Q1 2025 Dyadic International Inc Earnings Call
Unknown Executive: Good evening, and welcome to the Dyadic International first quarter 2025 financial results. Currently, all participants are in a listen. Following management's prepared remarks, there will be a brief question and answer session.
Good evening and welcome to the Dyadic International first quarter 2025 financial results Conference call.
Currently all participants are in a listen only mode. Following management's prepared remarks, there'll be a brief question and answer session.
Unknown Executive: As a reminder, this call is being recorded today, May 14th, 2021.
As a reminder, that's call it being recorded today may 14th 2025.
Ping Rawson: I would now like to turn the call over to Ms. Ping Rawson. Chief Financial Officer. Please go ahead. Thank you.
Speaker Change: I would now like to turn the call over to Mr. Ping Rosson Diotic Chief Financial Officer. Please go ahead.
Speaker Change: Thank you and welcome everyone to Die that's international Q1, 'twenty 'twenty five conference call.
Ping Rawson: Good evening and welcome everyone to Dyadic International's Q1 2025 conference call. I hope you have had opportunity to review Dyadic's press release announcing financial results for the fiscal year ended March 31st, 2025. You may access our release and form point queue under the investors section of the company's website, idyadic.com.
I Hope you all have had the opportunity to be here.
Speaker Change: This press release announcing financial results for the physical world.
Speaker Change: March 31st 2025.
Speaker Change: You may access a relief and one KOL pool and then that's a section of the Companys website I doubt it dotcom.
Ping Rawson: On today's call, our President and CEO Mark Emalfarb and our Chief Operating Officer Joe Hazelton will give a review of our Q1 2025 Business and Corporate Highlights and provide a commentary on the strategic direction of the business I will follow with a review of our financial results in more detail. We'll then hold a brief Q&A session.
Bob: On today's call I'm personally the old Boston, Bob and I'll keep operating officers Delhaize, Oklahoma will give a review of our Q1 call me quantify business unpopular highlights.
Speaker Change: Why the commentary.
Bob: The direction of the business.
Speaker Change: I will follow with a review of all day long.
Speaker Change: As a result, almost equal we will then hold a brief Q&A session.
Ping Rawson: At this time, I would like to inform you that certain commentary made in this conference call may be considered a fool-looking statement which involves risks and uncertainties and other factors that could cause Dyadic's actual results, performance, scientific or otherwise, or achievements to be materially different from those expressed or implied by this fool-looking statement. Dyadic expressly disclaims any duty to provide updates to its forward-looking statements, whether because of new information, future events, or otherwise. Participants are directed to the risk factors set forth in Dyadic's report filed with NCC.
Speaker Change: At this time I would like to inform you about certain pinpoint mode.
Speaker Change: Conference call, maybe considered forward looking statements.
Speaker Change: Those risks and.
Speaker Change: Certainties and other factors that could cause that it's as a result of formerly scientific or otherwise or kidney to be materially different from those set.
Speaker Change: Oh, Wow I do forward looking statements.
Speaker Change: <unk> expressly disclaims any duty to provide updates to its core.
Speaker Change: Looking at Goldman.
Speaker Change: Why did it because of moving from Asia.
Speaker Change: And then otherwise.
Speaker Change: Participants are directed to the risk factors set forth in bad its reports filed with SEC.
Mark Emalfarb: It is now my pleasure to pass the call to our CEO, Mark Emalfarb. Thank you, Ping. Welcome, everyone, and thank you for joining Dyadic's Q1 2025 conference call. In Q1 2025, Dyadic continued its transformation by focusing on commercializing high-value, high-demand, recombinant enzymes and proteins using our proprietary C1 and Apovis microbial expression platforms for the development of functional, recombinant solutions and proprietary production strains to manufacture large quantities of precision-engineered proteins and enzymes for use in life science, nutrition, and industrial applications. We are leaning into our core strengths aimed at driving sustainable growth in non-pharmaceutical sectors with strong demand and clear market opportunities to target pressing market needs.
Speaker Change: It is now my pleasure to pass the call to our CE Mark in the fall.
Speaker Change: Wow.
Speaker Change: Thank you Ping.
Speaker Change: Welcome everyone and thank you for joining dyadic Q1, 2025 conference call.
Speaker Change: In Q1, 2025, Diana continued its transformation by focusing on commercializing high value high demand for a competent enzymes and proteins using our proprietary she won and depth of its microbial expression platforms.
Speaker Change: Element of functional recombinant solutions and proprietary production strange to manufacture large quantities.
Speaker Change: Precision engineered proteins and enzymes for use in life science nutrition and industrial applications.
Speaker Change: We are leaning into our core strength aimed to driving sustainable growth and non pharmaceutical sectors with strong demand and clear market opportunities.
Speaker Change: Pressing mark needs.
Mark Emalfarb: While we maintain strategic partnerships in vaccine and therapeutic developments, such as with the Coalition for Epidemic Preparedness, CEPI, the Gates Foundation, and Fondazione Biotecnopolo di Siena, FBS, the core of our growth strategy is now centered on products and high value life sciences, bioactives, ingredients in industrial markets, such as cell culture, media, nucleic, and other enzyme markets that can drive recurring revenue.
Speaker Change: While we maintain strategic partnerships and vaccine and therapeutic development such as with the coalition for epidemic preparedness.
Speaker Change: The Gates Foundation and foundation Oni believe biotech to Paulo D. Sienna.
Speaker Change: Yes, the core of our growth strategy is now centered on products and the high value life Sciences bioactive ingredients in industrial markets, such as cell culture media and quake and other enzyme markets that can drive recurring revenue.
Mark Emalfarb: As we move forward, Dyadic remains deeply committed to delivering sustainable value to our shareholders and partners. With a growing pipeline, a strong network of collaborators, and platforms built for efficiency and scalability, we are well positioned to lead in the global production of enzymes, alternative proteins, and biopharmaceuticals, meeting the demands of today and shaping the solutions of tomorrow.
Speaker Change: As we move forward dynamic remains deeply committed to delivering sustainable value to our shareholders and partners.
Speaker Change: The growing pipeline, our strong network of collaborators and platforms built for efficiency and scalability, we are well positioned to lead in the global production of enzymes alternative proteins and biopharmaceutical meeting the demands of today and shaping the solutions of tomorrow.
