Exhibit 99.1

DYADIC REPORTS 2023 FULL YEAR RESULTS AND RECENT COMPANY PROGRESS

JUPITER, FL / March 28, 2024 (GLOBAL NEWSWIRE) Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics and for use in non-pharmaceutical applications including food, nutrition, and wellness, today announced its financial results for the year end 2023 and highlighted recent Company progress.

“In 2023, Dyadic achieved significant milestones in unlocking the potential of its microbial platforms. One of the highlights was the successful completion of a Phase 1 clinical trial, with positive topline data affirming the safety of Dyadic’s C1 platform in humans,” said Mark Emalfarb, Dyadic’s President and Chief Executive Officer. “We believe this milestone not only establishes the safety of our platform but also lays a solid foundation for C1 technology’s future applications in human and animal vaccines and therapeutics. Additionally, our progress made across pharmaceutical and non-pharmaceutical market segments, including human health, animal health, and alternative proteins, underscores Dyadic’s commitment to innovation and its ability to address diverse areas of need within the biotechnology and food industries. We are grateful for the collaborative efforts of our partners and the dedication of our management team and staff providing invaluable contributions to Dyadic’s success. Dyadic’s achievements in 2023 reflect our commitment to advancing our microbial platforms for various applications and its dedication to improving human and animal health while also addressing the challenges of sustainable food production.”

Mr. Emalfarb continued, “As we move forward into 2024, our company remains committed to advancing the Dapibus™ platform, specifically tailored for non-pharmaceutical applications in sectors including food, nutrition, health, and wellness. To achieve this objective, we have refined our business development strategies, concentrating on core areas where our technologies can make the most significant impact in the shortest amount of time. This approach involves targeting multiple core verticals simultaneously and exploring new opportunities that align with our overall strategy.”

“In addition to operational advancements, we also strengthened our financial position with the issuance of $6.0 million in convertible notes which will be used to accelerate and exploit our strategic objective of near-term revenue generating products and opportunities for pharmaceutical and non-pharmaceutical applications. We believe that we are well-positioned, both financially and scientifically, to execute our strategic plan with enhanced capabilities and resources. We are excited about the prospects ahead and remain dedicated to delivering value to our customers and stakeholders.” Mr. Emalfarb concluded.

Dyadic is committed to empowering its partners and collaborators in the development of effective antigens, antibodies and other therapeutic proteins for the prevention, diagnosis, and treatments worldwide. Through an enhanced global outreach strategy, Dyadic is actively advancing its proprietary microbial platform technology to develop products such as recombinant human and bovine albumin, alongside biologic vaccines, antibodies, and other biopharmaceutical solutions. By building a robust pipeline of opportunities, Dyadic believes it can significantly impact global health, fostering a brighter and healthier future through innovation and strategic collaboration.

Recent Company Progress

Corporate Events

DYAI-100 Phase 1 Clinical Trial

DYAI-100, a C1-SARS-CoV-2 recombinant protein RBD vaccine candidate, is the first C1-expressed protein tested in humans. The Phase 1 randomized, double-blind, placebo-controlled trial was designed as a first-in-human trial to assess the clinical safety and antibody response of DYAI-100, produced using the C1 platform and administered as a booster vaccine at two single dose levels in healthy volunteers. Following the regulatory clearance from the South African Health Products Regulatory Authority (SAHPRA), the trial was initiated in 1Q 2023 with the last patient visit occurring in 3Q 2023. On November 29, 2023, the Company announced the top-line safety results, indicating that the study has met its primary endpoint that both the low and high dose levels of the vaccine are safe and well tolerated among participants. Additionally, the vaccine has been shown to induce immune responses at both dose levels, suggesting its potential efficacy in generating protective immunity against the target virus.

Biopharmaceutical Programs

Non-pharmaceutical Programs

Dyadic is advancing a pipeline of differentiated product candidates that leverage its microbial protein production platforms, including Dapibus™ which have demonstrated the ability and efficiency to enable the rapid development and large-scale manufacture of proteins at low cost in a wide range of non-pharmaceutical applications and commercial use.

Financial Highlights

Cash Position: As of December 31, 2023, cash, cash equivalents, and the carrying value of investment-grade securities, including accrued interest, were approximately $7.3 million compared to $12.7 million on December 31, 2022. For the year ended December 31, 2023, the Company received a total of approximately $1.3 million in connection with the sale of Alphazyme LLC. On March 8, 2024, the Company raised $6.0 million in a private placement of convertible notes from existing shareholders.

Revenue: Total revenue for the year ended December 31, 2023, decreased to approximately $2,899,000 compared to $2,930,000 for the year ended December 31, 2022. The decrease in revenue was due to higher individual contract amounts on certain research funding during 2022.

