Dyadic International, Inc. reported financial results for the third quarter ended September 30, 2026, highlighting the company's first direct commercial product sales and progress across its biopharmaceutical and nutrition platforms.
The company recorded total revenue of $449,101 for the quarter, a decrease of 61.4% compared to the same period in 2025. This decline was driven by lower grant revenue from the Gates Foundation and CEPI, as well as the completion of several collaboration projects in the prior year. However, the company noted a $10,411 increase in license fee revenue. Total cost of revenue decreased by 63.4% to $375,115, while research and development expenses fell by 24.8% to $429,945.
On the operational front, Dyadic achieved a key commercialization milestone with its first direct commercial product sales of recombinant transferrin and DNase I. The company also expanded its distribution network through Integrated Biotherapeutics (IBT Bioservices), which launched a portfolio of six research-use-only products. Additionally, partner Proliant Health & Biologicals continued the commercial promotion of AlbuFree DX, and Inzymes reported the first commercial sale of a second chymosin product produced via Dyadic's Dapibus platform.
In its biopharmaceutical segment, Dyadic advanced multiple vaccine and antibody programs. Under a Gates Foundation-funded program, the company achieved production yields of approximately 12.1 g/L for an RSV monoclonal antibody and 13.2 g/L for a malaria monoclonal antibody. Following quarter-end, the Gates Medical Research Institute initiated preclinical animal studies to compare these C1-produced antibodies with GMP CHO-produced counterparts.
As of September 30, 2026, Dyadic held $6,046,083 in cash, cash equivalents, restricted cash, and investment-grade securities. The company reported a net loss of $1,357,041, or $(0.04) per share, for the quarter.
