Good day, and welcome to the iAccess Alpha Virtual Best Ideas Fall Investment Conference 2026. Our next presenting company is Dyadic Applied BioSolutions. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking the Ask Question button on the left side of your screen. Type your question into the box and click Send. I would now like to turn the floor over to today's host, Joe Hazelton, President and COO at Dyadic Applied BioSolutions. Please go ahead. Thank you. Thank you everyone for joining us today. Again, my name is Joe Hazelton. I am the President and Chief Operating Officer for Dyadic Applied BioSolutions. I spent about the last 30 years in biopharmaceutical commercialization and development before, three years ago, joining Dyadic to help with the commercialization of their platform technology across three core areas: life sciences, food nutrition, and bioindustrial. What I am really excited about is we are now at the commercial stage. We have transitioned from a true R&D organization into a commercial organization with multiple products, either on the market or in current commercialization using our gene expression technology. We are going to wait for the slide. Oh, there we go. I am going to be making, obviously, certain forward-looking statements. Please refer to our risk profiles and our SEC documents found on our website. Let us talk about why Dyadic is exciting right now, and it is really because of the growth in the demand for proteins worldwide, specifically animal-free solutions. As we look, the global demand for proteins is growing across all three of our key segments, life sciences, food nutrition, and bioindustrial, for multiple different reasons. Not only from a food and nutrition standpoint, we have a growing population. In the life sciences, companies are looking for safer, more reliable alternatives to animal or plant-derived proteins. When you use recombinant or non-animal solutions, you can have broader applications for these proteins than you do with animal or plant-derived sources. That is where Dyadic really has the opportunity to be transformational in terms of what it can offer for real-world applications across our t hree core segments. We currently have products, both ourselves and our partners, that are addressing specific protein needs in each of those sectors. As that demand continues to grow, we hope to be able to provide solutions to take advantage of it. Why Dyadic and why now? What makes us an attractive investment opportunity? Well, it is because we have actually moved to the commercialization and execution stage. When we sold our industrial business to DuPont in 2015, we embarked on transitioning or developing the host technology to create more valuable products. It takes time to do that. It takes time to essentially re-engineer the cell lines to move from bioindustrial to life sciences or food and nutrition. Now that we have done that, we have shifted our focus to products that do not require human clinical trials, they do not require FDA review. Not that biopharmaceuticals is not going to be a key value driver for us in the future, but in the mid and short term, it really is about products that can be put on the market and sold without regulatory review and without FDA review or human clinical trials. These are products that we currently have available, like albumin, transferrin, and growth factors in our cell culture media portfolio. We have other products such as alpha-lactalbumin and chymosin that is just launched in the food and nutrition space. We also have products we will talk about later in the bioindustrial. We are at that commercial inflection point, both through ourselves, our partners, and our distributors, we are ensuring the global market access for the products that we are launching. We have got multiple revenue models in place, both direct sales, we have licensing and milestone revenues, as well as partnerships and profit-sharing. We have strategic partners to help us pull this through and commercialize, and that is going to continue to expand. We are really at the inflection point where we actually have products on the market, and that is the biggest change from Dyadic even a year ago. Let alone, five years ago, we have actually completed the transition to commercial execution. We are doing that by using our proprietary gene expression technology, which we have nicknamed C1, and our assistant platform, which is Dapibus. We have two platforms which enables us to target multiple segments of each of our core verticals in life sciences, food, nutrition, and bioindustrial. Even though we are going to talk about a lot of different products, a lot of different markets, what we do remains the same. We engineer our filamentous fungal platform to produce the proteins of interest for our markets and those of our customers. Then we obviously engineer and scale that platform into commercialization. The two platforms that we have, C1 and Dapibus. C1 is more our life sciences and biopharma platform. It has been specifically engineered to produce more complex proteins like human therapeutics, monoclonal antibodies, vaccine antigens, where our Dapibus platform has been specifically designed to be optimized for high yield, low cost production in food nutrition or bioindustrial applications. So we are taking the industrial heritage that we had, and now we are applying it to more high-value areas, and now we have got two platforms to help us capture value across our portfolios. Again, we are doing the same thing for each project. We are engineering our technology to produce the protein. So even though we talk about a lot of different markets, we are really a solutions provider. We are using our technology to provide solutions across