Good day, everyone, and thank you for joining us today for the Lytham Partners Fall 2026 Investor Conference. My name is Joe Dorame, Managing Partner at Lytham Partners. I would like to welcome Dyadic Applied BioSolutions, which trades on the Nasdaq under the ticker DYAI. Today, Joe Hazelton, President and Chief Operating Officer, will be taking us through the company's presentation. Let's get started. Welcome, Joe. Thank you, Joe, and thank you everyone for joining us today. I am excited to talk to everyone because it really is about Dyadic entering the commercial stage, where now we have multiple products entering the market across multiple segments utilizing our gene expression technology that we have developed over the last 30 years. Obviously, I will be making some forward-looking statements today. Please refer to our guidance in the SEC documents on our website. We are at the right place at the right time. As the world continues to expand, not just in terms of population growth, but also in terms of the demand for protein for therapeutics, for food and nutrition, or for bioindustrial, the expectation is that proteins need to be more scalable, more sustainable, and higher quality as they move towards commercialization. There are broader applications for which non-animal protein or non-animal solutions are being sought. We are really at the right place at the right time because we have an industrially proven platform that we have been using for the last 30 years to produce proteins and enzymes for a variety of markets. Now we are applying that technology for real-world solutions across our three core business segments: life sciences, food nutrition, and bioindustrial. So we are really helping to meet the growing need for proteins worldwide, utilizing our highly productive and low-cost gene expression technology to produce these non-animal solutions. Now, what makes Dyadic a great opportunity right now is that we have moved from platform development to actually commercial execution. For the first time since prior to our sale to DuPont in 2015, we now have products commercially available on the market, both through our own distribution networks as well as our partners that are launching products into the market. Today, I am going to focus in mainly on life sciences because that is where we see the most near-term revenues coming from. We have current products available like DNase I. It is a molecular biology reagent used in cell and gene therapy, diagnostics. It even is used to clean medical equipment. Then we have cell culture media products like albumin, transferrin, and growth factors. I will talk a little bit more about those in a minute. But we are coupling that with a global distribution network. We signed an agreement earlier this year with Integrated BioTherapeutics, and today they have six different products that are manufactured utilizing our gene expression technology currently on the market, and you can go to their website and look at those, but you will see DNase I, you will see transferrin, you will see growth factors, you will see alpha-lactalbumin. We have also been able to diversify our revenue models. Now we're not just relying on licensing or grant revenues. We're actually starting to see initial product sales. We still have the opportunity to do licensing and obviously bring in milestones, and we have partnerships like with Proliant Health & Biologicals or with Inzymes that are now starting to yield commercial sales, and again, that will turn into recurring revenues for us. We are not just a one-trick pony anymore. We're not just trying to focus in on one single way to make money. We now have the ability to have multiple revenue models to hopefully improve our revenue outlook in the near term and accelerate to the future. Even though we're going to talk about life sciences, food nutrition, and bioindustrial, and it seems like we're focused on a lot of different areas, what we do remains the same for every project. We utilize our proprietary fungal expression platforms to produce, scale, and ultimately commercialize products. That's basically what we do for every single project, no matter whether it's life sciences or bioindustrial. Now, we have two different platforms that we use to focus on multiple opportunities. We have our C1 platform. Those are more for highly complex or high-value proteins in life sciences and biopharma. We have our Dapibus platform that's optimized for the higher yield and the low-cost production of food, nutrition, and bioindustrial proteins, where these are more margin-sensitive markets. This really enables us to enter into these large volume markets where C1 is more for the complex, lower volume, but highly valued segments. As I mentioned before, we have multiple paths now to commercial revenues. We're currently selling products directly to different suppliers and distributors. Again, we're in the sampling process. People are testing the products, and we expect to see recurring revenues start to generate. We also have our global distribution network set up through Integrated BioTherapeutics, and as I mentioned before, they currently have multiple products made in our expression systems on their website right now selling into the markets. We have the ability to license the strains that we produce, like we have with Inzymes. We've licensed bovine chymosin. Now they've commercialized that, and they're actually selling bovine chymosin commercially in the food space, the food and nutrition space. Then we have partnership opportunities where we have profit-sharing arrangements like we have with Proliant Health & Biologicals. Proliant is probably one of the largest suppliers of naturally derived albumin in the world. They have a global distribution network, they have a global customer base, and now they have their first non-animal protein. They're selling recombinant human albumin, which is called AlbuFree DX. They also announced earlier this year that they're going to be launching two additional versions to target cell and gene therapy and cell culture media markets. So they're currently out there in the research space, quickly followed on by two additional products, all recombinant human albumin based, all utilizing our gene expression technology and targeting these rapidly growing markets. These are the ways that we're commercializing, and these are the ways that we're driving revenue for our shareholders. Now, we're focusing in on specific areas in each of our core verticals. In life sciences, we're focused on cell culture media and DNA and RNA molecular biology reagents. The reason we are focusing in on those markets is that they are growing extremely fast with cell and gene therapy, the improved diagnostic capabilities out there, and things like monoclonal antibodies. To grow CHO cells to produce monoclonal antibodies, you need things like albumin, transferrin, and growth factors. Interestingly enough, these are also things that are used in other markets like cultured meat, use the same thing to grow animal muscle cells. The DNA and RNA