Joe Hazelton: I will now turn the call over to Jo Hazelton, our Chief Operating Officer, who will provide you with an update on our Q1 progress towards exploiting commercialization opportunities. Jo? Thank you, Mark. We are increasingly focused on building a strong portfolio of commercial-ready, non-pharmaceutical products across the life sciences, bioactives, and ingredients in industrial sectors, areas where our expression platforms offer significant advantages in speed, scalability, and cost-efficient In these segments, we're developing, advancing a diverse range of high-value combinant proteins, enzymes, and bioactive ingredients that are well-aligned with growing global demand for sustainable animal-free solutions. Our top commercialization priority lies in the cell culture media space, a market valued at over $6.1 billion globally, and growing at a robust 13% compound annual growth rate.
Speaker Change: I will now turn the call over to Joe Hazelton, our Chief operating officer.
Joe Hazelton: Where are you with an update on our Q1 progress towards exploiting commercialization opportunities Joe.
Joe Hazelton: Thank you Mark.
Joe Hazelton: We are increasingly focused on building a strong portfolio of commercial ready non pharmaceutical products across our life Sciences, bioactive ingredients and industrial sectors areas, where expression platforms offer significant advantages in speed scalability and cost efficiency.
Joe Hazelton: In these segments were developing advancing diverse range of high value of prominent proteins enzymes act ingredients that are well aligned with our growth.
Joe Hazelton: With growing global demand for sustainable animal free solutions.
Joe Hazelton: Our top commercialization party lives and cell culture media space, a market valued at over $6 $1 billion globally and growing at a robust 13% compound annual growth rate within this segment through our collaboration with <unk> health in Biologics, we expect to launch a recombinant human human serum albumin in Q3 2025.
Joe Hazelton: Within this segment, through our collaboration with ProLiant Health and Biologics, we expect to launch a recombinant human serum albumin in Q3 2025. This product is designed to replace animal-derived components in key markets such as diagnostics, medical device coatings, gene therapy products, and chemically defined cell culture media. We also anticipate achieving a third milestone payment related to productivity improvements in Q2. In parallel, we're advancing a recombinant transfer, which has demonstrated comparable cell growth performance to reference standards in preliminary studies. Sampling programs are active in work. We are engaged in early stage partnership discussions. Additionally, we are developing fibroblast growth factors, or FGFs, a critical class of proteins for regenerative medicine and cell-based manufacturing.
Joe Hazelton: This product is designed to replace animal derived components in key markets, such as diagnostics medical device coatings gene therapy products and chemically defined cell culture media.
Joe Hazelton: We also anticipate achieving the third milestone payments related to productivity improvements to chip.
Joe Hazelton: In parallel we're advancing a recombinant transferring which has demonstrated comparable store growth performance through reference standards. Just preliminary studies sampling programs are active and where we are engaged in early stage partnership discussions. Additionally, we are developing fibroblast growth factors correct, yes.
Joe Hazelton: Nickel class of proteins for regenerative medicine and cell based manufacturing.
Joe Hazelton: Our recombinant FGF products have shown promising bioactivity in cell proliferation assays, and we plan to begin sampling in Q2 2025 to accelerate partner engagement. In the area of DNA and RNA manipulation tools, we are making notable strides to address growing market. Our recombinant DNAse1, RNAse3 enzyme is a key reagent in gene therapy, biopharma production, and molecular diagnostics. To bring this product to market, we're working closely with the European Contract Development and Manufacturing Organization, or CDMO, to validate our production process and initiate the manufacture of research-grade material. Beyond DNAse1, we've developed and validated several additional enzyme prototypes, including RNAse inhibitors and T7 RNA polymerase.
Joe Hazelton: Our recombinant FGF products have shown promising activity in cell proliferation assays.
Joe Hazelton: Plans to begin sampling in Q2 2025 to accelerate partner engagement.
Joe Hazelton: In the area of DNA and RNA manipulation tools, we're making notable strides to address growing market demand a recombinant DNA Swan RNA Street enzyme is a key reagents gene therapy Biopharma production in molecular diagnostics, bringing this product to market, we're working closely with the European contract.
Joe Hazelton: Manufacturing organization C D M O to validate our production process and initiate the manufacturer of research grade material.
Joe Hazelton: On DNA swaps, we've developed and validated several additional enzyme prototypes, including Rnase inhibitors and T cell RNA polymerase. These are part of a broader strategy to expand into nucleic acid tools market, which is projected to exceed $4 billion globally by 2028.
Joe Hazelton: These are part of our broader strategy to expand into the nucleic acid tools market, which is projected to exceed $4 billion globally by 2028. These products are undergoing continued development and optimization, with performance results expected by year-end. Turning to nutrition, in the animal-free dairy products market, valued at approximately $26.5 billion in 2023, our work in non-animal dairy proteins continues to gain momentum, offering both functional and nutritional advantages across multiple sectors. Alpha Lacta Albumin, a key whey protein, is currently undergoing detailed characterization and is being sampled for applications in research, biochemical analysis, and ultimately food-grade nutritional products.
Joe Hazelton: These products are undergoing continued development and optimization with performance results expected by year end.
Joe Hazelton: Turning to nutrition and animal free dairy products market valued at approximately 25 or $26 $5 billion in 2023, our work in non animal dairy proteins continues to gain momentum offering both functional and nutritional advantages across multiple sectors alpha lack the albumin Kiwi.
Joe Hazelton: Protein is currently undergoing detailed characterization is being sampled for applications and research biochemical analysis, and ultimately food grade nutritional products, we're seeing increased partner interest and just animal free alternatives as demand rises across the specialized nutritious nutrition markets like infant formula.
Joe Hazelton: We're seeing increased partner interest in this animal-free alternative as demand rises across the specialized nutrition markets like infant formula, medical nutrition, and wellness products. In parallel, we're advancing human lactoferrin, a multifunctional protein with potential applications in nutrition, research, and pharmaceutical markets. particularly as a functional, bioactive, antimicrobial, anti-inflammatory or immune supportive agent. We're currently advancing optimization to ensure high yield scalable production and accelerating characterization efforts to further refine the product. Looking ahead, we anticipate initiating sampling efforts with prospective partners and customers in late 2025. also within the animal free dairy. Scale-Up is ongoing for the first recombinant dairy enzyme in partnership with our collaborator with a commercial launch expected by year-end.
Joe Hazelton: Medical nutrition and wellness products.
Joe Hazelton: In parallel we've.
Joe Hazelton: We're advancing human lactoferrin multifunctional protein with potential applications in nutrition research and pharmaceutical markets, particularly as a functional bioactive antimicrobial and anti inflammatory immune support of agents.
