Good evening, and welcome to Dyadic International Q3 2024 Conference Call. Currently, all participants are in a listen-only mode. Following management’s prepared remarks, there will be a brief question-and-answer session. As a reminder, this conference call is being recorded today, November 12, 2024. I would now like to turn the call over to Ms. Ping Rawson, Dyadic's Chief Financial Officer. Please go ahead.

Thank you. Good evening, and welcome, everyone, to Dyadic International's Q3 2024 Conference Call. I hope you have had an opportunity to review Dyadic's press releases announcing financial results for the quarter ended September 30, 2024. You may access our release and Form 10-Q under the Investors section of the company's website at dyadic.com. On today's call, our President and CEO, Mark Emalfarb; and our Chief Operating Officer, Joe Hazelton, will give a review of our third quarter 2024 business and corporate highlights and provide a commentary on the strategic direction of the business. I will follow with a review of our financial results in more detail. We will then hold a brief question-and-answer session. At this time, I would like to inform you that certain commentary made in this conference call may be considered forward-looking statements, which involve risks and uncertainties and other factors that could cause Dyadic's actual results, performance, scientific or otherwise or achievements to be materially different from those expressed or implied by these forward-looking statements. Dyadic expressly disclaims any duty to provide updates to its forward-looking statements, whether because of new information, future events or otherwise. Participants are directed to the risk factors set forth in Dyadic's reports filed with the SEC. It is now my pleasure to pass the call to our CEO, Mark Emalfarb. Mark?

Thank you, Ping. Welcome, everyone, and thank you for joining Dyadic's Q3 2024 conference call. We are excited to discuss how our business strategy centered on near-term licensing and product candidates has strategically positioned Dyadic to swiftly take advantage of current and upcoming opportunities. Our dedicated focus on achieving multiple revenue streams and significant milestones through commercialization of products, technology licensing, fully funded collaborations, advancing our internal and external pipelines are yielding tangible results. These third quarter achievements strongly highlight Dyadic's commitment to harnessing the full potential of our proprietary Dapibus and C1 microbial protein production platforms. These innovative technologies are the foundation for driving both immediate and sustainable revenue, particularly through the commercialization of alternative proteins targeted for high-value applications, such as recombinant human albumin, transferrin, and DNASE-1. At the same time, we're laying the groundwork for substantial mid- and long-term growth in human and animal health markets. This dual-track strategy enables Dyadic to capitalize on near-term milestones, generating license revenue and achieving significant progress in product development by applying our Dapibus platform to develop and produce enzymes and proteins to help address complex and evolving needs in health, nutrition, and wellness, such as dairy proteins, including alpha-lactalbumin and others. Simultaneously, our biopharmaceutical pipeline powered by our C1 platform holds significant opportunity. For example, we are collaborating with ViroVax to develop potential vaccines for infectious diseases, such as bird flu and Mpox. Additionally, our collaborations with two of the top 10 pharmaceutical companies and a leading biotech company have yielded progress in producing several commercially relevant proteins, such as an antibody targeting digestive health and multiple antigens in large infectious disease markets such as HPV, RSV, and HIV. We are advancing collaborations with leading nonprofit organizations and governmental agencies to further accelerate the adoption of our C1 protein production platform due to the many advantages the C1 cell platform offers, such as speed of development and manufacturing, high productivity, cost efficiency, and flexibility of use in diverse applications of vaccines and treatments for infectious and other diseases that can be produced in greater quantities, more affordably, and for more patients in developed and developing countries. As we continue advancing our efforts across all segments, we remain deeply committed to delivering sustained value to our investors and partners. Dyadic is poised not only to meet the challenges today but to shape the health, wellness, and nutrition solutions of tomorrow, positioning ourselves as leaders in the global protein production of enzymes, alternative proteins, and biopharmaceutical sectors. I will now turn the call over to our Chief Operating Officer, Joe Hazelton, to provide an update on our business results for the third quarter. Joe?

