Hi, everyone, and thanks for joining today. My name's Joe Hazelton. I'm the President and Chief Operating Officer for Dyadic Applied BioSolutions. I spent the last 30 years in biopharmaceutical commercialization and development, and I joined Dyadic about three years ago to help them with commercialization of our gene expression technology. Today, we're now engineering proteins that power progress, and we've reached commercial stage with multiple products across multiple products using our expression platform technology, which I'll explain a little today. Obviously, we'll be making some forward-looking statements today. Please refer to our SEC statements on our website for further information on risks. We do try to run a very lean commercial structure. We're a very small but disciplined organization, and we'd like to focus our capital deployment on supporting scalable commercialization. What we've done over the last three years is essentially transitioned from an R&D stage organization to a truly commercial one. We've been able to do that while diversifying our revenue model in terms of being able to now have product sales as well as licensing and profit-sharing opportunities, while focusing on making sure that our capital deployment is on near-term commercial revenue-generating opportunities. What's happening today is that the demand for protein is exploding, and that's across all three of our core segments, which is life sciences, food nutrition, and bioindustrial. As you look, the need for alternative expression technologies is going to be obviously more important as we move forward. Animal-derived and plant-derived sources are always going to have sustainability as well as potentially safety issues. There's viruses, pathogens, as well as some contaminants that can be in the process for plant-derived materials. As you look at currently available technologies for producing non-animal proteins, they were traditionally built as lab systems. They're very good at expressing complex proteins, but not necessarily good at scaling. The difference with Dyadic is that we have engineered our platforms for industrial capability. In 2015, or from the early 1990s to about 2015, we developed 35 products, sold in 100 different countries, that ultimately we exited to DuPont, where we sold our bioindustrial business for around $75 million. Now what we've done is we've taken that industrial workhorse, the ability to be able to produce non-animal proteins and enzymes, and now we're applying that, and we've re-engineered these platforms to produce more high-value and more complex targets. So now we're able to essentially produce targets across multiple segments of the business and multiple opportunities as we move forward. Now, where we fit in the protein production ecosystem is we're kind of like the picks and shovels. So anytime you have an idea for a protein, so you have a DNA sequence, you need to figure out how you're going to produce that. Obviously, you can use animal or plant-derived sources to try to produce those proteins. But again, there's always potential supply chain issues, safety issues, and the need for efficient, effective, and high productivity is going to increase as we move forward, and that's really where Dyadic fits in. We are the expression mechanism. We're able to use our gene expression technology, which is a filamentous fungal-based system, to produce non-animal proteins and enzymes. So we take a DNA sequence, we insert it into the cell lines, and then essentially, we're able to purify and then sell proteins into the market. We can do that and enable protein solutions across many major markets. That is really what Dyadic is today, and one of the reasons that last year we ultimately changed our name and rebranded the company to Dyadic Applied BioSolutions. We are supplying solutions across things like therapeutic proteins or vaccines and other human and animal biologics, or in life sciences, like with cell culture or food nutrition, such as non-animal dairy. We are also in the industrial segment again with biomass and biofuel enzymes and proteins that can be used for processing biomass. Again, we are powering progress across all of these major markets, and we are using a proven technology to do that. Why now? What makes Dyadic different than in the past? We are at an inflection point. We have now taken the platform, and we have now been able to demonstrate commercialization across all three of our core segments. We have multiple products that are launching into the market, both from ourselves as well as our partners. We have a global distribution agreement that we signed earlier this year with Integrated Biotherapeutics, and they will now serve as the initial distribution model for our products to get into the research grade and diagnostic segments. We have multiple profit-sharing partnerships in place, like with Proliant Health & Biologicals, which I will talk a little bit more about that later. We also have partnerships in the food and nutrition space with enzymes and in the bioindustrial space with Fermbox Bio. We have initial orders, so we are able to sell products directly to customers across multiple segments. Our recurring revenue engine is in motion. We now have these products on the market. They are starting to generate initial revenues. Again, they are building, and it is going to be a little bumpy along the way. But we have been able to demonstrate that we are able to commercialize using our gene expression technology. We have two complementary platforms that we use to do that. Even though I am going to talk about life sciences, food and nutrition, bioindustrial, and even sub-markets within each of those segments, what we do remains the same. We engineer the strains that produce these materials, and then we commercialize them in multiple different ways. Our end-to-end capabilities really are strain development and engineering, and then the production, purification, and supply of these proteins to the market. We are using our gene expression technology, which is a filamentous fungal-based system that has specific advantages versus other platforms that are currently available. Our C1 platform is the one that has been optimized for the more high-value proteins that are more complex. So