Major Estimate Revision • May 24
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$8.54m to US$6.79m. Forecast losses increased from -US$0.07 to -US$0.097 per share. Biotechs industry in the US expected to see average net income decline 9.8% next year. Consensus price target down from US$7.00 to US$6.00. Share price rose 5.2% to US$0.76 over the past week. Reported Earnings • May 14
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: US$0.054 loss per share (improved from US$0.068 loss in 1Q 2025). Revenue: US$1.11m (up 182% from 1Q 2025). Net loss: US$1.95m (loss narrowed 3.6% from 1Q 2025). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Duyuru • May 05
Dyadic International, Inc., Annual General Meeting, Jun 18, 2026 Dyadic International, Inc., Annual General Meeting, Jun 18, 2026. Duyuru • Apr 30
Dyadic International, Inc. to Report Q1, 2026 Results on May 13, 2026 Dyadic International, Inc. announced that they will report Q1, 2026 results on May 13, 2026 New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Revenue is less than US$5m (US$3.1m revenue). Market cap is less than US$100m (US$26.6m market cap). Duyuru • Mar 31
Dyadic International Inc Receives Deficiency Notice from Nasdaq On March 27, 2026, Dyadic International, Inc. (the Company" or Dyadic") received a deficiency notice (the Notice") from the Nasdaq Listing Qualifications staff (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that it is out of compliance with the technical minimum requirements for continued listing under Nasdaq Listing Rule 5550(b) (the Continued Listing Requirement"). The Continued Listing Requirement requires the Company to maintain at least one of the following: $2.5 million in stockholders' equity; $35 million in market value of listed securities; or $500,000 of net income from continuing operations. The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. In accordance with Nasdaq rules, the Company has 45 calendar days, or until May 11, 2026, to submit a plan to regain compliance with any of the three minimum requirements under the Continued Listing Requirement. If the plan is accepted, the Company may be eligible for a cure period of up to 180 days from March 27, 2026 (September 23, 2026) to regain compliance. If the plan is not accepted, the Company may appeal the determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq listing rules. There can be no assurance that, if the Company decides to appeal the determination by Nasdaq to the panel, such appeal would be successful. The Company intends to actively monitor its compliance with the Continued Listing Requirement an ongoing basis and, as appropriate, plans to evaluate available options to resolve the deficiency and regain compliance (likely through the $2.5 million in stockholders' equity requirement). As previously disclosed, the Company also remains out of compliance with the minimum bid price of $1.00 required by the continued listing requirements of Nasdaq Listing Rule 5550(a)(2), and has until June 17, 2026 to regain compliance with such requirement. The Continued Listing Requirement deficiency discussed in the Notice is a separate and unrelated deficiency, and either deficiency, if not cured by the applicable deadline, could be a basis for the delisting of the Company's common stock. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$0.23 loss per share (further deteriorated from US$0.20 loss in FY 2024). Revenue: US$3.09m (down 12% from FY 2024). Net loss: US$7.36m (loss widened 27% from FY 2024). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Breakeven Date Change • Mar 26
Forecast to breakeven in 2027 The 2 analysts covering Dyadic International expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$1.90m in 2027. Average annual earnings growth of 92% is required to achieve expected profit on schedule. Duyuru • Mar 12
Dyadic International, Inc. to Report Fiscal Year 2025 Results on Mar 25, 2026 Dyadic International, Inc. announced that they will report fiscal year 2025 results at 4:00 PM, US Eastern Standard Time on Mar 25, 2026 Duyuru • Mar 07
Dyadic International, Inc. has filed a Follow-on Equity Offering in the amount of $4.237818 million. Dyadic International, Inc. has filed a Follow-on Equity Offering in the amount of $4.237818 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Duyuru • Mar 06
Dyadic Applied BioSolutions and Fermbox Bio Launch Animal-Origin-Free Recombinant DNase I (RNase-Free) Dyadic Applied BioSolutions and Fermbox Bio announced the commercial launch of animal-origin-free Recombinant DNase I (RNase-free). This represents the first commercialized product under the companies expanded collaboration announced in 2025 and marks another step in Dyadic’s accelerating transition from platform development to commercial product expansion and recurring revenue growth. Produced using Dyadic’s proprietary high-yield fungal microbial expression platforms and Fermbox Bio’s scale-up and biomanufacturing capabilities, Recombinant DNase I (RNase-free) is currently available in research grade with a cGMP-grade version in development to support biopharmaceutical manufacturing and cell and gene therapy applications. Recombinant DNase I (RNase-free) is an endonuclease enzyme used for nucleic-acid clean-up and sample preparation workflows where residual DNA can interfere with analytical results. Its RNase-free specification supports RNA integrity in sensitive RNA workflows across biological research, biotechnology, and molecular diagnostics. DNase I (RNase-free) is a strategically important enzyme and the first in a planned series of recombinant enzymes and proteins expected to be commercially introduced throughout 2026. Planned pipeline products under the collaboration include recombinant a-lactalbumin, recombinant transferrin, recombinant human FGF-2, recombinant human lactoferrin, and additional recombinant proteins expressed using Dyadic’s fungal microbial platforms. The initial portfolio targets high-demand segments in cell culture media, media supplementation, and molecular biology reagents, supporting applications such as cell and gene therapy, vaccine and monoclonal antibody manufacturing, regenerative medicine, and advanced biologics development. Under the collaboration framework, Dyadic provides its fungal microbial expression platforms, production strains, and development support, while Fermbox Bio leads downstream process development, scale-up, and manufacturing. The companies are aligned on global commercialization to serve research and biomanufacturing customers worldwide. Duyuru • Feb 19
