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DATE
Wednesday, August 13, 2025 at 5:00 p.m. ET
CALL PARTICIPANTS
President and Chief Operating Officer — Joe Hazelton
Chief Financial Officer — Ping Rawson
Chief Executive Officer — Mark Emalfarb
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TAKEAWAYS
Total Revenue-- Total revenue was $967,000 for Q2 2025, up from $386,000 in Q2 2024, driven by milestone payments for enzyme development and grants from the Gates Foundation and CEPI.
R&D and Grant Cost of Revenue-- R&D and grant cost of revenue was $614,000 for Q2 2025, attributed to increased grant-related activities.
Research and Development Expenses-- Research and development expenses totaled $629,000 for Q2 2025, reflecting growth in internal product development initiatives.
General and Administrative Expenses-- General and administrative expenses were $1,437,000 for Q2 2025, down from $1,608,000 for Q2 2024, primarily due to reductions in business development, accounting, insurance, and management incentives.
Operating Loss-- Operating loss was $1,729,000 for Q2 2025, an improvement from $2,043,000 for Q2 2024, as reduced expenses partially offset higher costs.
Net Loss-- Net loss was $1,794,000, or $0.06 per share for Q2 2025
Liquidity-- Cash, equivalents, restricted cash, and investment-grade securities totaled $7,300,000 as of 06/30/2025, down from $9,300,000 (GAAP) as of 12/31/2024.
Equity Offering-- The company closed a $5,300,000 equity raise on August 1, 2025, by issuing 6,052,000 shares at $0.95 per share, with proceeds designated for product development, sales, and general corporate purposes.
Product Milestones-- A $250,000 milestone was recognized from the enzymes partnership in Q2 2025; a $1,500,000 installment from the Gates Foundation was awarded for antibody development milestones; a $500,000 milestone from Proliant is expected in Q3 2025.
Commercial Readiness-- Scale-up completed for RNase-free DNase I, with research-grade supply manufacturing underway and commercial discussions active.
Pipeline Advances-- Recombinant transferrin and fibroblast growth factors are progressing through validation and sampling processes for cell culture and research markets.
First Commercial Launches-- Launch of recombinant human albumin with Proliant remains on track for 2025.
Additional Partnerships-- Ongoing collaborations in research and grant-funded programs through organizations such as CEPI, FermBox Bio, and Enzymes, with targeted launches in food, nutrition, and bioindustrial verticals in late 2025 or 2026.
Expense Guidance-- Management expects operating expenses to remain flat or decline in the second half of 2025, depending on revenue outcomes.
Fully Diluted Share Count-- The new share issuance brings the total above 36 million shares outstanding, as confirmed by management.
SUMMARY
Revenue reflected a shift to milestone and partnership-driven income. The company emphasized successful completion of financing, targeted commercialization of key proteins, and scale-up of animal-free enzyme platforms for immediate market segments. Management detailed upcoming revenue from product launches and reiterated expectations for flat or lower operating expenses for the remainder of 2025.
Hazelton stated, "The 2025 underscored the company's commitment to the new strategy," highlighting the transition from an R&D platform to a revenue-driven biotechnology business.
Rawson confirmed, "We anticipate achieving our third and final milestone of $500,000 in revenue from Proliant, along with additional income from DNase I and other products for the remainder of 2025."
Emalfarb clarified there are no current or anticipated conflicts with DuPont relating to industrial market activities, as animal-free products for industrial applications are now developed on the Dapivis platform.
Hazelton specified that RNase-free DNase I has begun research-grade manufacturing, initiating OEM and supply negotiations with commercial partners.
Leadership indicated the rebranding to Dyadic Applied Biosolutions, completion of key partnerships, and an expanding product pipeline are foundational to their commercial inflection point and market-facing strategy.
INDUSTRY GLOSSARY
C1 platform: A proprietary fungal protein expression technology enabling cost-effective, large-scale production of recombinant proteins for various applications.
Dapivis: Dyadic's platform tailored for food nutrition and bioindustrial use, optimized to produce functional proteins and enzymes without animal-derived inputs.
