RPS2

New research collaboration with a Top 5 pharmaceutical company to develop C1 expressed vaccine antigen for human healthExpanded licensing agreement with Rubic One Health (“Rubic”) to develop, manufacture and commercialize affordable vaccines and biologics for human and animal health for African ContinentExpanded collaboration with Phibro/Abic animal health to develop vaccines for animal diseasesFully funded co-development and marketing agreement with Fermbox to use Dapibus™ platform to develop and commercialize animal free alternative proteins and biomaterialsNo serious adverse events or local and systemic side effects reported after completion of dosing of DYAI-100 recombinant protein RBD booster vaccine. Preliminary safety assessment report is expected in June 2023Commercial product portfolio expanded for pharmaceutical and non-pharmaceutical applicationsSelected by BARDA and FDA as one of six companies to present at the FDA Recombinant Protein-Based COVID-19 Vaccines Workshop in April 2023Multiple grant applications submitted for Sudan Ebola virus, Marburg virus, RVFV, WNV, ZIKA, TBEV and second generation COVID-19 vaccine candidatesReceived notice of allowance from the U.S. Patent and Trademark Office for “Production of Flu Vaccine in Myceliophthora thermophila” patent applicationReceived approximately $1.27 million from sale of minority equity interest in Alphazyme, LLCReceived first milestone payment from collaboration with global food ingredient company in April 2023Revenue increased 50.9% YoYCash and investment grade securities of $11.8 million as of March 31, 2023New corporate website to reflect our scientific development and expanded market focusFinancial results and business update conference call scheduled for 5:00 pm ET today JUPITER, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a global biotechnology company focused on building innovative microbial platforms to address the growing demand for global protein production and unmet clinical needs for effective, affordable and accessible biopharmaceutical products and alternative proteins for human and animal health, today announced its financial results for the first quarter of 2023, and highlighted recent company developments. “Dyadic is off to a great start in 2023, delivering multiple new research collaborations and strong revenue growth of 50.9% year over year,” said Mark Emalfarb, President and Chief Executive Officer of Dyadic. “The completion of dosing for our phase 1 clinical trial of DYAI-100 without any serious adverse events has established a safety record with regulatory agencies for proteins produced from our C1 protein production platform. We are also pleased to see our existing partnerships expanded in human and animal health areas, including our licensing agreements with Rubic One Health in Africa and Phibro/Abic animal vaccine program. We are appreciative of BARDA and the FDA’s support, we were the only platform technology company to present at the FDA’s April 27th Recombinant Protein-Based COVID-19 Vaccines Workshop, along with five other vaccine companies. We believe that our C1 platform is well-position to be an alternative platform in developing next generation vaccines for public health and future pandemics, and we are happy to see C1 is gaining more recognition globally within academia, government, and industry.” “Consistent with our business strategy of focusing on near term commercialization opportunities that can create shareholder value, earlier this week we announced our fully funded co-development and marketing agreement with Fermbox Bio to further leverage our proprietary Dapibus™ platform toward developing and commercializing multiple end-market animal free protein products. Our agreement with Fermbox is singularly focused on commercializing projects for licensing opportunities and will serve to expand our portfolio of recombinant product offerings to address multiple market segments in addition to our internal efforts such as recombinant human and bovine albumin. With the technological advancements and recent business development success across our core markets, we are excited about our future prospects for growth creating shareholder value. We will continue the on-going long-term collaborations, with Janssen, Phibro/Abic, and Rubic, while working with new business partners to bring new products to the market sooner,” Mr. Emalfarb concluded. Recent Company Progress Human Health DYAI-100, C1-SARS-CoV-2 RBD (Receptor Binding Domain) Booster Vaccine Candidate In February 2023, dosing of both low and high dose groups was completed. To date, no serious adverse events or local and systemic side effects have been observed. A preliminary safety assessment report is expected in June 2023.The Last Patient Last Visit (LPLV) is scheduled for August 2023 and the full clinical study report (CSR) is expected in the second half of 2023. Vaccine Collaborations Top 5 Pharma – In April 2023, the Company entered a new research collaboration with a top 5 pharmaceutical company to express a vaccine antigen from C1 for human health. The agreement also grants an option for a future commercialization license in the designated field.Rubic One Health (“Rubic”) – On April 12, 2023, the Company expanded the initial 2021 license agreement with Rubic to include vaccines and therapeutic proteins beyond COVID-19 vaccines for both human animal health markets. Under the 2021 agreement with Rubic, tech transfer of C1-cell protein production platform has been completed. The expanded license agreement will help Rubic prepare for the development of affordable vaccines and drugs for the African continent.Epygen Biotech of India (“Epygen”) – In 2020, the Company entered into a non-exclusive technology agreement with Epygen Biotech of India, who has procured funding from the government of India to conduct Phase 1 and Phase 2 human clinical trials in India, using antigens that are manufactured from C1. Epygen has received the approval from the ethical committee in India and is working on pre-clinical development and continuing to improve the yield and optimizing the fermentation of the Omicron BA5 antigen.Virovax – Dyadic has been working with Virovax to develop next generation vaccine candidates, including COVID-19, that may provide durable and broader protection against COVID-19 variants as they emerge as well as other infectious diseases. More than a half dozen animal trials have been carried out by Virovax and additional animal studies are ongoing and/or scheduled with C1 produced