Dyadic Applied Biosolutions and Proliant Health & Biologicals Announce Commercial Launch of Recombinant Human Albumin Dyadic Applied BioSolutions and Proliant Health & Biologicals announced the commercial launch of AlbuFree™? DX, a recombinant human albumin (rHA) product produced using Dyadic's proprietary filamentous fungal expression technology. The launch of AlbuFree™®? DX underscores Dyadic's strategy to prioritize recombinant protein products that have clear commercial pathways and are supported by well-established end markets. Under the terms of the agreement, Dyadic will receive a share of profits from Proliant's commercial sales of recombinant human albumin products. Recombinant human albumin is a critical component in cell culture media and other life science applications, where demand is rising for animal-free, scalable, and supply-secure inputs. The launch of Albu free™? DX marks the first major commercial step in Dyadic's growing portfolio of market-specific proteins and represents an important milestone in converting licensed programs into recurring revenue streams. Dyadic continues to advance additional recombinant proteins for cell culture, life science, nutrition, and industrial applications through a combination of internal programs and strategic partnerships. Duyuru • Dec 29
Dyadic International Receives Notice of Non-Compliance with Nasdaq Listing Rules On December 19, 2025, Dyadic International, Inc. (the Company") received a deficiency notice (the Notice") from the Nasdaq Listing Qualifications staff (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that for the last 30 consecutive business days the Company's securities have not maintained the minimum bid price of at least $1 per share required by the continued listing requirements of Nasdaq Listing Rule5550(a)(2). The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until June 17, 2026 (the Compliance Date"), to regain compliance with the minimum bid price requirement by having the Company's bid price close at $1 per share or more for a minimum of 10 consecutive business days before the Compliance Date (subject to the Staff's discretion to extend this period under Nasdaq Listing Rule5810(c)(3)(H)). If the Company does not regain compliance by the Compliance Date, the Company may be eligible for an additional 180-day period to regain compliance, provided that on the Compliance Date the Company meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on the Nasdaq Capital Market (except the bid price requirement) based on the Company's most recent public filings and market information and provides Nasdaq with written notice of its intent to cure this deficiency. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for the second compliance period, and the Company does not regain compliance by the Compliance Date, the Staff will provide written notification that the Company's common stock is subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq listing rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by Nasdaq to the panel, such appeal would be successful. The Company intends to actively monitor the bid price of its common stock between now and the Compliance Date and, as appropriate, plans to evaluate available options to resolve the deficiency and regain compliance with the minimum bid price requirement. New Risk • Nov 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$7.3m Forecast net loss in 2 years: US$3.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$3.1m net loss in 2 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Revenue is less than US$5m (US$3.3m revenue). Market cap is less than US$100m (US$32.2m market cap). Reported Earnings • Nov 14
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: US$0.057 loss per share (further deteriorated from US$0.007 loss in 3Q 2024). Revenue: US$1.16m (down 41% from 3Q 2024). Net loss: US$1.98m (loss widened US$1.77m from 3Q 2024). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 52% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Duyuru • Oct 29
Dyadic International, Inc. to Report Q3, 2025 Results on Nov 12, 2025 Dyadic International, Inc. announced that they will report Q3, 2025 results on Nov 12, 2025 Price Target Changed • Sep 08
Price target decreased by 18% to US$7.00 Down from US$8.50, the current price target is an average from 2 analysts. New target price is 625% above last closing price of US$0.97. Stock is down 22% over the past year. The company is forecast to post a net loss per share of US$0.20 next year compared to a net loss per share of US$0.20 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: US$0.06 loss per share (improved from US$0.07 loss in 2Q 2024). Revenue: US$966.6k (up 151% from 2Q 2024). Net loss: US$1.79m (loss narrowed 12% from 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Duyuru • Aug 06
Dyadic International, Inc. to Report Q2, 2025 Results on Aug 13, 2025 Dyadic International, Inc. announced that they will report Q2, 2025 results on Aug 13, 2025 New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$3.8m net loss in 2 years). Shareholders have been diluted in the past year (24% increase in shares outstanding). Revenue is less than US$5m (US$3.6m revenue). Market cap is less than US$100m (US$36.4m market cap). Duyuru • Aug 01