Cost of Revenue: Cost of research and development revenue for the year ended December 31, 2023, decreased to approximately $1,976,000 compared to $2,123,000 for the year ended December 31, 2022. The decrease in cost of revenue was due to higher individual contract amounts on certain research funding during 2022.

R&D Expenses: Research and development expenses for the year ended December 31, 2023, decreased to approximately $3,297,000 compared to $4,501,000 for the year ended December 31, 2022. The decrease primarily reflected the winding down of activities related to the Company’s Phase 1 clinical trial of DYAI-100 COVID-19 vaccine candidate.

G&A Expenses: General and administrative expenses for the year ended December 31, 2023, decreased to approximately $5,817,000 compared to $6,422,000 for the year ended December 31, 2022. The decrease principally reflected a decrease in management incentives of $466,000, business development and investor relations costs of

$219,000, and legal expenses of $39,000, partially offset by increases in insurance premiums of $96,000, and other increases of $24,000.

Interest Income: Interest income for the year ended December 31, 2023, increased to approximately $417,000 compared to $180,000 for the year ended December 31, 2022. 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 Income: For the year ended December 31, 2023, the Company had a gain of approximately $1,018,000 from the sale of the Company’s equity interest in Alphazyme, LLC. For the year ended December 31, 2022, the Company received a settlement payment of $250,000 from the termination of a proposed license and collaboration.

Net Loss: Net loss for the year ended December 31, 2023, was approximately $6.8 million, or $(0.24) per share, compared to a net loss of $9.7 million, or $(0.34) per share, for the year ended December 31, 2022.

Conference Call Information

Date: Thursday, March 28, 2024 Time: 5:00 p.m. Eastern Time

Dial-in numbers: Toll Free: 877-407-0784 International: 201-689-8560

Conference ID: 13743567

Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1650830&tp_key=065a3e040c

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 biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics and for use in non-pharmaceutical applications including food, nutrition, and wellness.

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, 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 and Section 21E of the Exchange Act, 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. Forward-looking statements generally can be identified by use of the words “expect,” “should,” “intend,” “anticipate,” “will,” “project,” “may,” “might,” “potential,” or “continue” and other similar terms or variations of them or similar terminology. Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic’s control. These factors include, but are not limited to, the following: (i) our history of net losses; (ii) market and regulatory acceptance of our microbial protein production platforms and other technologies; (iii) competition, including from alternative technologies; (iv) the results of nonclinical studies and clinical trials; (v) our capital needs; (vi) changes in global economic and financial conditions; (vii) our reliance on information technology; (viii) our dependence on third parties; (ix) government regulations and environmental, social and governance issues; and (x) intellectual property risks.

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. All forward-looking statements speak only as of the date made, and except as required by applicable law, Dyadic assumes no obligation to publicly update any such forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.

Contact:

Dyadic International, Inc.

Ping W. Rawson

Chief Financial Officer Phone: (561) 743-8333

Email: ir@dyadic.com

DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

See Notes to Consolidated Financial Statements in Dyadic’s Annual Report on Form 10-K filed with Securities and Exchange Commission on March 28, 2024.

DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

See Notes to Consolidated Financial Statements in Dyadic’s Annual Report on Form 10-K filed with Securities and Exchange Commission on March 28, 2024.

Exhibit 99.2

Dyadic Announces Change in Board and Management Leadership Roles

JUPITER, FL – March 28, 2024 (GLOBE NEWSWIRE) – Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics and for use in non-pharmaceutical applications including food, nutrition, and wellness, today announced that Michael Tarnok is stepping down as Chairman of Dyadic’s board of directors (the “Board”) and that current member of the Board Patrick Lucy has been appointed to succeed him, in each case, effective immediately. Mr. Tarnok will continue to serve as a director through the end of his current term, which will end at the Company’s annual meeting in June 2025, at which time he expects to retire. In addition, Dr. Barry Buckland announced that he is retiring and therefore will not stand for re-election at the Company’s annual meeting in June 2024. The Board has decided not to fill the vacancy due to Dr. Buckland’s retirement which will result in a reduction of the size of the Board from seven to six members. Finally, Joseph Hazelton has been appointed Chief Operating Officer, effective immediately, and will oversee the day-to-day operations of the Company.

