Dyadic International, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 13, 2026, disclosing a going-concern warning and a shift to a stockholders' deficit position.

Key Highlights

  • Going-concern warning: Management concluded there is "substantial doubt about our ability to continue as a going concern for 12 months following November 13, 2026, the date the financial statements are issued."
  • Stockholders' deficit: Total stockholders' equity swung to a deficit of $(2,577,696) as of September 30, 2026, compared to positive equity of $1,232,410 at December 31, 2025.
  • Accumulated deficit widened: The accumulated deficit grew to $(98,886,716) from $(93,451,108) at year-end 2025.
  • Cash and short-term investments declined: Cash and cash equivalents fell to $3,926,803 and short-term investment securities to $646,987 from $4,622,331 and $2,698,661, respectively, at December 31, 2025.
  • Revenue decreased: Research and development revenue was $162,318 for the three months ended September 30, 2026, compared to $350,046 for the same period in 2025; nine-month revenue was $689,794 versus $746,595.
  • Shares outstanding: Common shares outstanding as of November 12, 2026 were 40,091,203, with 52,344,705 shares issued as of September 30, 2026.
  • Warrant liability added: A warrant liability of $813,424 appeared on the balance sheet as of September 30, 2026, where none existed at December 31, 2025.

Dyadic International's Financial Position and Key Disclosures for Q3 2026

Dyadic International, Inc. (NASDAQ:DYAI), a Delaware-incorporated bioscience company headquartered in Jupiter, Florida, reported its unaudited consolidated financial results for the quarter and nine months ended September 30, 2026. According to the filing, the company's total assets stood at $7,933,674 as of September 30, 2026, down from $9,945,725 at December 31, 2025, reflecting reductions in both cash equivalents and short-term investment securities over the period.

The filing disclosed that total liabilities increased to $10,511,370 from $8,713,315 at year-end 2025. Non-current liabilities included convertible notes, net of issuance costs, of $2,975,681, as well as related-party convertible notes, net of issuance costs, of $2,073,059. A new warrant liability of $813,424 was recorded as of September 30, 2026. The company's accounts payable rose to $1,522,210 from $852,024, and accrued expenses increased to $1,389,740 from $967,974 at December 31, 2025.

The forward-looking statements section of the filing notes, as a risk factor, "our capital needs and the dilutive impact of a capital raise to mitigate our going-concern risk." The filing also identifies risks including market and regulatory acceptance of Dyadic's microbial protein production platforms, reliance on third parties, and ability to comply with Nasdaq listing standards. The company's annual report on Form 10-K was filed with the SEC on March 25, 2026, and amended on April 30, 2026, according to the filing. The company classified itself as a non-accelerated filer and a smaller reporting company.

What Was Disclosed

Dyadic International's 10-Q for Q3 2026 disclosed a going-concern doubt, a move to stockholders' deficit of $(2,577,696), declining cash and investment balances, reduced research and development revenue, and the addition of a $813,424 warrant liability.