Thank you, Mark. Our collaborations in alternative proteins and biopharmaceuticals demonstrate the impressive versatility and scalability of our platforms, emphasizing Dyadic's capability to deliver consistent, high-quality results across various applications. Through these partnerships, we are producing recombinant proteins like human serum albumin for cell culture media and alpha-lactalbumin for nutritional uses, addressing critical health and wellness needs and strengthening Dyadic's market position. Our platforms also facilitate efficient production of complex antigens and antibodies, vital for developing vaccines and therapeutics for both animal and human health. These innovations generate immediate and sustained revenue, preparing Dyadic for significant future growth as we enter high-demand and high-value markets. By diversifying our capabilities and product offerings, we are progressing toward our goal of becoming a leader in alternative protein production and biopharmaceutical manufacturing, creating ongoing value for our shareholders, partners, and consumers. In the third quarter, we proved that our strategy of focusing on high-value alternative protein products is both viable and attainable in the near term without the costly and lengthy development often associated with human and animal therapeutics and vaccines. Within the alternative proteins market, we are honing our approach by targeting three key segments: life science, food and nutrition, and industrial recombinant proteins and enzymes. The life science category, our highest value and margin segment, encompasses products for cell culture media, diagnostics, cell and gene processing, and vaccine production. Many of these products can be customized for various markets, with Dyadic's initial life science offerings being research-grade products for nonhuman research use. Beyond collaborations, such as our recent work on recombinant serum albumin, we are preparing to launch our own research-grade products, including RNase-free DNASE-1, used in molecular biology. In June, we announced a development and commercialization partnership with Proliant Health & Biologics, a leading supplier of purified proteins for diagnostics, nutrition, and cell culture markets. In the third quarter, Dyadic received $1 million in access and milestone fees, with another $500,000 expected upon reaching a defined productivity standard from this agreement. The partnership's initial focus is on the commercialization of recombinant serum albumin—human serum albumin—for diagnostics and other applications, with the first product expected to launch in the first half of 2025. This $6 billion serum albumin market represents a significant opportunity as Dyadic will share in Proliant's profits from the sale of animal-free recombinant albumin products. To broaden Dyadic's strategic focus, we're expanding our portfolio of life science research-grade recombinant products in 2025. We have completed the development of DNASE-1, an RNase-free enzyme with demonstrated analytical comparability to reference standards, obtained a certificate of analysis, and initiated sampling with potential customers. We are now finalizing the manufacturing process and expect to begin accepting preorders in early 2025. Alongside producing DNASE-1, our business development efforts are actively engaging interested parties for licensing the production strain, creating multiple revenue opportunities from this single product. DNASE-1 is part of a high-value, high-demand segment of enzymes essential for DNA and RNA manipulation in molecular biology. We are expanding our development efforts in this segment beyond DNASE-1, initially for research-only use, with plans to produce clinical-grade versions for regulated markets in the future. We have developed cell lines for four additional products beyond DNASE-1 in the research-grade segments of DNA and RNA polymerases, DNA ligases, and RNase inhibitor products, with sampling efforts anticipated by late fourth quarter 2024 or early first quarter 2025, while we finalize comparative analytics and optimize strain productivity and quality. By broadening our molecular biology portfolio, Dyadic is positioning itself to penetrate the $900 million DNA/RNA enzymes market. Our second primary focus within life science alternative proteins is on cell culture media, essential for in vitro cell growth across research, nutrition, and pharmaceutical applications. These media supply the nutrients, hormones, and growth factors needed for healthy cell proliferation. Recently, we accelerated the development of our recombinant transferrin strain, achieving higher productivity than initially expected. With the certificate of analysis completed, we've begun sampling and application testing for lab-grown meat and other markets ahead of schedule. This progress has captured the interest of key collaborators in the global cell culture media market valued at over $4.7 billion in 2023 and expected to grow at a CAGR of 12.5% through 2030. This segment remains particularly attractive for Dyadic with high-value products like growth factors, transferrin, and albumin comprising over 95% of media costs, with the majority of these products produced recombinantly. To expand our cell culture media portfolio, we're developing human and bovine growth factors for research and food applications. Our third quarter development and testing efforts have led us to initiate sampling of these products to prospective partners exceeding initial timelines. Within the food and nutrition vertical of alternative proteins, our efforts in the global animal-free dairy products market valued at over $26 billion in 2022 are starting to generate revenue. Using precision microbial fermentation, we're producing animal-free dairy products in response to shifting consumer preferences and health concerns like lactose intolerance. Although production costs remain high for these products, our expertise in large-scale, cost-effective recombinant protein production positions us to potentially overcome these challenges. Since signing our 2023 agreement to commercialize non-animal dairy-derived enzymes, we've received a $600,000 upfront payment and surpassed our first milestone with an additional $425,000 for achieving target yields in the third quarter. Our partner aims to launch a non-animal dairy enzyme in the first half of 2025, with development of the second enzyme ongoing. Additionally, interest remains strong in our recombinant alpha-lactalbumin product with ongoing negotiations with multiple end product and precision fermentation companies that have received samples. We recently finalized the certificate of analysis for bovine alpha-lactalbumin while simultaneously developing a human version of alpha-lactalbumin in the third quarter, targeting research-grade applications and expanding the potential value of our alpha-lactalbumin franchise. Meanwhile, we're advancing our efforts to commercialize recombinant lactoferrin and beta-lactoglobulin, with sampling set to begin in the fourth quarter. Rounding out our alternative protein segments, we're expanding our pipeline of bio-industrial products with enzymes for industries like nutrition, biofuels, and biorefining. In partnership with Fermbox, we developed a cellulosic enzyme for biofuels currently being evaluated by potential customers. Additionally, Dyadic has designed enzymes initially targeted at the pulp and paper sector with promising applications in biogas and biofuel production. We aim to commercialize these products within the next 12 months to drive revenue growth. Our dual strategy emphasizes near-term revenue in alternative protein while building mid- to long-term value in human and animal pharmaceuticals. Following the successful completion of our first-in-human Phase I study for a C1-produced protein, we're receiving significant interest from academia, government, industry, and nonprofits. Since early this year, we've initiated over 15 fully funded human health vaccine and antibody projects, including partnerships with two top 10 pharmaceutical companies. These programs cover diverse disease areas, underscoring Dyadic's ability to produce both standard and complex molecules. Our C1 platform has successfully expressed multiple infectious disease vaccine antigens, including COVID, avian, and seasonal influenza, Mpox, HPV, HIV, malaria, RSV, and others. We also delivered three monoclonal antibodies for evaluation as neutralizing agents, all demonstrating similar activity to those produced in CHO cells in testing by our third-party collaborators. The spread of the H5 bird flu has further heightened interest from human and animal health companies. We partnered with ViroVax LLC to develop an adjuvanted avian influenza or bird flu ferritin nanoparticle vaccine. Preliminary animal studies suggest strong immune responses, positioning this vaccine as a potential option for both human and animal applications. We've actively shared these findings at medical conferences and have made numerous presentations to industry, government agencies, and nonprofits to support our engagement with interested partners. To address the Mpox outbreak formerly known as monkeypox, recently declared a public health emergency of international concern by the WHO, we again partnered with ViroVax LLC, achieving a 4.5 gram per liter productivity in seven days of our Mpox ferritin nanoparticle vaccine antigen, with ViroVax targeting preclinical studies for the Mpox vaccine later this quarter. Multiple applications for grant funding from leading nongovernmental organizations in collaboration with the Fondazione Biotecnopolo di Siena and others for various vaccine antigens and antibodies have been submitted to help advance our efforts in the human health segment. Finally, the animal health segment continues to advance with key partners, including Phibro Animal Health. In light of the bird flu outbreak, we've intensified business development efforts focused on recombinant vaccines for pandemic preparedness, including our collaborations with the C1-produced H5 bird flu ferritin nanoparticle antigen being evaluated for potential use in poultry and cattle vaccines. We remain focused on financially disciplined product opportunities, fully leveraging Dyadic's technology and expertise. Our entire team is committed to driving near-term revenue growth in alternative proteins while building sustained value in animal and human health markets.