Dyadic International, Inc. has completed a Follow-on Equity Offering in the amount of $5.7494 million. Dyadic International, Inc. has completed a Follow-on Equity Offering in the amount of $5.7494 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,052,000
Price\Range: $0.95
Discount Per Security: $0.0665 Duyuru • Jul 31
Dyadic International, Inc. has filed a Follow-on Equity Offering. Dyadic International, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock Duyuru • Jul 26
Dyadic International, Inc. Receives Deficiency Notice from Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market On July 17, 2025, Dyadic International, Inc. received a deficiency notice (the “Notice”) from the Nasdaq Listing Qualifications staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the last 30 consecutive business days the Company’s securities have not maintained the minimum bid price of at least $1 per share required by the continued listing requirements of Nasdaq Listing Rule 5550(a)(2). The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until January 13, 2026 (the “Compliance Date”), to regain compliance with the minimum bid price requirement by having the Company’s bid price close at $1 per share or more for a minimum of 10 consecutive business days before the Compliance Date (subject to the Staff’s discretion to extend this period under Nasdaq Listing Rule 5810(c)(3)(H)). If the Company does not regain compliance by the Compliance Date, the Company may be eligible for an additional 180-day period to regain compliance, provided that on the Compliance Date the Company meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on the Nasdaq Capital Market (except the bid price requirement) based on the Company’s most recent public filings and market information and notifies Nasdaq of its intent to cure this deficiency. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for the second compliance period, and the Company does not regain compliance by the Compliance Date, the Staff will provide written notification that the Company’s common stock is subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq listing rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by Nasdaq to the panel, such appeal would be successful. The Company intends to actively monitor the bid price of its common stock between now and the Compliance Date and, as appropriate, plans to evaluate available options to resolve the deficiency and regain compliance with the minimum bid price requirement. As previously disclosed, the Company also remains out of compliance with the minimum Market Value of Listed Securities (“MVLS”) of $35 million required by the continued listing requirements of Nasdaq Listing Rule 5550(b)(2), and has until December 20, 2025 to regain compliance with such requirement. The bid price deficiency discussed in the Notice is a separate and unrelated deficiency, and either deficiency, if not cured by the applicable deadline, could be a basis for the delisting of the Company’s common stock. Duyuru • Jun 29
Dyadic International, Inc. Receives A Deficiency Notice from Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market On June 23, 2025, Dyadic International, Inc. (the Company") received a deficiency notice (the Notice") from the Nasdaq Listing Qualifications staff (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that for the last 30 consecutive business days the Company's securities have not maintained the minimum Market Value of Listed Securities (MVLS") of $35 million required by the continued listing requirements of Nasdaq Listing Rule 5550(b)(2). The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until December 20, 2025 (the Compliance Date"), to regain compliance with the minimum MVLS requirement by having the Company's MVLS close at $35 million or more for a minimum of 10 consecutive business days before the Compliance Date (subject to the Staff's discretion to extend this period under Nasdaq Listing Rule 5810(c)(3)(H)). If the Company does not regain compliance by the Compliance Date, the Staff will provide written notification that the Company's common stock is subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel pursuant to the procedures set in the applicable Nasdaq listing rules. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by Nasdaq to the panel, such appeal would be successful. The Company intends to actively monitor the MVLS of its common stock between now and the Compliance Date and, as appropriate, plans to evaluate available options to resolve the deficiency and regain compliance with the minimum MVLS requirement. Duyuru • Jun 03
Dyadic International, Inc. Appoints Joe Hazelton as President, Effective June 2, 2025 Dyadic International, Inc. announced a leadership change as part of its ongoing strategic shift to evolve into a revenue-generating provider of ancillary recombinant protein products supporting the life sciences, nutrition, and industrial markets. Dyadic’s Board of Directors, which has overseen and endorsed this strategy, has appointed Joe Hazelton as President, effective June 02, 2025. Mr. Hazelton will also continue in his role as Chief Operating Officer. As President, Joe Hazelton will be responsible for scaling Dyadic’s scientific and commercial initiatives, deepening industry partnerships, oversight of daily operations and ensuring efficient execution of the business strategy. In support of this strategic shift, Joe will also guide Dyadic’s corporate rebranding efforts. Dyadic’s C1 and Dapibus platforms—already central to its recent commercial successes—continue to underpin the Company’s strategy, offering differentiated, large-scale, high-titer production of recombinant proteins across targeted non-therapeutic markets. While the significant majority of Dyadic’s focus will be on the compelling ancillary protein opportunity, legacy biopharmaceutical programs remain active, with Mr. Emalfarb (who will continue to serve as Chief Executive Officer and a member of the Board of Directors) overseeing their development in addition to his continued focus on funding/investment opportunities, IP strategy, and legacy projects. Joe Hazelton joined Dyadic in 2021 as Chief Business Officer and was promoted to Chief Operating Officer in 2024. His experience includes over two decades of leadership in biotech commercialization, with a proven track record of strategic execution at both Dyadic and Novartis. Major Estimate Revision • May 21