ferritin nanoparticle antigens for influenza (H5N1/Bird Flu), second generation COVID-19 and other infectious diseases. Certain pre-clinical animal data related to intramuscular and intranasal routes of administration using the C1 produced ferritin RBD nanoparticle in combination with Virovax’s adjuvants was highlighted during Dyadic’s presentation at the FDA’s April 27th Recombinant Protein-Based COVID-19 Vaccines Workshop. Dyadic’s presentation entitled “Next-Gen vaccines without the right platform limit pandemic effectiveness” can be found on the Company’s website at http://www.dyadic.com under the “Media/Presentation” tab. Antibody Collaborations NIIMBL – We have met the objectives of the NIIMBL project and completed the research work in May 2023. Next steps are currently under evaluation. Related data and certain research results will be presented at the upcoming NIIMBL annual meeting in June 2023.COVID-19 Antibody Collaboration – Dr. Albert Osterhaus and the other authors, including Dyadic, are in the final stages of preparing a manuscript to be submitted to a peer-reviewed scientific journal titled “A human monoclonal antibody produced by filamentous fungi provides protection against SARS-CoV-2 in hamster and non-human primate models.” The manuscript describes the safety and efficacy results with C1-produced antigens and antibodies obtained from studies in animals, including hamsters and non-human primates.UC Davis – The Company continues its research and development projects with UC Davis related to expanding the potential applications of the C1-cell protein production platform including diagnostics and therapeutics. Successful production of the SARS-CoV-2 Spike S2 protein reaching ~1g/L and 97% purity which showed the same ACE2 binding affinity and other physicochemical properties similar to CHO produced spike S2 protein. Pharmaceutical Enzymes Collaborations In the first quarter of 2023, the Company entered into a new research collaboration with a biotech company for a fully funded proof-of-concept project to express an enzyme for pharmaceutical applications.We have successfully expressed and are making progress on developing an endonuclease enzyme product candidate that cleaves DNA for potential human therapeutic, product development and/or diagnostic use and we expect to start sampling customers later this year. Animal Health Phibro/Abic Animal Health – In the first quarter of 2023, the Company extended its research collaboration with Abic Biological Laboratories Ltd. (“Abic”), an affiliate of Phibro Animal Health Corporation (“Phibro”) to apply newly developed techniques and methods to further increase the expression level of a recombinant livestock antigen using C1.Rubic One Health (“Rubic”) – Rubic expanded the initial 2021 license agreement to include vaccines and therapeutic proteins for the animal health market in Africa. Alternative Proteins Fermbox Bio (“Fermbox”) – on May 7, 2023, the Company entered into a fully funded co-development and marketing agreement with Fermbox to help accelerate our ability to exploit the Dapibus™ platform and expand Dyadic’s product offerings for non-pharmaceutical alternative proteins applications, such as food, nutrition, wellness and other bioproducts.Dapibus™ platform – the Company’s thermophilic filamentous fungal based microbial gene expression and protein production platform is designed to enable the rapid development and large-scale manufacture of low-cost enzymes, proteins, metabolites, and other biologic products for use in non-pharmaceutical applications such as food, nutrition, and wellness. In January 2023, the Company entered into a new research collaboration for a food protein using Dapibus™.Commercial Product Portfolio – Since 2022, Dyadic began to develop products that have shorter commercialization timelines in growing markets that transect our core verticals. Animal free recombinant serum albumin projects were initiated in using Dyadic pharmaceutical cell lines for use in potential therapeutic, product development, research, and/or diagnostic human and animal pharmaceutical applications. C1-cell lines have been developed, expressing high levels of both recombinant bovine and human albumins. We have started sampling potential customers who have expressed interest in Dyadic’s C1 serum albumin products. In non-pharmaceutical applications, development has been initiated on several non-animal recombinant dairy proteins and enzymes for use in food and nutrition to support the Dapibus™ platform. Other Events Grant Application – We have submitted multiple grant applications in collaboration with other US and EU scientists for Sudan Ebola virus, Marburg virus, RVFV, WNV, ZIKA, TBEV and second generation COVID-19 vaccine.BARDA and FDA Workshop – On April 27, 2023, the Company presented at Recombinant Protein-Based COVID-19 Vaccines Workshop, a virtual event hosted by the Biomedical Advanced Research and Development Authority (BARDA) and FDA. The goals of the workshop were to provide: 1) a forum for product sponsors to discuss progress and technical challenges in the manufacturing when changing strain composition to currently circulating variants of SARS-CoV-2; and 2) an open forum for collaborative discussions to facilitate advancement of recombinant protein-based COVID-19 vaccines. Dyadic’s presentation entitled “Next-Gen vaccines without the right platform limit pandemic effectiveness” can be found on the Company’s website at http://www.dyadic.com under the “Media/Presentation” tab.Patent Updates – On April 18, 2023, the Company announced the receipt of a notice of allowance from the U.S. Patent and Trademark Office for patent application 16/640,483, titled “Production of Flu Vaccine in Myceliophthora thermophila”, which will cover claims for the development and manufacture of seasonal and pandemic influenza vaccines from the Company’s C1 protein production platform.Alphazyme Sale – In January 2023, the Company received approximately $1.27 million in connection with the sale of its minority equity interest in Alphazyme, LLC (“Alphazyme”) which was previously received as part of the consideration for the grant of a non-exclusive license to certain of Dyadic’s technology. Additionally, under that arrangement Dyadic has the right to receive milestone and royalty payments based on sales of C1 expressed products by Alphazyme. Dyadic also has the potential to receive additional payments based on future sales of Alphazyme’s existing products.New Corporate Website – In March 2023, the Company