Thank you, Joe. Thank you, everyone, for joining our call today. I will now go over our key financial results for the quarter ended September 30, 2024, in more detail. You can find additional information in our earnings press releases and Form 10-Q, which we filed earlier today. Revenue for the quarter ended September 30, 2024, increased to approximately $1,958,000 compared to $397,000 for the same period a year ago. The increase is driven by the license revenue of $1 million from Proliant and a success fee of $425,000 from Inzyme. Cost of research and development revenue for the quarter ended September 30, 2024, increased to approximately $396,000 compared to $106,000 for the same period a year ago. The increase in cost of research and development revenue was due to the increasing number of collaborations conducted in 2024. Research and development expenses for the third quarter of 2024 decreased to approximately $460,000 compared to $716,000 for the same period a year ago. The decrease reflected the winding down of activities related to the company's Phase I clinical trial of DYAI-100 vaccine candidate completed in February 2023 and a decrease in the amount of ongoing internal research projects. G&A expenses for the third quarter of 2024 increased by 1.2% to $1,298,000 compared to $1,282,000 for the same period a year ago. The increase reflected increases in business development and investor relations expenses of $52,000, and other increases of $24,000, offset by decreases in management incentives of $38,000, and accounting and legal expenses of $22,000. Loss from operations for the third quarter of 2024 decreased to $203,000 compared to $1,720,000 for the same period a year ago. The decrease in loss from operations was largely due to the licensing revenue of $1 million received from the Proliant agreement and a milestone payment of $425,000 from the Inzyme agreement, as we mentioned earlier. Net loss for the three months ended September 30, 2024, was $203,000 or $0.01 per share compared to $1,614,000 or $0.06 per share for the same period a year ago. As of September 30, 2024, we have cash and investment-grade securities of $10 million compared to $7.3 million as of December 31, 2023. As we mentioned earlier, the company received a total of $1,425,000 in licensing and milestone fees just this quarter alone. With that, we expect our total cash burn for 2024 will be decreased significantly to approximately $4.7 million. With that, I will now ask the operator to begin our Q&A session, after which Mark Emalfarb will provide closing comments.