CDMO: Contract Development and Manufacturing Organization, a partner responsible for scaling up and producing biotechnological products.
Recombinant protein: A protein produced by genetically engineered organisms, used as a functional ingredient or therapeutic.
Full Conference Call Transcript
Joe Hazelton: Thanks, Ping, and thanks, everyone, for joining us today. Since I first joined the company in 2022, we've moved from being a platform-focused organization with deep science but limited commercial traction, to one with a clear execution-driven strategy. Over the past three years, we've reshaped our leadership team, rebranded our platforms, and realigned our priorities towards high-growth, non-therapeutic markets where we can generate sustainable revenue more predictably and at scale. With our precision-engineered fungal expression platforms, C1 and Dapivis, we can produce high-yield animal-free recombinant proteins at large scale and lower costs across life sciences, food nutrition, and bioindustrial applications. This is no longer just a platform story. It's a product story.
We are now at the commercial inflection point, and Dyadic is built to compete and win in these markets. The 2025 underscored the company's commitment to the new strategy. We've completed our leadership and operational transformation from a technology-focused R&D company to a market-facing revenue-driven biotechnology business. On August 1, we introduced our new name, Dyadic Applied Biosolutions, that reflects our sharpened mission of delivering applied biotechnology solutions to meet the growing global demand for non-animal derived high-value proteins and enzymes. Our proprietary platforms provide the foundation for our business. C1 was originally developed for large-scale industrial enzyme production, and over the years, we've reengineered it into a highly versatile cGMP-compatible protein production platform.
To date, it's demonstrated its ability to produce pharmaceutically relevant high-value proteins at exceptional yields and low cost. It is fully scalable, delivering the quality and consistency needed for applications in cell culture media, molecular diagnostics, and other life science markets. Dapivis has been purpose-built for the food nutrition and industrial sectors. It has been optimized to produce functional proteins like alpha-lactalbumin, human lactoferrin, and non-animal dairy enzymes, as well as bioindustrial enzyme solutions. This optimization allows us to meet the specific performance and regulatory needs of these markets while maintaining competitive economics. Both platforms share advantages over traditional production systems. They enable faster development timelines, higher production yields, lower manufacturing costs, and completely animal-free processes.
Together, they give us the ability to tailor protein production to multiple verticals efficiently, reliably, and at commercial scale, helping us address the growing global demand for sustainable precision-engineered proteins that power progress. We recently strengthened our balance sheet by completing a $5,300,000 equity raise on August 1. This provides the resources to fund late-stage product development, scale-up, and multiple upcoming product launches. With the stronger financial foundation in place, we're now turning our attention to executing our strategic priorities across our core business segments of life sciences, food nutrition, and bioindustrial. Our strategy focuses on high-demand non-therapeutic markets where our platforms enable rapid, cost-effective, and scalable protein production, supporting products to generate recurring revenue and long-term value.
In life sciences, we're advancing several high-value programs to deliver scalable animal-free solutions for cell culture media and molecular biology applications. These solutions support critical industries such as biopharmaceutical manufacturing, cell and gene therapy, regenerative medicine, and cultivated meat production, where highly consistent animal-free components are essential to ensure safety, regulatory compliance, and reproducible performance. We're focused on commercializing albumin, transferrin, and fibroblast growth factors, or FGFs, three of the most important functional proteins in cell culture media. Albumin helps stabilize and transport nutrients, transferrin delivers ions for healthy cell growth, and growth factors trigger cell expansion. Producing these proteins at scale with consistent quality is essential but can be costly.
Our protein production platforms address this by enabling high-yield, low-cost, animal-free production, helping customers lower costs and reduce reliance on animal-derived components. In partnership with Proliant Health and Biologicals, we remain on track to launch recombinant human albumin in 2025. We've already received $1,000,000 in milestone payments and anticipate an additional $500,000 milestone in the third quarter related to productivity improvements, along with future royalties from commercial sales. Our animal-free recombinant transferrin has demonstrated performance equivalent to leading record standards in cell proliferation testing, with sampling to potential partners and validation underway for diagnostic and research use.