launched a new corporate website to better reflect the value proposition of our technology, scientific development, expanded market focus in alternative proteins, and revenue growth opportunities. The new look and user-friendly experience of Dyadic’s website has been designed to be more accessible to potential and current customers, investors, and researchers, while maintaining our commitment to science, quality, and education. Financial HighlightsCash Position: As of March 31, 2023, cash, cash equivalents, and the carrying value of investment grade securities, including accrued interest were approximately $11.8 million compared to $12.7 million as of December 31, 2022. Revenue: Research and development revenue and license revenue for the quarter ended March 31, 2023, increased by 50.9% to approximately $978,000 compared to $648,000 for the quarter ended March 31, 2022. Cost of Revenue: Cost of research and development revenue for the quarter ended March 31, 2023, increased to approximately $727,000 compared to $405,000 for the quarter ended March 31, 2022. R&D Expenses: Research and development expenses for the quarter ended March 31, 2023, decreased by 39.6% to approximately $811,000 compared to $1,343,000 for the quarter ended March 31, 2022. The decrease in research and development expenses was due to the winding down of activities of contract research organization and consultants to manage and support the pre-clinical and clinical development as well as a decrease in cGMP manufacturing costs as the Company completed the dosing of Phase 1 clinical trial of its DYAI-100 RBD COVID-19 booster vaccine candidate in February 2023. G&A Expenses: General and administrative expenses for the quarter ended March 31, 2023, decreased by 10.6% to approximately $1,480,000 compared to $1,656,000 for the quarter ended March 31, 2022. Other Income: Other income for the quarter ended March 31, 2023 was from the sale of the equity interest in Alphazyme, LLC. Net Loss: Net loss for the quarter ended March 31, 2023, was approximately $956,000 or $(0.03) per share compared to $2,492,000 or $(0.09) per share for the quarter ended March 31, 2022. Conference Call InformationDate: Wednesday May 10, 2023, 5:00 p.m. Eastern TimeDial-in numbers: Toll Free: 1-877-407-0784 International: 1-201-689-8560 Conference ID: 13734863Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1588259&tp_key=9ecbb63ff2 An archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations section of the Company’s website at www.dyadic.com. To access the replay of the webcast, please follow the webcast link above. About Dyadic International, Inc.Dyadic International, Inc. is a global biotechnology company focused on building innovative microbial platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable, and accessible biopharmaceutical products and alternative proteins for human and animal health. Dyadic’s gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila). Our lead technology, C1-cell protein production platform, is based on an industrially proven microorganism (named C1), which is currently used to speed development, lower production costs, and improve performance of biologic vaccines and drugs at flexible commercial scales for the human and animal health markets. Dyadic has also developed the Dapibus™ filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. With a passion to enable our partners and collaborators to develop effective preventative and therapeutic treatments in both developed and emerging countries, Dyadic is building an active pipeline by advancing its proprietary microbial platform technologies, including our lead asset DYAI-100 COVID-19 vaccine candidate, as well as other biologic vaccines, antibodies, and other biological products. To learn more about Dyadic and our commitment to helping bring vaccines and other biologic products to market faster, in greater volumes and at lower cost, please visit http://www.dyadic.com. Safe Harbor Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company’s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled "Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at www.dyadic.com. Contact: Dyadic International, Inc.Ping W. RawsonChief Financial Officer Phone: (561) 743-8333 Email: ir@dyadic.com DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2023 2022 Revenues: Research and development revenue$ 933,934 $ 533,721 License revenue 44,118 114,706 Total revenue 978,052 648,427 Costs and expenses: Costs of research and development revenue 726,918 404,746 Research and development 810,566 1,342,862 General and administrative 1,480,040 1,655,700 Foreign currency exchange loss (gain) 11,022 (10,248)Total costs and expenses 3,028,546 3,393,060 Loss from operations (2,050,494) (2,744,633) Other income: Interest income 104,731 2,968 Other income 989,319 250,000 Total other income 1,094,050 252,968 Net loss$ (956,444)$ (2,491,665) Basic and diluted net loss per common share$ (0.03)$ (0.09) Basic and diluted weighted-average common shares outstanding 28,761,469 28,251,324 See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2023. DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2023 December 31, 2022 (Unaudited) (Audited)Assets Current assets: Cash and cash equivalents $ 6,374,090 $ 5,794,272 Short-term investment securities 5,362,635 6,847,270 Interest receivable 30,078 58,285 Accounts receivable 754,098 330,001 Prepaid expenses and other current assets 284,597 392,236 Total current assets 12,805,498 13,422,064 Non-current assets: Investment in Alphazyme — 284,709 Other assets 6,065 6,045 Total assets $ 12,811,563 $ 13,712,818 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 770,371 $ 1,276,313 Accrued expenses 863,041 955,081 Deferred research and development obligations 65,207 40,743 Deferred license revenue, current portion 176,471 176,471 Total current liabilities 1,875,090 2,448,608 Deferred license revenue, net of current portion 132,353 176,471 Total liabilities 2,007,443 2,625,079 Commitments and contingencies (Note 4) Stockholders’ equity: Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding — — Common stock, $.001 par value: Authorized shares - 100,000,000; issued shares - 41,064,563 and 40,816,602, outstanding shares - 28,811,061 and28,563,100 as of March 31, 2023, and December 31, 2022, respectively 41,065 40,817 Additional paid-in capital 104,131,274 103,458,697 Treasury stock, shares held at cost - 12,253,502 (18,929,915) (18,929,915)Accumulated deficit (74,438,304) (73,481,860)Total stockholders’ equity 10,804,120 11,087,739 Total liabilities and stockholders’ equity $ 12,811,563 $ 13,712,818 See Notes to Consolidated Financial Statements in Item 1 of Dyadic’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2023.