multiple end markets. On a daily basis, what we do is the same. So it is not like we are focused on 1,000 different things. We are doing the same thing, just in multiple different markets. What has also shifted is our ability to generate revenue. We currently have a partnership with Integrated Biotherapeutics, where we are selling our products directly into the market. Now, these are research-grade products in cell culture, molecular biology reagents, things like growth factors, transferrin, alpha-lactalbumin. These are things that are currently being sold through our partnership with IBT, and we are also selling them directly to large end third parties. Those sales are just starting. We have just launched these products into the market, and now we are starting to see some initial sales coming in. We also have licensing and milestone revenues coming in from our partner, INZYMES, and other partners, where we have already received about $1.4 million in upfront and milestones from the launch of their bovine chymosin, which is now currently on the market and generating commercial sales. Then we have partnership revenues, like with Proliant Health and Biologicals. They are our partner for recombinant human albumin. They launched in March of this year, and they are currently also developing two additional recombinant human albumin products that they announced about two months ago. They will be launching not just in the research space, but also in the cell and gene therapy market, as well as in the cell culture market. They will have three different versions of recombinant human albumin in the market, and we receive a share of the profits. We have partners like Fermbox Bio, who we also have a profit share for products that they are launching in the bioindustrial space. Then we have royalties from INZYMES and BRIG BIO as they commercialize alpha-lactalbumin. We have multiple ways now that we have been able to diversify our revenue streams so that we can shorten the time to our ability to generate revenues. We can sell products directly. We still retain the ability to license and have profit-sharing with other partners as well. It is a capital-light strategy because we are selling products that are relatively easy to bring to the market in the research-grade space. For those that require more development or more resources to launch, we are using a partner-driven approach, like we have done with INZYMES and Proliant. The markets that we are targeting are life sciences, food, nutrition, and bioindustrial. Within each of those, we have drilled down into sub-markets where we feel that our technology has a specific advantage. Most of that being that we can produce complex proteins, but with the horsepower of the industrial heritage that we have. When you look at the life sciences segment, when you look at human therapeutics, reagents, buffers, input proteins, this is an $80 billion-$100 billion segment. We are focusing in on cell culture media and molecular biology reagents, and it gives us an addressable market of about $10 billion. These are products that are used in the production of therapeutics. They are used in research and development, as well as discovery. They are used for cell and gene therapy. They are used for input proteins to make monoclonal antibodies with mammalian cell lines. These are proteins that are used every day in research development, diagnostics, and manufacturing of products. It is a key market where the regulatory environment is such that they are looking for more sustainable, higher quality, higher purity, and repeatability in their proteins. That is what recombinant expression does. We are able to do these in larger amounts, lower cost than some of the competing platforms out there. In the food and nutrition space, again, when you look at different markets across alternative proteins, you are looking at the non-animal dairy market is a significant opportunity as we move forward. You just take a trip to the grocery store and you are seeing all these different types of milk, whether it is soy milk, oat milk. Now there is going to be animal-free milk, which again, is using proteins that are expressed in these gene expression technologies, where we are able to produce whey proteins like alpha-lactalbumin. Those are markets where, again, our technology has a competitive advantage because you are competing with animal-derived sources, or you are competing with plant-derived sources, which are relatively inexpensive, versus recombinant production, which is why you need a host that has been designed to produce proteins in large amounts and at low cost. That is exactly where Dyadic started its industrial businesses. Again, that is what we are using. We are using those industrially proven techniques and platform capabilities to apply to these segments that are competing in more margin-sensitive areas. Then we look back in the bioindustrial segment. We obviously were very successful in that in the past, and now we are re-entering it, but in markets that we know very well, or we are exploring niche or specialty opportunities where we believe that our ability to express complex proteins or enzymes like hyaluronidase could be beneficial in key areas like cosmetics. We are also in biofuels. We launched EN3ZYME, which is a biomass processing cellulosic enzyme, with Fermbox Bio earlier this year, and we are already starting to see some initial sales there. Again, as we start to expand into this market, we are not trying to boil the ocean of bioindustrial, which is a $150 billion segment. We are focusing in on the areas where we know we have competitive advantages or experience or areas where we believe there is a specialty opportunity. In the near term, the majority of