Q1 2026 Dyadic International Inc Earnings Call

May 13, 2026

Operator: Good evening, welcome to Dyadic International's Q1 2026 conference call. Currently, all participants are in a listen-only mode. Following management's prepared remarks, there will be a brief question and answer session. As a reminder, this conference call is being recorded today, 13 May 2026. I would now like to turn the call over to Ms. Ping Rawson, Dyadic's Chief Financial Officer. Please go ahead.

Speaker #2: As a reminder, this conference call is being recorded today, May 13th, 2026. I would now like to turn the call over to Ms. Ping Rawson, DYADIC's Chief Financial Officer.

Speaker #2: Please go ahead.

Ping Rawson: Thank you, operator. Good evening, welcome everyone to Dyadic's Q1 2026 Conference Call. I hope you have had the opportunity to review Dyadic's press releases announcing financial results for the quarter ended 31 March 2026. You may access our release and Form 10-Q under the Investors section of the company's website at dyadic.com. On today's call, our President and Chief Operating Officer, Joseph Hazelton, will review our Q1 2026 business and corporate highlights and provide commentary on the strategic direction of the business. Our CEO, Mark Emalfarb, will provide an update on our biopharmaceutical programs. I will follow with a review of our financial results in more detail. After which, we will hold a brief Q&A session.

Ping Rawson: Thank you, operator. Good evening, welcome everyone to Dyadic's Q1 2026 Conference Call. I hope you have had the opportunity to review Dyadic's press releases announcing financial results for the quarter ended 31 March 2026. You may access our release and Form 10-Q under the Investors section of the company's website at dyadic.com. On today's call, our President and Chief Operating Officer, Joe Hazelton, will review our Q1 2026 business and corporate highlights and provide commentary on the strategic direction of the business. Our CEO, Mark Emalfarb, will provide an update on our biopharmaceutical programs. I will follow with a review of our financial results in more detail. After which, we will hold a brief Q&A session.

I hope you have had opportunity to review that Express, releases announcing Financial results, for the quarter ended March, 31st, 2026,

You may access our release and form 10q and the investor section of the company's website at that.com.

On today's call our president and Chief Operating Officer. Joe Hazleton will reveal our q1 2026 business and corporate highlights.

And provide commentary on the strategic direction of the business.

Our CEO Mark will provide an update on our bioharmony.

And I will follow with a review of our financial results in more detail.

After which, we will 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 forward-looking statements, which involve 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 these forward-looking statements. 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 the SEC. It is now my pleasure to pass the call to our President and CEO, Joseph Hazelton. Joe?

At this time, I would like to inform you. That certain commentary made in this conference call may be considered poor-looking statement which involves risks and uncertainties and other factors that could cause addicts actually results, performance, scientific, or otherwise, or achievements to be materially different, from those expressed or implied by these 4 looking statements.

Static expressly, this 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 that report filed with the SEC.

Joseph Hazelton: Thanks, Ping, thank you everyone for joining us today. As we recently held our full year 2025 earnings call, today we want to build on the updates we provided in March by focusing on the continued operational and commercial progress we're making across the business and why we believe Dyadic is increasingly well-positioned for the future. Over the last several years, we have worked to transform Dyadic from a platform technology company into a commercially focused biotechnology company capable of generating recurring revenues from products, partnerships, licensing opportunities, and strategic collaborations. While we're still in the early stages of that transition, we believe the progress made during 2025 and into 2026 demonstrates that the business today is materially different than it was even a year ago. Importantly, products enabled by our microbial production platforms are now entering commercial channels.

Joe Hazelton: Thanks, Ping, thank you everyone for joining us today. As we recently held our full year 2025 earnings call, today we want to build on the updates we provided in March by focusing on the continued operational and commercial progress we're making across the business and why we believe Dyadic is increasingly well-positioned for the future. Over the last several years, we have worked to transform Dyadic from a platform technology company into a commercially focused biotechnology company capable of generating recurring revenues from products, partnerships, licensing opportunities, and strategic collaborations. While we're still in the early stages of that transition, we believe the progress made during 2025 and into 2026 demonstrates that the business today is materially different than it was even a year ago. Importantly, products enabled by our microbial production platforms are now entering commercial channels.

It is now my pleasure to pass the call to our president and CEO Joe Hazleton. Joe,

Thanks, ping. And thank you everyone for joining us today.

As we recently held our full year 2025 earnings call. Today, we want to build on the updates, we provided in March by focusing on the continued, operational and Commercial progress. We're making across the business. Why we believe that is increasingly? Well, positioned for the future.

Over the last several years, we've worked to transform Dyadic from a platform technology company into a commercially focused biotechnology company capable of generating recurring revenue from products, partnerships, licensing opportunities, and strategic collaborations. While we're still in the early stages of that transition, we believe the progress made during 2025 and into 2026 demonstrates that the business today is materially different than it was even a year ago.

Joseph Hazelton: We have products launched, products being shipped, products being sampled by customers, and products beginning to generate revenues through direct sales, OEM distribution, milestone payments, profit sharing arrangements, and strategic partnerships. For investors, the key point is that Dyadic is building multiple potential paths to revenue creation rather than relying on a single product or market opportunity. A strong example is Proliant Health and Biologicals' commercial launch of AlbuFree DX, recombinant human albumin produced using Dyadic's platform technology. Dyadic is eligible to receive a share of the profits from product sales. We believe the significance of this launch extends beyond the economics themselves. It demonstrates that the established industry participants are willing to commercialize products produced using our technology platform and bring them into commercial channels. Similarly, Alphazyme has now commercialized recombinant non-animal bovine chymosin after successfully achieving developmental milestones.

Joe Hazelton: We have products launched, products being shipped, products being sampled by customers, and products beginning to generate revenues through direct sales, OEM distribution, milestone payments, profit sharing arrangements, and strategic partnerships. For investors, the key point is that Dyadic is building multiple potential paths to revenue creation rather than relying on a single product or market opportunity. A strong example is Proliant Health and Biologicals' commercial launch of AlbuFree DX, recombinant human albumin produced using Dyadic's platform technology. Dyadic is eligible to receive a share of the profits from product sales. We believe the significance of this launch extends beyond the economics themselves. It demonstrates that the established industry participants are willing to commercialize products produced using our technology platform and bring them into commercial channels. Similarly, Alphazyme has now commercialized recombinant non-animal bovine chymosin after successfully achieving developmental milestones.

For investors. The key point is that data is building multiple potential paths to revenue creation, rather than relying on a single product or Market opportunity.

A strong example is Proliant Health and Biologicals’ commercial launch of Albu- Free DX recombinant human albumin, produced using Dyadic's platform technology.

Data is eligible to receive a share of the profits from product sales. We believe the significance of this launch extends, beyond the economics themselves, it demonstrates that the established industry. Participants are willing to commercialize products produced using our technology platform and bring them into commercial channels.

Joseph Hazelton: This is another important validation point for our technology and commercialization models. As additional partners bring products to markets, we believe awareness and interest in our platforms will continue to increase. Since these launches and partnership announcements, we've seen growing inbound interest from potential partners, distributors, and customers evaluating our technology for additional proteins and enzymes across life sciences, food and nutrition, and industrial applications. Our strategy is centered around leveraging our proprietary C1 and Dapibus microbial production platforms to produce animal-free proteins and enzymes for large and growing global markets where scalability, manufacturing economics, supply chain reliability, and sustainability matter. We believe our technology is particularly well-suited for these markets because of the many products we target require stable manufacturing, competitive economics, and consistent quality. Traditional production systems can be expensive, difficult to scale, or dependent on animal-derived inputs.

Joe Hazelton: This is another important validation point for our technology and commercialization models. As additional partners bring products to markets, we believe awareness and interest in our platforms will continue to increase. Since these launches and partnership announcements, we've seen growing inbound interest from potential partners, distributors, and customers evaluating our technology for additional proteins and enzymes across life sciences, food and nutrition, and industrial applications. Our strategy is centered around leveraging our proprietary C1 and Dapibus microbial production platforms to produce animal-free proteins and enzymes for large and growing global markets where scalability, manufacturing economics, supply chain reliability, and sustainability matter. We believe our technology is particularly well-suited for these markets because of the many products we target require stable manufacturing, competitive economics, and consistent quality. Traditional production systems can be expensive, difficult to scale, or dependent on animal-derived inputs.

Similarly enzymes has now commercialized recombinant non-animal Vine chosen after successfully achieving developmental Milestones. This is another important validation point for our technology and commercialization models.

As additional Partners bring products to markets, We Believe awareness and interest in our platforms will continue to increase.

Since these launches and partnership announcements we've seen growing inbound interest from potential Partners, Distributors and customers, evaluating our technology for additional proteins and enzymes across Life Sciences, food and nutrition, and Industrial applications.

Our strategy is around Center centered around leveraging, our proprietary C1, and database microbial production platforms to produce. Animal-free proteins and enzymes for large and growing Global markets, where scalability manufacturing economics supply chain, reliability and sustainability matter.

We believe our technology is particularly well suited for these markets because many of the products we target require stable manufacturing, competitive economics, and consistent quality.

Joseph Hazelton: Our platforms are designed to address those challenges while enabling partners and customers to move toward more sustainable and animal-free solutions. In life science, we are focused on recombinant proteins and enzyme used in cell culture media, diagnostics, molecular biology, and bioprocessing applications. These are attractive markets because many products are consumables that generate recurring demand once qualified into customer workflows. For example, recombinant transferrin is used in serum-free and animal-free cell culture media and supports cell growth and viability. Demand for transferrin can scale alongside growth in cultivated meat, biologics manufacturing, and advanced cell culture applications. During the quarter, we continued to expand customer engagement around recombinant bovine transferrin and received initial purchase orders within the cultivated meat segment. While still early, we believe this is an important indicator of market adoption.