Received regulatory approval for the ongoing First-In-Human Phase 1 trial to demonstrate clinical safety and antibody response in humans for DYAI-100 COVID-19 recombinant protein receptor binding domain (RBD) booster vaccine candidate which has completed dosing of all patients in both the low and high dose testing groupsOngoing research and license agreements with Janssen, Hengrui, NIIMBL and others for the C1-expressed therapeutic proteins for human health Expanded collaboration with Phibro/Abic and others to develop vaccines and treatments for companion and livestock animal diseasesInitiated multiple product candidates to support the newly launched Dapibus™ platform, a fungal-based microbial platform for use in non-pharmaceutical applications, such as food, nutrition, health, and wellnessNew license agreement with a Global Food Ingredient Company leveraging Dapibus™ to develop certain food proteinsFive manuscripts published in peer reviewed scientific journals demonstrating safety and persistence of C1-cell produced COVID-19 and influenza antigens New corporate website to reflect our scientific development expanded market focus in alternative proteins and revenue growth opportunities2022 revenue increased 21.9% YOYCash and investment grade securities of $12.7 million at year-end 2022Sale of equity interest in Alphazyme LLC; received approximately $1.27 million in January 2023Financial results and business update conference call scheduled for 5:00 pm ET today JUPITER, Fla., March 29, 2023 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a global biotechnology company focused on building innovative microbial platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable, and accessible biopharmaceutical products for human and animal health, and alternative proteins for food, nutrition and wellness, today announced its financial results for year end 2022 and highlighted recent Company progress. “In 2022, we made significant advances in our technology and saw meaningful progress in each of our three core verticals,” said Mark Emalfarb, Dyadic's President and Chief Executive Officer, “Receiving regulatory approval for our First-In-Human Phase 1 trial for our proprietary DYAI-100 COVID-19 recombinant protein receptor binding domain (RBD) booster vaccine candidate was a historical event for Dyadic. We have completed dosing of all patients in both the low and high dose testing groups and thus far, DYAI-100 has been well tolerated with no serious adverse events being reported. The Phase 1 trial is expected to accelerate the adoption of Dyadic's C1-cell protein production platform for vaccines and therapeutic candidates, and I’m pleased to share that since we initiated the Phase 1 trial, we are seeing an increased level of interest from academia, industry, and government agencies in our human biopharmaceuticals business, and we are continuing to make progress in our current collaborations with Janssen, Hengrui, NIIMBL and others.” Exhibit 99.1 Mr. Emalfarb continued, “We have made additional advances in animal health by expanding our relationship with Phibro and initiating a fully funded companion animal proof of concept study with a top five animal health company. We have also seen increased interest from animal health companies in the C1 protein production platform for pandemic threat response and preparation due to C1’s highly efficient and economical approach to the rapid manufacture of large quantities of vaccines. In our rapidly expanding vertical of alternative proteins, we initiated a fully funded research collaboration with a Global Food Ingredient Company to develop certain food proteins where we recently reached the first milestone in this challenging project. We are continuing to develop the Dapibus™ platform, a fungal-based microbial platform for use in non-pharmaceutical applications, such as food, nutrition, health, and wellness, with the objective of generating near term revenues.” Joe Hazelton Dyadic’s Chief Business Officer commented, “In 2023, we will focus on product commercialization and licensing opportunities that have less time, cost, and risk associated with development that can improve our revenue outlook in the near term, while we continue to drive broader pharmaceutical acceptance of the C1 platform.” Mr. Hazelton continued, “We have refined our business development focus and objectives in the core areas where our technologies can have the greatest impact in the shortest time transecting multiple core verticals simultaneously as we evaluate new opportunities aligned with our verticals in targeted markets of high potential return. One example from a product view is our recently announced non-animal serum albumin products which can be produced recombinantly using Dyadic microbial platforms and is used in both pharmaceutical and non-pharmaceutical applications across all three of our core verticals in a wide variety of human and animal uses such as therapeutic, product development, research, diagnostic, and food.” “In addition to refining our product focus in 2023, our licensing strategy will focus on larger scope licensing agreements with pharmaceutical and non-pharmaceutical partners that will help drive greater long-term value. We will refine our approach to meet the changing pharmaceutical and non-pharmaceutical landscape as we evaluate, expand, and broaden existing partnerships and explore new broader scope agreements with flexible financial models,” concluded Mr. Hazelton. Recent Company Progress Human Health C1 COVID-19 vaccine collaborations DYAI-100 The Phase 1 randomized, double blind, placebo-controlled trial is designed as a first-in-human trial to assess the clinical safety and antibody response of DYAI-100, a C1-SARS-CoV-2 recombinant protein RBD vaccine, produced using the C1 platform, administered as a booster vaccine at two single dose levels in healthy volunteers. Following the regulatory approval from the South African Health Products Regulatory Authority (SAHPRA) in late 2022, site preparations and patient recruitment began in South Africa for initiation of the Phase 1 clinical trial and dosing for eligible patients initiated during the week of January 9th.The trial includes healthy patients ages 18-55 in a randomization scheme of 4:1 with 15 subjects per cohort. Following the screening period