our near-term revenues, we feel, are going to come from life sciences, whether that is from direct sales, licensing, milestones, and royalties, as well as profit sharing. The majority of our near-term revenues are going to come from this life sciences space. Again, we have got multiple products that are now currently in the market. We have things like DNase I, which is a molecular biology reagent used to cleave DNA. It is essentially needed in cell and gene therapy. You need it to make mRNA vaccines. You use it in diagnostics as well as even cleaning medical equipment to remove DNA. It is a very highly utilized agent, and again, one of the things that we are able to produce at some pretty good margin and unit economics. Then you look at cell culture media. In order for things like CHO cells or other cell line, tech cell lines to run, they need products to grow mammalian cells, and that is what transferrin, growth factors, albumin, that is what they do. They are cell culture applications, but they are also used as stabilizing agents or coating medical equipment. Each one of these has multiple end uses. In the research segment where we are currently starting to launch these products, we are starting to see that our proteins are generating good data. Now we have a global distribution capability through IBT, and they have now launched six products being made in our platform, and they are currently available and they are currently selling. The sales process in the life sciences space is a little bit longer. In order to get a supply agreement, they do have to test to make sure that it works in the application. If they're using transferrin in cell culture or they're using it in biochemical assays, they need to make sure that it works. Once they've done the testing, obviously, then they feel comfortable using it and incorporating it into their production or into their general businesses. It does take maybe three to four months in order for them to get through that process. But once you're ingrained, it creates recurring demand over years, and that's what we're looking for, is to, again, get in through the research segment, and as people get comfortable with the products, they'll start to use them in these higher value applications like cell culture and cell and gene therapy. We're really trying to create that lasting value in a market that is really growing with the demand for these high-value proteins, but from non-animal solutions. I just want to give one example of, again, why I think Dyadic is a great investment opportunity. We have the capability to make things like hyaluronidase. Hyaluronidase, it's a key biopharmaceutical drug delivery agent. It's also used in cosmetics. It's a high-value product class that has been essentially the building block for companies like Allozymes or Alteogen, and they've done obviously extremely well with one singular product, hyaluronidase. We believe we now have two different strains that we're able to make hyaluronidase in. One is a human glycan strain, so it's more humanized, and one has native glycan structure. What it does is it gives us the capability to potentially target both the biopharmaceutical industry as well as the aesthetic medicine industry. Again, we think that our technology, because our capability to glycoengineer the products as well as the high productivity and high expression levels that we see with our platforms, we believe that we can have the manufacturing economics that makes hyaluronidase attractive. Those are the types of opportunities that they're not being valued right now for us. We need to move them a little further along in the commercialization process, but it shows you what's possible with a singular product. Just hyaluronidase, again, obviously, you need to put a lot of data around it, but it can support entire companies in terms of its value proposition. We're also looking at other markets like food and nutrition and bioindustrial for growth. Again, these take a little more time because the manufacturing and the unit economics are much more margin sensitive in areas like non-animal dairy or alternative proteins and bioindustrial. We use a partner-driven approach, so that again, we're using partners that understand the space, that understand how to commercialize in these areas, people like BRIG BIO or people like INZYMES. INZYMES has already launched bovine chymosin. They're now getting ready to launch a second chymosin, a camel chymosin into the dairy enzyme market, and it's used for cheese applications. Then we have partners like BRIG BIO that are funding the development of our recombinant alpha-lactalbumin strain for the food and nutrition market. These are guys that have been in the precision fermentation industry at large dairy companies. Now they have gone out on their own to bring these precision fermented products to market, and we have partnered with these types of groups to be able to quickly develop production strains to produce the targets of interest. Along the way, we are currently selling bovine alpha-lactalbumin as a research-grade product. So we are able to generate revenues today from the strain that we have while also preparing for the future through a partner-driven approach. It is capital light. These do require significant investment to launch in a food and nutrition space. But again, we have great opportunity and great partners. In the bioindustrial segment, we have partnered with Fermbox Bio. We have our first launch with EN3ZYME, which again, is for biomass processing, and we have a profit sharing on the back end with them. We are also developing other industrial enzymes. Earlier this year, we announced that we are making a pulp and paper enzyme, an area that we have done traditionally well in in the past. We are starting to look at others like carotenoids for other markets in the bioindustrial space where we can add value. So these, again, are areas where we are looking for partners that can help us with. These are large-scale manufacturing projects. You are talking about literally metric tons of products that need to be manufactured for these markets, and that is why we use a more partner-driven approach in these areas. As you look to the future, 2025 is about building the pipeline and getting these products ready to launch. 