Joe Hazelton: Our platforms are designed to address those challenges while enabling partners and customers to move toward more sustainable and animal-free solutions. In life science, we are focused on recombinant proteins and enzyme used in cell culture media, diagnostics, molecular biology, and bioprocessing applications. These are attractive markets because many products are consumables that generate recurring demand once qualified into customer workflows. For example, recombinant transferrin is used in serum-free and animal-free cell culture media and supports cell growth and viability. Demand for transferrin can scale alongside growth in cultivated meat, biologics manufacturing, and advanced cell culture applications. During the quarter, we continued to expand customer engagement around recombinant bovine transferrin and received initial purchase orders within the cultivated meat segment. While still early, we believe this is an important indicator of market adoption.

Traditional production systems can be expensive difficult to scale or dependent on animal. Derived inputs. Our platforms are designed to address those challenges while enabling partners and customers to move toward more sustainable and animal-free solutions.

In life science, we are focused on recombinant proteins and enzymes used in cell culture, media Diagnostics molecular, biology, and bioprocessing applications.

These are attractive markets because many products are consumables that generate recurring demand once qualified once qualified into customer workflows.

For example, with combinate transfer is used in serum free and animal free cell culture, media and support cell growth and viability.

Demand for transferring can scale alongside growth in cultivated meat biologics manufacturing and advanced cell culture applications?

During the quarter, we continued to expand customer engagement around recommended bovine transferrin and received initial purchase orders within the cultivated meat segment.

Joseph Hazelton: These markets typically develop through a progression of evaluation, sampling, qualification, initial purchasing, and ultimately repeat ordering as customer production scales. We also continue advancing recombinant growth factors in additional cell culture components designed to support broader transition towards animal-free media systems. Another important milestone was our OEM distribution agreement with IBT Bioservices. Through this relationship, IBT will commercialize Dyadic recombinant products, including DNase I and transferrin, through its established global distribution channels. We believe this is strategically important because it expands market reach while allowing Dyadic to remain capital efficient. DNase I represents another example of how we intend to commercialize products across multiple channels. Together with Fermbox Bio, we commercially launched recombinant animal origin-free DNase I earlier this year. DNase I is broadly used in molecular biology, diagnostics, and bioprocessing workflows.

Joe Hazelton: These markets typically develop through a progression of evaluation, sampling, qualification, initial purchasing, and ultimately repeat ordering as customer production scales. We also continue advancing recombinant growth factors in additional cell culture components designed to support broader transition towards animal-free media systems. Another important milestone was our OEM distribution agreement with IBT Bioservices. Through this relationship, IBT will commercialize Dyadic recombinant products, including DNase I and transferrin, through its established global distribution channels. We believe this is strategically important because it expands market reach while allowing Dyadic to remain capital efficient. DNase I represents another example of how we intend to commercialize products across multiple channels. Together with Fermbox Bio, we commercially launched recombinant animal origin-free DNase I earlier this year. DNase I is broadly used in molecular biology, diagnostics, and bioprocessing workflows.

While still early, we believe this is an important indicator of market. Adoption these markets, typically develop through a progression of evaluation sampling, qualification initial purchasing, and ultimately repeat ordering, as customer production scales.

We're also, we also continue to advancing recommend growth factors in additional cell culture components, designed to support broader transition towards animal-free media systems.

Another important Milestone was our OEM distribution agreement with IBT bioservices through. This relationship. IBT will commercialize data combinate products including DNA Swan and transferring through its established global distribution channels. We believe this is strategically important because it expands Market reach while allowing allowing datasyst.

Joseph Hazelton: In food and nutrition, we remain focused on large global markets where animal-free proteins may provide functional, sustainability, and supply chain advantages. Our agreement with BRIG BIO for development of recombinant bovine alpha-lactalbumin is an example of this strategy. Alpha-lactalbumin is a key whey protein with applications in infant nutrition, medical nutrition, and functional food products. Under the agreement, development work is underway, including product optimization and application testing, with customer sampling currently expected to begin in mid 2026. We're also continuing development activities for recombinant human lactoferrin, another high-value functional protein with applications across nutrition and wellness markets. Importantly, we're prioritizing opportunities where our platforms can address markets that are both large and recurring. We believe this creates the potential for long-term value creation as customers increasingly seek scalable, animal-free, and cost-effective production alternatives.

Joe Hazelton: In food and nutrition, we remain focused on large global markets where animal-free proteins may provide functional, sustainability, and supply chain advantages. Our agreement with BRIG BIO for development of recombinant bovine alpha-lactalbumin is an example of this strategy. Alpha-lactalbumin is a key whey protein with applications in infant nutrition, medical nutrition, and functional food products. Under the agreement, development work is underway, including product optimization and application testing, with customer sampling currently expected to begin in mid 2026. We're also continuing development activities for recombinant human lactoferrin, another high-value functional protein with applications across nutrition and wellness markets. Importantly, we're prioritizing opportunities where our platforms can address markets that are both large and recurring. We believe this creates the potential for long-term value creation as customers increasingly seek scalable, animal-free, and cost-effective production alternatives.

DNX 1 represents. Another example of how we intend to commercialize products across multiple channels together with firm box buyer, we commercially launched through combined animal origin free. DNA Swan earlier this year and DNA Swan is broadly used in molecular biology Diagnostics and bioprocessing work for us.

In food and nutrition, we remain focused on large Global markets, where animal free proteins, May provide functional sustainability and supply chain advantages, our agreement with brick bile for development of reccom at bovine Alpha lacta. Alamin is an example of this strategy.

Alpha aluminum is a keyway protein with applications, in infant nutrition. Medical Nutrition and functional food products.

Under the agreement, develop more development. Work is underway, including product optimization and application testing with customer sampling. Currently, work is expected to begin in mid-2026.

We're also continuing development activities for a combined, human lack of fair and another high-value functional protein with applications across nutrition and wellness markets.

Importantly, we're prioritizing opportunities where our platforms can address markets that are both large and recurring.

Joseph Hazelton: In bioindustrial markets, our partnership with Fermbox Bio continues to advance manufacturing scale-up and commercialization activities across multiple products. Fermbox provides an efficient pathway to manufacturing capacity and commercial scale without requiring Dyadic to build significant internal infrastructure. Their inzyme product, produced using our Dapibus technology, previously fulfilled its first large-scale commercial order and continues expanded sampling activity into additional geographic markets, including Asia Pacific. Across all these initiatives, our commercial strategy remains disciplined and focused. We're emphasizing larger strategic partnerships, leveraging established commercial channels where possible, expanding direct product opportunities selectively, and maintaining careful expense management while we continue building the business. We also recognize that investors remain focused on financial performance and stock price, and we understand that Dyadic is still viewed by many as a company in transition.

Joe Hazelton: In bioindustrial markets, our partnership with Fermbox Bio continues to advance manufacturing scale-up and commercialization activities across multiple products. Fermbox provides an efficient pathway to manufacturing capacity and commercial scale without requiring Dyadic to build significant internal infrastructure. Their inzyme product, produced using our Dapibus technology, previously fulfilled its first large-scale commercial order and continues expanded sampling activity into additional geographic markets, including Asia Pacific. Across all these initiatives, our commercial strategy remains disciplined and focused. We're emphasizing larger strategic partnerships, leveraging established commercial channels where possible, expanding direct product opportunities selectively, and maintaining careful expense management while we continue building the business. We also recognize that investors remain focused on financial performance and stock price, and we understand that Dyadic is still viewed by many as a company in transition.

We believe this creates the potential for long-term value creation, as customers increasingly seek scalable, animal-free, and cost-effective production alternatives.

Our partnership with farmbox, bio continues to advance manufacturing scale up and commercialization activities across multiple products.

Farmbox provides an efficient pathway to manufacturing capacity and commercial scale without requiring data to build significant internal infrastructure.

Their M3 design product, produced using our DAPUS technology, previously fulfilled its first large-scale commercial order and continues expanded sampling activity into additional geographic markets, including Asia-Pacific.

Across all these initiatives, our commercial strategy remains disciplined and focused. We're emphasizing larger strategic partnerships, leveraging established commercial channels where possible.

expanding direct product opportunities selectively and maintaining careful expense management, while we continue building the business,

Joseph Hazelton: However, we believe the operational progress made over the last year meaningfully differentiates the business today from where it has been historically. Importantly, this evolution also represents a return to Dyadic's roots. Prior to focusing on biotechnology platform development, Dyadic successfully developed, manufactured, and commercialized industrial enzymes globally. Today, we are leveraging the technologies and intellectual property developed over the past decades to build a product-driven business focus on recombinant proteins and enzymes across life sciences, food and nutrition, and industrial markets. We now have products commercially launched, product shipments underway, initial purchase orders, established distribution relationships, manufacturing partners, and multiple opportunities to build recurring product revenues through direct sales, licensing milestones, and strategic collaborations. While we recognize that investors ultimately want to see sustained revenue growth and broader commercial adoption, we believe the underlying foundation of the business continues to strengthen.