Joe Hazelton: We're currently advancing optimization to ensure high yield scalable production and accelerating characterization efforts to further refine the product looking ahead, we anticipate initiating sampling efforts with prospective partners and customers in late 2025.
Joe Hazelton: Also within the animal free dairy space scale up is ongoing for the first recombinant area enzyme in partnership with our collaborator with the commercial launch expected by year end.
Joe Hazelton: Additional dairy enzyme candidates are progressing under the 2023 license agreement we signed to develop and commercialize non-animal-derived enzyme solutions for dairy products. In industrial applications, we've made significant progress with enzyme systems that enhance process efficiency. and Freezyme, a product developed by using our DAPABIS expression platform under license to Pharmax Bio and launched in 2024 as a sustainable solution to convert pre-treated agricultural residues into fermentable sugars for more efficiently and cost-effectively. Building on that momentum, Firmbox received a large follow-on purchase order in Q1 2025 and production is now underway with deliveries expected in the This marks an important step forward in driving commercial traction in the bio-industrial market.
Joe Hazelton: Additional Darius on candidates progressing under the 2023 license agreement, we signed to develop and commercialize non animal derived enzyme solutions for dairy processing.
Joe Hazelton: In industrial applications, we've made significant progress with enzyme systems that enhance process efficiency entries on a product developed using our GAAP in Vista expression platform under license to firm up Smile and launched in 2024 as a sustainable solution to convert pretreated agricultural revenues integral natural sugar.
Joe Hazelton: Far more efficiently and cost effectively building on that momentum for box received a large follow on purchase order in Q1 2025 and production is now underway with deliveries expected in the coming months.
Joe Hazelton: This marks an important step forward in driving commercial traction in the bio industrial market.
Joe Hazelton: In parallel, we've developed and are currently testing an enzyme cocktail targeting the approximately $400 million global enzyme market for pulp and paper applications, as well as a candidate cocktail for the biogas industry, where demand continues to grow for cost effective, sustainable processing technology.
Joe Hazelton: In parallel we have developed and are currently testing an enzyme cocktail targeting the approximately $400 million global enzyme market for pulp and paper applications as well as a candidate cost deal. So the biogas industry, where demand continues to grow for cost effective sustainable processing technologies.
Joe Hazelton: While our primary focus is on non-pharmaceutical product commercialization, we continue to strengthen and validate our C1 expression platform through a series of high-impact fully funded collaborative programs. We believe these initiatives can serve as important proof points for the scalability, speed, and cost efficiency of our microbial production technology. One such initiative is the $4.5 million grant from the Coalition for Epidemic Preparedness Innovations, or CEPI, awarded to Fundacion Biotecnopolo de Siena, where Dyadic is a subcontractor eligible to receive up to $2.4 million. The grant supports the development of recombinant vaccines against emerging infectious diseases using the C1 platform, potentially enabling more rapid, cost effective pandemic response.
Joe Hazelton: While our primary focus is on non pharmaceutical product commercialization, we continue to strengthen and validate our C. One expression platform through a series of high impact fully funded collaborative programs. We believe these initiatives can serve as important proof points for the scalability speed and cost efficiency of our microbial production technologies.
Joe Hazelton: One such initiative is a four and a half million dollars grant from the coalition.
Joe Hazelton: For epidemic preparedness innovations or Chevy awarded two five D. C on Biotechnica holiday, Sienna, where dyadic as a subcontractor eligible to receive up to $2 $4 million.
Joe Hazelton: The grant supports the development of recombinant vaccines against emerging infectious diseases, using the <unk> platform potentially enabling more rapid cost effective pandemic response.
Joe Hazelton: Also, we are executing a $3 million program funded by the Gates Foundation to produce low-cost monoclonal antibodies for malaria and respiratory succinctal virus, or RSV. This disease continues to place a heavy burden on global health, particularly in low- and middle-income countries where effective antibody-based treatments have been cost-prohibitive. In addition, Dyadic has been selected to participate in the European Vaccines Hub for Pandemic Readiness, or EVH, a new 100 million euro initiative funded by the European For more information visit www.dyadic.org.au This collaborative initiative is designed to build centralized vaccine R&D and manufacturing capacity, and Dyadic's C1 technology will be evaluated among other cutting-edge solutions.
Joe Hazelton: Also we are executing the $3 million program funded by the Gates Foundation to produce low cost monoclonal antibodies for malaria and respiratory syncytial virus or RSV.
Joe Hazelton: This disease continues to place a heavy burden on global health, particularly low and middle income countries, where effective antibody based treatments have been cost prohibitive.
In addition, <unk> has been selected to participate in the European vaccines hub for pandemic readiness support E V. H, a new 100 million Euro initiative funded by the European Union.
Joe Hazelton: This collaborative initiative is designed to build centralized vaccine R&D and manufacturing capacity and Diana see one technology will be evaluated among other cutting edge solutions.
Joe Hazelton: This not only highlights the growing recognition of a microbial expression. but also underscores the growing demand for scalable non-mammalian production platforms in pandemic preparedness efforts. Our technology is also further explored through the CEPI-UVAX collaboration, which includes a $2.6 million grant to support the development of a MERS vaccine candidate. At the same time, this program is evaluating the C1 expression system's potential to reduce manufacturing costs and accelerate vaccine production time.
Joe Hazelton: This not only highlights the growing recognition of our microbial expression systems, but also underscores the growing demand for scalable non mammalian production platforms and pandemic preparedness efforts.
Joe Hazelton: Our technology is also further explore it through the <unk> collaboration which includes a $2 $6 million grant to support the development of a mers vaccine candidate at the same time. This program is evaluating the siem one expression system potential to reduce manufacturing costs and accelerate vaccine production timelines.
Joe Hazelton: Beyond human health, we're also demonstrating the flexibility of the C1 platform in growing the animal health sector. Our collaborations with Fibro Animal Health, Verovax, LLC, and others focus on further development of ferritin nanoparticle-based vaccines and other vaccines targeting infectious diseases such as avian influenza or bird flu and other livestock. The H5 ferritin nanoparticle vaccine candidate produced using our C1 platform in partnership with VeroVax LLC is being evaluated in poultry. Early trials show the generation of neutralizing antibody responses, supporting the potential for vaccine and diagnostic use. These programs expand how C1 can be used and highlight its strong potential to reduce bioproduction costs in a variety of veterinary applications.
Joe Hazelton: Beyond human health, we're also demonstrating the flexibility of the <unk> platform and growing the animal health sector, our collaborations with phibro animal health <unk> and others focus on further development of fair to nanoparticle based vaccines and other vaccines targeting infectious diseases, such as avian influenza or bird flu.