Likewise, our recombinant FGFs have shown comparable performance to market references in supporting animal muscle cell growth, and we're actively sampling these products into cell culture, diagnostics, and research markets. Beyond cell culture media, we're also targeting the global DNA and RNA molecular biology reagent market. This market is expected to see sustained growth as demand increases for cell and gene therapy, molecular diagnostics, and next-generation sequencing. High-purity, animal-free enzymes are essential to these applications, and supply chain reliability is critical for customers. Our lead product in this area is RNase-free DNase I, a key reagent used in biopharmaceutical manufacturing, gene therapy production, and molecular diagnostic workflows to remove DNA contamination without degrading RNA.
We have successfully scaled up production at our European CDMO partner, with validation completed and research-grade manufacturing underway. Sampling is in progress, and we're in active discussions with potential commercial partners. In food and nutrition, we're targeting a rapidly expanding global market for sustainable, functional, and animal-free proteins, a high-growth category as consumer preferences, regulatory shifts, and supply chain pressures push companies towards next-generation ingredients. This includes specialized nutrition markets such as infant formula, medical nutrition, and wellness products, where the demand for functional recombinant proteins with high purity and consistent quality is especially strong. Our recombinant alpha-lactalbumin is a prime example.
It's a key whey protein in human and bovine milk that provides both nutritional and functional benefits, including essential amino acids and the ability to improve texture, solubility, and stability in formulations. Producing alpha-lactalbumin without animals allows manufacturers to avoid dairy supply constraints, reduce their environmental footprint, and reach consumers seeking sustainable or allergen-free alternatives. We've developed several production strains for alpha-lactalbumin for both the food and research markets and are actively sampling with potential partners in the food nutrition segment, and we're assessing manufacturing options for research use with initial revenues expected in 2026. Human lactoferrin is another high-value protein in our portfolio.
Known for its antimicrobial, anti-inflammatory, and immune-supportive properties, it is used in premium nutrition products, dietary supplements, and functional foods. We're currently exploring potential partnership opportunities in the precision fermentation segment for food and nutrition while we evaluate the potential for research use. Additionally, non-animal dairy enzymes are vital to improving processing efficiency, yield, and product quality in dairy manufacturing. Producing these enzymes recombinantly with our platforms allows for better cost control, enhanced functionality, and a fully animal-free supply chain, a growing requirement for both plant-based and hybrid dairy products.
In our partnership with Enzymes, we received a $250,000 milestone in the second quarter for productivity gains in this enzyme program, with the first product launch targeted for late 2025, and additional enzyme candidates progressing under the existing license. In the bioindustrial segment, we're helping companies address some of the largest and most persistent challenges in industrial biotechnology, such as reducing feedstock costs, improving process yields, and replacing petrochemical or animal-based inputs with sustainable bio-based alternatives. Our product developed in partnership with FermBox Bio is a great example of how our technology delivers value in the bioindustrial segment.
Entrezime is an enzyme cocktail that converts pre-treated agricultural residues into fermentable sugars more efficiently, enabling lower-cost biofuel production and other downstream uses. We've achieved high yields at lower cost, making large-scale deployment more commercially viable. Following FermBox's delivery on its initial purchase order, we're actively sampling with additional prospective customers. We're engaged with companies in the biomass processing, biofuels, and other industrial markets both to expand the adoption of Entrezime and to advance our pulp and paper enzyme programs. We're developing tailored enzyme cocktails for pulp and paper applications to improve fiber processing efficiency, reduce chemical usage, and lower energy requirements, as well as for the biogas industry to increase methane yields from organic waste.