Joe Hazelton: However, we believe the operational progress made over the last year meaningfully differentiates the business today from where it has been historically. Importantly, this evolution also represents a return to Dyadic's roots. Prior to focusing on biotechnology platform development, Dyadic successfully developed, manufactured, and commercialized industrial enzymes globally. Today, we are leveraging the technologies and intellectual property developed over the past decades to build a product-driven business focus on recombinant proteins and enzymes across life sciences, food and nutrition, and industrial markets. We now have products commercially launched, product shipments underway, initial purchase orders, established distribution relationships, manufacturing partners, and multiple opportunities to build recurring product revenues through direct sales, licensing milestones, and strategic collaborations. While we recognize that investors ultimately want to see sustained revenue growth and broader commercial adoption, we believe the underlying foundation of the business continues to strengthen.

We also recognize that investors remain focused on financial performance in stock price and we understand that data is still viewed by many as a company in transition.

However we believe the operational progress made over the last year. Meaningfully differentiates the business today from where it has been historically.

Importantly, this evolution also represents a return to Dyadic's roots, trying to focus on our biotechnology platform, development data, and successfully developed, manufactured, and commercialized industrial enzymes globally.

Today, we're leveraging the Technologies and intellectual property developed over the past decades, to build a product driven business focused on recommended proteins and enzymes across Life, Sciences, food and nutrition, and Industrial markets.

We now have products, commercially launched product, shipments underway, initial, purchase orders, established, distribution relationships, manufacturing partners and multiple opportunities to build recurring product revenues through direct sales like licensing. Milestones and strategic collaborations.

Joseph Hazelton: We now have multiple products commercialized or entering commercial channels, a growing partner network, increasing manufacturing capabilities, expanding geographic reach, and a broader set of opportunities to generate future revenues. We believe where Dyadic is heading today is significantly stronger than where the company has been historically, and we remain focused on executing that transition responsibly, efficiently, and methodically. With that, I'm gonna turn the call over to Mark to discuss our biopharmaceutical programs and broader strategic implications for our technology platform. Mark?

Joe Hazelton: We now have multiple products commercialized or entering commercial channels, a growing partner network, increasing manufacturing capabilities, expanding geographic reach, and a broader set of opportunities to generate future revenues. We believe where Dyadic is heading today is significantly stronger than where the company has been historically, and we remain focused on executing that transition responsibly, efficiently, and methodically. With that, I'm gonna turn the call over to Mark to discuss our biopharmaceutical programs and broader strategic implications for our technology platform. Mark?

While we recognize that investors ultimately want to see sustained Revenue growth and broader commercial adoption. We believe the underlying foundation of the business continues to strengthen

We now have multiple products commercialized or entering commercial channels, a growing partner network, increasing manufacturing capabilities, expanding geographic reach, and a broader set of opportunities to generate future revenues.

We believe we’re Doc is heading. Today is significantly stronger than where the company has been historically, and we remain focused on executing that transition responsibly, efficiently, and methodically.

Mark Emalfarb: Thank you, Joe. While Dyadic's primary commercial focus remains on non-pharmaceutical markets, our biopharmaceutical activities continue to play an important strategic role by validating the capabilities of the C1 platform, generating non-dilutive funding, and creating potential future licensing and partnership opportunities. Our approach in biopharma remains disciplined, capital efficient, and partner driven. Rather than independently funding large clinical development programs, we are collaborating with government agencies, global health organizations, academic institutions, and industry partners that recognize the potential advantages of flexible and scalable biologic manufacturing technologies. Through collaborations with organizations including the Gates Foundation and CEPI, in collaboration with Fondazione Biotecnopolo di Siena, we continue advancing programs involving monoclonal antibodies and recombinant vaccine antigens while generating additional data supporting the scalability, flexibility, and manufacturing advantages of the C1 platform.

With that, I'm going to turn the call over to Mark to discuss our bio pharmaceutical programs, and broader strategic implications for our technology platform mark.

Thank you, Joe. Well, Dyadic primary commercial focus remains on non-pharmaceutical markets.

Our bio farace continue to play an important strategic, strategic role by validating the capabilities of the C1 platform.

Generating non-dilutive funding and creating potential future licensing and partnership opportunities.

our approach in biofarma remains disciplined Capital efficient in partner-driven,

Rather than independently funding large clinical development programs we are. Collaborating with government agencies Global health organizations, academic institutions and Industry partners that recognize the potential advantages of flexible and scalable biologic Manufacturing Technologies.

Mark Emalfarb: Our Gates Foundation-supported collaboration, funded under an approximately $3 million grant program, continues advancing low-cost monoclonal antibodies targeting RVF and malaria, with ongoing studies demonstrating comparability between certain C1-produced monoclonal antibodies and CHO-derived antibodies, the current industry standard. We also continue advancing activities under the CEPI-supported collaboration through Fondazione Biotecnopolo di Siena, where Dyadic is eligible to receive up to approximately $2.4 million to support recombinant vaccine development, scale up, supporting future manufacturing capabilities, and speed to market. Importantly, these programs continue generating data supporting the ability of the C1 platform to rapidly develop and scale complex recombinant proteins, including monoclonal antibodies and vaccine antigens. Beyond these programs, we remain engaged across a broader portfolio of government-supported and partner-funded initiatives involving respiratory viruses, malaria, MERS, rabies, and as evidenced by recent events, additional emerging infectious disease obligations.

Through collaborations with organizations, including the Gates Foundation and sepy in collaboration with Foundation biotechnology Sienna. We continue advancing programs involving monoclonal antibodies and recommended vaccine, antigens while generating additional data supporting the scalability, flexibility and Manufacturing advantages of the C1 platform.

Our Gates Foundation supported collaboration funded under an approximately, 3.00 million grant program.

Continues advancing low-cost monicon, antibodies targeting targeting, RXV and malaria.

With ongoing studies demonstrating comparability between certain C1-produced Monicon antibodies and Chill Drive antibodies, the current industry standard—

We also continue advancing activities on the SEPI-supported collaboration through FUN Biotechnology Sienna.

With DIAT, it is eligible to receive up to approximately $2.4 million to support recommended vaccine development.

Scale up.

Supporting future manufacturing capabilities and speeding the market.

Mark Emalfarb: Importantly, these collaborations continue expanding the body of data supporting the versatility of the C1 platform across multiple protein classes and therapeutic targets, while also positioning Dyadic for potential future licensing opportunities, milestone payments, royalties, technology access agreements, strategic partnerships, and manufacturing relationships. At the same time, we are beginning to see meaningful commercialization progress across our non-pharmaceutical businesses through product launches, initial customer orders, commercial shipments, manufacturing partnerships, distribution relationships, and expanding business development activities involving recombinant animal-free proteins and enzymes. We believe these commercial activities not only create potential revenue opportunities, but help validate the scalability and broader applicability of our underlying production platforms. Taken together, we believe Dyadic is continuing to build a diversified opportunity set that combines nearer-term commercial product opportunities with longer-term strategic platform value. With that, I'll turn the call back over to Ping to review the financial results for the quarter.

Beyond these programs we remain engaged across a border. A broader portfolio of government supported in partner funded initiatives involving respiratory viruses, malaria mirrors rabies and as evidenced by recent events additional emerging infectious disease obligations,

Importantly, these collaborations continue expanding the body of data supporting the versatility of the C1 platform across multiple protein classes in therapeutic targets.

While also positioning biotic for potential, future licensing opportunities, Milestone payments royalties technology, access agreements, strategic Partnerships and Manufacturing relationships.

At the same time, we are beginning to see, meaningful, commercialization progress, across our non-pharmaceutical businesses. Through product, launches initial customer orders, commercial shipments, manufacturing Partnerships distribution relationships, and expanding Business, Development, activities, involving prominent animal, free proteins and enzymes.

We believe these commercial activities, not only create potential Revenue opportunities, but help validate the scalability and broader, applicability of our underlying production platforms.

Taken together, we believe, diet is continuing to build a diversified opportunity. Set that combines nearer-term commercial product opportunities with longer term, strategic platform value.

Ping Rawson: Thank you, Mark. I will now go over our key financial results for Q1 2026 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 three months ended 31 March 2026 was approximately $1.1 million, representing an increase of 182% compared to approximately $394,000 for Q1 2025. The increase was driven by higher research and development revenue of $220,000, including the Proliant agreement, ongoing grant revenues of $277,000 funded by SAFI and the Gates Foundation, as well as milestone revenue of $200,000 recognized under the enzymes agreement.

With that, I'll turn the call back over to Ping to review the financial results for the quarter.

Thank you, Mark.

I will now go over our p.

Quarter of 2026 in more detail.

You can find additional information in our earnings press release and Form 10-Q, which we filed earlier today.

Google revenue for the three months ended March 31, 2026, was approximately $1.1 million, representing an increase of 182% compared to approximately $394,000 for the first quarter of 2025.

The increase was driven by higher research and development revenue of $220,000, including the Proline agreements ongoing. Grants revenues of

Ping Rawson: Total cost of revenue for the quarter was approximately $792,000, compared to approximately $298,000 for Q1 2025. The increase was primarily related to higher activity levels associated with our research and development and the grant funded programs, particularly under the SAFI and the Gates Foundation initiatives. Internal research and development expenses decreased modestly to approximately 4% year over year to approximately $476,000, primarily reflecting a slight reduction in the number of active internal research and commercial initiatives during the quarter. G&A expenses increased by $159,000, or 10% year over year, to approximately $1.8 million.

20077000 founded by Saki and the gate Foundation as well as Milestone revenue of $200,000 recognized under the enzyme agreement

Total cost of revenue, for the quarter was approximately 792,000 compared to approximately 298,000 for the first quarter of 2025.

The increase was primarily related to higher activity levels associated with our research and development, and the grant funding programs, particularly under the SAKE and the Gates Foundation, initiating this.

Internal research and development expenses. Decreased modestly to approximately 4% year-over-year to approximately 476,000. Primarily reflecting a slight reduction in the number of active internal research and Commercial initiatives during the quarter.