Joe Hazelton: And other lifestyle packages.
Joe Hazelton: The H five ferrets nanoparticle vaccine candidate produced using our <unk> platform in partnership with Vir reps LLC is being evaluated in poultry.
Joe Hazelton: Early trials show the generation of neutralizing antibody responses supporting the potential for vaccine and diagnostic use these programs expand you'll see one can be used and how it has strong potential to reduce by a production cost and a variety of veterinary applications.
Joe Hazelton: These advancements in our life science, bioactive ingredients, and industrial segments reinforce the versatility and scalability of our C1 adaptivist platforms across diverse market segments.
Joe Hazelton: These advancements in our life science, bioactive ingredients and industrial segments reinforced the versatility of the scalability of our C. Wanted after this platform across diverse market segments. As we continue to translate scientific innovation commercial opportunities. It's equally important to maintain a strong financial foundation to support our growth.
Joe Hazelton: As we continue to translate scientific innovation into commercial opportunities, it's equally important to maintain a strong financial foundation to support our growth.
Ping Rawson: With that, I'll now turn the call over to our Chief Financial Officer, Ping Rawson, who will walk through our first quarter 2025 financial results. Ping. Thank you, Joe. I will now go over our key financial results for the quarter ended March 31st, 2025 in more detail. You can find additional information in our earnings press release and form 10-Q, which we filed earlier today. Total revenue for the quarter ended March 31, 2025 increased to approximately $394,000 compared to $335,000 for the same period one year ago. The increase is driven by the increase in grants revenue of approximately $210,000 from the Gates Foundation and SAPI in 2025.
Speaker Change: With that I'll now turn the call over to our Chief Financial Officer P. Ross, who will walk through our first quarter 2025 financial results.
Speaker Change: Thank you Joe.
Speaker Change: I will now go over our key financial results for the quarter ended March 31st 2025, and more detail you can find additional information in our inflows are in.
Speaker Change: In our earnings press release, and Form 10-Q, which was filed.
Speaker Change: While early it's about.
Speaker Change: Total revenue for the quarter ended March 31st 2025, including approximately 394000 compared to $335000, but its own P&L wonder about.
Speaker Change: Okay.
Speaker Change: <unk> and grants revenue of approximately $210000 for the gains from the Gates Foundation on the sake in 2020 fives.
Ping Rawson: There was no grant revenue for the three months ended March 31st, 2024. Cost of research and development revenue for the quarter ended March 31, 2025 decreased to approximately $126,000, comparing to $144,000 for the same period a year ago. The decrease in cost of research and development revenue was due to the decreasing number of collaborations in 2025. Cost of rent revenue for quarter ended March 31st, 2025 was approximately $171,000 compared to year for the same period a year ago. Research and development expenses for the quarter ended March 31st, 2025 decreased to $495,000 compared to $523,000 for the same period a year ago.
Speaker Change: There was no grant revenue for the three months ended March 31st 2024.
Speaker Change: Research and development revenue for the quarter ended March 31st 2025 equal to approximately $126000 compared to $144000 great. Thank you yeah about.
Speaker Change: The decrease in cost of research and development revenue was due to the decreasing number of collaboration in quite a while.
Speaker Change: Cost of goods level quarter on March 31st quantum cobalt was approximately $171000 component.
Speaker Change: I worry about.
Speaker Change: Research and development expenses for the quarter ended March 31st 2025 people.
$95000 compared to $523000 a year ago.
Ping Rawson: The decrease reflected a decrease in the amount of ongoing internal research projects. EMA expenses for the quarter ended March 31st, 2025, decreased by 10.8% to $1,596,000, comparing to $1,789,000 for the same period a year ago. The Decrease reflected decreases in business development and investor relations expenses of $97,000, management incentives of $78,000, accounting and legal expenses of $41,000. partially offset by other increases of $34,000. Loss from operations for the quarter-ended March 31st, 2025 decreased to $2,002,000 compared to $2,126,000 for the same period a year ago. Net loss for the quarter ended March 31, 2025 as $2,028,007 to share compared to $2,010,000 or $0.07 to share for the same period a year ago.
But equally with Blackwell the aggregate amount of ongoing internal research problem.
Speaker Change: Yeah. Thanks, Michael for the quarter ended March 31st one was on a ball equal about 1.8121 million $596000 compared to $1 $789000 for the phone.
Speaker Change: A year ago.
Speaker Change: The decrease blockable inclusive of all of them on the back of their life cycle.
Speaker Change: $7000 last month with Duncan.
Speaker Change: $78000 autonomy and they need those sponsors.
Speaker Change: That's about $41000.
Speaker Change: Absolutely I'm, sorry to bother Wakarusa $44000.
Speaker Change: Loss from operations for the quarter on March 31st 2025 equal to chemo $2000 to more than $126000.
Speaker Change: No.
Speaker Change: Net loss for the quarter ended March 31st wanted to quantify that.
Speaker Change: $28000 or seven 5% compared to Q1.
Speaker Change: <unk> thousand dollars on southern power.
Speaker Change: A year ago.
Ping Rawson: As of March 31st, 2025, we have cash and investment-grade securities of $7.4 million, compared to $9.4 million as of December 31st, 2024.
Speaker Change: As of March 31st one Bob we have Klaus on boxing day.
Speaker Change: Oh, seven $4 million compared to like $1 million as of December 24.
Ping Rawson: We continue to strengthen our balance sheet to support our near-term revenue growth and accelerate our strategic objectives of commercialization opportunities for pharmaceutical and non-pharmaceutical applications.
Speaker Change: We continue to strengthen our balance sheet.
Speaker Change: No problem Robin as well on a consolidate all strategic objectives, all commercialization opportunities.
Speaker Change: From a critical all along from a so called a proposal.
Unknown Executive: With that, I will now ask the operator to begin our Q&A session. Each caller will be allowed one question and one follow-up question to provide all callers with an opportunity to participate. If time permits, the operator will allow additional questions from those who have already spoken.
Speaker Change: With that I will now ask the operator to begin our Q&A Samsung each caller will be allowed one question and one follow up question to provide all callers an opportunity to participate.
Speaker Change: Michael Mark Yockey there'll be a lot of additional questions Sunbelt school called Addis cellphone.