We're actively engaged in sampling companies in these segments and anticipate seeing revenues from our bioindustrial efforts in 2026. While our core focus is now on high-value, non-therapeutic proteins with shorter VAS to revenue, we continue to advance a select set of legacy vaccine and therapeutic R&D programs through fully funded partner-led collaborations. These initiatives, supported by world-class organizations such as the Gates Foundation, CEPI, and Fondazione Biotecnologica di Siena, extend the reach of our C1 platform into areas like monoclonal antibodies, virus-like particles, and other complex biologics. As part of our $3,000,000 grant from the Gates Foundation, we're developing low-cost monoclonal antibodies for malaria and RSV, two diseases that continue to place a heavy burden on global health.
We achieved key milestones in this program, triggering a $1,500,000 installment in the second quarter. Through CEPI and Fondazione Biotecnologica di Siena, we're participating in a project valued at up to $2,400,000 aimed at advancing recombinant protein vaccine development. Similarly, the European Vaccines Hub, a €170,000,000 EU-backed initiative, is evaluating our C1 technology for its potential to accelerate and lower the cost of vaccine and antibody production. We're also working with UVAX Bio under a CEPI award to develop a MERS vaccine candidate and to further assess C1's ability to enable rapid, cost-effective manufacturing.
In each of these programs, our role is clear: bring the speed, scale, and cost efficiency of our protein production platforms to partners tackling some of the most pressing health challenges worldwide. While we remain laser-focused on delivering commercial products in the high-value life sciences, food, and bioindustrial markets, as we move forward, Dyadic remains deeply committed to delivering sustainable value to our shareholders and partners. With a growing pipeline, strong network of collaborators, and platforms built for efficiency and scalability, we're well-positioned to lead in the global production of non-animal derived proteins and enzymes across all four business verticals, meeting the demands of today and shaping the solutions of tomorrow.
With that, I'll now turn the call over to our Chief Financial Officer, Ping Rawson, who will walk us through our second quarter financial results. Ping?
Ping Rawson: Thank you, Joe. I will now go over our key financial results for the quarter ended 06/30/2025 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 quarter ended 06/30/2025 increased to $967,000 compared to $386,000 for the same period a year ago. The increase was driven by the $250,000 milestone revenue upon the achievement of commercially viable target yield related to the enzyme agreement and the grant revenue from the Gates Foundation and CEPI program.
Cost of research and development revenue and cost of grant revenue for the quarter ended 06/30/2025 increased to approximately $614,000 compared to $302,000 for the same period a year ago. The increase was related to the cost of grant revenue from the Gates Foundation and CEPI. Research and development expenses for the quarter increased to $629,000 compared to $516,000 for the same period a year ago. The increase was driven by a rise in the number of active internal research initiatives undertaken to expedite product development. G&A expenses for the quarter decreased to $1,437,000 compared to $1,608,000 for the same period a year ago.
The decrease reflected a reduction in business development and investor relation expenses of $82,000, accounting and legal expenses of $41,000, insurance expenses of $28,000, and management incentives of $22,000. Loss from operations for the quarter decreased to $1,729,000 compared to $2,043,000 for the same period a year ago. Net loss for the quarter decreased to $1,794,000 or $0.06 per share compared to $2,045,000 or $0.07 per share for the same period a year ago. As of 06/30/2025, our cash, cash equivalents, restricted cash, and the carrying value of investment-grade securities, including accrued interest, were approximately $7,300,000 compared to $9,300,000 as of 12/31/2024.
As Joe mentioned earlier, on 08/01/2025, the company closed its public offering of 6,052,000 shares of its common stock at a public offering price of $0.95 per share. The net proceeds from the offering were approximately $5,300,000 after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds of the offering for working capital and general corporate purposes, such as product development, sales, and marketing. For the rest of 2025, we anticipate achieving our third and last milestone of $500,000 in revenue from Proliant, along with additional income from DNase I and other products, while maintaining our operating expenses at or below last year's level.
We continue to strengthen our balance sheet to support our near-term revenue growth, rebranding strategy, and accelerate our commercialization opportunities for products and applications. With that, I will now ask the operator to begin our Q&A session. 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. Mark Emalfarb, our CEO, will join us, and I will ask the operator to begin our Q&A session, after which Joe Hazelton will provide closing remarks.