Ping Rawson: The increase was primarily driven by higher legal and accounting expenses of $221,000, rebranding and business development activities, partially offset by lower share-based compensation expenses of $110,000, and a reduced insurance cost. Loss from operations improved by approximately 5% year-over-year to approximately $1.9 million, compared to approximately $2 million in the prior year period. The improvement was mainly driven by the significant increase in revenue and the lower research and development expenses, partially offset by higher costs associated with revenue-generating activities and increased G&A expenses. Net loss for the quarter was approximately $1.95 million or $0.05 per share, comparing to approximately $2.03 million or $0.07 per share for the same period a year ago.

DNA expenses increased by 159,000 or 10% year-over-year to approximately 1.8 million.

The increase was primarily driven by higher G&A and accounting expenses of $221,000, as well as rebranding and business development activities.

Partially offset by lower share-based compensation expenses of $100,000 and a reduced insurance cost.

Lost some operations improved by approximately 5% year-over-year to approximately 1.9 million compared to approximately 2 million dollars in the prior year period.

The Improvement was mainly driven by the significant increase in revenue and the lower research and development expenses.

Partially offset by higher costs associated with revenue-generating activities and increased DNA expenses.

Ping Rawson: We ended Q1 2026 with approximately $6.6 million in cash equivalent, restricted cash, and investment-grade securities. Looking ahead through the remainder of 2026, we expect to see growth in product revenues across our life sciences and food and nutrition business, supported by recent product launches, expanding commercial activities, and growing customer engagement. We remain focused on building recurring revenue opportunities while maintaining discipline to cash management and keeping operating expenses generally in line with 2025 levels. As we discussed on our year-end call in March 2026, we continue to believe our existing cash resources will provide cash runway into Q2 2027. We will also continue to evaluate strategic partnerships and capital markets opportunities to further strengthen our balance sheet and to support long-term growth. With that, I will now ask the operator to begin our Q&A session.

Net loss for the quarter was approximately $1.95 million, or $0.05 per share, compared to approximately $2.03 million, or $0.07 per share for the same period a year ago.

We ended his first quarter of 2026 with approximately 6.6 million in cash. Cash equivalent restricted, cash and investment rate securities.

Looking ahead through the remainder of 2026.

We expect to see growth in product revenues, across our life sciences and the food and nutrition business supported by recent product, launches expanding commercial activities and the growing customer engagement.

We remain focused on building recurring Revenue opportunities, while maintaining discipline to cash management and keeping operating expenses generally in line with 20205 levels,

As we discussed on our year, end call in March we continue to believe our existing cash. Resources will provide cash Runway into Q2 2027.

Google also continue to evaluate strategic Partnerships and the capital markets opportunities to further, strengthen our balance sheet, and the support long-term growth,

Ping Rawson: 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. I will ask the operator to begin our Q&A session, after which Joseph Hazelton will provide closing remarks. Operator?

With that I will now ask the operator to begin. Our Q&A session, each caller will be allowed, 1 question and 1. Follow-up question to provide all colors with an opportunity to participate

if time permits,

The operator will allow additional questions from those who had already spoken.

I will ask the operator to begin our Q&A session.

After which, Joe Hazleton will provide closing remarks.

Operator.

Operator: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad and a confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question comes from the line of Matthew Hewitt with Craig-Hallum Capital Group. Please proceed.

Thank you, ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad, and the confirmation tone will indicate that your line is in the question queue.

You may press star 2 if you would like to remove your question from the queue.

For participants using speaker equipment and maybe necessary to pick up your handset before pressing the star keys.

1 moment, please while we hold for questions.

Matthew Hewitt: Good afternoon, thanks for taking the questions, and congratulations on your progress. Maybe first up on the recombinant bovine transferrin that you've sent initial customer orders out now. How should we be thinking about that ramp, not just this year, but I guess over the next couple of years? Do you anticipate a nice steady growth in that, or is it gonna be fits and starts at least here out of the gate?

And the first question comes from the line of Matt Hewitt with Craig Callum Capital group, please proceed.

Good afternoon. Thanks for taking the questions and congratulations on your progress. Um, maybe first up on there were comments, um, transferring that you've sent initial customer orders out now, how should we be thinking about that ramp? Um, not just this year, but I guess over the, the next couple of years. Um, do you anticipate a a nice steady growth in that? Or is it going to be fit in the starts at least here out of the gate?

Joseph Hazelton: Actually, it's a great question, Matthew. Thanks for asking. I anticipate it's going to be steady, but I don't think it'll be, you know, like hockey stick level growth. What we're seeing is the initial pilot scales are starting to grow, which obviously, you know, we're talking, you know, small kilogram orders, right? Then as we move into actual commercial production, we see cultivated meat approved by regulatory bodies. That's when you'll see the volumes start to significantly increase because obviously the amounts needed will start to grow. Each individual product needs to be approved, you know, similar to, you know, how things work in the biopharmaceutical side. If you're doing a, you know, a steak, that steak gets approved for a specific animal cell line.

Joe Hazelton: Actually, it's a great question, Matthew. Thanks for asking. I anticipate it's going to be steady, but I don't think it'll be, you know, like hockey stick level growth. What we're seeing is the initial pilot scales are starting to grow, which obviously, you know, we're talking, you know, small kilogram orders, right? Then as we move into actual commercial production, we see cultivated meat approved by regulatory bodies. That's when you'll see the volumes start to significantly increase because obviously the amounts needed will start to grow. Each individual product needs to be approved, you know, similar to, you know, how things work in the biopharmaceutical side. If you're doing a, you know, a steak, that steak gets approved for a specific animal cell line.

Joseph Hazelton: Obviously they could do, you know, a different animal cell line, and another product gets approved. As these grow, I think it'll be sustained growth, but I don't think it'll be, you know, significant. I think the bigger market is also that it's not just cultured meat. Bovine transferrin is also used in serum-free cell culture applications and diagnostics, as well as other bioprocessing and biomanufacturing workflows. We'll start to see an increase in our research use in that category as well. It's not just cultivated meat, but we're also looking like IBT will be launching this product as well. We'll start to see revenues coming from other places.

Joe Hazelton: Obviously they could do, you know, a different animal cell line, and another product gets approved. As these grow, I think it'll be sustained growth, but I don't think it'll be, you know, significant. I think the bigger market is also that it's not just cultured meat. Bovine transferrin is also used in serum-free cell culture applications and diagnostics, as well as other bioprocessing and biomanufacturing workflows. We'll start to see an increase in our research use in that category as well. It's not just cultivated meat, but we're also looking like IBT will be launching this product as well. We'll start to see revenues coming from other places.

Actually, it's a great question, Matt, thanks for asking. Its I anticipate it's going to be steady, but I don't think it'll be, you know, like hockey stick level growth. What we're seeing is the initial pilot. Scales are starting to grow. Which obviously, you know, we're talking, you know, small kilogram orders, right? And then, as we move into actual commercial production, we see cultivated meat approved by regulatory bodies. That's when you'll see the the volume start to significantly increase because the obviously the the amounts needed, it will start to grow, but each individual product needs to be approved, you know, similar to, you know how things work in the bottom from a suitable side. So if you're you're doing a uh, you know, a steak a that steak gets approved for a specific animal cell line and then obviously, they could do, you know, a different animal cell line and another product gets approved. So as these grow and I think it'll be sustained growth, but I, I don't think it'll be, you know,

Matthew Hewitt: Got it. Super helpful. Maybe a follow-up question for Mark, and I think you may have hinted at this a little bit in your prepared remarks, but during COVID, there was a lot of commentary about how C1 could help accelerate and expand the opportunity for COVID vaccines. Obviously, there's been a lot of headlines over the past couple of weeks regarding the hantavirus. I'm just curious if that creates or that presents a similar type opportunity and whether or not you think that C1 could help with potential vaccines for that virus as well. Thank you.

Significant but I think the the bigger Market is also that it's not just cultured meat bovine. Transfer is also used in serum free, cell culture applications and Diagnostics as well as other uh bio processing and biomanufacturing. Uh, workflows. So we we'll start to see an increase in our research use in that category as well. So it's not just cultivated meat but we're also looking at IBT will be launching this product as well. So we'll start to see revenues coming from other places.

Mark Emalfarb: Yeah, Matt, thanks. That's a good question. I don't think we could help. I know we could help. We've developed the technology that's even better than it was during COVID. You know, during COVID, we were faster, quicker, and cheaper than, let's say, Sanofi and Novavax's insect cell technologies by many times. In the CEPI program, this is what's important, because when we look at why we're funding through third parties, CEPI, Engage, et cetera, is we're continuing to advance the technology. As good as it was, it's a lot faster and it's a lot better today in terms of the ability to get there faster, to produce more with higher quality complex proteins.

Got it, super helpful and then maybe a follow-up question for Mark and I think you, you may have hinted at this a little bit and you're prepared remarks. But um, during Co um, there was a lot of commentary about how C1 um could help accelerate and expand the opportunity for Co vaccines. And obviously, there's been a lot of headlines over the past couple of weeks regarding, um, the hunt virus and I'm just curious if that creates or that presents a similar type opportunity and whether or not you think that C1 could um could help uh with with potential vaccines for that. Um virus as well. Thank you.

Yeah. Matt thanks it's a good question. Um I don't think we could help. I know we could help.

By many times.

