Dyadic International, Inc.

Good evening and welcome to DIATIC's International Full Year 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, March 25, 2026. I would now like to turn the call over to Mrs. Ping Rawson, DIATIC's Chief Financial Officer. Please go ahead.

Thank you, operator. Good evening and welcome everyone to Dyadic's full year 2025 conference call. I hope you have had the opportunity to review Dyadic's press releases announcing financial results for the year ended December 31st, 2025. You may access our release and form 10K and the investor section of the company's website at dyadic.com. On today's call, Our President and Chief Operating Officer, Joe Hazelton, will review our full year 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 Q&A 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 involve risks and uncertainties and other factors that could cause DADEC's actual results, performance, scientific or otherwise, or achievements to be materially different from those expressed or implied by these forward-looking statements. DADEC 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 reports filed with the SEC. It is now my pleasure to pass the call to our President and COO, Joe Hazelton. Joe?

Thank you, Ping, and thank you, everyone, for joining. Since I stepped into the president's role in June of 2025, our focus has been very clear, to accelerate Dyadic's transition from a development stage platform company into a commercial product-driven biotechnology business with multiple paths for revenue. Over the past nine months, we've made significant progress executing against that strategy. We've completed a corporate rebrand to Dyadic Applied BioSolutions, aligned the organization around commercialization strengthened our technological capabilities through CRISPR licensing, secured manufacturing through our expanded Firmbox partnership, and most importantly, we began moving products into the market. And I want to emphasize this point upfront. While our reported revenues today still reflect the company in transition, the underlying business has clearly advanced towards commercialization. In less than one year, we've matured from early stage product development to commercial product launches distribution agreements, initial product sales, and multiple revenue-generating partnerships. Life Sciences is our most advanced business, with the clearest near-term product revenue and repeat purchasing. We are building a portfolio of recombinant, animal-free proteins for use in cell culture media and molecular biology workflows. These are not speculative markets. They are large, established, and growing markets that support biologic manufacturing, cell and gene therapy, cultivated meat, as well as diagnostics and research. These markets are rapidly shifting away from traditional animal-derived inputs towards state-of-the-art recombinant, high-quality, consistent, and scalable alternatives, which aligns directly with our production platforms. I want to highlight recombinant albumin as our leading example of progress in life sciences. Albumin is one of the most widely used proteins in biotechnology. critical for stabilizing biologics, supporting cell growth, and improving formulations across diagnostics, therapeutics, and research. Traditional human and animal-derived albumin introduces variability and supply limitations. However, through our partnership with ProLiant Health and Biologics, we are now producing recombinant human albumin, which was commercially launched in early 2026, The ProLiant product, commonly produced using Dyadic's production platform, delivers consistent, high-quality, and scalable supply while avoiding the risks associated with animal-derived products. The ProLiant collaboration is a profit-sharing arrangement in which Dyadic participates directly in commercial success as ProLiant expands commercial sales through their already established global sales channels. This is our first example of a dyadic platform-enabled product reaching commercial scale with recurring revenue potential driven by our partner sales growth. Now, turning to our animal-free recombinant, TransRent. TransRent is a critical component of serum-free cell culture media delivering iron essential for cell growth and viability. It's widely used across biopharmaceutical manufacturing, cell and gene therapy, and cultivated meat. We're developing both bovine transfer for cost sensitive high volume markets like cultivated meat and human transfer for higher spec applications such as cell and gene therapy and biopharmaceutical production. It's a high value recurring consumable transferring demand scales with customer production directly linking their growth to our revenue. We further advanced our commercialization capability through an OEM distribution agreement with IBT Bioservices, enabling global sales of our animal free recombinant products such as DNA-SWAN and transferrin through IBT's established distribution channels. This accelerates market penetration while supporting both near-term revenue and positions us for long-term volume growth as products are adopted into customer workflows. DNA-SWAN is a widely used high-value enzyme with applications across bioprocessing and molecular biology workflows. DNA-S1 is used to remove residual DNA and is essential in areas such as cell and gene therapy manufacturing, biologics production, RNA workflows, and research and diagnostics. We've completed production validation and together with Firmbox launched recombinant RNA-free DNA-S1 as our first product commercialized under our expanded partnership with Firmbox. As adoption grows, we expect progression from sampling to qualification to routine purchasing driving steady volume growth. We're also advancing growth factors, specifically fibroblast growth factor, or FGF, which stimulates cell growth and is a key cost