Dyadic International, Inc.

Good evening, and welcome to Dyadic International's Q3 2025 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, November 12, 2025. I would now like to turn the call over to Ms. Peng Rawson, Dyadic's Chief Financial Officer. Please go ahead.

Thank you. Good evening and welcome everyone to Dyadic's Q3 2025 conference call. I hope you have had the opportunity to review Dyadic's press releases announcing financial results for the quarter ended September 30, 2025. You may access our release and form 10Q and their investor session of the company's website at dyadic.com. On today's call, our president and chief operating officer, Joe Hazleton, will give a review of our Q3 2025 business and corporate highlights and provide a commentary on the strategic direction of the business. Our CEO, Mark Emelfarb, will provide an update on our biopharmaceutical programs, and I will follow with a review of our financial results in more detail, after which we'll hold a brief question and answer session. At this time, I would like to inform you that certain commentary made in this conference call may be considered forward-looking statements, which involves risks and uncertainties and other factors that could cause dyadic 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 forebooking statements, whether because of new information for future events or otherwise. Participants are directed to the risk factors set forth in DIAT-X reports filed with the ICC. It is now my pleasure to pass the call to our President and COO, Joe Hazelton.

Thanks, Ping, and thank you all for joining today. The third quarter was another pivotal quarter for Dyadic as we continued our transformation from a platform-centric R&D organization into a commercially focused biotechnology company with a growing portfolio of high-value products. At the start of the fourth quarter, we saw our first commercial bulk sale of a Dyadic-produced protein, marking the beginning of a new chapter in our company's evolution. We expect momentum to build with additional product opportunities emerging in 2025 and accelerating in 2026 as we scale our portfolio and expand our global market reach. We've now rebranded as Dyadic Applied BioSolutions, launched a redesigned corporate website to enhance commercial engagement and strengthen our technology foundation with the addition of CRISPR-Cas9 gene editing capabilities through our license with ERS Genomics. This license allows us to accelerate strain optimization, improve productivity, and further increase yields and consistency across our proprietary C1 and database platforms, directly supporting commercialization and profitability. At this stage, Dyadic is no longer just a story about potential. It's a story about execution, commercial traction, and growing product revenue. As we move from transformation to execution, our progress in the life sciences segment highlights how Viatic is now operating as a product company. We are manufacturing and supplying lab-grade material for multiple recombinant proteins, focusing our efforts on near-term product revenue for markets where the need for animal-free, high-performance materials is rapidly expanding. The cell culture media market represents one of the most dynamic growth areas in biotechnology, supporting biologic manufacturing, cell and gene therapy, and cultivated meat. These markets require consistent, animal-free proteins that enable scalability and regulatory confidence while balancing cost, and our protein production platforms deliver on those needs. The Recombinant Human Albumin Program, in partnership with ProLiant Health and Biologics, continues to advance toward commercial launch in early 2026. Albumin is a cornerstone protein used across diagnostics, research, and biomanufacturing for stabilizing and transporting biomolecules. and transitioning to recombinant production offers significant advantages in purity, safety, and supply chain reliability. We remain fully aligned with ProLiant as they prepare for market entry. To date, Dyadic has received a total of $1.5 million in milestone payments from ProLiant, including a third payment of $500,000 received in October, and we expect to share in the profits as the albumen products enter the market. This collaboration exemplifies how our platforms enable partners to deliver high-value, animal-free proteins at commercial scale. In October, we achieved an important milestone with the first bulk purchase order for a dyadic-produced protein. Our recombinant bone-line fiberglass growth factor, or FGF, is now being sold into the cultured meat market, demonstrating our ability to deliver commercial-grade material at scale and validating the market readiness of our technologies. Looking ahead, in addition to growth factors, our top product priorities are animal-free transferrin and DNase I, which are now in active manufacturing and sampling to prepare for commercial launch. Transferrin is a key functional protein in serum-free cell culture media responsible for delivering iron to support healthy cell growth and metabolism. Dyadic is producing both bovine and human recombinant transferrin to serve distinct market segments. Bovine transferring is designed for cultivated meat and research markets where cost efficiency and scalability are key, while human transferring is targeted for biopharmaceutical and cell and gene therapy applications, which demand higher specification and regulatory grade consistency. Together, these two products position Dyadic to compete effectively across complementary ends of the market. Our FGF program continues to advance beyond the cultured meat segment as we target cell and gene therapy manufacturers and suppliers. FGFs are essential growth factors in cell culture formulations, driving cell proliferation and differentiation. We're now expanding sampling and validation activities with additional customers, and interest continues to build as companies look for reliable, animal-free sources. In molecular biology reagents, our RNase-free DNase-1 has completed production validation and entered sampling while we work to secure purchase orders. DNase-1 is a critical enzyme used in gene therapy, molecular diagnostics, and biopharmaceutical manufacturing to remove unwanted DNA without compromising RNA or protein integrity. Dyadic's ability to supply DNase-1 in a high-purity, animal-free form directly supports the industry's move toward cleaner, more consistent inputs without increased costs. These products form a high-margin recurring revenue foundation serving critical and fast-growing life science applications. We're also advancing the development of T7 RNA polymerase and RNAs inhibitor products to expand that exposition in the DNA and RNA enzyme market. To further expand our global commercial reach, we recently partnered with Intralink, a leading Asia-Pacific business development firm to accelerate market penetration in Japan and South Korea, two of the world's fastest growing and most advanced markets for cell culture media and molecular biology reagents. Being a lean U.S.