Thank you. We will now begin the question-and-answer session. The first question comes from John Vandermosten with Zacks. Please proceed.

Thank you and good evening. I'd like to understand about how the regulatory requirements work for some of these research-grade recombinant proteins. You mentioned several certificates of analysis. And, I guess, is that the only regulatory hurdle you have to pass to be able to sell these?

Technically, this is Joe. A great question. No, it's not the only hurdle. The manufacturing must be done at an ISO-certified facility as well. There's no regulatory review by a regulatory agency needed to launch these products. It mainly involves ensuring that your product specifications for quality assurance and quality control meet the required levels for ISO. That's it.

Okay. I heard you mention several of these certificates of analysis. Could you remind me how many you have? I think you said for well, I'll let you say it. I heard probably at least three, right?

You're exactly right. We have three. DNASE-1, a bovine transferrin, and a bovine alpha-lactalbumin. All three have certificates of analysis with comparative analytics to currently available and commercialized research-grade products. So basically, we look, act, and perform the same as what's currently available on the market, which is obviously what we need to be able to launch.

And those are in addition to two albumin, the albumin as well, right?

Yes, through the Proliant agreement, before the agreement signed, we did have a certificate of analysis for the bovine and the human albumin as well.

Great. Thanks, Mark.

Thank you. The next question comes from John Vandermosten with Zacks. Please go ahead.

Great. Thanks, again. So I want to understand about some of these high-dollar research products and how hard it is to manufacture them. I get the sense that these are kind of small batch and there's no real big advantage to being a larger producer of these. Is that correct? And, I guess, just help me understand how the process works to produce these research-grade products?

Thank you for your question, John. The manufacturing process really varies by market. There are high-value, high-volume segments like serum albumin, which is both costly and requires substantial quantities annually. On the other hand, products like DNASE-1, used in mRNA vaccine production, don't need to be produced in large volumes, but they can be toxic to most cell lines, making large-scale production quite challenging. We're talking about producing milligrams rather than grams. While the utilization for these products is lower, the key is figuring out how to enhance margins in those markets. If it’s not achievable from both upstream and downstream perspectives, it becomes tough to profit in those areas. Our advantage lies in our ability to produce at higher levels and with reduced upstream costs, and, in some cases, lower downstream costs compared to commonly used cell lines like E. coli and baculovirus. This capability allows us to manufacture even small batches at a lower cost, which gives us significantly more flexibility in terms of margins.