Unknown Executive: I will now ask the operators to begin our Q&A session, after which Mark Emalfarb, our CEO, will provide closing remarks. Operators. Thank you. We'll now be conducting a question and answer. If you would like to ask a question, please press star 1 on your telephone The confirmation tone will indicate your line . You may press star 2 to remove your question.
Speaker Change: I will now ask the operator to begin the alteon, Samsung afterwards, Mark and Bob.
al: Al will provide closing remarks.
Speaker Change: Operator.
Speaker Change: Thank you well now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.
Speaker Change: Confirmation tone will indicate your line is in the question queue. You May press star two to remove your question from the queue for participants using speaker equipment may be necessary to pick up the handset before pressing the star keys.
Unknown Executive: For participants using speaker equipment, it may be necessary to pick up the handset One moment, please, while we pull.
Speaker Change: One moment, please while we poll for questions.
John Vandermosten: Our first question is from John Vandermosten with. Great. Thank you. And good afternoon, Mark, Joe and Ping. So, congratulations on the firm box deal there. That's nice to see that. Can you tell me how the royalty arrangement works with them and how you might recognize some benefit from that contract that they got?
Speaker Change: Our first question is from Jon Vander motion with that.
Speaker Change: Great. Thank you and good afternoon, Mark Joe and team.
Speaker Change: So congratulations on the firm box.
Speaker Change: The deal there that's nice to see that can you tell me how the royalty arrangement works with them and how you might recognize some some benefit from that.
Speaker Change: From that contract that they got.
Mark Emalfarb: Joe, do you want to go ahead and answer that? Go ahead, Mark, and then I can fill in. Yeah, so we basically we have a joint venture collaboration with Firmbox, a multitude of different product opportunities, including this one that we're talking about here today. And the profit split is going to be split between the two companies. And we're not getting into the exact details here, but it's a fairly large profit split for both of us. So as he ramps up and lowers his cost of goods, and starts delivering these enzymes for this application, we expect that to be quite a large application.
Joe Hazelton: Hey, Joe do you want to go ahead and answer that.
Joe Hazelton: Go ahead, Mark and then I can fill in.
Mark: Yes, so we basically so we have a joint venture with collaboration with firm box a multitude of different product opportunities, including just wondering if we're talking about here today.
Mark: And the profit split is going to be split between the two companies and.
Mark: And we're not getting into the exact details here, but it's a fairly large profit split for both of us so as he ramps up and lowers the cost of goods and starts delivering these enzymes for this application.
Mark: Tend to be quite a large application.
Joe Hazelton: And we'll fill you in on future quarters on that.
Mark: And we'll fill you in on in future quarters on that.
Joe Hazelton: Joe do you want to add to that.
Joe Hazelton: I think the only thing I would add to that is that the revenue sharing is immediate, it's not going to be, you know, I guess delayed. So as the sales start to roll in, we'll start to see some revenue coming in from those.
Mark: Yeah, I think the only thing I would add to that.
Speaker Change: The revenue sharing is immediate it's not going to be.
Mark: So yeah.
Mark: She will start to roll in we'll start to see some revenue coming in from those.
John Vandermosten: Okay, and I also want to follow up on the albumin arrangement and Let's see if you could comment on the progress here, and then also if there had been any advanced orders placed by customers for that product through ProLiant. No advanced orders at the current time, they're not actually taking them until the samples have gone out. That's expected within the second quarter here that sampling will begin so that the orders can start being fulfilled and taken in the third quarter. So hopefully in the second quarter we'll start to see some of those, but we're still getting the final phases of scaling up and fill and finish.
Mark: Okay.
Speaker Change: Well I just wanted to follow up on the albumin arrangement and.
Speaker Change: See if you could comment on the progress here and then also if there had been any advanced orders placed by customers for that product through.
Speaker Change: Lance.
Lance: No advanced orders as the current contact they're not actually taking them until the samples had gone out that's expected within the second quarter here that simply will begin.
Lance: The orders can start being fulfilled and taken in the third quarter. So hopefully in the second quarter, we will start to see some of those but we're still getting the final phases of scaling up and fill and finish but everything right now is looking positive.
Joe Hazelton: But everything right now is looking positive, and we're keeping our fingers crossed and keeping our foot on the gas to make sure that this gets to market as quickly as possible.
Lance: Keep our fingers crossed and keeping our foot on the gas to make sure that this gets to the market as quickly as possible.
Lance: Okay. Thanks, Jim.
Joe Hazelton: Thanks, Joe.
Lance: Yeah.
Dick Williams: Our next question is from Dick Williams with Williams Research. Hi, guys. John asked the same question about what I was asking on Firmbox, but maybe there's one part you didn't cover, Joe.
Speaker Change: Our next question is from <expletive> Williams with Williams Resource group.
Williams: Hi, guys.
Speaker Change: John asked the same question about what I was asking on sandbox, where maybe there's one part you didn't cover Joe This is for Joe.
Dick Williams: This is for Joe. They have one, what I understand, they won a bid that they put in, I don't know with whom, I think it was the government, but I'm not sure. And that's what we're talking about, that is some revenue generation for us once they start delivering these things. But is there any opportunity for them to bid other contracts with the government or others where we also are a 50% participant?
Speaker Change: They haven't one of what I understand they want a bid that they put it on I don't know what some of them I think it was the gunman, but I'm not sure.
Speaker Change: That's what we're talking about that as would some revenue generation for us once they start delivering these things, but is there any opportunity for them to bid other contracts with the government or others, where we also are off 50% participant.
Joe Hazelton: And Dick, thanks for the question. I can't get into exactly the specifics on the order itself, but you're absolutely correct. It's not a one and done from a big standpoint. We're evaluating not only options from a government standpoint, but also the private sector as well. So we're hoping that this continues to grow as we start to see this getting onto the market, but definitely not going to be limited to just government.
Speaker Change: [laughter] <expletive> Thanks for the question.
Speaker Change: I cant get into exactly what the specifics on the order itself, but you're absolutely correct. It's not.
Speaker Change: <unk> gotten through a bid standpoint, we're evaluating not only options from a government standpoint, but also the private sector as well. So we're hoping that this continues to grow as we start to see this getting onto the market, but definitely not going to be limited to just government.
Dick Williams: Okay, thanks. That's all for me. Thanks.
Speaker Change: Okay. Thanks, that's all for me thanks.
Doug: Thanks, Doug.
Paul Rosenbaum: Our next question is from Paul Rosenbaum with S.W. Hi, Joe. I guess this is a question for you. You know, I've been around a long time. I own a hell of a lot of shares in this company. And what I heard on this call today was that you have a large commercial order, and that you're going to concentrate on the non-pharmaceutical commercial area.