Mark Emalfarb: To be honest, in the CEPI program, which we're running with Rino Rappuoli, with the Fondazione Biotecnopolo Siena, we've demonstrated now from the plasmid, once we get a codon optimized plasmid, with under 3 weeks, we can have stable cell lines run fermentations and purification through the initial stage of purification of high yield, high quality proteins that match binding and neutralization for antibodies. Of course, obviously, neutralization for the vaccines. I think it's important in the monoclonal antibody, not just by vaccines, the really, I think, elephant in the room was monoclonal antibodies. During COVID, there was a 1% deadly disease. If this thing's 35%, 40%, 30%, even 10% deadly, and people get infected, you need antibodies. You don't need a vaccine. It's too late.

Mark Emalfarb: To be honest, in the CEPI program, which we're running with Rino Rappuoli, with the Fondazione Biotecnopolo Siena, we've demonstrated now from the plasmid, once we get a codon optimized plasmid, with under three weeks, we can have stable cell lines run fermentations and purification through the initial stage of purification of high yield, high quality proteins that match binding and neutralization for antibodies. Of course, obviously, neutralization for the vaccines. I think it's important in the monoclonal antibody, not just by vaccines, the really, I think, elephant in the room was monoclonal antibodies. During COVID, there was a 1% deadly disease. If this thing's 35%, 40%, 30%, even 10% deadly, and people get infected, you need antibodies. You don't need a vaccine. It's too late.

But in the SEPI program, this is what's important because, when we look at why we're funding through third-party, stepping gauge, etc., it's because we're continuing to advance the technology. As good as it was, it's a lot faster and it's a lot better today, in terms of the ability to get there faster, to produce more with higher quality, complex proteins. And to be honest, in the SEPI program, which we're running with Renault Rapidi, with the Foundation Biotechnologie Sienna, we've demonstrated now, from the plasmid—once we get a codon out of my plasmid—that within under 3 weeks, we can have stable cell lines.

Run fermentations and purifications to the initial stage of purification of high-yield, high-quality proteins that match binding and neutralization for antibodies. And, of course, obviously neutralization for the vaccines, and I think it's important.

Mark Emalfarb: We can get to those antibody proteins much faster in larger volumes, much more affordably without having to remove viruses. This funding is really critical not only for Dyadic International Inc. but, quite frankly, for humanity.

And and the monicon anyway, not just about vaccines that really, I think elephants in the room was monicon antibodies and we during Co there was a 1% deadly disease. If this thing's 35, 40% 30%, even 10% deadly and people get infected, you need antibodies. You don't need a vaccine, it's too late, and so we can get to those antibody proteins. Much vaster and larger volumes much, more affordably without having to remove viruses. So,

Joseph Hazelton: I think the only thing I'd add to that, Matthew, is as Mark Emalfarb pointed out, we are in a different place. We also have first-in-human data. Between COVID and today, we completed a phase I study that demonstrated the C1 protein was safe and effective for use in a human application. We also have non-human primate studies completed with some monoclonal antibodies. When you look at, you know, de-risking the platform for human therapeutics, I think, you know, in a pandemic situation, we're in a much stronger point. Again, obviously, no one hopes for a pandemic situation, but, you know, should things start to turn, we're in a much better position for funding opportunities and obviously those types of things as we move forward. We're obviously gonna continue to focus in that area.

Joe Hazelton: I think the only thing I'd add to that, Matthew, is as Mark pointed out, we are in a different place. We also have first-in-human data. Between COVID and today, we completed a phase I study that demonstrated the C1 protein was safe and effective for use in a human application. We also have non-human primate studies completed with some monoclonal antibodies. When you look at, you know, de-risking the platform for human therapeutics, I think, you know, in a pandemic situation, we're in a much stronger point. Again, obviously, no one hopes for a pandemic situation, but, you know, should things start to turn, we're in a much better position for funding opportunities and obviously those types of things as we move forward. We're obviously gonna continue to focus in that area.

This funding is really critical, not only for data, but quite frankly, for humanity.

Mark Emalfarb: No, good point.

Joseph Hazelton: Thanks, Matt.

Joe Hazelton: Thanks, Matt.

I think the only thing I'd add to that matter is, is Mark pointed out? We are in a different place. We we also have first in human data. So between Co and today, we completed a phase 1. Study that demonstrated a C1 protein was safe and effective for for use in the human application. We're also have non-human primate studies completed with some mono antibodies. So when you look at, you know, de-risking the platform for human Therapeutics I I think, you know, in a pandemic situation, we're in a much stronger point. So again, obviously, no 1 hopes for a pandemic situation, but, you know, should things start to to turn. We're in a much better position for funding opportunities and, and obviously, those types of things as we move forward. So, we're, we're obviously going to continue to focus in that area.

Matthew Hewitt: That's very helpful. Thank you.

Yeah, good point.

That's very helpful. Thank you.

Operator: The next question comes from the line of John Vandermosten with Zacks. Please proceed.

John Vandermosten: Thank you. I'd like to dig into the relationship with Intralink. Joe, I recall, maybe I don't remember correctly, but I thought you were heading to Asia to talk to some prospects that they identified. Can you tell us how that's been going with them and if you've made any movement with any of the people that they connected you with?

The next question comes from the line of John vendor Mosen with Zach, please proceed.

Thank you. Uh, I, I'd like to dig into the relationship with the Interlink, Joe, I recall. Um, maybe I heard maybe, I don't remember correctly, but I thought you were heading to Asia to talk to some prospects that they identified. Can you, can you tell us how how that's been going with them? And if you've made any movement with the

with any of the, um,

People that they connected you with.

Joseph Hazelton: Absolutely, John, and great question. Yes, we've actually expanded our agreement that was in the press release as well to include Europe now. Essentially, they expand our business development footprint very cost efficiently. They're out there being able to target and at least generate the initial customer development. Obviously then, you know, Mark and I have to come in at some point as we continue to progress those. We've had what I think is significant success, at least initially in Japan, with getting customer engagement. We're in the process of identifying product opportunities. We've shipped samples to some of the customers. I really think they give us the added horsepower that obviously I don't have or, you know, that Mark doesn't have available as we're doing, you know, 100 other different things.

Joe Hazelton: Absolutely, John, and great question. Yes, we've actually expanded our agreement that was in the press release as well to include Europe now. Essentially, they expand our business development footprint very cost efficiently. They're out there being able to target and at least generate the initial customer development. Obviously then, you know, Mark and I have to come in at some point as we continue to progress those. We've had what I think is significant success, at least initially in Japan, with getting customer engagement. We're in the process of identifying product opportunities. We've shipped samples to some of the customers. I really think they give us the added horsepower that obviously I don't have or, you know, that Mark doesn't have available as we're doing, you know, 100 other different things.

Joseph Hazelton: They give us the capability to keep these customers moving towards, you know, revenue agreements that we don't have internally today, but much more cost effectively. They're well-entrenched. They actually were headquartered and based in Japan, they're well-entrenched in Asia-Pacific. They do have a very strong team in the EU as well. Now that that's kicking off, I anticipate we'll start to see, you know, increased sampling activity and hopefully increased, you know, product purchases as we move forward. They really help me from a distribution standpoint, also finding out which distributors are ready for these products, which ones we can target to move products faster, and obviously which ones are focused in the same areas that we are, like cell culture media and molecular biology workflows.

Joe Hazelton: They give us the capability to keep these customers moving towards, you know, revenue agreements that we don't have internally today, but much more cost effectively. They're well-entrenched. They actually were headquartered and based in Japan, they're well-entrenched in Asia-Pacific. They do have a very strong team in the EU as well. Now that that's kicking off, I anticipate we'll start to see, you know, increased sampling activity and hopefully increased, you know, product purchases as we move forward. They really help me from a distribution standpoint, also finding out which distributors are ready for these products, which ones we can target to move products faster, and obviously which ones are focused in the same areas that we are, like cell culture media and molecular biology workflows.

Absolutely John and and great question. Yes, we we've actually expanded uh, our agreement that was in the, the press release as well to, to include Europe now. So essentially they expand our business development footprint, very cost-efficiently so that they're out there being able to Target and at least generate the initial customer development. And obviously, then, you know, Mark and I have to to come in at some point as we continue to progress those, what we've had, uh, what I think is significant success at least initially in Japan with getting customer engagement. We're in the process of identifying product opportunities. We've shipped samples, to, to some of the customers, but I, I really think they give us the, the added horsepower that obviously, I don't have or, you know, the mark doesn't have available is we're, we're doing it, you know, 100 other different things but they give us the capability to keep these customers moving towards, you know, Revenue agreements that that we don't have internally today but much more cost-effectively so and and they're well entrenched.

They actually were were headquartered at based in Japan. So they're well entrenched in Asia Pacific. Uh, they do have a very strong team in the, uh, in the EU as well. So now that that's kicking off, I anticipate, we'll start to see, you know, increase sampling activity, and hopefully increase, um, you know, product purchases as we move forward. But they really helped me from a distribution standpoint. Also finding out which Distributors are ready for these products, which

Joseph Hazelton: It definitely helps us focus our efforts in the right places and supports our activities, our business development activities in those areas.

Joe Hazelton: It definitely helps us focus our efforts in the right places and supports our activities, our business development activities in those areas.

We can Target to to move products faster and obviously which ones are focused in the same areas that we are like cell culture, media and molecular biology workflows. So it it definitely helps us.

Focus our efforts in the right places and support our activities—our business development activities—in those areas.

John Vandermosten: Okay. Another line item in the press release was about the IBT arrangement. I wanted to see what the next steps were. What are the next steps after the support channel receives the inventory?

And I wanted to see what the next steps were. What are the next steps after this support channel received the inventory?