it is ideal for life sciences. While it retains the high productivity and low-cost production, it has greater capability to express human therapeutics. We have even done a phase I study. So we have now proven that a protein produced in the C1 platform is safe for administration to human beings. We have also commercialized in our Dapibus platform, which is, again, is the same native fungal species, but used for more low margin or more cost-efficient use, such as food and nutrition or bioindustrial, where you need high yields, but you obviously need to hit the unit economics for these types of applications. That's really what makes our platform different than what's currently available for non-animal protein production, is that we're taking an industrialized platform, now we're able to apply it to these more high-value segments such as food and nutrition or even life sciences. That gives us differentiation in the market. Our commercial model has shifted as well. From 2015 to about 2022, we really relied on R&D revenues as well as grant revenues. Now we've been able to diversify our revenue model. We're currently starting to sell products directly to third parties. We're also doing that through our distribution network through IBT. We have licensing opportunities, as I mentioned earlier, we have Proliant Health & Biologicals as one of our premier partners. In 2024, we licensed recombinant human albumin to Proliant Health & Biologicals. We received about $1.5 million up front, now we actually are going to receive a share of the profits now that they have launched AlbuFree DX, which is their first non-animal protein that they're launching into the market. Proliant Health & Biologicals is a great partner because they're one of the largest suppliers of bovine-derived albumin in the world, they have a global distribution network, a global customer base made up of pharmaceutical companies, distributors, manufacturers. They're selling to the people that use albumin on a consistent basis. Those customers are asking for non-animal solutions because in certain regulatory environments, non-animal solutions are a little more predictable, they're easier to scale, obviously they can come at higher purities than you can get from animal or plant-derived sources. That's one of the reasons we chose Proliant Health & Biologicals, because this gives them the opportunity to provide their customers with a new product that they're looking for and expand their capability. Then we have partners like Inzymes ApS that's now launched in the food and nutrition space. Earlier this year, they launched a bovine chymosin, which is used in the cheese-making process. We licensed them the Dapibus platform for making these enzymes. We've received about $1 million for in upfront and milestones, now we're going to be able to get royalties on the back end from product sales. They've launched and have commercial sales of chymosin now in the market. Then we have partners like Fermbox Bio. Not only are they a manufacturing partner for us, but they're also supplying a lot of the product that we're currently producing for IBT and some of our other partners, they're also developing their own enzymes. They've launched EN3ZYME in the bioindustrial space for biomass conversion. So we've got three different ways that we can maximize the value of not just our technology, but of the strains we can build with our technology. I mentioned before, our focus is on three core segments, life sciences, food nutrition, and bioindustrial. We're a small company, so even within these very large segments, we're focusing in on areas where we believe that our technology has a specific advantage. In the life sciences space, that market is cell culture media. Those are input proteins that are used in a manufacturing process. They're used in diagnostics. They're used in a lot of different cell and gene therapy applications, things like albumin, transferrin, and growth factors. Then we have other products like DNase I that are used in cell and gene therapy. They're used in mRNA, and it manipulates DNA. So we have molecular biology reagents and cell culture media, and that's our first entry into the life sciences segment. In addition to that, we make custom proteins for our partners as well. In the food and nutrition space, our focus is on non-animal dairy proteins. The reason is that's an extremely attractive market in terms of growth opportunity and customers' desires. You can see consumer demand increasing for non-animal proteins, both from an ethical standpoint, but also from a sustainability standpoint. It's also an area where, again, you're competing with animal-derived sources, which are usually obviously lower margin. You need a platform that can produce at the unit economics that the customers are going to be able to commercialize. In the bioindustrial segment, our initial focus is on the biofuels as well as the biomass processing, so cellulosic enzymes. EN3ZYME through Fermbox is our first foray. They've already started to generate initial sales with that. We're also looking at other specialty enzymes like hyaluronidase for cosmetics, markets where we think we can have a niche for a highly productive strain that we're able to produce using our technology. We're not trying to boil the ocean, and even though we're in a lot of different segments, we can make a lot of different things, what we are is a solutions organization. We provide recombinant protein or non-animal protein solutions for our customers and for ourselves, and now we're starting to commercialize those in multiple markets. Life sciences, we believe, is going to be the near-term revenue engine, and it's simply because the need for high-quality, highly pure proteins is continuing to increase. That's from a regulatory perspective. As you're looking to get things through either the FDA or the EMA, you need to ensure that the input proteins you're using to make monoclonal antibodies or to make vaccines, they are pure and they are of high quality, and they are consistent so that you don't have any issues from batch to batch. That's one of the reasons why using a gene expression technology is favorable in these types of applications. We've now proven that we can commercialize things like albumin. We're currently