sciences, food and nutrition, and bio-industrial markets.

EN3ZYME™ Platform: Fermbox Bio previously launched EN3ZYME™, an enzyme cocktail produced using the Dapibus™ platform

that converts agricultural residues into fermentable cellulosic sugars and fulfilled its first large scale order in 2025, with sampling

activity now extending into the Asia Pacific region.

Biopharmaceutical

Programs

Gates Foundation-supported RSV and malaria monoclonal antibody programs and the CEPI/Fondazione Biotecnopolo di Siena (“FBS”)

H5 avian influenza antigen program continued to advance toward preclinical evaluation, with C1-produced antigens and antibodies expressed

at high yields while demonstrating binding and neutralization profiles virtually identical to CHO-derived clinical reference materials.

Collaborative development activities with Fondazione Biotecnopolo di Siena (“FBS”) continue to demonstrate rapid antigen

development timelines and the ability to progress from receipt of a codon-optimized plasmid to purified recombinant antigen candidates

within weeks, while multiple preclinical animal studies evaluating C1-produced H5 (avian influenza), RSV and malaria antigens were initiated,

with initial data readouts demonstrating high levels of neutralizing antibodies.

Corporate

Development

Expanding Commercial Efforts in Asia and Europe: Dyadic expanded its engagement with Intralink to include Europe in addition to Japan

and South Korea, supporting broader commercial development activities and market entry initiatives for Dyadic’s animal-free proteins.

Commercial Scale-Up Activities: Together with Fermbox Bio and other manufacturing partners, Dyadic continues scaling production capabilities

for multiple recombinant proteins and enzymes, including transferrin and additional commercial-stage products, to support broader market

launch activities and channel expansion.

Expanding Commercial Partnerships and Distribution Channels: Dyadic continues prioritizing relationships with manufacturing, supply chain,

and distribution partners to support commercialization and broaden market access for its growing portfolio of recombinant proteins and

enzymes.

Commercialization and Channel Expansion Strategy: Dyadic is focused on increasing product availability through both direct and partner-led

commercialization efforts, including OEM distribution, regional business development partnerships, and strategic manufacturing collaborations

designed to support long-term recurring product revenue opportunities.

Financial

Highlights

Cash

Position: As of March 31, 2026, cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including

accrued interest, were $6,604,006 compared to $8,587,289 as of December 31, 2025.

Revenue:

Total revenue for the three months ended March 31, 2026, amounted to $1,110,956 representing an increase of $717,384 or 182.3% compared

to $393,572 for the three months ended March 31, 2025. The increase was driven by a $220,490 increase in research and development revenue

primarily related to the Proliant Agreement. Additionally, grant revenue increased by $276,894 due to activities under grants

from CEPI and the Gates Foundation and license and milestone revenue also increased by $200,000 as a result of achieving a contract

milestone under the Inzymes Agreement.

Cost

of Revenue: Total cost of revenue for the three months ended March 31, 2026, amounted to $791,840 representing an increase of $494,182

or 166.0% compared to $297,658 for the three months ended March 31, 2025. The increase was driven by a $213,677 increase in cost of research

and development revenue. Cost of grant revenue increased by $280,505 due to activities under grants from CEPI and the Gates Foundation.

R&D

Expenses: Research and development expenses for the three months ended March 31, 2026, decreased $18,910 or 3.8% to $476,069 compared

to $494,979 for the same period a year ago. The decrease was driven by a slight decrease in the number of active internal research initiatives

undertaken.

G&A

Expenses: General and administrative expenses for the three months ended March 31, 2026, increased by $158,993 or 10.0% to $1,755,331

compared to $1,596,338 for the same period a year ago. The increase was related to legal and accounting expenses of $221,304, incentives

of $36,258, rebranding and business development expenses of $22,196, offset by a decrease in share-based compensation expenses of $110,381

and insurance expenses of $10,384.

Loss

from Operations: Loss from operations for the three months ended March 31, 2026, decreased $99,782 or 5.0% to $1,902,693 compared

to $2,002,475 for the same period a year ago. The decrease in loss from operations was largely attributable to an increase in total revenue

of $717,384, decrease in research and development expenses of $18,910, partially offset by an increase in total cost of revenue of $494,182,

and an increase in general and administrative expenses of $158,993.

Net

Loss: Net loss for the three months ended March 31, 2026, was $1,954,683 or $(0.05) per share, compared to $2,027,579 or $(0.07)

per share for the same period a year ago.

Conference

Call Information

Date:

Wednesday, May 13, 2026

Time:

5:00 p.m. Eastern Time

Dial-in

numbers: Toll Free: +1-877-407-9219 / +1 412-652-1274

Conference

ID:13759380

Webcast

Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qVNgtGJ6

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; (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; (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 March 31,

2026

2025

Revenue:

Research and development revenue

$ 403,590

$ 183,100

Grant revenue

487,366

210,472

License and milestone revenue

220,000

Total revenue

1,110,956

393,572

Costs and expenses:

Cost of research and development revenue

340,157

126,480

Cost of grant revenue

451,683

171,178

Research and development

476,069

494,979

General and administrative

1,755,331

1,596,338

Foreign currency exchange (gain) loss

(9,591 )

7,072

Total costs and expenses

3,013,649

2,396,047

Loss from operations

(1,902,693 )

(2,002,475 )

Other income (expense):

Interest income

57,191

88,458

Interest expense

(64,342 )

(89,243 )

Interest expense - related party

(44,839 )

(24,319 )

Total other income (expense), net

(51,990 )

(25,104 )

Net loss

$ (1,954,683 )

$ (2,027,579 )

Basic and diluted net loss per common share

$ (0.05 )

$ (0.07 )

Basic and diluted weighted-average common shares outstanding

36,397,997

29,886,665

See

Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Annual Report on Form 10-Q filed with the Securities and Exchange

Commission on May 13, 2026.

DYADIC

INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED

BALANCE SHEETS

March 31, 2026

December 31, 2025

(Unaudited)

(Audited)

Assets

Current assets:

Cash and cash equivalents

$ 4,247,269

$ 4,622,331

Short-term investment securities

1,361,043

2,698,661

Restricted cash

908,459

1,231,168

Interest receivable

12,423

35,129

Accounts receivable

996,464

1,090,297

Prepaid expenses and other current assets

174,238

219,067

Total current assets

7,699,896

9,896,653

Non-current assets:

Long-term investment securities

74,812

Operating lease right-of-use asset, net

24,354

38,535

Other assets

10,511

10,537

Total assets

$ 7,809,573

$ 9,945,725

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 1,060,092

$ 852,024

Accrued expenses

891,420

967,974

Deferred research and development obligations

1,110,570

1,730,852

Operating lease liability

19,998

34,621

Accrued interest

60,000

60,000

Accrued interest - related party

41,800

41,800

Total current liabilities

3,183,880

3,687,271

Non-current liabilities:

Convertible notes, net of issuance costs

2,966,646

2,962,304

Convertible notes, net of issuance costs - related party

2,066,779

2,063,740

Total liabilities

8,217,305

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 March 31, 2026, and December 31, 2025, respectively

48,693

48,442

Additional paid-in capital

113,879,281

113,564,991

Treasury stock, shares held at cost - 12,253,502

(18,929,915 )

(18,929,915 )

Accumulated deficit

(95,405,791 )

(93,451,108 )

Total stockholders’ equity

(407,732 )

1,232,410

Total liabilities and stockholders’ equity

$ 7,809,573

$ 9,945,725

See

Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Annual Report on Form 10-Q filed with the Securities and Exchange

Commission on May 13, 2026.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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