Joseph Hazelton: After the support channel, well, essentially I guess might as well let you know the product actually shipped this week. We're shipping our first products, which are DNase I and transferrin. We will have other products that they will be, you know, putting into the channels as well. We'll be looking at things like recombinant alpha-lactalbumin, human alpha-lactalbumin for cell culture applications, human transferrin as well. There'll be multiple products, but we started with DNase I and bovine transferrin 'cause those are ready to go. Those products have shipped. They now will then start to distribute that throughout their global distribution network, then their sales teams then in turn go out to the individual customers, so academic institutions, hospitals in some cases, research organizations. Right now we're selling, you know, research use products.

Joe Hazelton: After the support channel, well, essentially I guess might as well let you know the product actually shipped this week. We're shipping our first products, which are DNase I and transferrin. We will have other products that they will be, you know, putting into the channels as well. We'll be looking at things like recombinant alpha-lactalbumin, human alpha-lactalbumin for cell culture applications, human transferrin as well. There'll be multiple products, but we started with DNase I and bovine transferrin 'cause those are ready to go. Those products have shipped. They now will then start to distribute that throughout their global distribution network, then their sales teams then in turn go out to the individual customers, so academic institutions, hospitals in some cases, research organizations. Right now we're selling, you know, research use products.

Joseph Hazelton: Those are the types of organizations that their teams will be focused on. Again, it basically takes our products, gives us a sales force and gets them into the market.

Joe Hazelton: Those are the types of organizations that their teams will be focused on. Again, it basically takes our products, gives us a sales force and gets them into the market.

John Vandermosten: Okay. Thanks, Joe.

Channels like essentially I guess as well let you know the the product actually shipped this week. So we're shipping our first products which are DNS 1 and transferring. We will have other products uh that they will be, you know, putting into the channels as well. We'll be looking at things like recommended Alpha, lacked album and human Alpha album and for cell culture applications, uh, human transfer and as well. So there'll be multiple products. But we started with DNA Swan and Bine transfer and because those are ready to go. Uh, but those products have shipped, they now will then start to distribute that throughout their global distribution Network and then their sales teams. Then in turn, go out to the individual customers so academic, institutions hospitals in some cases research organizations. So, right now we're selling, you know, research use products so that those are the types of organizations that their teams will be focused on. So again, it it basically takes our products gives us a sales force and and, and gets them into the market.

Okay. Thanks Joe.

Operator: As a reminder, if you would like to ask a question, please press star one on your telephone keypad. The next question will come again from the line of John Vandermosten with Zacks. Please proceed.

as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad,

John Vandermosten: Great. Thanks for the follow-up. Ping, the next question was for you. Now that we're coming up on mid-year, what's your best guess on cash burn?

And the next question will come again from the line of John Vandermolen with Zach. Please proceed.

Great, thanks for the follow-up. Um, the next question was for you now that we're coming up on mid-year. Uh, what's your best guess on cash burn?

Ping Rawson: Hi, John. Good question. I think that's a question everybody interesting. As you see from the press release, at the end of March, we have $6.6 million cash, actually equivalent to restricted cash and investment-grade securities. As I mentioned earlier, we expect to have the same level of cash burn as previous years, which we are less than, you know, it was $5.7 million last year. We expect the same level, if not less than that.

Mark Emalfarb: Which means we'll have enough cash runway into next year this time at least.

Ping Rawson: Which means we'll have enough cash runway into next year this time at least.

John Vandermosten: Okay. Thank you.

I don't [know] the question. I think that's the question. I regret. Interesting, as you see from the press release at the end of March, uh, we have $6.6 million cash, actually, equivalent to restricted cash, uh, and the investment-grade securities. Uh, as I mentioned earlier, we expected to have the same level of cash burn as previous years, uh, which was less than, you know, $5—it was $5.7 million last year. So we expect the same level, if not less than that, uh, which means we will have enough cash one way into, um, next year, this time at least.

Mark Emalfarb: Welcome.

Ping Rawson: Welcome.

Okay, thank you.

You're welcome.

Joseph Hazelton: Operator, are there any further questions?

Joe Hazelton: Operator, are there any further questions?

Operator, is there any further questions?

Operator: No. There are no further questions and, well, actually, sorry. We do have a question from Louis Garcia with, who is a private investor. Please proceed.

uh,

Operator: No. There are no further questions and, well, actually, sorry. We do have a question from Louis Garcia with, who is a private investor. Please proceed.

No. Uh, there are no further questions and, uh, oh, well, actually, sorry. Uh, there, we do have a question from Luis Garcia, who is, uh, was a private investor. Please proceed.

Louis Garcia: How are you doing, guys?

How you doing, guys?

Joseph Hazelton: Good, Louis. How are you?

Joe Hazelton: Good, Louis. How are you?

Operator 2: Okay. Just a couple questions here. I noticed that Codexis is sort of doing a lot of things. Do we have anything still hooked up with them where we might get some royalties from products that they produce? Or do they use any C1 in anything of their, that they produce?

Louis Garcia: Okay. Just a couple questions here. I noticed that Codexis is sort of doing a lot of things. Do we have anything still hooked up with them where we might get some royalties from products that they produce? Or do they use any C1 in anything of their, that they produce?

How are you?

Okay. Um, just a couple questions here. Um, are we? And I I noticed that, um, codex is a sort of doing a lot of things. Do we have anything still hooked up with them? We might get some royalties from products that they produce, or do they use any C1 and anything of their that they produce.

Mark Emalfarb: Yeah. We don't have anything that's publicly reportable with Codexis from the past. If you remember, we sold that business to Teva for $75 million.

Yeah, we don't have anything that's publicly reportable.

With code access from from the past.

Operator 2: Okay.

Louis Garcia: Okay.

Mark Emalfarb: Anything going there is going there. You know, there have been discussions in the past and the recent months of where we might have some benefits for each other.

Operator 2: Okay. How about, have we already received some royalties from Fermbox Bio and things that we've done, or is that still sort of like in the pipeline?

Louis Garcia: Okay. How about, have we already received some royalties from Fermbox Bio and things that we've done, or is that still sort of like in the pipeline?

Uh, if you remember, we sold that business due to 5 or 75 million dollars. So, okay is going there. But, you know, they, they, they have been discussions in the past and the recent months of where we might have some benefits for each other.

Joseph Hazelton: It's in the pipeline. We expect we will see them in 2026. Obviously our focus is on growing the products right now, but we do expect to see the initial revenues, at least from the bio-industrial products, in 2026. That is anticipated.

Joe Hazelton: It's in the pipeline. We expect we will see them in 2026. Obviously our focus is on growing the products right now, but we do expect to see the initial revenues, at least from the bio-industrial products, in 2026. That is anticipated.

Okay. How about, um, have we already received some royalties from Firmbox and things that we've done? Or is that still sort of, like, in the pipeline?

Operator 2: Okay. One more. Phibro, they've been doing, using our product and doing research and all. Is there any sort of timeframe where you think we might be able to start finally getting something going on their end? Because their stock has also been doing very well. You know, just seeing if we can sort of jump in on that bandwagon with them if they were to throw something our way.

Louis Garcia: Okay. One more. Phibro, they've been doing, using our product and doing research and all. Is there any sort of timeframe where you think we might be able to start finally getting something going on their end? Because their stock has also been doing very well. You know, just seeing if we can sort of jump in on that bandwagon with them if they were to throw something our way.

Uh, it's in the pipeline. We expect, we will see them in in 2026. Uh, we see our focus is on growing the the products right now, but we do expect to see the initial revenues, at least from the bioindustrial products uh in uh in 2026. So that is anticipated.

Okay, 1 more, um, February. They we've, they've been doing, um, using our products and doing them, research. And all is, is there any time sort of, sort of time frame where you think we might be able to start finally getting something going on their end? Because their stock has also been doing very well.

And, um, you know, just seeing if we can sort of get—jump in on that bandwagon with them, if they were to throw something our way,

Joseph Hazelton: It's a great point. Honestly, it's also an example of one of the reasons why we shifted towards, you know, non-pharmaceuticals. While the partnership itself, what I think, it's been tremendous. They've invested a lot of time and effort into bringing a poultry vaccine, you know, to market. They still have a little bit a ways to go. My anticipation is they will be in clinical trials this year, which, you know, could put, you know, approval in the next, you know, 12 to 24 months. It also, you know, depends on, you know, how quick and how stacked up the regulatory authorities are in the EU and in the US, depending on where they're gonna launch first.

Joe Hazelton: It's a great point. Honestly, it's also an example of one of the reasons why we shifted towards, you know, non-pharmaceuticals. While the partnership itself, what I think, it's been tremendous. They've invested a lot of time and effort into bringing a poultry vaccine, you know, to market. They still have a little bit a ways to go. My anticipation is they will be in clinical trials this year, which, you know, could put, you know, approval in the next, you know, 12 to 24 months. It also, you know, depends on, you know, how quick and how stacked up the regulatory authorities are in the EU and in the US, depending on where they're gonna launch first.

Joseph Hazelton: We will have some, you know, milestones associated with some of the regulatory approval process. I do think, you know, there should be some news flow coming out, you know, potentially in 2026, but definitely in 2027 around Phibro.

Joe Hazelton: We will have some, you know, milestones associated with some of the regulatory approval process. I do think, you know, there should be some news flow coming out, you know, potentially in 2026, but definitely in 2027 around Phibro.

Uh, poultry vaccine, you know, to to Market, they still have a little bit of a ways to go. My anticipation is they will be in clinical trials this year which you know, could put, you know, approval in the next, you know, 12 to 24 months. Uh also to you know, depends on, you know, how quick and and how stacked up the the regulatory authorities are in the in the EU and in the US depending on where they're they're going to launch first. But we will have some, you know, Milestones associated with some of the regulatory, um, approval process. But I I do think, you know, that there should be some news flow coming out, you know, potentially in 2026 but definitely in 2027 around February.