starting to sell human transferrin as well as bovine transferrin and human and bovine growth factors into the segment, as well as DNase I. These are recurring consumables that are used in life sciences. Again, there's a high need for cost-effective production as the cell and gene therapy market continues to increase or mRNA continues to increase. These are areas where we can provide a significant value to our customers. In the food and nutrition market, we use a little bit different of a model. It's capital light. We use a partner-driven model because these are areas where you need large amounts of development dollars as well as scale-up, because you need to scale to significant amounts. In the life sciences industry, you're talking about grams and kilograms. In this industry, in food nutrition, you are talking about metric tons, and that is where you need to have a partner that has understanding in these markets as well as obviously funding the scale-up and development of these strains. We have partners like BRIG BIO, who is currently starting to scale alpha-lactalbumin, which is one of the high-value whey proteins for things like infant nutrition, sports nutrition. We are also looking at things like lactoferrin. Then we have other products that have cross-category application, things like transferrin and growth factors. Those are used in cultured meat. Then we have, obviously, chymosin that we have launched through our partner, Inzymes ApS. We have now proven that this model works and that we are going to be able to drive revenue through this. Now we are using this model so that we are not investing a ton of our own dollars, but we are able to get these products to market quickly. In addition, we retain the rights for things like alpha-lactalbumin to use in life sciences, because it is also used as a supplement for cell culture media. All the products that we are currently developing have cross-category applications and give us multiple monetization opportunities for each one of these strains. But these are large and growing markets, and the demand for non-animal proteins is continuing to increase. The bioindustrial segment is one where Fermbox Bio is our strategic partner. Not only do they manufacture for us, but they are also selling EN3ZYME currently on the market, and we are developing a broader portfolio for biofuels and biorefining. Obviously, with the volatility in the oil market right now, this is starting to see a little bit of a resurgence like we saw in the early 2000s, and we are hoping to take advantage of that. A few weeks ago, we announced that we are developing and have some initial results on a pulp and paper enzyme that we feel will help. It will actually have better efficacy in terms of fiber support in the biomass processing of paper. We do feel that there are opportunities here for niche products where our technology has a specific advantage. Again, it is a market that we know very well because that is our history, but now we are starting to develop products that obviously we have experience in or that we feel have broad applicability. As you look at our pipeline, in life sciences, as I mentioned, we have the cell culture media portfolio, which is albumin, transferrin, growth factors, and things like human alpha-lactalbumin or even bovine alpha-lactalbumin. In the molecular biology enzymes, we have DNase I. These are products that will service not just the cell culture media market, but also cell and gene therapy, diagnostics, reagents. We have multiple products that have commercialized in 2026. We have some early pilot sales of things like human transferrin and human growth factors, and we are looking to grow and expand that into 2027. In food and nutrition, we have now launched chymosin through our partner, Inzymes ApS. We are currently developing lactoferrin. Then we have partners like BRIG BIO that are starting to commercialize, and we are actually seeing some early interest in application testing for bovine alpha-lactalbumin. We also have pilot sales of transferrin and growth factors into the cultured meat segment. They are not significant amounts of sales right now, but as those markets mature, that will continue to grow as the markets do. In the bioindustrial segment, we have EN3ZYME that is currently on the market. We are currently scaling up to launch the pulp and paper enzyme. We are developing hyaluronidase and other niche enzymes for the cosmetic market, where we feel that we could have a competitive advantage in terms of cost and speed. These are the things that we are looking to do as we move forward. It is about growing and expanding and building portfolios that could potentially also give us sub-exit opportunities in terms of spinning out maybe life sciences or merging or partnering all or part of our food and nutrition business with large organizations. We are trying to build portfolios that matter to the larger market. At the same point in time, we also offer custom development services for customers that need a different expression technology where maybe their current one is not achieving the yield or the scale that they need. We also do have an opportunity in biopharmaceuticals, and we did focus on that for about seven years. It is not that we are walking away from it. We have just shifted our focus and now we are advancing our biopharmaceutical capability through non-dilutive partnerships. We have grants from the Bill & Melinda Gates Foundation and CEPI to develop monoclonal antibodies or faster ways to make vaccines. We have partnerships with the Fondazione Biotecnopolo di Siena. It is a great organization. It is headed up by Dr. Rino Rappuoli. He is definitely worth a Google. He is probably one of the foremost thought leaders in vaccinology. He is part of the European Vaccine Hub, which now we are integrated into their discovery pillar. Everything they are looking to develop will initially start. They will look at whether C1 is an appropriate platform for these. This will help us continue to validate the platform and hopefully drive more commercial opportunities as we move forward. This is one where the long-term opportunity is great, but the short-term revenue potential is smaller because it takes longer to develop vaccines or monoclonal antibodies for