there are 8 scheduled clinic visits with the first 6 visits occurring within the first 29 days and two follow up visits on Days 90 and 180. Safety data will be collected throughout the trial and immunogenicity assessments are scheduled on patient visits 1, 4, 5, 6 and the two follow up visits on Days 90 and 180.Dosing of both low and high dose groups was completed in February 2023, with no serious adverse events reported to date. A full study report is expected to be available in the second half of 2023. Rubic One Health –This is a collaboration to develop end-to-end solutions for vaccine discovery, development, and manufacture for the African market. Tech transfer of C1-cell protein production platform has been completed. Rubic has begun engineering and growing C1-cells to prepare for the development of affordable vaccines and drugs for the African continent.Epygen – In 2020, the Company entered into a non-exclusive technology usage agreement with Epygen Biotech of India, who plans to conduct clinical trials in India using one or more of the COVID-19 antigens that they are manufacturing using the Company’s C1 protein production platform. Epygen reported that it has procured funding from the government of India, and they are progressing their vaccine development and production using antigens produced from the Company’s C1-cell protein production platform across early-stage pre-clinical studies and to conduct Phase 1 and Phase 2 human clinical trials. Research, License and Collaboration Agreement with Janssen – During 2022, progress continues on the research, license and collaboration agreement with Janssen Biotech, Inc. (''Janssen"), one of the Janssen Pharmaceutical Companies of Johnson & Johnson. The agreement provides for an up-front payment of $500,000 for non-exclusive rights to utilize the C1-cell protein production platform for a limited number of Janssen's therapeutic protein candidates. This is a fully funded collaboration which has the potential for Dyadic to receive multiple milestone and commercial payments of seven and nine figures, respectively, per protein.NIIMBL Coronavirus Grant – Dyadic received 1 of 32 project grants awarded by the National Institute for Innovation in Manufacturing Biopharmaceuticals (“NIIMB”) funded through the White House's American Rescue Plan ("ARP"). Under the $690,000 NIIMBL grant, in 2022 the Company has received approximately 75% of the funding to engineer the Company's proprietary and patented C1-cell protein production platform to produce two different antibodies, one of which is a COVID-19 antibody.Third Party C1 Produced COVID-19 Antibody – A non-human primate challenge study completed dosing of a C1 produced COVID-19 monoclonal antibody (mAb) that had previously demonstrated broad neutralization and protection against Omicron (BA.1 and BA.2) and the other earlier variants of concern in hamsters. Preliminary results obtained from the challenge study with the SARS-CoV-2 Delta virus on non-human primates demonstrated potential high protection. This was the first time a C1 produced monoclonal antibody was used in a non-human primate study validating the safety and efficacy of a C1 produced antibody for infectious diseases.Recombinant Serum Albumin – Animal free recombinant serum albumin projects were initiated in late 2022 using Dyadic pharmaceutical cell lines for use in potential therapeutic, product development, research, and/or diagnostic human and animal pharmaceutical applications. C1-cell lines have been developed and Dyadic expects to start sampling potential customers who have expressed interest in Dyadic’s C1 serum albumin products.University of Oslo – During 2022, Dyadic expanded its influenza vaccine collaboration with the University of Oslo. Mice vaccinated with C1 antigen combined with an adjuvant (AS03) challenged with a lethal dose of the homologous influenza A/H1N1 showed no clinical signs, no body weight loss, and were fully protected.Other mice trials are ongoing with C1 produced hemagglutinin (HA) and neuraminidase (NA) antigens for influenza, including H1N1, H5N1 (Bird Flu), H7, NA alone and combined with one or more C1 produced SARS-CoV-2 antigens. The current and future data is expected to support the development of seasonal and pandemic influenza vaccine candidates alone or in combination with other infectious respiratory diseases such as coronaviruses. Virovax – Dyadic has been working with Virovax to develop the next generation vaccine candidates, including COVID-19, that may provide durable and broader protection against COVID-19 variants as they emerge as well as other infectious diseases. More than a half dozen animal trials have been carried out and additional animal studies are ongoing and/or scheduled with C1 produced antigens for influenza (H5N1/Bird Flu), COVID-19 and other infectious diseases. UC Davis Successful production of the SARS-CoV-2 Spike S2 protein reaching ~1g/L and 97% purity which showed the same ACE2 binding affinity as CHO produced spike S2 protein.UC Davis is carrying out additional research and development work related to expanding the potential applications of the C1-cell protein production platform including diagnostics. Animal Health Phibro Animal Health On February 8, 2022, the Company entered into an exclusive sublicense agreement with Abic Biological Laboratories Ltd. (“Abic”), an affiliate of Phibro Animal Health Corporation (“Phibro”), based off an existing July 1, 2020, non-exclusive sublicense and development agreement (the “Phibro/Abic Agreement”), to provide services for a targeted disease. In July 2022, the Company expanded the Phibro/Abic Agreement to include an additional research project to develop an additional animal vaccine for livestock. Monoclonal Antibodies Collaboration The Company initiated a fully funded research and development collaboration with a top five animal health company to produce therapeutic monoclonal antibodies for use in treating diseases in companion animals. The project is currently underway and on target to meet development milestones per the research agreement. Alternative Proteins The Company has developed the Dapibus™ thermophilic filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. The initial response from food and nutrition industry has been positive with a rising level of interest.The Company is making progress with a joint development agreement that was entered in May 2022, with a global food ingredient company, to develop and manufacture several animal free ingredient products using the Company’s