This Sunday we are heading to Mystic, CT. Riding up through some beautiful local roads and ending in Mystic for some great views, good food and awesome vibes.

2 MEET UP LOCATIONS:

MEET UP LOCATION NJ : (10am) at LUKOIL, 2550 Route 9W &, Linwood Ave, Fort Lee, NJ 07024. KSU 10:15am.

MEET UP LOCATION NY: bp, 4353 Broadway, New York, NY 10033. 10:30 am.

The ride will be split up in 3 groups:

1st group (Fast group) Mostly sports bikes and adrenaline junkies.

2nd group (Intermediate group) We ride at a moderate pace and fun but we don't ride as fast as the first group.

3rd group (Cruisers and beginners) Safe environment and a chill ride. Beginners welcome.

*** Heading North via 9A.

1st Stop: Mobil, 2775 Nichols Ave, Trumbull, CT 06611 (Gas Stop)

Ride via Hutchinson Parkway

2nd Stop: Riverfront Park Parking Lot, Portland, CT 06480 (Rest stop/Pictures)

Last Stop: Taquerio, 30 Broadway Ave, Mystic, CT 06355 (Lunch)

NOTE: We asked everyone to ride their own ride and at their own speed. We ride in groups so you don't feel the need to keep up with the faster riders.

- Pick a group you feel comfortable riding with.
- Follow the road captain for each group.
- No passing or Zig-Zagging within your group.
- Leave each stop behind your group's captain.
- Riding in staggered formation, no zooming by other riders.

I've been digging into Dyadic International (NASDAQ: DYAI) and think it deserves a closer look from anyone researching small-cap biotech, micro-caps and emerging biomanufacturing companies.

This isn't a "DYAI is going to 10x tomorrow" post. The interesting part to me is the underlying business transition and the number of different ways the technology could potentially create value.

Here's what caught my attention:

1. It's not a traditional binary biotech

Dyadic isn't betting the company on getting one drug through clinical trials.

The company has developed proprietary microbial protein-production platforms — primarily C1 and Dapibus™ — that are being applied across life sciences, food & nutrition and bio-industrial markets.

That potentially creates several different revenue paths:

• Product sales
• Licensing
• Milestone payments
• Partner revenue
• Potential profit sharing
• Co-development

That's a fundamentally different risk/reward profile from a micro-cap biotech with a single therapeutic candidate.

2. They're actually moving toward commercialization

This is probably the part I find most interesting.

Dyadic reported $1.11 million in Q1 2026 revenue, up 182.3% YoY. The company also reported commercial launches involving recombinant human albumin and recombinant DNase I, initial purchase orders for recombinant bovine transferrin, and an OEM distribution agreement with IBT Bioservices.

The company has also been expanding its commercial relationships with companies such as Proliant, Fermbox Bio, IBT Bioservices and BRIG Bio.

The bigger question for me isn't whether DYAI can announce partnerships.

It's:

>

That's the metric I'd be watching.

3. The C1 platform is getting some interesting validation

This is where the story gets more speculative—but potentially much more interesting.

Dyadic has been working with organizations including Scripps Research, the Gates Foundation and Fondazione Biotecnopolo di Siena on protein/antibody development programs.

In July, Dyadic said it developed stable C1 cell lines and initially purified two Scripps-designed Bundibugyo Ebola recombinant protein antigens in approximately 15 days after receiving the plasmids.

The company has also highlighted C1 programs involving RSV, malaria and H5 avian influenza, including Gates Foundation-supported work.

Obviously, collaboration ≠ commercialization, and none of this means DYAI is going to develop a successful drug.

But the platform validation is interesting.

4. There's another side of the story that I think the market could overlook

The company isn't only pursuing biopharma.

Dyadic has been expanding into:

Life Sciences → Food & Nutrition → Bio-industrial

The latest bio-industrial initiative involves a proprietary industrial enzyme program focused on advanced cellulose processing and builds on the company's EN3ZYME™ commercialization.

That diversification is important because it gives the company multiple potential commercial applications for the underlying protein-production technology.