Consensus revenue estimates decrease by 31%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$6.10m to US$4.20m. EPS estimate increased from -US$0.23 to -US$0.19 per share. Biotechs industry in the US expected to see average net income decline 11% next year. Consensus price target of US$9.00 unchanged from last update. Share price was steady at US$1.03 over the past week. Reported Earnings • May 15
First quarter 2025 earnings released: US$0.068 loss per share (vs US$0.07 loss in 1Q 2024) First quarter 2025 results: US$0.068 loss per share. Revenue: US$393.6k (up 18% from 1Q 2024). Net loss: US$2.03m (flat on 1Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Biotechs industry in the US. Duyuru • May 02
Dyadic International, Inc. to Report Q1, 2025 Results on May 14, 2025 Dyadic International, Inc. announced that they will report Q1, 2025 results on May 14, 2025 Duyuru • Apr 30
Dyadic International, Inc., Annual General Meeting, Jun 20, 2025 Dyadic International, Inc., Annual General Meeting, Jun 20, 2025. Major Estimate Revision • Apr 02
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.19 to -US$0.23 per share. Revenue forecast of US$6.10m unchanged since last update. Biotechs industry in the US expected to see average net income decline 13% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 5.3% to US$1.40 over the past week. Recent Insider Transactions Derivative • Apr 01
Founder notifies of intention to sell stock Mark Emalfarb intends to sell 216k shares in the next 90 days after lodging an Intent To Sell Form on the 31st of March. If the sale is conducted around the recent share price of US$1.41, it would amount to US$304k. For the year to December 2018, Mark's total compensation was 54% salary and 46% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Mark's direct individual holding has increased from 8.21m shares to 8.28m. Company insiders have collectively bought US$67k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: US$0.20 loss per share (improved from US$0.24 loss in FY 2023). Revenue: US$3.50m (up 21% from FY 2023). Net loss: US$5.81m (loss narrowed 14% from FY 2023). Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Duyuru • Mar 13
Dyadic International, Inc. to Report Fiscal Year 2024 Results on Mar 26, 2025 Dyadic International, Inc. announced that they will report fiscal year 2024 results on Mar 26, 2025 Recent Insider Transactions Derivative • Dec 23
Founder notifies of intention to sell stock Mark Emalfarb intends to sell 296k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of December. If the sale is conducted around the recent share price of US$1.91, it would amount to US$564k. For the year to December 2017, Mark's total compensation was 54% salary and 46% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Mark's direct individual holding has increased from 8.08m shares to 8.21m. Company insiders have collectively bought US$43k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$9.9m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Revenue is less than US$5m (US$3.4m revenue). Market cap is less than US$100m (US$36.1m market cap). Major Estimate Revision • Nov 19
Consensus revenue estimates increase by 48% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$2.90m to US$4.30m. Forecast losses expected to reduce from -US$0.28 to -US$0.18 per share. Biotechs industry in the US expected to see average net income decline 13% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 11% to US$1.17 over the past week. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: US$0.007 loss per share (improved from US$0.056 loss in 3Q 2023). Revenue: US$1.96m (up 393% from 3Q 2023). Net loss: US$203.5k (loss narrowed 87% from 3Q 2023). Revenue exceeded analyst estimates by 78%. Earnings per share (EPS) also surpassed analyst estimates by 86%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Duyuru • Nov 05
Dyadic International, Inc. to Report Q3, 2024 Results on Nov 12, 2024 Dyadic International, Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Major Estimate Revision • Aug 20
Consensus revenue estimates decrease by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$3.70m to US$2.90m. EPS estimate unchanged from -US$0.28 per share at last update. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target of US$7.50 unchanged from last update. Share price fell 2.2% to US$1.32 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.07 loss per share (improved from US$0.075 loss in 2Q 2023). Revenue: US$385.9k (down 54% from 2Q 2023). Net loss: US$2.05m (loss narrowed 5.0% from 2Q 2023). Revenue missed analyst estimates by 61%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Duyuru • Jul 31
Dyadic International, Inc. to Report Q2, 2024 Results on Aug 13, 2024 Dyadic International, Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Price Target Changed • Jul 08