2026 is the launch year. Now we have, again, six products are listed on IBT's website. They are currently selling those into the market. We are selling products directly, and these are things like DNase I. We have human albumin that has been launched by Proliant, and now they are getting ready to launch two additional versions of recombinant human albumin. We have human transferrin that we have initial pilot sales, and we have lots of sampling and testing going on in the market. We also have human growth factors that are currently being sold in the market, and bovine alpha-lactalbumin, as well as a human alpha-lactalbumin are being used in the research segment. So we have some cross-category application for some of these, so we are able to monetize them, not just in life sciences, but also in things like food and nutrition. In food and nutrition, we are developing additional proteins and enzymes like lactoferrin. It is a high-value protein in the food and nutrition space in non-animal dairy. It also is used for cell culture media supplementation in life sciences. So again, multiple revenue opportunities from the same strain. That is, again, how we look to get multiples out of each product. Again, we have a partnership model where we are looking for bovine alpha-lactalbumin to start generating revenues from research grade sales and ultimately from food nutrition sales in the future. In the bioindustrial space, again, we are already launched, and we are getting ready to target additional pulp and paper markets, as well as some specialty markets with things like carotenoids. So we have got a very diversified product portfolio. But again, what we are doing is the same. We are basically engineering the strains to produce these proteins of interest, and now we are looking at what is next. So we continue to refill that pipeline as we start to expand and launch these products into the market, both through ourselves and through our partners. We do believe that the C1 platform will be transformational in its ability to make low-cost human therapeutics. We do have several significant partners like the Gates Foundation or CEPI or the Fondazione Biotecnopolo di Siena. We are also part of the European Vaccine Hub, where C1 is part of their discovery pillar, where they are looking for new vaccines and antibodies to treat world conditions. We do believe that is going to continue to create strategic value for us and continue to validate the platform for human use. We have completed a phase I study, so we know that the C1 platform can be used to make human therapeutics. What we need in our next step is for this to be taken through a phase III clinical program and ultimately into a product that is approved by a recognized regulatory health authority like the FDA or the EMA. That is what our partners are helping us do right now. Obviously, we are a small microcap company. We do not have the capability or the resources right now to bring these fully across the goal line. But the partners we have do have that kind of capability, and they have those types of partnerships in place. The markets are absolutely massive. If you look at just one monoclonal antibody, even in a disease area like malaria, you could be talking about a couple hundred million dollar product right there, if not more. Then you have, obviously, oncology agents and other vaccines for RSV that we are developing or even Ebola that we are looking at with Scripps Research as well. So we have lots of partnerships that will continue to not just be non-dilutive to us, but also create strategic value and long-term upside. That takes me to my last slide, which is this is our path forward. We are all about launching products, expanding our position within the market, both through our own product sales as well as through our partnered product sales or partner distribution and supply agreements to create value for our shareholders. We are finally at that stage where we are starting to generate. I know the initial sales are small, but again, it has taken a little longer than we anticipated, but we finally have products in the market. DNase I is available today. We have growth factors available today. Transferrin is available today. We are starting to leverage that in our partner relationships as well as with our supply agreements. Then we have our partners like Proliant, INZYMES, Fermbox, that are now launching products into this space, as well as another group of partners like BRIG BIO and others that are developing products in these other markets to essentially commercialize. So we have a lot of opportunities, and the beauty of having a platform technology is that you can address and create solutions for multiple end products. So we have multiple third-party projects for proprietary proteins and enzymes of third parties that they want to use our platform to do that. They want to use our platform in order to make their products and commercialize them. We believe that is going to build long-term value while retaining that capability in biopharmaceuticals that again, over time, we do believe will add significant value to the organization. I am going to stop right there, and I want to thank