technology. Dyadic has achieved the first milestone, for which payment is expected in Q2 of 2023.Animal free recombinant serum albumin projects were initiated for use in potential non-pharmaceutical applications such as a component of cell culture media in nutrition, health, and food. Dyadic expects to start sampling potential customers who have expressed interest in Dyadic’s serum albumin products. Other Events Alphazyme Sale – In January 2023, the Company received approximately $1.27 million in connection with the sale of its equity interest in Alphazyme LLC (“Alphazyme”). Dyadic previously received its equity as part of the consideration for the grant of a non-exclusive license to certain of Dyadic's technology. Additionally, Dyadic has the right to receive milestone and royalty payments based on potential sales of C1 expressed products by Alphazyme. Dyadic also has the potential to receive additional payments based on the future sales of Alphazyme's existing products.Peer Reviewed Journals – In 2022 and early 2023, the Company and its collaborators have published five scientific research studies and papers in leading peer-reviewed scientific journals regarding its proprietary C1-cell protein production platform and vaccine candidate by using C1-expressed antigens.New Corporate Website – In March 2023, the Company launched a new corporate website to reflect our scientific development expanded market focus in alternative proteins and revenue growth opportunities. The new look and user-friendly experience of Dyadic’s website has been designed to be more accessible to our potential and current customers, investors, and researchers, while maintaining our commitment to science, quality, and education. Financial Highlights Cash Position: As of December 31, 2022, cash, cash equivalents, and the carrying value of investment grade securities, including accrued interest, were approximately $12.7 million compared to $20.4 million on December 31, 2021. In January 2023, the Company received $1.27 million in connection with the sale of Alphazyme LLC. Based on current plans, the Company expects that its existing cash, cash equivalents and investment securities will be sufficient to enable it to complete its Phase 1 clinical trial of DYAI-100 and fund its operations into 2024. Revenue: Research and development revenue for the year ended December 31, 2022, increased to approximately $2,930,000 compared to $2,404,000 for the year ended December 31, 2021. The license revenue recorded in the year ended December 31, 2022 was related to the Phibro/Abic and Janssen license agreements. Cost of Revenue: Cost of research and development revenue for the year ended December 31, 2022, increased to approximately $2,123,000 compared to $1,944,000 for the year ended December 31, 2021. The increase in revenue and cost of research and development revenue for the year ended December 31, 2022, was due to various larger research collaborations conducted in 2022. R&D Expenses: Research and development expenses for the year ended December 31, 2022, decreased to approximately $4,501,000 compared to $8,392,000 for the year ended December 31, 2021. The decrease primarily reflects the winding down of activities for contract research organizations and pharmaceutical quality and regulatory consultants to support the Phase 1 clinical trial of DYAI-100 COVID-19 vaccine candidate. G&A Expenses: General and administrative expenses for the year ended December 31, 2022, decreased to approximately $6,422,000 compared to $6,698,000 for the year ended December 31, 2021. The decrease principally reflects a decrease in legal expenses of $500,000, offset by increases in incentives of $133,000, insurance premiums of $56,000, business development and investor relations costs of $16,000, and other increases of $19,000. Foreign Currency Exchange: Foreign currency exchange loss for the year ended December 31, 2022, was approximately $50,000 compared to $97,000 for the year ended December 31, 2021. The decrease reflects the currency fluctuation of the Euro in comparison to the U.S. dollar. Interest Income: Interest income for the year ended December 31, 2022, increased to approximately $180,000 compared to $52,000 for the year ended December 31, 2021. The increase was primarily due to an increase in interest rates and yield on the Company’s investment grade securities, which are classified as held-to-maturity. Other Non-Operating Items: For the year ended December 31, 2022, the Company recorded $250,000 related to a settlement payment we received from the termination of a proposed license and collaboration. For the year ended December 31, 2021, the Company recorded a gain from the sale of its investment in BDI in the amount of approximately $1,606,000. Net Loss: Net loss for the year ended December 31, 2022, was approximately $9.7 million, or $(0.34) per share, compared to a net loss of $13.1 million, or $(0.47) per share, for the year ended December 31, 2021. Conference Call Information Date: Wednesday, March 29, 2023Time: 5:00 p.m. Eastern TimeDial-in numbers: Toll Free: 877-407-0784International: 201-689-8560Conference ID: 13734862 Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1588257&tp_key=7e701cd0d7 An archive of the webcast will be available within 24 hours after completion of the live event and will be accessible on the Investor Relations section of the Company's website at www.dyadic.com. To access the replay of the webcast, please follow the webcast link above. About Dyadic International, Inc. Dyadic International, Inc. is a global biotechnology company focused on building innovative microbial platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable, and accessible biopharmaceutical products and alternative proteins for human and animal health. Dyadic’s gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila). Our lead technology, C1-cell protein production platform, is based on an industrially proven microorganism (named C1), which is currently used to speed development, lower production costs, and improve performance of biologic vaccines and drugs at flexible commercial scales for the human and animal health markets. Dyadic has also developed the DapibusTM filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness. With a passion to enable our partners and collaborators to develop effective preventative and therapeutic treatments in both developed and emerging countries, Dyadic is building an active pipeline by advancing its proprietary microbial platform technologies, including