Price target decreased by 12% to US$7.50 Down from US$8.50, the current price target is an average from 2 analysts. New target price is 436% above last closing price of US$1.40. Stock is down 29% over the past year. The company is forecast to post a net loss per share of US$0.26 next year compared to a net loss per share of US$0.24 last year. Recent Insider Transactions Derivative • Jun 10
Founder notifies of intention to sell stock Mark Emalfarb intends to sell 292k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of June. If the sale is conducted around the recent share price of US$2.25, it would amount to US$658k. For the year to December 2017, Mark's total compensation was 54% salary and 46% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Mark's direct individual holding has increased from 8.08m shares to 8.21m. Company insiders have collectively bought US$0.2 more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$11m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (US$2.3m revenue). Market cap is less than US$100m (US$64.3m market cap). Major Estimate Revision • May 21
Consensus revenue estimates decrease by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$4.20m to US$3.50m. EPS estimate reaffirmed at -US$0.66 per share. Biotechs industry in the US expected to see average net income decline 11% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 12% to US$1.67 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: US$0.07 loss per share (vs US$0.033 loss in 1Q 2023) First quarter 2024 results: US$0.07 loss per share (further deteriorated from US$0.033 loss in 1Q 2023). Revenue: US$334.6k (down 66% from 1Q 2023). Net loss: US$2.01m (loss widened 110% from 1Q 2023). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Duyuru • May 01
Dyadic International, Inc. to Report Q1, 2024 Results on May 14, 2024 Dyadic International, Inc. announced that they will report Q1, 2024 results on May 14, 2024 Duyuru • Apr 26
Dyadic International, Inc., Annual General Meeting, Jun 11, 2024 Dyadic International, Inc., Annual General Meeting, Jun 11, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect two Class II directors to our Board of Directors to serve until the Company’s 2027 Annual Meeting of Shareholders or until their successors are duly elected and qualified; to ratify the appointment of Crowe LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024; to cast an advisory vote to approve the compensation of the Company’s Named Executive Officers; and to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Major Estimate Revision • Apr 04
Consensus EPS estimates fall by 159% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.255 to -US$0.66 per share. Revenue forecast of US$4.20m unchanged since last update. Biotechs industry in the US expected to see average net income decline 9.6% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 10% to US$1.80 over the past week. Reported Earnings • Mar 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: US$0.24 loss per share (improved from US$0.34 loss in FY 2022). Revenue: US$2.90m (down 1.1% from FY 2022). Net loss: US$6.80m (loss narrowed 30% from FY 2022). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Duyuru • Mar 28
Dyadic International, Inc. Announces Management Changes Dyadic International, Inc. announced that Michael Tarnok is stepping down as Chairman of Dyadic’s board of directors and that current member of the Board Patrick Lucy has been appointed to succeed him, in each case, effective immediately. Mr. Tarnok will continue to serve as a director through the end of his current term, which will end at the Company’s annual meeting in June 2025, at which time he expects to retire. In addition, Dr. Barry Buckland announced that he is retiring and therefore will not stand for re-election at the Company’s annual meeting in June 2024. The Board has decided not to fill the vacancy due to Dr. Buckland’s retirement which will result in a reduction of the size of the Board from seven to six members. Finally, Joseph Hazelton has been appointed Chief Operating Officer, effective immediately, and will oversee the day-to-day operations of the Company. Mr. Lucy joined the Board in January 2021 and serves on the company’s Science and Technology Committee. He is currently the President and Chief Executive Officer of RoslinCT US, a privately held cell therapy contract development and manufacturing organization based in Hopkinton, Massachusetts and Edinburgh, Scotland. Mr. Lucy has 33 years of experience in the biotechnology industry, including a founder of Pfenex Inc., a protein expression platform technology company that originated within The Dow Chemical Company (“Dow”). He was a member of the leadership team that led the commercial launch of the Pfenex Expression Technology platform in 2005 and participated in the spin out of the business from Dow in 2009 via a Series A venture financing. Throughout Pfenex’s history, Mr. Lucy led business/corporate development and portfolio strategy as Chief Business Officer and was a member of the team that successfully completed Pfenex’s initial public offering in 2014. During his tenure at Pfenex, Mr. Lucy completed over $1.5 billion dollars of partnership transactions, and Pfenex was ultimately acquired by Ligand Pharmaceuticals in October 2020 for up to $512 million. Duyuru • Mar 15
Dyadic International, Inc. to Report Fiscal Year 2023 Results on Mar 28, 2024 Dyadic International, Inc. announced that they will report fiscal year 2023 results on Mar 28, 2024 Duyuru • Nov 29