And if I can add a little color, John, to that, maybe as Joe points out and we pointed out in the past, Dyadic does the exact same thing every time we take a gene sequence, whether it's for ourselves, for our own product pipeline for DNASE-1 of these enzymes that Joe has been talking about. But also whether it be albumin or transferrin or these other products or it's an antigen or an antibody, our scientists are trained to insert these genes into these cells, whether it's Dapibus for the nonpharmaceutical proteins or C1 for pharmaceutical proteins to just produce large amounts of volumes in terms of yield. Now, as Joe pointed out, you don't need large yields for some of these like smaller volume items like DNASE-1. But our yields are still significantly higher than the competition. So that gives us an advantage in those cases. So it's all about productivity. And, of course, some markets, you don't need as high productivity as others. In the industrial enzyme business, and we've developed this after three decades for high productivity for speed, for durability, robustness and versatility, and that's now coming out here in spades. And, of course, in the last seven years, where we've modified C1 to knock out proteases, glycoengineering, it just opens up the windows of opportunities in just many directions. But we're doing the same thing every time. We're just taking this hyperproductive cell line with the genetic tools and the scientific prowess to modify them to produce proteins, no matter what the application is.

Okay. I have one last question, which may be for you, Joe. Can you help me understand more about the market differences between recombinant products and those derived from animal sources for transferrin and alpha-lactalbumin? Specifically, in terms of pricing and market demand, what are customers looking for? Do they have a preference for one over the other?

I don't want to give this answer because I find it frustrating when others do the same, but it honestly depends on the market. For instance, alpha-lactalbumin currently has a market dominated by animal-derived sources. In the food sector, we would need to enhance the productivity of the cell line to achieve profit margins comparable to those of bovine-derived products. However, for research-grade alpha-lactalbumin, both human and bovine, our current yields position us to produce at a price point equal to or lower than existing methods. I realize this isn't the most satisfying answer, but it truly varies based on the market segments in question. The food sector typically has lower margins compared to research or pharmaceutical markets. Nevertheless, the principle remains the same: we need to find ways to reduce costs in these markets. In research-grade markets, there is a bit more flexibility since products like growth factors can command high prices, with customers willing to spend significantly for small quantities. There are situations where minimal production or discounts can create substantial value for customers. Moreover, products used in cell culture media for growing CHO and other cells aimed at developing human and animal therapeutics are particularly valuable, given the regulatory requirements and the necessity to produce them under cGMP standards, which increase costs. Therefore, our goal is to find ways to lower these costs in the appropriate markets. Ultimately, our strategy is market-driven, which is why we focus on specific areas where we believe we can leverage our competitive edge through our cell line.

Okay. On the research side, it seems that they prefer recombinant because it has fewer contaminants. Is that correct? Are there any other factors to consider, and is my assumption accurate?

I tell you, you're still going to hate me because it honestly depends on the application. But yes, it drives me nuts when people do that to me, so I apologize. But it honestly does depend on what you're using it for. But you're absolutely right, the advantages of recombinant for the most part are hopefully an easier regulatory pathway because you don't have as much potential for contaminants or viruses that you do from animal sources. At the same point in time, I'm not going to tell you that there aren't some uses for animal-derived products because there are, in some cases, they do work better. Those are becoming more and more limited simply because the technology is obviously improving and the quality of the products produced recombinantly is improving as well. But you are seeing a growth in that sector due to the fact that people do want to move away from animal-derived proteins, especially in the production of therapeutics. So when you're looking at producing mRNA vaccines or recombinant vaccines, the vaccine production usually uses like human serum albumin to stabilize the vaccine. They want to get away from using actual serum from humans. They want to use something that's more reliable, more stable, and more consistent. And that's where the recombinant products give you that advantage.

Great. Thanks, Joe. Thanks for letting me explore some of those things. Appreciate it.

Thank you. Next question comes from the line of Robert Hoffman with Princeton Opportunity Management. Please go ahead.

Thank you for your question. I would like to follow up on that. You have mentioned some of the addressable markets available, but it's clear that certain markets are more suitable for your technology due to the potential for better margins. So, I have two questions. First, can you provide an estimate of your total addressable market? For example, if the market is worth $1 billion and you believe you can capture 10%, that would equate to $100 million. What would you consider a reasonable expectation for the addressable market? Secondly, regarding the royalties you expect to receive, can you clarify if these will be consistent across all markets? Will they typically fall within the 5% range, or can you provide any additional insights regarding the potential royalty rates?