Operator: Thank you. We will now be conducting a question and answer session. Again, please limit yourself to one question and one follow-up question. You may press star 2 if you would like to remove your question from the queue. And our first question will come from John Vandermosten with Zacks.
John Vandermosten: Great. Thank you, and good evening, everyone. First question is on cash burn rates. Now that we have some anticipated product revenues coming in, what is the updated cash burn expected for this year and then also over the next twelve months or so?
Ping Rawson: Hi, John. Good evening. Thank you for having you here. Like I mentioned in my script, I think we definitely expect additional revenue from our product and milestone payments. We expect that our operating expenses, including G&A and R&D, will remain the same level as last year, if not less. So I think overall, it really depends on the sale of the product for the third quarter and fourth quarter. I think at this point, we do not have to provide a special GAAP cash burn guidance as we normally do. But I think that, you know, you can at least expect this equivalent cash burn as last year or even less.
Again, depending on revenue for the upcoming two quarters.
John Vandermosten: Okay. Hope that answers your question. I think so. Yeah. I mean, it's probably uncertain on how those product revenues are going to come out. So I understand that. Second question is on the proteins. The leading proteins seem to be albumin, transferrin, and DNase I. And you know, I think I understand albumin and Proliant, how that works. But can you tell me where that expands on the other two in terms of timeline and milestones of commercialization?
Joe Hazelton: Yeah, John. It's a great question. So DNase I is probably the more commercially ready one. We've completed scale-up, as I mentioned, you know, on the call, at our CDMO, and now we're beginning to manufacture research-grade product, which means we're also beginning to negotiate and work through OEM and supply agreements with potential customers in the market. So I think from a revenue standpoint, that's probably the first one. And then transferrin, we've done some initial validation. It actually looks like we may have some better performance metrics as far as its ability to withstand temperature in applications. So we're currently further evaluating that and also looking at potential scale-up options.
At least start producing, in addition to our sample quantities, start producing small amounts of saleable quantities for the research market. So I think that would probably be second, but we're probably looking at late 2025 and into 2026 because we do need to complete the commercial manufacturing process.
Operator: And our next question comes from Dick Williams with Williams Resource Group.
Dick Williams: Hi, Joe. Terrific job. It's incredible, the amount of opportunities that we seem to have on the table. But the one area maybe you can give me a little color on is the FermBox deal with the ag waste and whatever else fits in that category. Could you give a color in terms of the market that is over there, where they are currently using it, the customer they have that they're selling it to, and the opportunity to go to more customers over there, and then do we have any opportunities here in the US that you are looking at or have talked to thus far to determine if we can do something here?
Joe Hazelton: Hey, Dick. It's a great question. In terms of overall market potential, the bioindustrial enzymes for biofuels and biogas is a very large market. Majority of them are produced recombinantly today, and that's about a $10 billion market. The first customer base, or at least seems the ones that are a little more aggressive, are based in India as well as some Asia Pacific as well. So that's where the majority of the sampling and the majority of our efforts are kind of focused. As far as, you know, on this side of the pond, that is starting to increase but not to the same extent.
The focus on biofuels, you know, in obviously, in the US and North America is quite as strong as it is overseas. So but the interest is picking up, and we're starting to evaluate potential manufacturing options here in the US. Because as we look at these enzyme cocktails that we're starting to produce, it's not just for biofuels and biogas. We're looking at the other applications that they can be for, such as pulp and paper, textiles, areas where Dyadic knows very well and has been in the past. So we're evaluating those opportunities as we move forward as well.
Operator: Our next caller is Glenn Primack with Lucia Investment Group.
Glenn Primack: Good afternoon, Mr. Hazelton and Ms. Rawson. I have a couple of questions. One, on the planned uses of the capital raise. Do you have the back-end systems in place already to execute on the new model and be able to measure progress in real time?
Joe Hazelton: In terms of the are you are you talking in terms of being able to process orders? Or
Glenn Primack: Yeah. Like the MIS management information. So, like, if you need to see how something's going, you can get it without scrambling around.