use in human and animal therapeutics. We are hopeful as we move forward, this creates a long-term market opportunity for us in some very large segments. Our path is very clear. It is about execution and growth. We are currently launching products. We are now starting to try to grow the sales and increase our commercial traction. We are also expanding our partnerships and our market access. We are looking at new partners, not only to develop products, but also potentially to help us with our portfolio commercialization. We also want to expand our global distribution. I currently was in Japan, obviously looking for opportunities to expand our capability to sell products into these markets that are growing very quickly in terms of cell and gene therapy or in terms of recombinant products. We now know that we have demonstrated that we can commercialize products with our technology, not just ourselves, but also through our partners, and that is creating a lot more opportunity with the current partners that we are talking to now that we have demonstrated what is possible. I will stop there, and we do have an experienced leadership team. Mark has been with us, he is our Founder and CEO. He's been with us for over 40 years, and I myself have been in the industry almost 30 years now. We have a very deep biotechnology background as well as commercial expertise, and we're going to continue to execute on our strategic plan. I will stop there and see if there are any questions. I'm not seeing any questions. Okay, here. What is the biggest potential catalyst? That's a great question. I would say the biggest potential catalyst for Dyadic right now is our portfolio opportunities. We're currently getting traction, obviously, with Proliant Health & Biologicals now that they've launched into the market, which has generated significant interest in things like transferrin and growth factors. Now that we've proven it can be done and these products can be commercialized, and in just a short time frame. The time from deal to actual launch was less than two years. In less than two years, we were able to not only execute a deal with Proliant Health & Biologicals, but we were able to develop, scale up and launch a product into the market, which definitely compresses the time frame, which we can obviously start to drive revenue. When you look at it's really these life science products present the biggest near-term potential catalyst in terms of not just product sales into the market, but also potential licensing or even potential acquisition opportunities for other companies. I'm not seeing any other questions. I think the thing I would just leave everyone with, and I guess in terms of not just biggest potential catalyst, but in terms of where we're going, we now have the proof points. We have products that are launching into the market. We have some early commercial sales that are starting to grow. Now what we're looking for is to expand. That's really what Dyadic needed to do. We've been focused on R&D, and we're focused on developing the platform, but now we're able to turn it into dollars, and that's the most important thing as we move forward, and why Dyadic makes a great opportunity for investors now is because we're now on the upswing. We've proven it can be done. We have products on the market, and now we just have to accelerate that growth as we move forward into the future. I appreciate everyone's time today. My email is jhazelton, that's H-A-Z-E-L-T-O-N, @dyadic.com, D-Y-A-D-I-C. I do Oh, sorry, I do see one more question. Do you have any estimate of dollars for the year? We don't give guidance for the year. Obviously, our goal is to be cash flow positive as quickly as possible. I think as you look at the future over the next six to nine months, we obviously are going to be growing our commercial sale opportunity, but we're also looking at strategic partnerships and collaborations that can bring in larger revenue opportunities that can help us accelerate growth in core areas. Maybe that's food and nutrition, that could be bioindustrial, or it could be life sciences, and those are the areas that we'll be focused on. Another question came in. The single biggest milestone you need to hit before you'd say you become a scalable commercial business. I think cash flow positive is the single biggest milestone. Once we're able to demonstrate recurring revenues that get us to cash flow positivity, that's the single biggest milestone. The beauty of having a platform is that can take a couple of different opportunities. That could be a licensing opportunity, that could be a potential M&A opportunity where people are looking at a franchise or potentially even a strain. I will give you an example. Albumedix was purchased by Sartorius in 2022 or 2023, I believe, and they were purchased for $500 million. Their single product was a recombinant human albumin. They had spent many years developing it and obviously had significant investment in it, but it just shows you what is possible with even one of these products when it is developed and obviously, has the right data package around it. We have now developed a suite of these products that we are going to continue to sell in the research segment, and then start to sell it into potentially even clinical grade segments as we move forward. But that is really the biggest milestone. Another question, what is the status of the work being done with the Ebola issues? We have currently developed an Ebola vaccine antigen with the Scripps Research. We are also working on an Ebola monoclonal antibody. Those are currently in preclinical development. Now that we have developed the antigen itself, now it goes into preclinical testing, which will hopefully lead to animal studies. Once those animal studies, in best case scenario, we could potentially see animal studies later this year or early next year. That is probably best case scenario for where we are at today. I am going to do one more minute, see if any other questions come in. Excellent. Well, thank you everyone, and again, thanks again for your time today. Again, if anyone has other questions or wants to discuss anything in a little more depth, my email is jhazelton@dyadic.com. Feel free to reach out to me at any time. Thank you for your time.