Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies	Note 3: Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies *Gates Foundation Grant* In November 2024, the Gates Foundation (the “Gates Foundation”, formerly known as the Bill & Melinda Gates Foundation) awarded the Company a grant in the amount of $3,092,136 for the cell line development of monoclonal antibodies targeting respiratory syncytial virus and malaria utilizing the Company’s C1 platform to provide globally accessible treatment options for underserved populations (the “Gates Foundation Grant”). As of March 31, 2026, the Company has received a total of $2,353,393 of the Gates Foundation Grant. The remaining award of $738,743 is expected to be received in the second quarter of 2026, subject to potential modifications of timing and amounts. The Company is required to apply the funds it receives under the agreements solely toward direct costs for the applicable funded projects, other than less than 15% of such funds, which may apply toward general overhead and administrative expenses that support the entire operations of the Company. The Company receives funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. Funds received in advance that have not been spent are recorded as restricted cash and cash equivalents and as deferred research and development obligations in the Company’s consolidated balance sheets. As the Company incurs costs associated with research and development related to the project, on a monthly basis, the Company reclasses amounts from the grant to recognize grant revenue and cost of grant revenue. The deferred research and development obligations also include grant funds spent but not yet expensed in accordance with GAAP. The grant agreements include the Gates Foundation’s discretionary termination provisions. Any grant funds that have not been used or committed to the funded project must be returned promptly to the Gates Foundation upon expiration or termination of the agreement. For the three months ended March 31, 2026, the Company recognized grant revenue of $252,969, and cost of grant revenue of $230,620, in connection with the Gates Foundation Grant. As of March 31, 2026, the Company had restricted cash of $908,459 and deferred research and development obligations of $1,062,083 related to the Gates Foundation Grant. *Coalition for Epidemic Preparedness Innovations (CEPI) Grant* On March 20, 2025, the Company received a funding award from CEPI to advance Dyadic’s C1 platform through a $4.5 million grant through Fondazione Biotecnopolo di Siena (“FBS”) to accelerate recombinant protein vaccine development and manufacturing. The funding will support antigen design, cell line development, optimization, characterization, and scale-up to cGMP manufacturing. If successful, the next phase will focus on selecting a CEPI-priority pathogen antigen. Dyadic, as a subcontractor, will receive up to $2,432,756 of the total grant funding. The Company will be reimbursed for research and development expenses in arrears on a quarterly basis. As of March 31, 2026, the Company has an account receivable of $695,075 related to the CEPI Grant. For the three months ended March 31, 2026, the Company recognized grant revenue of $234,398, and cost of grant revenue of $220,987, in connection with the CEPI Grant. *Proliant* On June 27, 2024, the Company entered into a License and Development Agreement (the “Proliant Agreement”) with Proliant Biologicals, LLC d/b/a Proliant Health and Biologicals (“Proliant”), pursuant to which, Proliant will license Dyadic’s proprietary fungal microbial expression and production platforms and microbial strains for the production of recombinant serum albumin, for an initial period of 10 years with an option to extend for an additional 3 years under certain circumstances. Under the terms of the Proliant Agreement, Dyadic has received an initial upfront payment of $500,000 and a second payment of $500,000 upon the completion of the transfer of a Production Strain (as defined in the Proliant Agreement) for the year ended December 31, 2025. On October 14, 2025, the Company achieved the productivity threshold and received the final milestone payment of $500,000 under the Proliant Agreement, which is required to be reinvested to support further commercialization of the product. As of December 31, 2025, the Company has recognized $227,000 of research and development revenue and $142,300 of revenue related to this milestone, with the remaining $273,000 recorded as deferred revenue. For the three months ended March 31, 2026, the Company recognized the remaining $273,000 as revenue and $253,000 of cost of revenue associated with the Proliant Agreement. Upon commencing commercial sales of animal-free recombinant serum albumin products, the Company anticipates receiving royalties in 2026, based on a specified percentage of the gross margin received by Proliant as defined in the Proliant Agreement. *Inzymes ApS* On September 18, 2023, Dyadic International (USA) Inc., a subsidiary of the Company, signed a Development and Exclusive License Agreement (the “Inzymes Agreement”) with Inzymes ApS (“Inzymes”), a Denmark corporation, to develop and commercialize certain non-animal dairy enzymes used in the production of food products using Dyadic’s proprietary Dapibus™ platform. In October 2023, the Company received an upfront payment of $0.6 million in accordance with the terms of the Inzymes Agreement. On October 11, 2024, the Inzymes Agreement was amended (“the Amended Inzymes Agreement”) to change the scope of research and development services required under the agreement as well as adjust the success fees upon the achievement of certain target yields, milestone payments upon first commercial sale of each product and royalties. For the year ended December 31, 2024, the Company has completed all product research and development services and satisfied all related performance obligations under the Amended Inzymes Agreement, and recognized $890,169 in license revenue, including success fees upon the achievement of target yield of one related product. For the year ended December 31, 2025, the Company also recognized research and development revenue of $25,000 related to the Amended Inzymes Agreement. In June 2025, the Company recognized milestone revenue of $250,000 upon the achievement of commercially viable target yield related to the Inzymes Agreement. In February 2026, final development activities for the first recombinant non-animal product were completed and the first commercial sale was achieved. Upon achievement of this milestone, the Company received and recognized a $200,000 milestone payment as revenue. The Company is also eligible to receive royalties on future sales. The Company anticipates another milestone payment from a second product during the remainder of 2026.

Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies

Note 3: Research and Collaboration Agreements, Sublicense Agreements, and Investments in Privately Held Companies

Gates Foundation Grant

In November 2024, the Gates Foundation (the “Gates Foundation”, formerly known as the Bill & Melinda Gates Foundation) awarded the Company a grant in the amount of $3,092,136 for the cell line development of monoclonal antibodies targeting respiratory syncytial virus and malaria utilizing the Company’s C1 platform to provide globally accessible treatment options for underserved populations (the “Gates Foundation Grant”).

As of March 31, 2026, the Company has received a total of $2,353,393 of the Gates Foundation Grant. The remaining award of $738,743 is expected to be received in the second quarter of 2026, subject to potential modifications of timing and amounts.

The Company is required to apply the funds it receives under the agreements solely toward direct costs for the applicable funded projects, other than less than 15% of such funds, which may apply toward general overhead and administrative expenses that support the entire operations of the Company. The Company receives funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. Funds received in advance that have not been spent are recorded as restricted cash and cash equivalents and as deferred research and development obligations in the Company’s consolidated balance sheets. As the Company incurs costs associated with research and development related to the project, on a monthly basis, the Company reclasses amounts from the grant to recognize grant revenue and cost of grant revenue. The deferred research and development obligations also include grant funds spent but not yet expensed in accordance with GAAP. The grant agreements include the Gates Foundation’s discretionary termination provisions. Any grant funds that have not been used or committed to the funded project must be returned promptly to the Gates Foundation upon expiration or termination of the agreement.

For the three months ended March 31, 2026, the Company recognized grant revenue of $252,969, and cost of grant revenue of $230,620, in connection with the Gates Foundation Grant.

As of March 31, 2026, the Company had restricted cash of $908,459 and deferred research and development obligations of $1,062,083 related to the Gates Foundation Grant.

Coalition for Epidemic Preparedness Innovations (CEPI) Grant

On March 20, 2025, the Company received a funding award from CEPI to advance Dyadic’s C1 platform through a $4.5 million grant through Fondazione Biotecnopolo di Siena (“FBS”) to accelerate recombinant protein vaccine development and manufacturing. The funding will support antigen design, cell line development, optimization, characterization, and scale-up to cGMP manufacturing. If successful, the next phase will focus on selecting a CEPI-priority pathogen antigen. Dyadic, as a subcontractor, will receive up to $2,432,756 of the total grant funding. The Company will be reimbursed for research and development expenses in arrears on a quarterly basis. As of March 31, 2026, the Company has an account receivable of $695,075 related to the CEPI Grant.

For the three months ended March 31, 2026, the Company recognized grant revenue of $234,398, and cost of grant revenue of $220,987, in connection with the CEPI Grant.

Proliant

On June 27, 2024, the Company entered into a License and Development Agreement (the “Proliant Agreement”) with Proliant Biologicals, LLC d/b/a Proliant Health and Biologicals (“Proliant”), pursuant to which, Proliant will license Dyadic’s proprietary fungal microbial expression and production platforms and microbial strains for the production of recombinant serum albumin, for an initial period of 10 years with an option to extend for an additional 3 years under certain circumstances. Under the terms of the Proliant Agreement, Dyadic has received an initial upfront payment of $500,000 and a second payment of $500,000 upon the completion of the transfer of a Production Strain (as defined in the Proliant Agreement) for the year ended December 31, 2025.

On October 14, 2025, the Company achieved the productivity threshold and received the final milestone payment of $500,000 under the Proliant Agreement, which is required to be reinvested to support further commercialization of the product.

As of December 31, 2025, the Company has recognized $227,000 of research and development revenue and $142,300 of revenue related to this milestone, with the remaining $273,000 recorded as deferred revenue. For the three months ended March 31, 2026, the Company recognized the remaining $273,000 as revenue and $253,000 of cost of revenue associated with the Proliant Agreement.

Upon commencing commercial sales of animal-free recombinant serum albumin products, the Company anticipates receiving royalties in 2026, based on a specified percentage of the gross margin received by Proliant as defined in the Proliant Agreement.

Inzymes ApS

On September 18, 2023, Dyadic International (USA) Inc., a subsidiary of the Company, signed a Development and Exclusive License Agreement (the “Inzymes Agreement”) with Inzymes ApS (“Inzymes”), a Denmark corporation, to develop and commercialize certain non-animal dairy enzymes used in the production of food products using Dyadic’s proprietary Dapibus™ platform. In October 2023, the Company received an upfront payment of $0.6 million in accordance with the terms of the Inzymes Agreement.

On October 11, 2024, the Inzymes Agreement was amended (“the Amended Inzymes Agreement”) to change the scope of research and development services required under the agreement as well as adjust the success fees upon the achievement of certain target yields, milestone payments upon first commercial sale of each product and royalties.

For the year ended December 31, 2024, the Company has completed all product research and development services and satisfied all related performance obligations under the Amended Inzymes Agreement, and recognized $890,169 in license revenue, including success fees upon the achievement of target yield of one related product. For the year ended December 31, 2025, the Company also recognized research and development revenue of $25,000 related to the Amended Inzymes Agreement.

In June 2025, the Company recognized milestone revenue of $250,000 upon the achievement of commercially viable target yield related to the Inzymes Agreement.

In February 2026, final development activities for the first recombinant non-animal product were completed and the first commercial sale was achieved. Upon achievement of this milestone, the Company received and recognized a $200,000 milestone payment as revenue. The Company is also eligible to receive royalties on future sales. The Company anticipates another milestone payment from a second product during the remainder of 2026.