Dyadic International, Inc. Announces Top-Line Results from Its Successful Phase 1 Clinical Trial for A First-In-Human Filamentous Fungal-Based Vaccine Candidate Dyadic International, Inc. announced successful top-line results for the Phase 1 clinical trial of its recombinant protein RBD vaccine candidate, DYAI-100. This marks the first-in-human use of a recombinant protein vaccine expressed by Dyadic's C1- cell expression platform. The Phase 1 clinical trial was a double-blind placebo-controlled safety study of 30 healthy adults conducted in collaboration with Dyadic's South Africa licensee Rubic One Health ("Rubic"). In late 2022, Dyadic received regulatory approval of its Clinical Trial Application (CTA) from the South African Health Products Regulatory Authority (SAPHRA) to conduct the Phase I clinical trial for an antigen produced using its C1-cell protein expression platform. The primary endpoint of the study was to demonstrate the safety and reactogenicity of recombinant proteins. The C1 SARS-CoV-2 RBD single booster vaccine was administered at two dose levels. Top-line safety data confirmed that the study met its primary endpoint demonstrating that both dose levels are safe and well tolerated and that the vaccine produced immune responses at both dose levels. New Risk • Nov 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$6.9m Forecast net loss in 2 years: US$12m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.5m free cash flow). Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$12m net loss in 2 years). Revenue is less than US$5m (US$3.0m revenue). Market cap is less than US$100m (US$49.3m market cap). Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS in line with expectations, revenues disappoint Third quarter 2023 results: US$0.056 loss per share (improved from US$0.064 loss in 3Q 2022). Revenue: US$397.1k (down 55% from 3Q 2022). Net loss: US$1.61m (loss narrowed 11% from 3Q 2022). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 25
Consensus revenue estimates increase by 25% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$3.40m to US$4.25m. Forecast losses expected to reduce from -US$0.25 to -US$0.23 per share. Biotechs industry in the US expected to see average net income decline 5.1% next year. Consensus price target of US$7.50 unchanged from last update. Share price fell 10% to US$1.61 over the past week. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$6.8m net loss in 2 years). Revenue is less than US$5m (US$3.4m revenue). Market cap is less than US$100m (US$47.5m market cap). Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.075 loss per share (improved from US$0.12 loss in 2Q 2022). Revenue: US$837.2k (up 27% from 2Q 2022). Net loss: US$2.15m (loss narrowed 35% from 2Q 2022). Revenue missed analyst estimates by 36%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Duyuru • Jul 28
Dyadic International, Inc. to Report Q2, 2023 Results on Aug 09, 2023 Dyadic International, Inc. announced that they will report Q2, 2023 results on Aug 09, 2023 Duyuru • Jul 25
Dyadic International, Inc Provides Phase 1 Clinical Trial Update for its Recombinant Protein RBD Vaccine Candidate Dyadic International, Inc. provided an update regarding its Phase 1 Clinical Trial for its DYAI-100 COVID-19 recombinant protein receptor binding domain (RBD) booster vaccine candidate. An interim analysis of the Day 29 data for both the low and high dose groups by the Data Safety Monitoring Board (DSMB) determined there were no major vaccine-related safety concerns. As previously reported, no Serious Adverse Events or Adverse Events of Special Interest have been reported to date. Preliminary immunogenicity data has shown that DYAI-100 vaccine produced an immune response at both the low and high dosages. DYAI-100, also known as C1-SARS-CoV-2 RBD vaccine, is a novel receptor binding domain (RBD) recombinant protein booster vaccine candidate, highly expressed in Dyadic’s proprietary C1-cell protein production platform for the prevention of COVID-19. The C1-SARS-CoV-2 RBD vaccine drug product consists of the SARS-CoV-2 RBD adjuvanted with Alhydrogel 85® 2%. Dyadic’s Phase 1 randomized, double blind, placebo-controlled trial was designed as a first-in-human trial to assess the clinical safety and antibody response of DYAI-100, a C1-SARS-CoV-2 recombinant protein receptor binding domain (RBD) vaccine, produced using the C1-cell protein production platform, administered as a booster vaccine at two single dose levels (low dose and high dose cohorts) in healthy volunteers. The trial included healthy patients ages 18-55 in a randomization scheme of 4:1 (active: placebo) with fifteen subjects per cohort. Following the screening period there were eight scheduled clinic visits with the first six visits occurring within the first 29 days and two follow-up visits on Days 90 and 180. Safety data was collected throughout the trial and immunogenicity assessments were scheduled on patient visits 1, 4, 5, 6 and the two follow up visits on Days 90 and 180. A full study report is expected to be available in the second half of 2023. Major Estimate Revision • May 26
Consensus revenue estimates increase by 74% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$3.50m to US$6.10m. Forecast losses expected to reduce from -US$0.25 to -US$0.14 per share. Biotechs industry in the US expected to see average net income decline 82% next year. Consensus price target of US$7.50 unchanged from last update. Share price was steady at US$2.06 over the past week. Reported Earnings • May 11
First quarter 2023 earnings released: US$0.033 loss per share (vs US$0.088 loss in 1Q 2022) First quarter 2023 results: US$0.033 loss per share (improved from US$0.088 loss in 1Q 2022). Revenue: US$978.1k (up 51% from 1Q 2022). Net loss: US$956.4k (loss narrowed 62% from 1Q 2022). Revenue is expected to decline by 8.8% p.a. on average during the next 2 years, while revenues in the Biotechs industry in the US are expected to grow by 19%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 31
