By John Vandermosten, CFA
NASDAQ:DYAI
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In the weeks following its third quarter 2025 results, Dyadic Applied BioSolutions, Inc. (NASDAQ:DYAI) announced several new partnerships and partnership expansions that build on its foundation of developing protein solutions for life sciences, food and nutrition and bioindustrial applications. The new arrangements were all announced in December and include a development and commercialization agreement signed with BRIG BIO, a commercial partnership with Opes Diagnostics and an expansion of the arrangement with Fermbox Bio to broaden the range of offered products.
BRIG BIO
On December 1st, Dyadic announced a development and commercialization agreement between it and BRIG BIO to commercialize recombinant bovine alpha-lactalbumin. BRIG is a precision fermentation biotechnology company located in the Netherlands developing and producing recombinant dairy proteins. The company is focused on next-generation recombinant dairy ingredients, with an emphasis on creating animal-free protein alternatives that replicate the functional and nutritional properties of traditional dairy products. The LinkedIn page for the company’s founder highlights the company’s mission as developing “the next generation of proteins for medical nutrition, produced through precision fermentation, with the goal of improving patient health and nutritional care worldwide.”
The joint venture will have BRIG fund development of the alpha-lactalbumin program for which it will receive a global commercialization license to Dyadic’s production strains. Dyadic will receive access and milestone payments and long-term shared revenue participation tied to commercial sales. It will also receive co-marketing and sales rights.
The press release notes that alpha-lactalbumin is a valuable whey protein used in infant, clinical and active nutrition. The market is growing at a 7 – 8% compound annual growth rate over the next 10 years based on citations provided in the press release. A further look finds that North America is the largest market for the product and the Asia Pacific is expected to be the fastest growing region. It also finds that alpha lactalbumin is used in premium products to provide an enhanced amino acid profile and functional benefits as well as production efficiency and supply expansion.
Opes Diagnostics Limited
Dyadic issued a press release on December 15th announcing its commercial partnership with Opes Diagnostics Limited. The partnership will support the commercial launch of Dyadic’s recombinant human transferrin, bovine transferrin, human FGF and bovine FGF products for use in serum-free cell culture media applications in the life science, food and nutrition markets. Opes will use its existing commercial relationships to identify and engage prospects primarily in Europe, Israel and Asia. The Opes arrangement seeks to accelerate the penetration of Dyadic’s microbial expression platforms in research, diagnostics, cultured meat and life sciences biomanufacturing. In anticipation of the announcement, Opes has provided samples to multiple customers that use serum-free cell culture media.
Founded in 2019, Opes is a UK-based supplier of medical goods with an established network of customer relationships. It has been a supplier to laboratory, genetics and molecular diagnostic markets in the UK and Ireland. Opes has provided diagnostic tools, reagents, consumables and related products. It has also provided commercialization support for third party technologies and products seeking to expand into new geographies.
Fermbox
Dyadic and Fermbox announced an expansion of their strategic collaboration on December 17th. The broadening of the agreement seeks to accelerate the commercialization of animal-free proteins and enzymes across life science, food and nutrition and bioindustrial markets. Initiated in 2023, the relationship between the two companies has leveraged the Dapibus platform to produce ethanol and cellulosic sugars for use in the energy industry. Earlier this year, Dyadic announced that the partnership has filled a purchase order for EN3ZYME which has now been completed.
The expansion of the agreement will offer key elements listed below:
- Manufacture of multiple Dyadic-origin products by Fermbox Bio, enabling efficient production and market expansion of sustainable, animal-free proteins and enzymes;
- Dual-Sourcing flexibility, allowing both companies to supply production strains and finished products, produced using C1, Dapibus or alternative microbial systems;
- Integration of Fermbox-developed products into the joint commercial portfolio, where mutually agreed;
- A jointly managed, continuously updated product pipeline, allowing the companies to add new commercial opportunities as markets and customer needs evolve.
The expansion of the relationship is expected to accelerate product development, shorten commercialization timelines, and strengthen Dyadic’s reach into high-growth markets. The focus will be on recombinant proteins for life sciences and food and nutrition, where demand for sustainable, economically viable animal-free ingredients is increasing. It will combine Fermbox’s manufacturing infrastructure with Dyadic’s microbial expression systems to expand offerings into the market.
Fermbox Background
In mid-2025 Dyadic announced that its partner Fermbox Bio would fill a purchase order for a Dapibus-produced product called EN3ZYME. It is a cellulase enzyme cocktail designed for the cost-efficient conversion of pre-treated lignocellulosic biomass into fermentable sugars. It allows for conversion of pre-treated biomass to generate fermentable sugars that can be used as an energy source such as ethanol and cellulosic sugars. Feedstock appropriate to EN3ZYME includes bagasse, cotton stalks, straw, corn husks, cane residue and certain kinds of woods. The partnership with Fermbox was first announced in May 2023
Exhibit I – Growth Drivers
Source: Dyadic July 2025 Presentation
Intralink Group Relationship
Dyadic has engaged Intralink Group to expand its commercial presence in Japan and South Korea. They will introduce Dyadic’s DNase I (RNase-free) and human transferrin to prospects in these two Asian countries. A campaign will identify, prioritize and engage partners, distributors and contract development and manufacturing organizations (CDMOs). Initial areas of interest include biologics, cell and gene therapy and animal-free products.
Intralink is a specialist business development consultancy that helps companies in the medical technology, diagnostics, life sciences tools & services and digital health domains to expand internationally. They assist companies outside of Asia identify partners for distribution, licensing and sales inside the region. The firm also provides market intelligence and local regulatory insight.
CRISPR/Cas9 License Agreement with ERS Genomics
Dyadic announced a CRISPR/Cas9[1],[2] license agreement with ERS Genomics in November 2025. It will grant Dyadic access to ERS’ CRISPR/Cas9 patent portfolio. ERS Genomics provides licenses to the CRISPR/Cas9 patent portfolio including numerous uses such as research tools, reagents/kits, cell lines, drug discovery, gene therapies, companion diagnostics among others. With this tool, Dyadic can accelerate strain engineering and pathway optimization to enhance productivity, product quality and innovation across its proprietary bioproduction platforms. The company expects that CRISPR/Cas9 will help accelerate and optimize strain development with its two expression platforms. This will support Dyadic’s internal pipeline development and the production strains that it develops for partners.
CRISPR is a family of DNA sequences found in the genomes of prokaryotic organisms. It evolved as a means for bacteria to protect themselves from invading viruses and bacteriophages by inserting pieces of the invading viral DNA into the host genome as a way to remember them. This allowed the adaptive immune system to respond accordingly to a subsequent infection. If the same virus invades again, bacteria transcribe these stored sequences into short RNAs, which guide specialized CRISPR-associated (Cas) proteins to seek out and destroy the matching viral DNA, providing adaptive immunity.
In the laboratory, CRISPR enables scientists to selectively modify the DNA of living organisms with high precision. This has the potential to fix errors in the human genome and treat human disease. The technology can also be used to modify expression systems to refine glycosylation, control transgene expression and optimize protein yields. Dyadic expects that the technology will help accelerate product development.
Exhibit II – Dyadic Revenue Layering Strategy
Source: Dyadic December 2025 Presentation
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[1] CRISPR: Clustered regularly interspaced palindromic repeats
[2] CAS9: CRISPR-associated protein 9