Mark Emalfarb: Just to add some color, I mean, that's been very successful from the technology side, our side, in terms of the yield and the performance. You know, as Joe said, we're going to expect some milestones and potential, hopefully an expansion, maybe potentially their license as well to go into different vaccines that aren't included in what they have now.

And just to add some color, I mean that's been very successful from the technology side—our side—in terms of the yield and the performance.

And so, you know, as Joe said, we're going to expect some milestones and potential.

Joseph Hazelton: Again, it's, they're kind of right in the timeframe. I mean, it takes five to seven years to bring.

Joe Hazelton: Again, it's, they're kind of right in the timeframe. I mean, it takes five to seven years to bring a new product to market in that space. You know, they're, we signed the deal, I think, in 2018, and, you know, here we are 7 years later, and they're getting ready to move into clinical phases. Again, it's right on time, but just slower than we'd like, which is why we're moving towards the non-pharmaceutical products.

Mark Emalfarb: Right

Joseph Hazelton: a new product to market in that space. You know, they're, we signed the deal, I think, in 2018, and, you know, here we are 7 years later, and they're getting ready to move into clinical phases. Again, it's right on time, but just slower than we'd like, which is why we're moving towards the non-pharmaceutical products.

Hopefully an expansion, maybe potentially. If they're licensed as well to go into different, uh, vaccines that aren't included in what they have now. But then again, it's, it's, they're kind of right in the time frame. I mean, it takes five to seven years to bring a new product to market in that space, and, you know, they're, they're— we signed the deal, I think, in 2018. And, you know, here we are seven years later, they're getting ready to move into the clinical phases. So, again, it's right on time but just slower than we'd like, which is why we're moving towards the non-pharmaceutical products.

Operator: The next question comes from the line of Glenn Primack with Lusa Investment Group. Please proceed.

Glenn Primack: Good afternoon. I'm guessing, like, boy, you guys have, don't have a lot of spare time for playing golf or anything. It's quite amazing how much you've accomplished. I have to imagine, you know, Mark's probably his phone's off the hook with, you know, hantavirus. Joe, everything I've been reading in these trade journals sound like, shortage is away, and these food companies can't get protein. You know, your distributors have to be, you know, you know, maybe kind of excited to get your solution out there. With that said, Ping, what do you think? Are you guys going to need to add some bodies headcount-wise come 2027 as you continue to ramp?

And the next question comes from the line of Glenn Primack with Luca Investment Group. Please proceed.

Uh, good afternoon. Um,

I'm guessing, like, boy, you guys don't have a lot of spare time for playing golf or anything. It's quite amazing how much you've accomplished. And I have to imagine, you know, Mark's probably, phone's off the hook with, uh,

You know.

Hunt virus and Joe that everything. I've been reading in these trade journals. I'm like uh, shortages away in these food companies, can't get proteins.

You know, your distributors have to be, you know, uh,

You know, maybe kind of excited to get um get your solution out there. Uh, with that said.

Um, Ping, what do you think? Are you guys going to need to add some bodies, headcount-wise, come '27, as you continue to ramp?

Joseph Hazelton: Glenn, it's a great question. I mean, obviously, anything we do in that nature is going to be, you know, judiciously and basically driven by product sales. As things start to scale, we will need additional support operationally just for product shipments, product manufacturing. You know, that does take, you know, a significant amount of time to, you know, get products labeled correctly, make sure they get out the door. You know, not something we're going to do immediately, but it is on the radar as these products start to scale, but it's going to be revenue dependent. As things start to move, we will look at, you know, which parts of the company we need to support further and pull that up.

Joe Hazelton: Glenn, it's a great question. I mean, obviously, anything we do in that nature is going to be, you know, judiciously and basically driven by product sales. As things start to scale, we will need additional support operationally just for product shipments, product manufacturing. You know, that does take, you know, a significant amount of time to, you know, get products labeled correctly, make sure they get out the door. You know, not something we're going to do immediately, but it is on the radar as these products start to scale, but it's going to be revenue dependent. As things start to move, we will look at, you know, which parts of the company we need to support further and pull that up.

It. Well it's it's a great question. I mean obviously we're going to do anything. We do in that nature is going to be, you know, judiciously and basically driven by product sales. So a as things start to scale,

Joseph Hazelton: Obviously, our main focus right now is on, you know, getting more product into the market so the revenues start to drive. Then we'll look to improve our, you know, our capability internally. It's a great question. Mark, you want to.

Joe Hazelton: Obviously, our main focus right now is on, you know, getting more product into the market so the revenues start to drive. Then we'll look to improve our, you know, our capability internally. It's a great question. Mark, you want to.

Mark Emalfarb: Yeah. Well, I mean, I think as Joe pointed out, we just hired IDT to go after the European market because they've done a great job in Japan. You know, we now have experience with their sales team, at least in the Japanese, and their oversight in the general manager. We now believe that going after the European market on these cell culture media, DNase I, RNA enzymes, cultured meat, cell and gene therapy, all the things that we're launching and have launched and are launching, like transferrin and albumin with Proliant, we need more people, and we're doing it judiciously. Joe said in this case, it's IDT, but we've hired them as our sales force so we don't have to go hire people.

We will need additional support operationally just for product, shipments product, manufacturing, you know, that does take, you know, significant amount of time to, you know, get products labeled correctly. Make sure they get out the door, but, you know, not something. We're, we're going to do immediately, but it is on the radar as these products start to scale, but it's going to be Revenue dependent as things. Start to move. We will look at, you know, which parts of the company we need to, to support further and, and pull that up. But obviously, our main focus right now is on, you know, getting more product into the market. So the revenues start to drive and then we'll look to to improve our, you know, our capability internally. But it's a great question, Mark. Yeah, well, I mean, I think, as Joe pointed out, we we just hired IDT to go after the European market because they've done a great job in Japan.

and so, you know, we, we've now have experience with their sales team, at least in the Japanese and their oversight in the general manager and and we've now believed it going after the European market on these sales culture media dnase, 1 RNA enzymes

Culture meet challenging therapy, all the things that we're launching and have launched and are launching, like transferring and Alvin with Reliant.

Mark Emalfarb: They have the contacts that we don't have, so this would be a faster way to get to the market.

We need more people and, and we're doing it judiciously. Joe said, in this case, his IDT, where we've hired them as our sales force, so we don't have to go hire people.

And they have the context that we don't have, so this would be a faster way to get to the market.

Glenn Primack: Got it. The margins are still really, really, really, really good.

Glenn Primack: Got it. The margins are still really, really, really, really good. I hope you guys get some rest this weekend, just a little bit, and I hope to see you at that biotech show in San Diego in June.

Got it.

Joseph Hazelton: Yes.

And the margins are still really, really, really, really good.

Glenn Primack: I hope you guys get some rest this weekend, just a little bit, and I hope to see you at that biotech show in San Diego in June.

Joseph Hazelton: You certainly will. We'll be there, Glenn.

Joe Hazelton: You certainly will. We'll be there, Glenn.

Uh, I hope you guys get some rest this weekend, just a little bit, and I hope to see you at that biotech show in San Diego in June.

Glenn Primack: Thanks.

I'm sure we will be there Glenn.

Joseph Hazelton: Thank you.

Joe Hazelton: Thank you.

Thanks.

Thank you.

Operator: The next question comes from the line of Tony Bowers with IntroAct. Please proceed.

Operator: The next question comes from the line of Tony Bowers with Intro-act. Please proceed.

And the next question comes from the line of Tony Bowers with Intro Act. Please proceed.

Tony Bowers: Hey, Joe. Yeah, nice progress. I wonder if you could just reflect on the nutritional market, what the potential is for cultured meat, demand for your ingredients versus, you know, the non-animal dairy. You know, I think cultured meat seems, it's been struggling to take off. The non-animal dairy side, I think there's got to be a huge conceptual demand. You know, with agricultural inputs going up, that can only help.

Versus, uh, you know, the non-animal dairy. Um, I think cultured meat seems, uh, it's—it's been struggling to take off. Uh, the non-animal dairy side, I think, has got to be a huge conceptual demand, and with agricultural inputs going up, that can only help.

Joseph Hazelton: Tony, it's a great question. Obviously you always have great insight into the market, and you're exactly right. The demand is I would say it's more acute in cultured meat because they realize in order to compete in the market, they have to drastically reduce their production costs. Similarly, it's a similar problem in the non-animal dairy space, but it's a little different in that you're competing with, you know, milk-derived products. It's about scale. You have to be able to produce these at large scales and in lower cost to compete with milk. They both need a lower cost just in, you know, in a little bit two different ways. I think that's also why we have an advantage.

Joe Hazelton: Tony, it's a great question. Obviously you always have great insight into the market, and you're exactly right. The demand is I would say it's more acute in cultured meat because they realize in order to compete in the market, they have to drastically reduce their production costs. Similarly, it's a similar problem in the non-animal dairy space, but it's a little different in that you're competing with, you know, milk-derived products. It's about scale. You have to be able to produce these at large scales and in lower cost to compete with milk. They both need a lower cost just in, you know, in a little bit two different ways. I think that's also why we have an advantage.

And Tony. It's it's a great question and obviously you always have great insight into the market and you're exactly right. The, the the demand is is I would say is more acute in cultured meat because they realize in order to to compete in the market, they have to drastically reduce their their production costs.