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: US$0.34 loss per share (improved from US$0.47 loss in FY 2021). Revenue: US$2.93m (up 22% from FY 2021). Net loss: US$9.74m (loss narrowed 26% from FY 2021). Revenue is forecast to stay flat during the next 2 years compared to a 13% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Duyuru • Jan 25
Dyadic International, Inc. Initiates Dosing of First-In-Human Phase 1 Trial to Demonstrate Clinical Safety and Antibody Response in Humans for DYAI-100 COVID-19 Recombinant Protein RBD Booster Vaccine Candidate Dyadic International, Inc. announced that, in line with the timing announced during management’s Third Quarter earnings call, it has initiated dosing in its Phase 1 clinical trial to demonstrate clinical safety and antibody response in humans for the DYAI-100 COVID-19 recombinant protein receptor binding domain (RBD) booster vaccine candidate. The Phase 1 randomized, double blind, placebo-controlled trial is designed as a first-in-human trial to assess the clinical safety and antibody response of DYAI-100, a C1-SARS-CoV-2 recombinant protein RBD vaccine, produced using the C1 platform, administered as a booster vaccine at two single dose levels in healthy volunteers. Following the regulatory approval from the South African Health Products Regulatory Authority (SAHPRA) in late 2022, site preparations and patient recruitment was commenced in South Africa for initiation of the Phase 1 clinical trial and the first dosing for eligible patients began during the week of January 9th. The trial will include healthy patients ages 18-55 in a randomization scheme of 4:1 with 15 subjects per cohort. Following the screening period there are 8 scheduled clinic visits with the first 6 visits occurring within the first 29 days and two follow up visits on Days 90 and 180. Safety data will be collected throughout the trial and immunogenicity assessments are scheduled on patient visits 1, 4, 5, 6 and the two follow up visits on Days 90 and 180. Dosing for the trial is expected to be completed within the first quarter of 2023, with a full study report being available later this year. Duyuru • Jan 20
An unknown buyer acquired 1.99% stake in Alphazyme LLC from Dyadic International, Inc. (NasdaqCM:DYAI) for $1.27 million. An unknown buyer acquired 1.99% stake in Alphazyme LLC from Dyadic International, Inc. (NasdaqCM:DYAI) for $1.27 million on January 19, 2023.An unknown buyer completed the acquisition of 1.99% stake in Alphazyme LLC from Dyadic International, Inc. (NasdaqCM:DYAI) on January 19, 2023. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$6.55m to US$3.65m. EPS estimate increased from -US$0.35 to -US$0.34 per share. Biotechs industry in the US expected to see average net income decline 94% next year. Consensus price target of US$7.50 unchanged from last update. Share price fell 11% to US$1.83 over the past week. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. Additional Independent Director Patrick Lucy was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 12
Consensus revenue estimates fall by 53% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$6.55m to US$3.10m. Forecast losses increased from -US$0.35 to -US$0.37 per share. Biotechs industry in the US expected to see average net income decline 62% next year. Consensus price target of US$7.50 unchanged from last update. Share price fell 13% to US$1.89 over the past week. Major Estimate Revision • Aug 17
Consensus revenue estimates fall by 31% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$9.50m to US$6.55m. Forecast losses increased from -US$0.28 to -US$0.35 per share. Biotechs industry in the US expected to see average net income decline 57% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 10% to US$2.96 over the past week. Breakeven Date Change • Aug 12
Forecast to breakeven in 2023 The analyst covering Dyadic International expects the company to break even for the first time. New forecast suggests losses will reduce by 20% to 2022. The company is expected to make a profit of US$3.60m in 2023. Average annual earnings growth of 7.3% is required to achieve expected profit on schedule. Duyuru • Jul 28
Dyadic International, Inc. to Report Q2, 2022 Results on Aug 10, 2022 Dyadic International, Inc. announced that they will report Q2, 2022 results on Aug 10, 2022 Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$10.4m to US$9.50m. 2022 losses expected to reduce from -US$0.35 to -US$0.28 per share. Biotechs industry in the US expected to see average net income decline 52% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 2.4% to US$2.13 over the past week. Price Target Changed • May 14
Price target decreased to US$7.50 Down from US$8.50, the current price target is an average from 2 analysts. New target price is 241% above last closing price of US$2.20. Stock is down 41% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.47 last year. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: US$0.088 loss per share (up from US$0.12 loss in 1Q 2021). Revenue: US$648.4k (up 41% from 1Q 2021). Net loss: US$2.49m (loss narrowed 24% from 1Q 2021). Revenue missed analyst estimates by 57%. Earnings per share (EPS) exceeded analyst estimates by 36%. Over the next year, revenue is forecast to grow 334%, compared to a 25% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Duyuru • May 10