Joe Hazelton: I think it at least from my standpoint initially, we have the appropriate systems in place to handle the orders because we're doing it in bulk sale. So I don't anticipate the need for a lot of additional resources in terms of infrastructure to support that. As far as the recording, I know if any if you have any ideas on that.
Ping Rawson: Yeah. I think it's pretty straightforward. You know, our product is very high value and very easy to ship around. And we have been shipping similar products for research purposes, so we definitely see the difference of what we are doing right now, other than having more volume in the future. So we are talking to potentially, you know, distribution centers and those for logistic purposes. But, again, I do not see that could be a potential issue as we are scaling up and making our growth and potentially to more products. For infrastructure, definitely, as we grow more, we'll look out to additional resources and platform and outsource capacities to support business growth.
Glenn Primack: Okay. Thanks. And then my second question, is there the head into 26, have you already put together a three-year plan, or will you start that, you know, sometime in the fall?
Joe Hazelton: We're starting that in the fall. We've actually begun the process, but again, we have to evaluate some of the additional products that we have in the pipeline. We have to validate them in application so we can determine the appropriate forecast for these products. And then the segments we're going to be able to launch versus what our potential partners can do, but that is on the docket.
Operator: Our next question comes from Robert Hoffman with Princeton Opportunity Management.
Robert Hoffman: Thank you. As Mark will attest, I've been a patient shareholder of Dyadic for a long time. And so my first question is pretty straightforward. Is there any conflict with DuPont in terms of now that you're doing more industrial type of activity?
Mark Emalfarb: Yeah. Rahul, it's Mark. I'm not quite sure what you mean by conflict, but we don't see any. So listen.
Robert Hoffman: Didn't you guys have I thought it was that, you know, you were you basically sublicensed it back for medical stuff. Is that the structure of the of the of the cartridge? I hear that wrong.
Mark Emalfarb: Yeah. No. No. You're you're 100% correct. But we had a non-compete that ended three, four years ago. And then we've completely and we're not using C1 for industrial products. We're using Dapivis, which we've recreated. So we don't see any conflicts.
Robert Hoffman: So there's no there's no issue with DuPont coming back and saying, hey. We should get some percentage of your revenue.
Mark Emalfarb: As far as we see, the answer is no.
Robert Hoffman: Okay. I was hoping that was the answer. And then just very quickly, post this recent deal, you give us a fully diluted share count? Maybe it's in the queue, and I haven't opened that yet. But if you could give that, that would be great.
Ping Rawson: So we issued 6,052,000 shares through the public offering. So the count is, like, 36 million plus shares. It's in the queue as well.
Robert Hoffman: Yes. It's also in the PROSA that you can see the dilution impact.
Operator: And we'll go next to Lewis Titterton, private investor.
Lewis Titterton: Hi, there. Hey, Mark. It's been a long time since I've talked to you. How are you?
Mark Emalfarb: Good, Lou. How are you doing?
Lewis Titterton: I'm doing great. I have a simple question that I think I heard that expenses were going to stay the same or drop for the next 2026.
Joe Hazelton: And then we start to see, you know, increased profitability in 2027 and beyond.
Lewis Titterton: That would be wonderful. Thank you very much. Appreciate it.
Operator: Our next question comes from Tony Bowers with IntroACT.
Tony Bowers: Hi, Joe. Hi, Mark. Hi, Ping. We've dealt with a lot of big clumsy organizations in the past that don't make decisions quickly. Which of your platforms has the least number of decision makers involved to see, you know, commercial realization?
Joe Hazelton: Tony, that's a great question. And to be honest, it's really platform specific. It's more product specific. So, you know, to your point, you're dealing with biopharmaceutical products that require, you know, human clinical trials, FDA or EMA regulatory review, that's a much higher burden. And, obviously, you know, that's our C1 platform. But for, you know, things like food nutrition, bioindustrial, while there are some regulatory requirements that you do have to meet for, let's just say, food nutrition, whether that's a GRAS certification or the EU has their own methods of evaluating those, not nearly as stringent, and they can be done in parallel as you're scaling up your process.