our lead asset DYAI-100 COVID-19 vaccine candidate, as well as other biologic vaccines, antibodies, and other biological products. To learn more about Dyadic and our commitment to helping bring vaccines and other biologic products to market faster, in greater volumes and at lower cost, please visit http://www.dyadic.com. Safe Harbor Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company’s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled "Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at www.dyadic.com. Contact: Dyadic International, Inc.Ping W. RawsonChief Financial OfficerPhone: (561) 743-8333Email: ir@dyadic.com DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS Years Ended December 31, 2022 2021 Revenues: Research and development revenue$2,683,244 $2,403,831 License revenue 247,059 — Total revenue 2,930,303 2,403,831 Costs and expenses: Costs of research and development revenue 2,123,193 1,944,438 Research and development 4,501,365 8,392,370 General and administrative 6,421,505 6,697,617 Foreign currency exchange loss 49,918 96,893 Total costs and expenses 13,095,981 17,131,318 Loss from operations (10,165,678) (14,727,487) Other income: Interest income 180,420 51,704 Other income 250,000 1,605,532 Total other income 430,420 1,657,236 Net loss$(9,735,258) $(13,070,251) Basic and diluted net loss per common share$(0.34) $(0.47) Basic and diluted weighted-average common shares outstanding 28,364,482 27,838,047 See Notes to Consolidated Financial Statements in Part I of Dyadic's Annual Report on Form 10-K filed with Securities and Exchange Commission on March 29, 2023. DYADIC INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS December 31, 2022 2021 Assets Current assets: Cash and cash equivalents$5,794,272 $15,748,480 Short-term investment securities 6,847,270 4,511,780 Interest receivable 58,285 94,375 Accounts receivable 330,001 277,831 Prepaid expenses and other current assets 392,236 375,830 Total current assets 13,422,064 21,008,296 Non-current assets: Investment in Alphazyme 284,709 284,709 Other assets 6,045 6,117 Total assets$13,712,818 $21,299,122 Liabilities and stockholders’ equity Current liabilities: Accounts payable$1,276,313 $1,547,953 Accrued expenses 955,081 709,560 Deferred research and development obligations 40,743 151,147 Deferred license revenue, current portion 176,471 147,059 Total current liabilities 2,448,608 2,555,719 Deferred license revenue, net of current portion 176,471 352,941 Total liabilities 2,625,079 2,908,660 Commitments and contingencies (Note 5) Stockholders’ equity: Preferred stock, $.0001 par value: Authorized shares - 5,000,000; none issued and outstanding — — Common stock, $.001 par value: Authorized shares - 100,000,000; issued shares - 40,816,602 and 40,482,659, outstanding shares - 28,563,100 and 28,229,157 as of December 31, 2022 and 2021, respectively 40,817 40,483 Additional paid-in capital 103,458,697 101,026,496 Treasury stock, shares held at cost - 12,253,502 (18,929,915) (18,929,915)Accumulated deficit (73,481,860) (63,746,602)Total stockholders’ equity 11,087,739 18,390,462 Total liabilities and stockholders’ equity$13,712,818 $21,299,122 See Notes to Consolidated Financial Statements in Part I of Dyadic's Annual Report on Form 10-K filed with Securities and Exchange Commission on March 29, 2023.

ExeVir Bio and VIB-UGent’s bioRxiv pre-print reports on S2-binding camelid single-domain antibody-based drug, XVR013, that targets the Achilles’ heel in the SARS-CoV-2 viral spikeFocus on protecting the millions of immuno-compromised patients, who are most vulnerable to COVID-19 GHENT, Belgium, March 13, 2023 (GLOBE NEWSWIRE) -- ExeVir Bio, a biotech company developing robust single domain antibody therapies for broad protection against infectious diseases, and its scientific founders at Belgium’s VIB, Flanders’ leading life sciences institute, today announced the publication of a pre-print paper by De Cae et al., entitled “Ultrapotent SARS coronavirus-neutralizing single-domain antibodies that bind a conserved membrane proximal epitope of the spike”. The pre-print paper is available here. Nearly all SARS-CoV-2 neutralizing antibodies that have been used in the clinic show substantial loss of potency against currently circulating variants. The bioRxiv pre-print details a novel, highly potent, anti-S2 camelid single-domain antibody, discovered at the VIB-UGent Center for Medical Biotechnology, and developed as a candidate drug molecule by ExeVir as XVR013. It targets a conserved region in the spike S2 subunit that is essential for viral entry. It neutralizes all previous and current variants of concern and the currently most frequently circulating variants, including XBB, XBB.1.5, BQ.1.1 and BF.7. These single-domain antibodies bypass the highly immunogenic spots on the S1 part of the COVID-19 virus, that were the targets of all first-generation anti-SARS-CoV-2 antibodies in the clinic. In addition, the anti-S2 single domain antibodies directly neutralize the virus without relying on the patient's own immune system, potentially providing protection for immunocompromised patients who typically do not, or only poorly, respond to COVID-19 vaccines. The S2 subunit of the SARS-CoV-2 spike mediates membrane fusion, an essential step during virus entry. XVR013 prevents this membrane fusion and potently protects against SARS-CoV-2 infection in vitro and in an in vivo model. ExeVir’s COVID-19 pipeline includes XVR012, which is a combination product of the S2-targeting single-domain antibody-based XVR013 reported in the pre-print paper, and XVR014, a bispecific single-domain-based antibody construct which targets two conserved epitopes in the S1 subunit, using an innovative design that will be reported in the future. XVR012 has demonstrated very high neutralization activity against all previous and current variants of concern and the currently most frequently circulating variants and is advancing towards clinical trials for COVID-19. Dr. Torsten Mummenbrauer, CEO of ExeVir, said: “The pandemic isn’t over; it is an ongoing challenge for immunocompromised patients, who total around 3%1 of the world population and remain at high risk of severe COVID-19 disease despite availability of current vaccines. We are therefore delighted to share our positive results in this pre-print paper with our VIB colleagues. It highlights XVR013’s unique and powerful mode of action targeted to a highly conserved epitope of the coronavirus spike protein. This is but one asset in our arsenal of multiple