Joseph Hazelton: I think cultured meat, like I said, the demand is more acute because they are in pilot phase, and they are seeking regulatory approval. You know, if they get the regulatory approval, they have to be able to bring the cost of the final product down if they're going to be able to compete beyond high-end uses in restaurants. I think that will have to, you know, remain to be seen. On the non-animal dairy side, that is going to continue to pick up, but it is all about scale. You know, obviously I think you saw what happened with Perfect Day, Inc. There's a little scarcity of protein in that or non-animal protein in that segment, and I do believe we can help to fill that gap.

Joe Hazelton: I think cultured meat, like I said, the demand is more acute because they are in pilot phase, and they are seeking regulatory approval. You know, if they get the regulatory approval, they have to be able to bring the cost of the final product down if they're going to be able to compete beyond high-end uses in restaurants. I think that will have to, you know, remain to be seen. On the non-animal dairy side, that is going to continue to pick up, but it is all about scale. You know, obviously I think you saw what happened with Perfect Day, Inc. There's a little scarcity of protein in that or non-animal protein in that segment, and I do believe we can help to fill that gap.

Similarly, it's it's a, it's a similar problem in the non-animal dairy space, but it's, it's a little different in that you're competing with, you know, milk, derived products. So if it's about scale, you have to be able to produce these at large scales and in lower cost to compete with milk. So they they both need a lower cost just in, you know, in a little bit 2 different ways. So I think that's also why we have an advantage. Um, but I think cultured meat like I said, the demand is more acute because they are in Pilot phase and they are seeking regulatory approvals. So, you know, if they get the regulatory approval, they have to be able to bring the cost of the final product down if they're going to be able to compete Beyond high-end uses and and restaurants. So I think that that will have to, you know, remain to be seen on the non-animal dairy side, that is going to continue to pick up but it is all about scale that you know.

Joseph Hazelton: It is about being able to scale the production streams up to the levels necessary to compete in the market. That's what we're focused on right now. You're 100% right that there's a lot of demand there in both segments. I do think the nearer term opportunity for us, at least in terms of direct revenues, is just going to be cultured meat for a little while, as we start to ramp and scale in non-animal dairy. Overall, non-animal dairy will dwarf cultured meat as a market for the foreseeable future. I mean, that's just the way it is.

Joe Hazelton: It is about being able to scale the production streams up to the levels necessary to compete in the market. That's what we're focused on right now. You're 100% right that there's a lot of demand there in both segments. I do think the nearer term opportunity for us, at least in terms of direct revenues, is just going to be cultured meat for a little while, as we start to ramp and scale in non-animal dairy. Overall, non-animal dairy will dwarf cultured meat as a market for the foreseeable future. I mean, that's just the way it is.

Tony Bowers: Which geographies do you think will have the least regulatory problem on the meat side?

Obviously I think that's all what happened with perfect day. You know, that that there's a little, uh, there's a scarcity of protein in that are non-animal protein in that segment. And I do believe we can, we can help to fill that Gap, but it is about being able to scale the, the production strains up to the levels necessary to compete in the market and that's what we're focused on right now. But but you're 100% right. That there's a lot of demand there in both segments, but I, I do think the the nearer term opportunity for us at least, in terms of direct revenues, is just going to be cultured meat for a little while, uh, as we start to ramp, and scale and non-edible dairy. But overall, none of it will Dairy will lower cultured meat as a as a market, uh, for the foreseeable future. I mean, that's that's just the way it is. Which geographies do you think will, uh, have the least regulatory problem?

Joseph Hazelton: Honestly, I think the US will probably have the least regulatory one, at least from our standpoint. We obviously, we have a GRAS-certified organism. We got that in 2009, so we're using self-affirmed GRAS pathway for these products. Inzymes, they filed their self-affirmed GRAS this year, and they're already commercializing their bovine chymosin. You know, we'll use the same process for, you know, for alpha-lactalbumin. I think the US market, again, at least now, is a little more regulatory friendly than the EU. But I definitely, you know, that obviously could change tomorrow. I think with the demand for protein and the demand for more specialized and cleaner nutrition, I don't see, you know, significant regulatory changes in the short term. Mark?

On the meat side.

Joe Hazelton: Honestly, I think the US will probably have the least regulatory one, at least from our standpoint. We obviously, we have a GRAS-certified organism. We got that in 2009, so we're using self-affirmed GRAS pathway for these products. Inzymes, they filed their self-affirmed GRAS this year, and they're already commercializing their bovine chymosin. You know, we'll use the same process for, you know, for alpha-lactalbumin. I think the US market, again, at least now, is a little more regulatory friendly than the EU. But I definitely, you know, that obviously could change tomorrow. I think with the demand for protein and the demand for more specialized and cleaner nutrition, I don't see, you know, significant regulatory changes in the short term. Mark?

The honestly, I think the the US will probably have the least regulatory uh, 1 for at least from our standpoint. We we obviously we have a grass certified organism, we got that in 2009, so we're using self-affirmed grass pathway for these products. Uh, enzymes. They file their self-affirmed grass this year and they're already commercializing their, their bovine commission. And, you know, we'll use the same process for, you know, for Alpha albian. And so I, I, I, I think the US market again, at least now is a little more regulatory friendly than the EU. Uh, but, but I definitely, you know, that obviously could change tomorrow. But I think with the demand for protein and the demand for more specialized

Mark Emalfarb: I think that if you recall, you know, BASF has their own GRAS approvals in the EU and the US on the Patcor technology platform. It's interesting because with the situation in the Gulf, you know, with Fermbox and the, and the enzyme that turns biomass into sugars, you know, renewable fuels and chemicals are potentially back in vogue and people paying attention. You know, we can't rely on oil. I think that our positioning and with our technology depth of this is ideally suited to turn biomass into sugar. We've already reentered that space with Fermbox, and they and us are trying to expand that as the situation in the Gulf continues to fester.

And cleaner nutrition. Uh, I I don't see, you know, significant regulatory changes in the, in the short term Mark. Yeah, and I think that if you recall, you know, BSF has their own grass, approvals in the EU and us uh, on the passport technology platform. But it's interesting because with the situation in the call,

You know, with FirmBox and the enzyme that turns biomass into sugars—you know, renewable fuels and chemicals are potentially back in vogue and people are paying attention, because we can't rely on oil. And so, I think that—

Our positioning, and with our technology depth, this is ideally suited to turn biomass into sugar, and we've already re-entered that space with FirmBox. They and us are trying to expand that into the situation in Gulf, which continues to fester.

Operator: Thank you. There are no further questions at this time, I will now turn the call back over to Dyadic's President and COO, Joseph Hazelton, for closing remarks.

Operator: Thank you. There are no further questions at this time, I will now turn the call back over to Dyadic's President and COO, Joe Hazelton, for closing remarks.

Thank you.

Joseph Hazelton: Thank you. As we close, I want to emphasize what we believe is most important. Dyadic today is no longer simply developing technology platforms. We are increasingly commercializing products, supporting customers, expanding partnerships, and building recurring revenue opportunities across multiple markets. We're seeing growing interest in our technologies, increasing commercial activity across our partner network, and encouraging early signs of market adoption as products move from development into commercial channels. While we still have important execution work ahead, we believe the progress achieved over the past year has significantly strengthened the business and positioned us for continued operational commercial advancement. Our focus is now straightforward: continuing scaling product sales, expand strategic partnerships and distribution channels, support customer adoption, and maintain the disciplined operating approach that allowed us to extend our runway while continuing to build the business responsibly.

Joe Hazelton: Thank you. As we close, I want to emphasize what we believe is most important. Dyadic today is no longer simply developing technology platforms. We are increasingly commercializing products, supporting customers, expanding partnerships, and building recurring revenue opportunities across multiple markets. We're seeing growing interest in our technologies, increasing commercial activity across our partner network, and encouraging early signs of market adoption as products move from development into commercial channels. While we still have important execution work ahead, we believe the progress achieved over the past year has significantly strengthened the business and positioned us for continued operational commercial advancement. Our focus is now straightforward: continuing scaling product sales, expand strategic partnerships and distribution channels, support customer adoption, and maintain the disciplined operating approach that allowed us to extend our runway while continuing to build the business responsibly.

There are no further questions at this time, and I will now turn the call back over to Dyadic’s President and COO, Joe Hazelton, for closing remarks.

Thank you, as we close, I want to emphasize what we believe is most important diabetic. Today is no longer simply developing technology platforms. We are increasingly commercializing products, supporting customers, expanding Partnerships and building recurring Revenue opportunities across multiple markets. We're seeing growing interest in our Technologies.

We are seeing increasing commercial activity across our partner network and encouraging early signs of market adoption, as products move from development into commercial channels.

While we still have important execution work ahead, we believe the progress achieved over the past year has significantly strengthened the business and positioned us for continued operational and commercial advancement.

Joseph Hazelton: We remain confident about the opportunities ahead and appreciate the continued support of our shareholders, partners, and employees as we continue executing our strategy. Thank you, and we look forward to updating you on our continued progress.

Joe Hazelton: We remain confident about the opportunities ahead and appreciate the continued support of our shareholders, partners, and employees as we continue executing our strategy. Thank you, and we look forward to updating you on our continued progress.

Expand strategic partnerships and distribution channels, support customer adoption, and maintain the disciplined operating approach that allowed us to extend our runway, while continuing to build the business responsibly.

We remain confident about the opportunities ahead and appreciate the continued support of our shareholders, partners, and employees as we continue executing our strategy.

Thank you, and we look forward to updating you on our continued progress.

Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Thank you, this concludes today's conference. You may disconnect your lines at the tone, and we thank you for your participation.