Item 1.01. Entry into a Material Definitive Agreement.

On May 10, 2022, Dyadic International (USA), Inc., a subsidiary of Dyadic International, Inc., (hereinafter collectively referred to as "Dyadic" or the "Company") entered into a Joint Development Agreement (the "Agreement") with Leprino Foods Company ("LFC"), effective May 12, 2022.

Under the terms and conditions of the Agreement, Dyadic and LFC will develop and manufacture a number of animal free ingredient products using Dyadic's biotechnologies.

? The research project will be fully funded by LFC up to €3.6 million euros.

? Dyadic to develop its proprietary production cell lines for the manufacture of

animal free ingredient product candidates.

? Dyadic will receive certain defined "Success Fees", upon reaching certain

productivity and activity levels and milestones at different stages of the

collaboration.

? Dyadic will receive a "Commercialization Fee" of low eight figures upon

commercialization, and a royalty payment of low single digits based on

commercial sales.

The foregoing description of the Agreement is only a summary of the material terms thereof, does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 8.01 Other Events

On May 11, 2022, the Company issued a press release regarding the Agreement. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference, other than the third paragraph of such press release.




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

      10.1(1)           Joint Development Agreement dated May 10, 2022
       99.1             Press release dated May 11, 2022
        104           Cover page Interactive Data File (embedded within the Inline
                      XBRL document)

(1) In accordance with Item 601(b)(10) of Regulation S-K, certain provisions or terms of the Agreement have been redacted. The Company will provide an unredacted copy of the exhibit on a supplemental basis to the SEC or its staff upon request.

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