Speaker Change: Our next question from Paul Rosenbaum with S. W. R.
Paul Rosenbaum: Hi, Joe.
Speaker Change: I guess this is a question for you.
Paul Rosenbaum: I've been around a long time.
Paul Rosenbaum: Oh Hell of a lot of shares in this company.
Paul Rosenbaum: And what I heard on this call today was that you would have a large commercial order and that we are going.
Going to concentrate on the non pharmaceutical commercial area.
Mark Emalfarb: When does the Either one, Mark or Joe, when do you start spending less money on the $4.6 million in research and the $3 million in the Gates Foundation, which, you know, I've been around a long time. There's no revenue coming in there. It's exciting that There's going to be revenue in the protein area. When does the board decide that you're going to spend less money in one area and a lot more money in the area where revenue is coming in? This is not a criticism. It's just an observation on my part. And I think I'm allowed to say that considering how long I've been a friend of this company.
Speaker Change: When does that.
Speaker Change: Either one mark or Joe.
Speaker Change: When do you start.
Speaker Change: Spending less money on the.
Speaker Change: $4.6 million in research and <unk> 3 million and the Gates Foundation, which.
Speaker Change: I've been around a long time.
Speaker Change: No revenue coming in there is exciting.
There's going to be revenue in the protein area.
Speaker Change: When does when does the board decided that youre going to spend less money in one area and a lot more money in the area where revenue is coming in.
Speaker Change: This is not a criticism, it's just an observation on my part.
Speaker Change: I think I'm allowed to say that considering how long it had been a friend of this company.
Mark Emalfarb: Thank you all. First of all, again, appreciate the question and absolutely you have the right to voice your opinion and we're glad to hear it. I think the key is it's now. Now we are starting to reprioritize all of our resources and all of our focus in the non-pharmaceutical sector for revenue generation through commercialization-ready products like albumin or in the dairy space with the non-animal dairy enzymes. It isn't that we are putting a lot of effort and resources into the human health. It's kind of, I don't want to say an autopilot, but we've taken it as far as we can take it as a company and now we need to rely on our partners and our collaborations to take it further.
Speaker Change: Okay.
Speaker Change: Paul.
Speaker Change: Yes go ahead.
Speaker Change: First of all again I. Appreciate the question is absolutely the right to voice your opinion and we're glad to hear it.
Speaker Change: I think the key is it's now now we are starting to re.
Speaker Change: Prioritize all of our resources in all of our focus in the non pharmaceutical sector for revenue generation through commercialization ready products like albumin or within the dairy space with a non animal dairy enzymes it isn't.
Speaker Change: We are putting a lot of effort and resources into the human health is kind of I don't want say on autopilot, but we've taken it as far as we can take it as a company and now we need to rely on our partners and our collaboration is to take it further so in the coming weeks months years, it's going to be the focus on product developments.
Mark Emalfarb: So, in the coming weeks, months, years, it's going to be the focus on product development rather than platform development. Any platform development that we need to do will be focused on the products that are going through. And I think the toolbox that Mark and the team have created over the last 10 years has enabled us to do that. Now we just need to resource it and focus appropriately in those segments. But it's a valid question and we absolutely are moving in that direction.
Speaker Change: Rather than be a platform development any platform development that we need to do we focus on the products that are going through and I think the toolbox the mark and the team has created over the last 10 years has enabled us to do that now we just need to resource it.
Speaker Change: Focus appropriately in those segments, but it's it's a valid question and we absolutely are moving in that direction.
Paul Rosenbaum: That's encouraging to hear and I appreciate that. Thank you.
Speaker Change: That's encouraging to hear.
Appreciate that thank you.
Speaker Change: Thank you.
John Vandermosten: Our next question is from John Vandermosten. Great. Thank you for the chance to ask a follow-up.
Speaker Change: Our next question is from Jon Vander motion with that.
Speaker Change: Great. Thank you for the chance to ask a follow up.
John Vandermosten: Looking at your non-dairy applications portfolio, what product of those three appears to have the best margins? And then how does this compare with the reagent protein? in terms of, you know, attractive margin. It's a great.
Speaker Change: Looking at your non dairy applications portfolio, what percentage of those three has appears to have the best margins.
Speaker Change: And then how does this compare with the reagent proteins.
Speaker Change: In terms of you know attractive margins.
Speaker Change: That's great.
Joe Hazelton: Of all the current pipeline, Lactoferrin probably has the highest margin potential, simply because it's a much smaller portion of the protein concentration in milk products. That being said, alpha-lactalbumin, I think, overall has the largest market potential in terms of volume and margins for us, because it's a lot larger, it's still a high-value segment, and it's not quite as easy to produce in some systems, so we just happen to be very fortunate that our development is moving well. We have a very productive strain, and so far, the initial testing has demonstrated not only that we're equivalent to current research-grade alpha-lactalbumin products that are on the market, we also have some application testing in the food products that's ongoing right now, and the initial results look positive.
Speaker Change: Of all the current pipeline lactoferrin, probably has the highest margin potential simply because it's a much smaller portion of the protein concentration and milk products.
Speaker Change: That being said Alpha Lactalbumin I'd say overall has the largest market potential in terms of volume and margins for us because it's a lot larger it's still a high value segment.
Speaker Change: It's not quite as easy to producers and some systems. We just haven't we're very fortunate that our development is moving while we have a very productive strains and so far the initial testing has fluctuated.
Speaker Change: Equivalent to current research grade alpha lack of them.
Speaker Change: Products that are on the market. We also have some application testing.
Speaker Change: Food products, that's ongoing right now and the initial results look positive. So I'm cautiously optimistic that we don't have too much more work on that that we can continue to progress towards commercialization more rapidly and to start to drive that.
Joe Hazelton: So I'm consciously optimistic that we don't have to do too much more work on that, that we can continue to progress towards commercialization more rapidly and just start to drive the production. So I definitely understand where you're coming from.
Speaker Change: The production, so I definitely understand where you're coming from some of these segments are very sound like the dairy enzyme segments. The margins are a lot tighter, but when you get into these specialized medical nutrition infant formula products, they are definitely higher value segments.
Joe Hazelton: Some of these segments are very thin, like the dairy enzyme segment, the margins are a lot tighter, but when you get into the specialized medical nutrition infant formula products, they're definitely higher-value segments that we're going to be chasing, but I do think launch the product. Sorry about that. Okay. No, great, great detail on that. That's great information.