everyone for their time today. Thank you for listening to me, and we will pause here now for Q&A. I will pull up the Q&A. All right. Okay, so first question, when might we start seeing a meaningful ramp in product sales? Yes, that is the absolute right question and one that I am waiting for every day. It is going to take a little bit of time, and it is simply because we did not have the resources to create significant inventory and just flood the market and try to create a bunch of, I guess, paper sales. Essentially, we are creating to demand right now. The initial ramp is slow, but we have a lot of sampling. We have initial pilot sales, and not just in life sciences. We are also seeing we are selling transferrin into the cultured meat segment in food and nutrition. We are selling growth factors into the cultured meat segment. So we are starting to see these start to ramp again. When it becomes meaningful, we hope that is going to be in early 2027. We start to see a bigger bump in sales as we start to get some more supply agreements done. But that is really the goal, is we start to see a significant increase in our own product sales. Also as well as our partners, obviously Proliant now launched in March, so they are almost four months into the launch, and they are getting ready to bring additional products into the market. Again, we are looking for big things over the next 12-24 months. The next question is the biggest commercial milestones investors should watch for over the next 12 months. From a commercial milestone standpoint, we do have commercial milestones from some of our contracts that we currently have in place. But really it is about product opportunities and partnerships that we are currently working on. Those are the ones that I would be watching for. Now that we have commercialized these products and they are available on the market, it changes the discussion and it changes the people that we are having discussions with, because now we are talking to larger suppliers, larger distributors that are looking for better solutions for some of these non-animal recombinant proteins and enzymes. We happen to have a very highly productive system that can produce these products in better unit economics. It really is the partnerships, the licensing, as well as the product sales. Those are the milestones we should be looking at. What products appear closest to generating meaningful commercial revenue today? That one is very easy to answer. Albumin, transferrin, as well as growth factors. Those are the three right now that I think will generate the most meaningful commercial revenue today. One, because we have a great partner in Proliant. They are one of the largest providers of serum-derived albumin in the world, and this is their first non-animal solution. They have a global customer base, a global distribution network. So we obviously hope to see good things. Transferrin is a market right now that is underserved. There is a significant need out there for human transferrin and bovine transferrin. We are already seeing pretty solid uptake in the cultured meat segment. They are testing it. It is working well in application. It's growing these animal muscle cell lines. We anticipate as these products start to get approved by different regulatory agencies, the uptake is going to improve as well. I think those are some of the key things. I know we only have a minute left here. This is a great question. What do you think investors most misunderstand about Dyadic today? What I think people miss the most is we've made a transition. Up until a year ago when I took over, a little over a year ago now, when I took over as president, we were focused on research development grants, things that essentially were trying to move our biopharmaceutical platform forward. Those biopharmaceutical programs take time. Even if you're successful in the biopharmaceutical segment. Let's just say we had a monoclonal antibody and someone was going to take it forward to phase I, II, III, and then ultimately through approval. That's a 12-month process. That is a long time. I'm sorry, that's a five to seven-year process followed by a 12-month regulatory review. That's a best case scenario. I think what's been misunderstood is how are we going to make money today? We now have products that have been commercialized. I think that's what people are missing, is that we do have products in the market. Yes, I realize the ramp is not really what we want. We want to obviously to grow faster, and that is a focus of ours. I think that's the biggest thing, is that we actually have commercial products. We've now proven, once again, that we can use this platform to create commercially relevant products both through ourselves as well as our partners. Now we have Integrated Biotherapeutics. If you go on their website, you'll see products that are being made in our platform. Again, you go to the Proliant website, you're going to see that they're selling AlbuFree DX and more to come on the other two new products that they're going to be launching. That's what I think people are missing. These products are out there. I get that they're not generating millions of USD today, but they're in the market and they're starting to grow. That's what I think people are misunderstanding. We're using our technology not to make products that are going to be approved in five to seven years. They're approved today and they're on the market today being sold. I think I'm just out of time. I want to thank everyone and really appreciate the questions. I'm always here if anyone has others. That concludes the Dyadic Applied BioSolutions presentation. You may now disconnect. Please consult the conference agenda for the next presenting company.