[Management View]
Dyadic has transitioned from a research-focused entity to a revenue-driven biotechnology company, emphasizing the commercialization of animal-free recombinant proteins. The company has rebranded to Dyadic Applied Biosolutions, reflecting its commitment to delivering applied biotechnology solutions.

[Outlook]
The company anticipates achieving additional revenue milestones in 2025, with a focus on commercializing key proteins such as albumin and transferrin. Operating expenses are expected to remain flat or decline, supporting the company's strategic priorities.

[Financial Performance]
Total revenue for Q2 2025 was $967,000, a significant increase from $386,000 in Q2 2024, driven by milestone payments and grants. Operating loss improved to $1,729,000 from $2,043,000 in the previous year. The company closed a $5,300,000 equity raise to support product development and commercialization efforts.

[Q&A Highlights]
1. Question: What is the updated cash burn expected for this year and the next twelve months?
Answer: Operating expenses are expected to remain at or below last year's level, with cash burn dependent on product sales in the upcoming quarters.

2. Question: Can you expand on the commercialization timeline for albumin, transferrin, and DNase I?
Answer: DNase I is commercially ready, with research-grade manufacturing underway. Transferrin is undergoing validation, with commercialization expected in late 2025 or 2026.

3. Question: Can you provide more details on the FermBox deal and market opportunities?
Answer: The bioindustrial enzymes market is large, with initial focus on India and Asia Pacific. Opportunities in the US are being evaluated, with potential applications in pulp and paper, textiles, and more.

4. Question: Are the systems in place to execute on the new model and measure progress?
Answer: Current systems are adequate for bulk sales, with potential expansion in logistics and infrastructure as growth continues.

5. Question: Is there any conflict with DuPont regarding industrial activities?
Answer: There are no conflicts with DuPont, as Dyadic uses the Dapivis platform for industrial products, separate from the C1 platform.

6. Question: What is the fully diluted share count post-equity raise?
Answer: The fully diluted share count is approximately 36 million shares.

7. Question: Which platform has the least decision-makers for commercialization?
Answer: It varies by product; non-therapeutic markets like food nutrition and bioindustrial have fewer regulatory hurdles compared to biopharmaceuticals.

8. Question: What is the largest addressable market for Dyadic's products?
Answer: The cell culture media market is significant, driven by demand for non-animal solutions. Food nutrition and bioindustrial markets are larger in dollar terms.

[Sentiment Analysis]
Analysts and management maintained a positive tone, focusing on strategic growth and commercialization opportunities. Management expressed confidence in achieving revenue milestones and expanding market presence.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 |
|-------------------------------|---------------|---------------|
| Total Revenue | $967,000 | $386,000 |
| Operating Loss | $1,729,000 | $2,043,000 |
| Net Loss | $1,794,000 | $2,045,000 |
| Cash and Equivalents | $7,300,000 | $9,300,000 |

[Risks and Concerns]
Potential risks include reliance on milestone payments and successful commercialization of new products. Market acceptance and regulatory challenges in new segments could impact growth.

[Final Takeaway]
Dyadic's strategic shift to a revenue-driven model is supported by increased revenue and reduced operating losses. The company's focus on non-animal recombinant proteins positions it well in growing markets. With a robust pipeline and strategic partnerships, Dyadic is poised to capture significant opportunities in life sciences, food nutrition, and bioindustrial sectors.