Jason: We're gonna be Jason, but I do think alphatec represents probably the largest and quickest potential lactoferrin, there's been a couple of companies over the years that.
Speaker Change: Tried it and haven't done quite so well.
Speaker Change: Not trying to launch the products ourselves, we're just trying to launch the.
Speaker Change: Let's see.
Sorry about that.
Speaker Change: Okay, no great great detail on that and that's great information.
Speaker Change: Oh.
Tony Bowers: Our next question is from Tony Bowers with intro. Hi, Tony. Are you there? Tony, is your line on?
Speaker Change: Our next question is from Toni balanced with intro Act.
Tony: Hi, Tony you there.
Speaker Change: Tony is your line on mute.
Speaker Change: Okay.
Joe Hazelton: Hi, I'm Mark Joseph better. I'm off speaker Yeah, thanks. A couple of different questions. You give a statistic on the number of paid collaborators dropping nine to four. Is that partly because of the pivot? Or is there any color on, you know, why folks have dropped out, what results there were when they're satisfied with the collaboration, but just aren't going ahead? It's obviously a very weird environment right now in life sciences. That's the first question. The second is, tariffs are pretty topical right now. Is there any quantifiable tariff problems for you guys with the initiatives you've got going?
Speaker Change: Hi, Hi, Mark Jones that better I'm off speaker.
Speaker Change: Yeah. Thanks, Thanks, Kevin.
Speaker Change: Couple of couple of different questions.
Speaker Change: You gave a statistic on the number of paid collaborators dropping nine to four is that partly because of the pivot.
Speaker Change: Is there any color on why folks who have dropped out what result, there were you satisfied with the collaboration but you'll start going ahead with the obviously, a very weird environment right now in life Sciences.
Speaker Change: That's the first question.
Speaker Change: Second as terrorists are pretty topical right now is there any.
Speaker Change: Quantifiable Paris problems.
Speaker Change: For you guys with the initiatives you've got going.
Joe Hazelton: You want to answer that first? You probably want me to do that. Yeah, sure. You're probably better equipped to handle the tariffs, so I'll maybe address that first. Right now, we don't see a significant problem, but we actually see potential opportunity. You know, when you look at, you know, onshoring, especially with biologics and manufacturing, that could potentially be an area of potential for us. Obviously, we're looking at expanding our capability for manufacturing here in the US. We do have a pretty good footprint abroad.
Speaker Change: You want to answer that first really want me to do that.
Speaker Change: Yeah sure I can you probably share equipped to handle the tariffs as well maybe address that first right now we don't see a significant problem, but we actually see potential opportunity when you look at onshore and especially with biologics manufacturing.
Speaker Change: Could potentially be an area of potential for us obviously, we're looking at expanding our capability for manufacturing here in the U S. We do have a pretty good footprint abroad.
Joe Hazelton: As you look at some of the other markets, or some of the other collaborators that have dropped off, it is due to the pivot. We are focusing on licensing deals and product partnerships, rather than collaborations that require use of our resources and potential investment. We're actually trying to make sure that everything we're doing is focused on bringing products to market, whether that's by ourself or in conjunction with other partners. So, we have a lot of ongoing discussions happening right now, a lot of term sheets that are being exchanged. So, we're optimistic this is going to pick up rather quickly.
Speaker Change: As you look at some of the other markets that are some of the other collaborators that have dropped off it is due to the pivot we are focusing on licensing deals and product partnerships rather than collaborations that required use of our resources and the potential investments.
Speaker Change: Actually trying to make sure that everything we're doing is focused on bringing <unk>.
Products to market, whether that's far herself or in conjunction with other partners. So we have a lot of a lot of ongoing.
Speaker Change: Discussions happening right now a lot of term sheets that are being exchanged so where.
Speaker Change: I think this is going to pick up rather quickly I can't get into a lot of that but it definitely is a much different focus for us rather than chasing collaborations that will take development in 12 years to produce a product we want to be introducing products like we do with <unk> partnering them within 12 to 18 months somewhere in that neighborhood.
Joe Hazelton: I can't get into a lot of that, but it definitely is a much different focus for us, rather than chasing collaborations that will take development and, you know, 12 years to produce a product. We want to be producing products like we do with ProLiant and partnering them within 12 to 18 months, somewhere in that neighborhood.
Mark Emalfarb: And the firm box initiative, this is back to your old roots, will, is that I think of it as ethanol, for example, is it something like that as an end product? Yes, you're absolutely right. That is exactly how you would think of it. Okay, so it fits into the like a renewable fuel. Yeah. And the thing with Fernbox, it's not just a one-off, as Joe pointed out earlier, we're in discussions with Velma and on their own for additional partners and collaborators that would like to build multiple plants based on the success of this first customer.
Speaker Change: And the other firm box initiative. This is back to your old routes.
Speaker Change: Well, yes.
Speaker Change: Yep.
Speaker Change: So I think of it as ethanol for example is it something like that as an end product.
Speaker Change: Okay.
Speaker Change: Yes, you're absolutely right.
Speaker Change: Exactly how you would think of it.
Speaker Change: Okay. So it fits into the right.
Speaker Change: Renewable fuel.
Speaker Change: No.
Speaker Change: Yeah.
Speaker Change: And the thing with sandbox and its not just a one off that helped pointed out earlier.
Speaker Change: We're in discussions on.
Speaker Change: On their own or additional partners and collaborators that we'd like to build multiple plants based on the success of this first customer.
Mark Emalfarb: So we've been testing different substrates with those enzymes to see how well they get digested and turn into glucose shakers, or renewable chemicals and fuels. So it's not a one-off, but we think it's a reproducible, consistent growth area for us and for Firmbox, as well as other products, as Joe pointed out earlier, pulp and paper and biogas and other things that we're looking at developing. For more information, visit www.firmbox.com And your question about tariffs and how it would affect us, I think we want to make it clear, the albumin is being produced here in America, so it's not going to affect at all reliance.
Speaker Change: We've been testing different substrates.
Speaker Change: Those enzymes to see how are they get digested and turned into glucose shareholders.
Speaker Change: Renewable chemicals and fuels.
Speaker Change: So it's not a one off.
Speaker Change: They have a reproducible consistent.
Joe Hazelton: Both area for us and for our firm box as well as other products and as Joe pointed out earlier.
Joe Hazelton: Pulp and paper and biogas and other things that we're looking at developing.
Speaker Change: I'm wondering if on tariffs.