🇯🇵 5. They're also building international IP/commercial infrastructure

In June, Dyadic announced that the Japan Patent Office had allowed claims covering aspects of its proprietary recombinant protein expression technology.

The company described the development as part of its broader Japan market expansion and business-development strategy.

Again, an IP allowance isn't revenue—but it's another piece of the platform story.

So what's the actual investment thesis?

For me, the interesting thesis isn't:

"DYAI is a cheap biotech."

It's:

>

If that happens, the valuation framework could look very different from that of a traditional early-stage biotech.

The company itself says its strategy is increasingly focused on product commercialization, distribution, partnerships and recurring revenue opportunities.

And importantly, on July 24 Dyadic announced that Nasdaq had confirmed it had regained compliance with the applicable listing requirements, so the immediate Nasdaq listing issue was resolved.

But here's what I'd be watching on the bear side

There are definitely reasons not to blindly jump into this.

DYAI remains a small, loss-making company. Q1 2026 net loss was approximately $1.95 million, and cash, cash equivalents, restricted cash and investment securities were approximately $6.6 million at March 31.

I'd specifically be watching:

1. Revenue quality
How much revenue becomes recurring product revenue versus grants, milestones and development revenue?

2. Cash burn
Can commercialization grow faster than expenses?

3. Dilution/capital requirements
Small biotech companies need capital, so shareholder dilution is always something to monitor.

4. Commercial adoption
Are customers actually ordering meaningful quantities of Dyadic products?

5. Platform monetization
Can C1/Dapibus translate into licensing, royalties, product sales or other economically meaningful agreements?

6. Execution
There are a lot of programs. The company needs to demonstrate that it can turn this pipeline into commercial results.

My takeaway

I don't think DYAI is a risk-free story—far from it.

But I do think it's an interesting one to research because you're potentially looking at a protein-manufacturing platform rather than a single-drug biotech.

You've got:

🧬 Proprietary C1 + Dapibus platforms
💰 Commercial products and distribution relationships
📈 Q1 revenue growth
🤝 Multiple strategic collaborations
🌎 Life sciences + food/nutrition + bio-industrial applications
🧪 Scripps/Gates/FBS-related programs
🇯🇵 Expanding international IP/commercial activity
📊 A very small market-cap profile

The next stage of the story, IMO, is proving that all of this activity converts into sustainable revenue growth and eventually better economics.

That's what would make me significantly more interested.

Curious what others think: Is DYAI better viewed as a traditional speculative biotech, or as a potentially undervalued biomanufacturing/platform company?

Disclosure: This is not financial advice. I have no idea where the stock goes from here. Do your own due diligence, read the company's SEC filings, and understand the risks before buying anything.

I've been digging into Dyadic International (NASDAQ: DYAI) and think it deserves a closer look from investors interested in biotech infrastructure rather than traditional drug-development companies.

What caught my attention is that DYAI isn't developing a single drug and hoping for FDA approval. Instead, they're building a manufacturing platform (the C1 protein production technology) that could potentially help companies produce biologics, vaccines, antibodies, enzymes, and recombinant proteins faster and at a lower cost.

A few things stood out:

• Platform technology rather than a single-product biotech story

• Existing commercial partnerships and revenue-generating products

• Collaborations involving organizations such as Scripps Research and initiatives supported by global health organizations

• Exposure to multiple industries including vaccines, biologics, cell culture media, animal health, food tech, and industrial enzymes

• Potential beneficiary of the AI revolution in drug discovery

One of the biggest bottlenecks in biotech today isn't necessarily discovering new proteins or antibodies—it's producing them efficiently at scale. As AI accelerates drug and protein discovery, manufacturing capacity could become increasingly important.

The bull case is that DYAI becomes an enabling technology provider across multiple biologics markets rather than relying on the success of a single therapeutic product.

Obviously, it's still a small-cap biotech and comes with all the risks that go along with that, but I think it's a more interesting story than many of the binary biotech names out there.

Curious if anyone else has done due diligence on DYAI or has thoughts on the C1 platform and its long-term commercial potential.

Not financial advice. Do your own research.