Mr. Lucy joined the Board in January 2021 and has serves on the company’s Science and Technology Committee. He is currently the President and Chief Executive Officer of RoslinCT US, a privately held cell therapy contract development and manufacturing organization based in Hopkinton, Massachusetts and Edinburgh, Scotland. Mr. Lucy has 33 years of experience in the biotechnology industry, including a founder of Pfenex Inc., a protein expression platform technology company that originated within The Dow Chemical Company (“Dow”). He was a member of the leadership team that led the commercial launch of the Pfenex Expression Technology™ platform in 2005 and participated in the spin out of the business from Dow in 2009 via a Series A venture financing. Throughout Pfenex’s history, Mr. Lucy led business/corporate development and portfolio strategy as Chief Business Officer and was a member of the team that successfully completed Pfenex’s initial public offering in 2014. During his tenure at Pfenex, Mr. Lucy completed over $1.5 billion dollars of partnership transactions, and Pfenex was ultimately acquired by Ligand Pharmaceuticals in October 2020 for up to $512 million.

"I am excited to assume the role as Chairman of the Dyadic board of directors. On behalf of the entire Dyadic team, I would like to thank Mike Tarnok for his leadership as Chairman over the past ten years,” said Mr. Lucy. “I believe that Dyadic is poised to monetize the many scientific advances we have made with our C1 gene expression system, including the completion of the first Phase 1 clinical study in 2023, and our new Dapibus™ platform that is focused on producing high value proteins for food, nutrition, and wellness. I look forward to working with Mark Emalfarb, our CEO, and Joe Hazelton in his new role as Chief Operating Officer and the rest of our talented management team and Board with a laser focus on maximizing shareholder value.”

Mark Emalfarb, Dyadic’s Chief Executive Officer commented, “Patrick has been an outstanding board member over the past three years and I am pleased that he has agreed to take on the role as Board Chairman at a pivotal time for Dyadic. We are accelerating commercialization of the C1 and Dapibus platforms for pharmaceutical and nonpharmaceutical applications. Under Michael Tarnok’s leadership, Dyadic has evolved from the industrial enzyme business and has developed a flexible, safe, and highly efficient platform for the development and production of biologics and we believe we are now poised to deliver impactful advancements that could potentially transform healthcare and food production. I could not be more pleased that Mike has agreed to complete his current term through June 2025, so we can continue to benefit from his expertise and guidance.”

Mr. Emalfarb continued, “Barry has been an invaluable member of our Science and Technology Committee and has contributed greatly to the numerous scientific achievements we have accomplished over the last six years. We will miss him and wish him well in his future endeavors.”

Mr. Emalfarb concluded, “Joe has been instrumental in refocusing the Company on core verticals with shorter-term revenue opportunities, playing a vital role in achieving strategic objectives. His promotion to Chief Operating Officer is well-deserved, and I'm confident he will further enhance Dyadic’s value by expanding the internal pipeline of high-value biologic products and accelerating the commercialization of assets like alpha-lactalbumin and recombinant human albumin.”

“I am very excited to take on these additional responsibilities and have a more active role in overall corporate direction and execution of our strategic business plans to accelerate and exploit short-term revenue producing products and opportunities for pharmaceutical and non-pharmaceutical applications. I look forward to expanding our internal pipeline improving our capability to develop more rapid custom solutions for collaborators and hastening the commercialization of current assets,” said Joe Hazelton, Dyadic’s new Chief Operating Officer.

About Dyadic International, Inc.

Dyadic International, Inc., is a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics and for use in non-pharmaceutical applications including food, nutrition, and wellness.

Dyadic’s gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila). Our lead platform, 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 potentially 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.

Dyadic is focusing on leveraging its microbial platform technologies for itself and its collaborators in a wide range of applications, including human and animal vaccines, therapeutics, food, nutrition, wellness, and internal biological products.

To learn more about Dyadic 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 outcomes of the personnel changes described herein, as well as the success of our protein production platforms. Forward-looking statements generally can be identified by use of the words “expect,” “should,” “intend,” “anticipate,” “will,” “project,” “may,” “might,” “potential,” or “continue” and other similar terms or variations of them or similar terminology. Forward-looking statements involve many risks, uncertainties or other factors beyond Dyadic’s control. These factors include, but are not limited to, the following: (i) our history of net losses; (ii) market and regulatory acceptance of our microbial protein production platforms and other technologies; (iii) competition, including from alternative technologies; (iv) the results of nonclinical studies and clinical trials; (v) our capital needs; (vi) changes in global economic and financial conditions; (vii) our reliance on information technology; (viii) our dependence on third parties; (ix) government regulations and environmental, social and governance issues; and (x) intellectual property risks. 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 Securities and Exchange Commission (“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. All forward-looking statements speak only as of the date made, and except as required by applicable law, Dyadic assumes no obligation to publicly update any such forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.

Contact:

Dyadic International, Inc.

Ping W. Rawson

Chief Financial Officer

Phone: (561) 743-8333

Email: ir@dyadic.com