Speaker Change: I think we want to make it clear the Halloween entertained produced here in America, So it's not going to affect at all reliant.
Mark Emalfarb: So that's a domestic production. And we have other things. The enzymes, actually, with our dairy enzyme company, it's going to be launching the dairy enzyme. It's produced here in America as well. So both of those are being scaled up here in the U.S. So that's a good thing. And then, as Joe pointed out, on biomanufacturing, you know, and as you saw, I think, the other day, you know, where there's an executive order to reduce the cost of drugs, which include biologics, which are the most expensive. There's pressure on the pharmaceutical industry that hopefully will be looking for more efficient ways to produce their products so they can maintain their margins as they're getting squeezed on the other side.
Speaker Change: Domestic production Yep.
Speaker Change: Yep.
Speaker Change: And we have other things the enzymes actually with our dairy enzyme company, it's going to be launching <unk> is produced here in America as well. So both of those are being scaled up here in the U S.
Speaker Change: That's a good thing and then as Joe pointed out and bio manufacturing.
As you saw I think the other day.
Speaker Change: And as an executive order to reduce the cost of drugs, which include biologics, which are most expensive.
Speaker Change: Your line of pharmaceutical industry.
Speaker Change: We will be looking for more efficient ways to produce new products. So they can maintain their margins.
Speaker Change: Getting squeezed on the other side.
Speaker Change: Mhm.
Speaker Change: Yeah.
Mark Emalfarb: That's great. And if I missed it, sorry, did Ping forecast the burn rate going ahead? Oh, no, she did not. Any aspirations on that? I think we hope to, like we showed in the third quarter, when we get money in from ProLiant, when we get money in from our dairy milestone, that we will have license agreements of, we hope, significantly more money up front, milestones, and then of course launching these products, getting revenue in from both ProLiant on the album sales, and also from Firmbox, and launching the transfer, and then a D&H one, either on our own or in collaboration with different parties that we're in discussions with now.
Speaker Change: That's great and if I missed it.
Speaker Change: Sorry, I did think forecast the burn rate going ahead.
Speaker Change: No she did not.
Speaker Change: Okay.
Speaker Change: Any any aspirational right we're looking at.
Speaker Change: I think when you hope to like we showed in the third quarter.
Speaker Change: <unk> got money in from <unk>, and we got money in women.
Speaker Change: Milestone.
Speaker Change: We will have license agreements.
Speaker Change: We hope significantly more money upfront milestones and then of course launching these products getting revenue in from both our alliance on the.
Speaker Change: Sales and also from firm box and launching the transfer and a DNA <unk>.
Speaker Change: Our own or in collaboration with different parties and we're in discussions right now.
Joe Hazelton: I don't know, Joe, do you want to add any color to that? No, I think probably the decrease in the number of collaborators, too, is due to the fact that we need to take these products further in order to maximize the potential. You look at albumin, just taking albumatics as an example, the company sold for $500 million, but they worked on it for 20 years. Obviously, we don't want to have those types of products, it takes a little too long. But in this segment, we really do need to take these a little further, and if we're going to have more upfront monies and longer or shorter term revenue projections, we'll need to have these products validated, have production methods at least somewhat up and running, and have the protein characterized and the correct assays done, because that's what drives the value.
Speaker Change: Joe you want to add any color to that.
Joe Hazelton: I think the probably the decrease in the number of collaborators to us due to the fact that we need to take these products further in order to maximize the potential.
Speaker Change: If you look at argument.
Speaker Change: I'll be medics as an example, the company sold $500 million, but they worked on it for 20 years.
Speaker Change: Obviously, we don't want to have those types of those types of products. It takes a little too long, but in the in this segment, we really do need to take these a little further if we're going to have more upfront monies and longer or shorter term revenue projections will need to have these products validated production methods.
Speaker Change: At least somewhat.
Right.
Speaker Change: Have the protein characterizing the correct assay is done because that's what drives the value. If we partner it is too early.
Joe Hazelton: If we partner these too early, we're just kind of shooting ourselves in the foot. We're taking a little bit more time to make sure that we have all the necessary information to extract as much value in our partnerships or in our sales as possible. Thank you.
Speaker Change: We're just kind of shooting ourselves in the foot. Thanks for taking a little bit more time to make sure that we have all the necessary information to extract as much value in our.
Speaker Change: Partnerships or in ourselves as possible.
Unknown Executive: There are no further questions at this time.
Speaker Change: Thank you there are no further questions at this time I'd like to hand, the floor back over to Mark Ammo farm for any closing remarks.
Mark Emalfarb: I'd like to hand the floor back over to Mark Emalfarb for any closing comments. I'd love to thank all of you for joining us today and for your support over the years. In closing, Q1 2025 marked a pivotal step forward in Dyadic's evolution from a development stage biotech company to a product-driven, revenue-generating enterprise by focusing our efforts on the development of functional, recombinant solutions and proprietary production strains to manufacture large quantities of precision-engineered proteins and enzymes for use in life science, nutrition, and industrial applications. We are positioning ourselves and our partners to meet the growing global demand for scalable and affordable, animal-free, precision-engineered proteins and enzymes.
Speaker Change: I'd like to thank all of you for joining us today.
Speaker Change: Hard over the years and closing in Q1 2025 marked a pivotal step forward and Diana evolution from a development stage biotech company.
Speaker Change: Driven revenue generating enterprise.
Speaker Change: By focusing our efforts on the development of functional or commented solutions and proprietary production as trains to manufacture large quantities of precision engineered proteins and enzymes for use in life science nutrition and industrial applications, we are positioning ourselves and our partners to meet the growing global demand for <unk>.
Speaker Change: Scalable and affordable animal free precision engineered proteins and enzymes.
Mark Emalfarb: With commercial launches on the near horizon, a robust pipeline backed by non-dilutive funding, and a powerful technology platform, both for C1 and Appobis, validated across multiple sectors, we believe Dyadic is well on its way to unlocking meaningful long-term value for our shareholders. We appreciate your continued support and look forward to updating you on our progress in the months ahead.
Speaker Change: With commercial launches now horizon, a robust pipeline backed by non dilutive funding and a powerful technology platform for.
Speaker Change: <unk>.
Speaker Change: Elevated across multiple sectors, we believe Diane is well on its way to unlocking meaningful long term value for our shareholders.
Speaker Change: We appreciate your continued support and look forward to updating you on our progress in the months ahead.
Unknown Executive: This concludes today's conference.
Speaker Change: This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
Unknown Executive: You may disconnect your lines at this time. Thank you for your participation.