epitope binders which offer the potential of multi-specific binders to the spike protein in one molecule or as a cocktail. XVR013 is a super potent molecule with a single digit nanomolar IC50 against virtually all circulating known variants. It could add an additional layer of protection for the most vulnerable in our population who are unable to build an adequate immune response with current vaccines.” Dr. Bert Schepens of VIB, said: “As there is currently a strong need for antibodies that work against the newest omicron variants, we think it is useful to rapidly communicate to our scientific colleagues about the discovery that targeting this novel membrane-proximal S2 epitope can yield such strong neutralization of SARS-CoV-2. We will be submitting a comprehensive paper for peer review soon. As researchers, it is very motivating that ExeVir, who we have been working closely with, is finalizing the preclinical package to move into the clinic. Together we are enabling great strides towards bringing a long-lasting biologic to treat and protect immuno-compromised and elderly people. Our research, part of which is pre-printed today, has unveiled weak spots in the SARS-CoV-2 spike; a true Achilles’ heel that requires spears with a small tip to reach them well, in the form of our new single domain antibodies.” The new S2-binding camelid single domain antibodies described in the bioRxiv pre-print paper by Sieglinde De Cae were identified and characterized in the lab of Xavier Saelens by the team of Bert Schepens (VIB-UGent Center for Medical Biotechnology). A hybrid molecule based on these camelid single domain antibodies and a human antibody was designed and built in the lab of Nico Callewaert (also VIB-UGent Center for Medical Biotechnology). The interaction between these single domain antibodies and the S2 protein was characterized by Inge Van Molle in the lab of Han Remaut (VIB-VUB Center for Structural Biology). Together these labs form VIB's pandemic drug development response team, which was assembled by the Center for Medical Biotechnology in January 2020. The pharmacodynamic and safety properties of candidate drug molecules based on these S2-binding single domain antibodies were extensively evaluated in vitro and in vivo by ExeVir Bio. [1] Global, regional, and national estimates of the population at increased risk of severe COVID-19 due to underlying health conditions in 2020: a modelling study (thelancet.com) For more information contact: ExeVir BioVeronique Vandevoorde vvandevoorde@exevir.com Scius Communications (for media)Katja Stout+44 778 943 5990katja@sciuscommuications.com Daniel Gooch+44 774 787 5479daniel@sciuscommunications.com VIBJoran Lauwers +32 478 99 33 98joran.lauwers@vib.be About ExeVir Bio ExeVir Bio is a clinical stage biotechnology company developing single-domain antibody based therapeutics focusing on infectious diseases. The company is harnessing its llama-derived antibody (VHH) technology platform to generate multi-specific antibodies for prophylaxis and treatment of infectious diseases. ExeVir’s initial focus is on prevention of COVID-19 for the immunocompromised patient population, including active chemotherapy, immunosuppressive drugs, solid organ transplantation, hematological malignancies, and AIDS patients, where there remains a high unmet need due to the limitations of current vaccines and therapeutic approaches. ExeVir’s COVID-19 pipeline includes XVR012, a combination product of XVR013 and XVR014, a bi-specific single-domain-based antibody construct which targets two conserved epitopes in the S1 subunit. Together they target several S1 and S2 epitopes in one product. ExeVir has demonstrated it can progress its candidates from research to the clinic in under one year, execute on Phase 1a and Phase 1b studies and conduct scale-up manufacturing. Leveraging this extensive experience, its XVR012 asset is being developed for regulatory submission in 2023. ExeVir has also initiated research in dengue, a migrating disease becoming an increasing global health burden due to global warming and urbanization. VHHs are smaller in size than whole antibodies, giving them access to hidden epitopes that traditional monoclonal antibodies are unable to reach with potential for deeper tissue penetration and simpler, more cost-effective manufacturing. VHHs can be linked together like building blocks into a single molecule to tackle different epitopes or act through different mechanisms of actions at once, to address the “arms race” in more complex and co-evolving infectious diseases. ExeVir is a spin out of VIB, the leading Belgium-based life sciences research institute. It is backed by strong investors including Fund+, which led the series A of EUR 42 million, together with an international consortium including UCB Ventures, FPIM, V-Bio Ventures, VIB, SRIW, Noshaq, Vives IUF and SambrInvest. ExeVir has received support from VLAIO, the SPW-Recherche and the European Union, leading to a total of €16.5M in non-dilutive funding. In 2023, Exivir secured an option for EUR 25 million venture debt financing from the European Investment Bank. Find out more on ExeVir’s LinkedIn or on ExeVir’s website About VIB VIB’s core mission is to generate disruptive insights in the molecular underpinning of life and to translate these actively into impactful innovations for patients and society. VIB is an independent research institute where some 1,800 top scientists from Belgium and abroad conduct pioneering basic research. As such, they are pushing the boundaries of what we know about molecular mechanisms and how they rule living organisms such as human beings, animals, plants, and microorganisms. Based on a close partnership with five Flemish universities – Ghent University, KU Leuven, University of Antwerp, Vrije Universiteit Brussel, and Hasselt University – and supported by a solid funding program, VIB unites the expertise of all its collaborators and research groups in a single institute. VIB’s technology transfer activities translate research results into concrete benefits for society such as new diagnostics and therapies and agricultural innovations. These applications are often developed by young start-ups from VIB or through collaborations with other companies. This also leads to additional employment and bridges the gap between scientific research and entrepreneurship. VIB also engages actively in the public debate on biotechnology by developing and disseminating a wide range of science-based information. More info can be found on www.vib.be.