-based organization, we look to leverage local expertise and established commercial networks to effectively reach these important markets without the need for significant internal infrastructure or capital investment. Interlink provides Dyadic with on-the-ground commercial resources and regional experience that allow us to engage manufacturers, distributors, and potential partners more directly and efficiently. Through this partnership, we are actively introducing our products, such as Transfran, DNA Swan, and Growth Factors, as well as our platform technologies to new customers in the Asian region, expanding Dyadic's footprint across key global manufacturing hubs in a cost-effective manner. Building on our momentum in life sciences, Dyadic is also advancing its commercialization efforts in the food nutrition segment, another large, fast-growing market where our technology is enabling the transition to animal-free, sustainable protein production. The food and nutrition market is undergoing a structural transformation as global food producers shift towards sustainable, functional, and animal-free proteins. This transition is driven by consumer preference, regulatory trends, and supply chain sustainability pressures. And it presents the attic with a major opportunity to apply its platform to supply recombinant proteins and enzymes at scale. The animal-free dairy protein market alone is expected to exceed $20 billion by 2035. led by a growing demand for precision fermented proteins in infant formula, medical nutrition, and wellness applications. These markets require consistent, high purity proteins that replicate the nutritional and functional properties of traditional dairy ingredients, areas where we believe that dapabis may provide a competitive edge. Our recombinant alpha-lacta albumin program advanced meaningfully this quarter. We've entered into a term sheet with a non-animal dairy development partner focused on the infant nutrition market, and we anticipate additional agreements for our alpha-lactoalbumin program in 2025. The protein has demonstrated strong performance in product testing and formulation trials with sampling for research and nutritional applications expected by late 2025 or early 2026. Also in the third quarter, our human lactoferrin program continues to progress with a stable production strain developed and yield optimization underway. Lactoferrin is valued for its antimicrobial and immune-supporting properties and commands premium pricing in both nutritional and wellness markets. We expect sampling for research use in early 2026. In non-animal dairy enzymes, we received an additional $250,000 milestone payment from Enzymes in the third quarter, bringing total license and milestone revenue from this partnership to $1.275 million to date. Scale-up for the first enzyme remains on track for commercial launch in late 2025, or early 2026, with a second enzyme candidate advancing towards commercialization under the existing license. Importantly, Dyatic is eligible to receive future royalty payments on commercialized products, creating a recurring revenue opportunity and further validating the commercial value of our technology and partnership model. As we expand our presence in food and nutrition, we're also applying our technology to industrial biotechnology. where Dyadic's enzyme expertise is addressing global demand for more sustainable, efficient, and bio-based manufacturing solutions. Dyadic's bio-industrial segment continues to demonstrate the scalability, flexibility, and cross-sector relevance of our enzyme technology. Using our adaptive platform, we're delivering enzyme solutions that replace petrochemical or animal-derived inputs and improve process efficiency across industrial and emerging bio-based markets. Our collaboration with Firmbox Bio on an enzyme cocktail that converts agricultural residues into fermentable sugars continues to advance and deliver results. Firmbox is a strategic partner for Dyadic with robust manufacturing capabilities across multiple quality grades, which allows us to serve a broader range of industrial and bio-based customers. Initial commercial deliveries have been completed, and sample is expanding with additional customers in biomass processing, biofuels, and pulp and paper markets. Under this partnership, Dyadic participates in a 50-50 profit share on sales, creating a scalable and recurring revenue model as the adoption and portfolio grow, and we expect to begin seeing revenues in the first half of 2026. Our cellulosic enzyme technology is also being evaluated in regenerative medicine and tissue engineering through collaborations with pharmaceutical and medical device companies. These efforts demonstrate how dietic enzymes can contribute to the development of biomaterials for the rapidly growing market of tissue repair and regeneration, further underscoring the versatility and commercial reach of our technology beyond traditional industrial applications. In parallel with our commercial initiatives, we continue to advance a select group of partner-funded biopharmaceutical collaborations that extend the reach of our technology into vaccines and antibody production. providing valuable validation and non-diluted funding while we stay focused on near-term product revenue. I'll now turn the call over to our CEO, Mark Emelfarb, to provide an update on our progress of these partner-funded collaborations. Mark?