driver in cell culture systems, particularly in cultivated meat and advanced therapeutic applications. In the fourth quarter of 2025, we achieved our first sales of FGF, an important milestone reflecting technical validation and initial revenue. Growth factors are typically among the higher-value inputs in cell culture systems and, as a result, can generate meaningful revenue even at modest volumes. We view this as the start of a broader portfolio targeting both high-volume, cost-sensitive markets like cultivated meat and premium applications such as cell and gene therapy. Our life science development has evolved into a multi-product portfolio serving large recurring end markets with multiple revenue channels, including direct product sales, distribution partnerships, and profit sharing arrangements. These are markets where product adoption typically progresses from sampling to qualification and into scale use. And we're now entering the early stages of that curve. As these products move into routine use, we expect to see increasing repeat orders and revenue growth through 2026 and beyond. Turning to food and nutrition, this segment represents a significant opportunity driven by the global shift towards sustainable animal-free proteins and functional ingredients. Our strategy here is to leverage our database platform for large-scale, cost-effective production of proteins that replicate the nutritional and functional properties of traditional dairy and food ingredients, while partnering with companies that have established market access and application expertise. Another important development in 2025 was our agreement with Brigg Bio to develop and commercialize animal-free recombinant bovine alpha-lacta albumin for global health and nutrition markets. Alpha-lacta albumin is a key whey protein naturally present in human breast milk, which is essential for early childhood development due to its high nutritional value and amino acid composition. Demand is increasing for scalable, non-animal-produced recombinant alpha-lacta albumin to better replicate the benefits of human milk. This program includes funded development, milestone payments, and revenue participation, which aligns with our capital-efficient model of near-term funding and long-term royalties in a large growing market where even modest market penetration can translate into meaningful revenue given the scale of global demand. We're also advancing our human lactoferrin program, where we have established a stable production strain and are now optimizing yields and performance. Lactoferrin is a high-value functional protein used in infant nutrition, dietary supplements, and wellness products due to its antimicrobial and immune-supporting properties. Compared to traditional sources, recombinant animal-free production offers improved consistency and scalability. We see potential for both direct sales and partner-driven revenue as we move towards commercialization. Another product approaching commercialization is recombinant bovine chymosin with our partner Enzymes targeting a 2026 launch. Chymosin is a key enzyme in cheese production, enabling the coagulation of milk proteins into curds. To date, we've received upfront access fees and milestone payments with potential royalties during commercialization. This program reflects our capital-efficient partnership model of generating upfront fees and milestones while building long-term loyalty streams without assuming downstream commercialization risk. More broadly, our food nutrition pipeline continues to expand across non-animal dairy proteins and food enzymes supported by a growing demand for sustainable and functional ingredients. As these programs advance toward commercialization, We expect increasing milestone achievements and product launches with more meaningful contribution from recurring revenues beginning in 2026. In the bioindustrial segment, our focus is on scaling our technology into large volume applications through strategic partnerships with an emphasis on capital efficiency and manufacturing leverage. A key component of this strategy is our expanded collaboration with FirmboxBio. which provides access to commercial-scale manufacturing and additional product development opportunities in multiple markets. This enables faster commercialization without investing significant capital in our own large-scale infrastructure, an important advantage in cost- and volume-driven markets. One example is N3Zyme, an enzyme cocktail produced using our Dapibus platform that converts agricultural residues into fermentable sugars for biofuels and other industrial applications. Firmbox has fulfilled its first large-scale order and is expanding sampling and commercial activity, including in the Asia-Pacific region, demonstrating both performance and scalability in industrial settings. From a business model perspective, our collaboration with Firmbox is structured around participation in product economics, typically through profit-sharing arrangements. This provides exposure to high-volume markets with scalable revenue potential while limiting our capital exposure. More broadly, our ADAPOBIS platform is being applied across industrial segments, including biomass conversion, pulp and paper processing, sustainable materials, and bio-based manufacturing, such as microcrystalline cellulose and advanced nanomaterials. These markets are increasingly focused on efficiency and sustainability, where enzyme performance and cost profile are key drivers of adoption. We're also leveraging the platform's advantages of speed, yield, and cost efficiency within biopharmaceutical applications through partner-funded programs enabling continued development without impacting nurture and commercial execution. With that, I'll now turn the call over to Mark Amelfarb, Dyadic's CEO, to provide an update on these collaborations. Mark?