Dyadic International (DYAI) Q2 2025 earnings summary

Executive summary

• Completed transformation from R&D-focused to revenue-driven biotechnology business, rebranding as Dyadic Applied Bio Solutions effective August 1, 2025, to reflect focus on applied, animal-free protein and enzyme solutions for life sciences, food, nutrition, and industrial sectors.

• Proprietary C1 and Dapibus platforms enable scalable, cost-effective, animal-free protein production, targeting high-value, non-therapeutic proteins with multiple commercialization initiatives and strategic partnerships underway.

• Achieved commercial inflection point with multiple product launches, partnerships, and milestone payments advancing toward revenue generation.

• Legacy pharmaceutical collaborations, including Gates Foundation and CEPI grants, continue to provide non-dilutive funding and validate platform capabilities.

• Raised $5.3 million through an equity offering in August 2025 to strengthen liquidity and fund pipeline and commercial growth.

Financial highlights

• Q2 2025 revenue rose to $967,000 from $386,000 year-over-year, driven by milestone and grant revenues; six-month revenue was $1,360,202, up from $720,513 year-over-year.

• Net loss for Q2 2025 decreased to $1,794,000 ($0.06/share) from $2,045,000 ($0.07/share) year-over-year; six-month net loss was $3,821,353, down from $4,054,819.

• Operating loss narrowed to $1,729,000 from $2,043,000 year-over-year.

• Cash, cash equivalents, and restricted cash were $7.3 million as of June 30, 2025, with an additional $5.3 million raised in August 2025.

• General and administrative expenses decreased by 10.6% to $1,437,000 compared to the same quarter last year.

Outlook and guidance

• Anticipates commercial launches of DNase I and recombinant human albumin in partnership with Proliant Health and Biologics, expected to drive product-driven revenue growth.

• Ongoing optimization and commercialization efforts for non-animal dairy enzymes and proteins, with additional launches and milestone payments expected in late 2025.

• Operating expenses projected to remain at or below prior year levels; targeting cash flow positivity by end of 2026 and profitability in 2027.

• Existing liquidity, including recent equity raise, is expected to fund operations for at least the next 12 months, though future capital needs may arise depending on business developments.

• Further results from nucleic acid enzyme portfolio and food/nutrition programs expected by late 2025 and into 2026.