Dyadic International, Inc. Announces Successful Toxicology Data Published in Toxicologic Pathology Dyadic International, Inc. announced the successful results and data received from the toxicology study of its DYAI-100 COVID-19 vaccine candidate. “Toxicity and Local Tolerance of a Novel Spike Protein RBD Vaccine Against SARS-CoV-2, Produced Using the C1 Thermothelomyces Heterothallica Protein Expression Platform" has been published in “Toxicologic Pathology” 2022, Vol. 50(3) 1–14”, an international peer-reviewed scientific journal. The toxicology study was performed under GLP Tox conditions by Covance’s Envigo CRS Israel Ltd. The paper summarizes the successful toxicological evaluation of Dyadic’s DYAI-100, Recombinant Protein RBD (Receptor Binding Domain) COVID-19 vaccine candidate, which was conducted under GLP conditions in a standardized accepted animal model for New Zealand White (NZW) rabbits. The NZW rabbits were repeatedly administered intramuscularly for a total of four administrations 1 week apart supporting a three-shot vaccination. No signs of toxicity were observed, including no injection site reactions. Starting from day 13 post-injection, ELISA studies revealed SARS-CoV-2 specific IgG antibodies were further elevated in the sera of the animals vaccinated. Histopathology evaluation and IHC staining revealed follicular hyperplasia, consisting of B-cell type, in the spleen and inguinal lymph nodes of the treated animals that were sustained throughout the recovery phase. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Additional Independent Director Patrick Lucy was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 27
Dyadic International, Inc. Announces Executive Changes On April 22, 2022, Dyadic International, Inc. decided not to renew the consulting agreement the Company entered into with Novaro Ltd. to engage Matthew Jones as its Managing Director of Business Development and Licensing. Accordingly, Mr. Jones will cease providing services to the Company as its Managing Director of Business Development and Licensing, effective July 21, 2022. Mr. Jones’ responsibilities for commercialization and business development will be transitioning to new Chief Business Officer, Joe Hazelton. Major Estimate Revision • Apr 05
Consensus revenue estimates fall by 42% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$17.9m to US$10.4m. Forecast losses increased from -US$0.23 to -US$0.35 per share. Biotechs industry in the US expected to see average net income decline 47% next year. Consensus price target down from US$8.50 to US$8.00. Share price fell 17% to US$2.75 over the past week. Reported Earnings • Mar 30
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.47 loss per share (down from US$0.34 loss in FY 2020). Revenue: US$2.40m (up 50% from FY 2020). Net loss: US$13.1m (loss widened 40% from FY 2020). Revenue missed analyst estimates by 70%. Earnings per share (EPS) exceeded analyst estimates by 24%. Over the next year, revenue is forecast to grow 643%, compared to a 65% growth forecast for the pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • Jan 22
Dyadic International, Inc. Introduces Novel Method to Produce Synthetic Cannabinoids and Precursors Utilizing C1 Cell Line Production Platform and Patent Pending Process Dyadic International, Inc. announced its industrially proven C1-cells have been engineered to demonstrate the potential to manufacture therapeutically viable and commercially useful cannabis compounds including cannabidiol (CBD) and its precursors using synthetic biology. C1-cells have the potential to be an easy way to produce pure synthetic cannabinoids for commercial use cheaper and more effectively as compared to conventional extraction methods utilizing hemp and the marijuana plant, Cannabis sativa. While synthetic cannabinoid compounds have been approved by the FDA, the chemical synthesis is relatively costly, and can involve the use of chemicals that are not environmentally friendly, and, most importantly, various chemically synthesized cannabinoids have been classified as less pharmacologically active as those extracted from plants such as the sativa strain of cannabis. Dyadic’s synthetic biology cannabinoid C1 production process has the potential to develop commercially viable biological methods of producing CBD, such as cannabigerolic acid (CBGA), cannabigerovarinic acid (CBGVA), tetrahydrocannabinolic acid (THCA), cannabidiolic acid (CBDA), and cannabidivarinic acid (CBDVA) and uses thereof for producing said precursors and cannabinoids. Duyuru • Dec 23
Dyadic International, Inc. Announces A National Institute for Innovation in Manufacturing Biopharmaceuticals Coronavirus Grant Under the White House’s American Rescue Plan Dyadic International, Inc. announced it is the recipient of one of thirty-two project grants awarded by the National Institute for Innovation in Manufacturing Biopharmaceuticals funded through the White House’s American Rescue Plan. Under the NIIMBL grant, Dyadic will receive up to $690,000 in funding to engineer the Company’s proprietary and patented C1 thermophilic fungal (Thermothelomyces heterothallica) protein production platform to produce two different antibodies. NIIMBL members include large and small companies, academic institutions, non-profits, and federal agency partners who are well-equipped to significantly strengthen the nation’s preparedness and response to public health crises. Through the ARP funding, NIIMBL has selected projects that will: Provide testbeds for process development, for next generation manufacturing approaches, and for drug product manufacturing approaches that provide access to industrially relevant equipment and facilities for pre-competitive manufacturing innovation; Support the development of significantly improved methods for vaccine production, quality, and distribution, including mRNA and other vaccine platforms; Demonstrate rapid scaling for production of coronavirus antigens and medical countermeasures for variants of concern; Train a diverse biopharmaceutical manufacturing workforce; Demonstrate the concept of mobile Good Manufacturing Practices capabilities to support mRNA vaccine and gene therapy production. Dyadic’s project grant is intended to benchmark the speed that the C1 manufacturing platform will have when compared to current methods, which could lead to a rapid ability to produce medical countermeasures and vaccines in response to future pandemics. 
