Dyadic International (NASDAQ:DYAI) told investors it has moved beyond its historical focus on research and platform licensing and is now operating as a commercial-stage protein and enzyme company with products entering multiple markets.
Speaking at the Lytham Partners Spring 2026 Investor Conference, Joe Hazelton, president and chief operating officer of Dyadic Applied BioSolutions, said the company has spent the past three years transitioning from an R&D-stage organization into a product-driven business built around its proprietary gene expression technology.
Company Emphasizes Commercial Transition
Hazelton said Dyadic now has a diversified revenue model that includes direct product sales, licensing, profit sharing and partnerships. He described the company as operating with a “disciplined” and lean structure, while maintaining what he called a strong balance sheet.
The company’s commercial strategy is built around two expression platforms. Hazelton said Dyadic has developed its C1 platform for nearly 30 years, with a focus on high-value proteins used in life sciences, biopharma and therapeutics. Its Dapibus platform is aimed at food, nutrition and bioindustrial applications, where the company seeks to produce proteins and enzymes that can compete with animal- and plant-derived alternatives.
Hazelton said the company believes market demand is increasing for proteins that are pure, scalable, repeatable and produced in more sustainable or non-animal systems. He pointed to applications in cell and gene therapy, advanced biologics, food ingredients and industrial enzymes as areas where recombinant production can address quality, supply chain and sustainability concerns.
Revenue Model Includes Direct Sales and Partner Launches
Dyadic said it is pursuing several routes to market. In direct product sales, Hazelton said the company has purchase orders in the first quarter for transferrin used in the cultured meat segment. He also said Dyadic has sold growth factors into the biopharma and cultured meat markets.
The company is also using licensing and platform arrangements. Hazelton cited Proliant Health & Biologicals, which he said is the world’s second-largest provider of naturally produced albumin. Proliant has launched AlbuFree DX, a recombinant human albumin produced using Dyadic’s platform, with Dyadic participating in back-end profits, according to Hazelton.
Dyadic has also signed a global distribution arrangement with IBT, which Hazelton said gives the company access to sales teams and distribution capabilities to broaden market reach. In addition, Dyadic is working with Fermbox on co-manufacturing and co-promoting DNase I and other proteins and enzymes for cell culture media and bioindustrial applications.
Hazelton said Dyadic has seen first bulk orders in both the cell culture media and bioindustrial areas through these arrangements. He also noted that Inzymes launched a self-affirmed GRAS food product, chymosin, in early 2026, with Dyadic positioned to receive milestones and royalties from certain partner products over time.
Target Markets Span Life Sciences, Food and Bioindustrial
Dyadic’s life sciences focus includes cell culture media and DNA and RNA molecular biology workflows. Hazelton identified DNase I, albumin, growth factors and transferrin as important components in this segment. He said these products are recurring consumables and that the company is currently targeting research-grade applications, with plans to expand into higher-quality categories such as GMP or clinical-grade production.
Hazelton said DNase I is used in cell and gene therapy workflows and in cleaning medical equipment to remove DNA. He said customer adoption can become “sticky” once products are qualified and embedded in customer processes.
In food and nutrition, the company is using a partner-driven approach because Hazelton said those markets require significant investment. He highlighted a partnership with BRIG BIO to bring bovine alpha-lactalbumin to market, describing it as part of a large non-animal dairy protein opportunity. Dyadic is also targeting functional food proteins and food enzymes.
In the bioindustrial segment, Hazelton said the company is focused on bioprocessing and biomass-reducing industrial enzymes. He said Dyadic has early traction with Enthrezyme, which he described as a cellulose cocktail that could potentially be used in bioprocessing, biorefining and alternative fuels.
2026 Described as a Launch Year
Hazelton characterized 2025 as a transition year for building Dyadic’s portfolio and 2026 as a launch year. He said the company is launching products such as transferrin and growth factors on its own, while partners are launching albumin, chymosin and other products.
He said the company expects product sales to form the base of recurring revenue, with additional potential inflection points from partnering and licensing agreements. Hazelton said Dyadic has generated nearly $3.5 million in upfront milestone fees from Proliant and Inzymes based on strains the company developed.
Hazelton also said Dyadic will continue pursuing opportunities in human and animal therapeutics, but intends to do so through non-dilutive funding rather than using its own capital. He cited partnerships with the Gates Foundation and CEPI, as well as Dyadic’s involvement in the EU Vaccine Hub.
“If you take anything away from today, it’s that we’ve got products in the market, we have the distribution channels that we’re starting to open up, and we’re beginning to see the early revenues starting to come in,” Hazelton said. “Now it’s about accelerating that and moving it forward to the future.”
About Dyadic International (NASDAQ:DYAI)
Dyadic International, Inc is a biotechnology company headquartered in Jupiter, Florida, that specializes in developing and commercializing its proprietary C1 fungal-based expression platform. The company’s core business revolves around enabling efficient, scalable production of proteins and enzymes for a wide range of applications, including biopharmaceuticals, industrial enzymes, agricultural bioactives and biofuels. By leveraging its C1 system, Dyadic seeks to offer clients cost-effective, high-yield manufacturing processes that can accelerate development timelines and reduce overall production costs.
The Dyadic C1 platform is designed to produce complex proteins five to ten times faster than traditional cell culture technologies, such as CHO cells or yeast.