So, you know, as you look at it, any of the products that we're currently focusing on for the research, diagnostic markets, food and nutrition, bioindustrial, those are a factor of reaching the scale and cost efficiency needed to support its commercialization in the market. And as you can see, you know, like, with albumin, you know, in some cases, that's a, you know, twelve-month or less path to revenue. Some cases, it could be a little longer. Some cases, it could be a little shorter. But it's really product specific and kind of segment specific.
Tony Bowers: And which of the markets has the largest addressable market and kind of best competitive factors?
Joe Hazelton: That's another great question. I hate to say it this way, but it is kind of market specific. I think the highest addressable market is really that cell culture media, simply because it's growing at a very high rate. And the need for non-animal solutions is much greater. Because from a regulatory standpoint, they're looking for consistency, purity, and scalability. So those are things that are driving that market. Now the other markets, food nutrition and bioindustrial, those are from a dollar standpoint, they're a lot larger. So, like, non-animal dairy products, that's, you know, upwards of a $50 billion market. And, again, we're targeting very select segments of those markets.
But, you know, overall, I think the life sciences area is one where the demand is greatest. I think our platforms offer the best advantages, and it offers us probably the quicker path to revenue.
Operator: We'll take a follow-up question from Robert Hoffman with Princeton Opportunity Management.
Robert Hoffman: Yeah. Just to clarify. So on my was cut off on the fully diluted. So it's approximately 36 million. Is that right?
Mark Emalfarb: Yeah. Yeah. Exactly.
Robert Hoffman: By the way, the one thing, Robert, is we didn't issue any warrants to the new shareholders.
Mark Emalfarb: So I saw that. That's it's
Robert Hoffman: And then have a follow-up on the last person's question. And I'm not asking for it today, but it would be very helpful for us to have some sense of the addressable market, you know, when you said there is a $50 billion market, is that the end market? Or is that what the component that you might be selling into? And so it's just be great for us to kind of get a sense of what you think the total addressable market would be for, let's say, albumin. I know I pronounced that miss I mispronounced that.
But something like that, and then we can then say, oh, well, if they got 10%, if they got 5%, because in my you know, my history is one of those where you're you're either gonna get no percent or you're gonna get a decent percent. You know? Maybe you'll get 1%, but you know, in these markets, you will either be accepted or you won't. And if you're accepted, you should be able to have a decent market here. So in some future presentation, it might be helpful for you to help us quantify those things.
Joe Hazelton: Actually, Robert, it's a great point. And if you do happen to get to our website and pull up the most recent investor presentation, we do give total addressable markets for the life sciences, food nutrition, and bioindustrial segments for the areas that we're going into, like cell culture media. We think that's approximately a 5 to $6 billion market opportunity for recombinant products. The top three revenue products in that category are albumin, transferrin, and growth factors. They account for probably three of that $6 billion market. And when you look at it in terms of, you know, to your point, you know, how do you capture share in that?
Proliant Health and Biologics, our partner for albumin, is the second largest producer of naturally derived bovine albumin in the world. Their customer base is global and accounts for a large percentage of the albumin utilization today. So, you know, for us, it's about making sure we have the right partners in the right segments, as well as, you know, products that they can support commercialization. So you're 100% right. And, hopefully, if you take a look at that presentation, it'll provide a little more granularity into the markets.
Operator: And that does conclude today's question and answer session. I will now turn the call over to Dyadic's President and COO, Joe Hazelton.
Joe Hazelton: Thank you. Q2 2025 marked a pivotal step in our shift to a commercially focused enterprise. Through our rebranding to Dyadic Applied Biosolutions, leadership expansion, and disciplined capital strategy, we're better positioned to deliver high-value animal-free proteins and enzymes to growing life sciences, food nutrition, and bioindustrial markets. With commercial launches approaching, a robust pipeline, and strong partnerships validating our technology, we believe we're well placed to capture meaningful opportunities ahead. Thank you for your continued support, and we look forward to updating you on our progress.
Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.