Item 1.01. Entry into a Material Definitive Agreement.

On March 18, 2021 (the "Effective Date"), Dyadic International (USA), Inc., a subsidiary of Dyadic International, Inc., (hereinafter collectively referred to as "Dyadic" or the "Company") entered into a Master Services Agreement (the "MSA") with CR2O B.V. ("CR2O"). Under the terms and conditions of the MSA, the Company has engaged CR2O to oversee and perform certain pre-clinical and clinical trial services related to the Company's C1 produced SARS-CoV-2 receptor binding domain (RBD) of the SARS-CoV-2 spike protein vaccine candidate ("Vaccine Candidate") which the Company is moving towards an anticipated Phase 1 clinical trial. Pursuant to Work Order Number 01 (the "Work Order") between the Company and CR2O, also dated March 18, 2021, CR2O will oversee and perform certain pre-clinical trial services, including a toxicology study relating to the Company's Vaccine Candidate. The initial term of the MSA will be for a period of five (5) years from the Effective Date.

The foregoing description of the MSA and the Work Order is qualified in its entirety by reference to the complete terms and conditions of the MSA and the Work Order, which are filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 8.01 Other Events

On March 18, 2021, Dyadic issued a press release announcing the entry into the MSA and the Work Order described in Item 1.01 on this Current Report on Form 8-K. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is being furnished herein:
      Exhibit
      Number          Description

       10.1             Master Services Agreement and Work Order, between Dyadic
                      International (USA), Inc. and CR2O B.V., Dated March 18,
                      2021. Specific items in this exhibit have been redacted, as
                      market by three asterisks[***]  .
       99.1             Press Release issued by Dyadic International, Inc.
                      announcing the Master Services Agreement with CR2O B.V.
        104           Cover page Interactive Data File (embedded within the Inline
                      XBRL document)

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