molecular biology reagents like DNase I. DNase I is kind of a building block enzyme in that it cleaves DNA, so it is at the beginning of all cell and gene therapy products, as well as the cell and gene therapy manufacturing process. As these products continue to proliferate in the life sciences space, these input proteins are going to become even more critical. From a regulatory standpoint, you want those input proteins to be sustainable, you want them to have batch-to-batch consistency, and you also want them to be safe. Having them produced recombinantly eliminates some of the potential viruses and pathogens you could potentially have from either animal or plant-derived sources. Life sciences is really the segment that we are targeting. It is a massive market, and we are going to focus in on cell culture media and molecular biology reagents because we feel that is where our technology has not only just a competitive advantage, but a cost advantage as well. That is going to be our focus, and then we also have opportunities in food and nutrition and bioindustrial that we are going to continue to try to target as we move forward into 2027 and beyond. We see multiple opportunities in both of those segments as well. As I mentioned before, today I am going to focus in on life sciences because this is really where we see that near-term growth. What is happening now is we have multiple products that are currently in the market, both through ourselves and our partners, that are currently being tested for different workflows, whether that is cell and gene therapy, whether that is diagnostics, whether that is research and development. Our products are currently being used in these types of markets. As they become adopted, it will create recurring demand. As it gets incorporated into the workflows, people will continue to order time over time. Again, we have partners like IBT that enable us to reach a much larger segment of the market than we can do on our own, and that we are also out there targeting other distributors and other large manufacturers where we can sell directly to them. Life sciences is really where we see the real value for us in the near term, and it also creates potential exit opportunities or sub-exit opportunities in terms of strategic partnerships, collaborations, or acquisitions. We have our transferrin strains, our growth factor strains that we can package together as a portfolio approach as we move forward. Again, it creates an opportunity for us to potentially spin that out at some point. It could potentially be acquired at some point, or we could continue to drive sales through our current methods and distribution network. It is creating opportunities beyond just direct sales, and it also enables us to have much different conversations with larger companies in the space because we actually have commercialized products, and that is something we did not have a year ago, and we definitely did not have two or three years ago. Now we've got products that are currently entering the market, and obviously it's going to be a little fits and starts. We would like to see the sales grow a little faster. We have some pilot sales that are happening now. We expect to see some additional reorders. IBT just launched these products, and now they're up on their website, so we expect to see more traffic and more commercial traction. But again, it's going to be a little bumpy as with any product launch. As you start, it's going to be a little bumpy, but as things start to smooth out and as these products get more accepted, we're going to continue to see growth. I do want to focus on one potential opportunity just to show what's possible. We actually have developed two strains that can produce hyaluronidase. It's a valuable enzyme for use in biopharma drug delivery, so it enables subcutaneous or large volume biologic therapies that are introduced via intravenous use. It can also be used in cosmetic medicine. This is a high-value enzyme that has basically supported companies like Halozyme. Alteogen just did a deal with a large pharmaceutical company. Again, it was based off one singular product. That's what's important is to know that we have a platform that can develop these type of products. Obviously, we're a small company, so we don't have the resources to take some of these forward, but it shows you what's potentially possible and that we're actively making these strains that can produce these target proteins. What makes us a little bit different is we have the ability to fully glycoengineer these structures so that they can be humanized. We have a highly productive system that we've demonstrated across multiple categories that we believe we can improve the manufacturing economics for things like hyaluronidase, and we believe it represents a high-value opportunity for us. As I mentioned, we also have opportunity in food and nutrition and bioindustrial, and those are markets that are going to continue to expand, but we see them as a little bit more midterm. Again, we've got partners like BRIG BIO. We do have products that are being launched, like with Inzymes, they've now launched bovine chymosin, and we actually have products in bioindustrial with EN3ZYME being launched by Fermbox Bio. We do expect to see some revenues coming in from these two segments, but again, our focus is definitely on life sciences. As you look at where we're headed, 2025 was about creating the portfolios and enabling these products, 2026 is launching these products and gaining that commercial traction. Now moving forward, it's about expanding our commercial traction, expanding our distribution capability, and diversifying our product portfolio across all three segments. We have obviously multiple near-term product launches that are happening right now. We have partner-enabled growth from people like Proliant and Inzymes, and that's going to start to create more long-term value creation as we start to generate recurring revenues. We're not going to give up on pharmaceuticals. We are going to continue to focus on non-dilutive partnerships like we have with the Gates Foundation and CEPI. These will continue to validate the platform for biopharmaceutical use. But at the same time, it's not going to be detracting our focus from where we need to be, which is near term commercial revenues, but it'll continue to validate the platform for longer-term value in this space. The path forward is very clear. It is about launching products, expanding our commercial traction, identifying key strategic partners to accelerate our growth, and executing on our commercial strategy. I really appreciate everyone's time today, and hopefully you take some value out of what I have been able to share with you today. If there are any questions, feel free to reach out at any time. Joe, I will turn it back to you. Great. Thank you, Joe. That was a great presentation. Thanks to everyone for watching. If you have any questions or would like to schedule a meeting with Dyadic, send me an email at dorame@lythampartners.com. Thank you and have a great day.