Mark, do you want me to go? You want to...

I think, yes, you go first. And if I have to add a little color, I will, okay?

Thank you for the question, Robert, and it's nice to meet you. I will begin with the royalty rate, which varies by segment, application, and product. It is not a uniform percentage across the board. Instead, it depends on the value of the product and our role in its production. Regarding the total addressable market, I have to give you the answer I dislike: it varies by market. For instance, in cell culture media products, particularly in alternative proteins for life sciences, we are looking at approximately a $4.7 billion market. Around 60% to 70% of the agents involved, such as growth factors, transferrin, and albumin, are currently produced recombinantly. This highlights a significant portion of that $4.7 billion as an addressable segment for our recombinant offerings. Similarly, in the DNASE-1 area, the total for DNA ligases and RNase inhibitor products nears $1 billion, with about half being recombinant. There are some chemical production methods that can be cheaper, but this still represents a potential addressable market of $0.5 billion for the products we aim to target in this segment. In the food space, however, it might be less. For example, only about 10% of alpha-lactalbumin currently used is recombinant, as it is too costly to compete with the animal-derived alternative. In the research sector, though, roughly 70% of alpha-lactalbumin utilization is produced recombinantly, which illustrates that it does depend on the specific market and product.

No, that's very helpful. Thankfully there's such a thing as a transcript because I couldn't write that fast. So I can go back and look at that. And yes, it's nice to meet you, Joe. Fortunately or unfortunately, Mark and I have known each other for too many years. In terms of royalty, does that mean you mentioned three numbers, 3%, 5%, and 10%. Is that a good assessment of what the range might be depending on the different products?

I think that, that's probably nonpublic information. But you can say that certainly, some of those could be in the range depending on what the application is, as Joe pointed out and what our contribution is. But in some cases, it's also not a royalty, it's a profit-sharing. Like with Proliant, it is a profit-sharing, okay? So we're a percentage of the profits. And those numbers could be in those ranges or higher or lower, right?

Well, percentage of profits, we hope it's a little higher.

Yes. So it just changes depending on the need, how much, let's say, higher yield, higher purity, lower cost, availability. For example, recombinant and albumin, if the cultured meat industry took off, and Joe can give you more color on that, there isn't enough bovine albumin that can be produced to even hit a fraction of the market opportunity there. So it's going to have to be some alternative to bovine albumin if they're actually able to sort of break the cost barrier of making cultured meat affordable. Am I right, Joe?

Yes. Fetal bovine serum is primarily used as the albumin source for cultured meat. Unfortunately, there aren't enough cows to provide the necessary blood supply for the market, as a typical 20,000-liter bioreactor requires about 75% of its volume to be filled with albumin to grow the muscle cells. This means that animal-derived sources won't be sufficient to support the market. As a result, they are exploring serum-free alternatives, which actually refer to recombinant serum albumin. They are still using it, but hopefully in smaller quantities and not from animals. There is definitely an opportunity in that area, but it will need some support as well.

Well, I think it's important. When we chose Proliant and they chose us, it's because we have this very, very high-yield upstream in the fermentation and they have a very low-cost downstream, but they also have market access because they've been dealing in this industry for many, many, many years. I think they're either the second or third largest fetal bovine albumin supplier in the world. So they have market access, which we wouldn't have had and had to develop. They have a downstream processing, which is an expensive part of the whole process that's cost advantageous, and we have the high upstream. So it's a marriage made in heaven to some degree, and that's how we look at it.

I can't recall if all of these are exclusive relationships. However, assuming that some may not be, do you believe we should aim to be either first or second, but never first? Do you think that if we gain support from producer A, producers B, C, D, and E will subsequently follow, or is it a matter of exclusive rights so that A will either succeed or fail?

I believe it’s both situations. We can establish exclusivity where we think we have the right partner, and we're committed to collaborating to potentially dominate the market or at least capture a substantial share of it. Additionally, the deal we made with Proliant has raised awareness among other companies that were previously hesitant to commit. This has opened up opportunities for us in the fetal blood albumin market, the cell culture market for transferrin, and more. Joe, perhaps you can elaborate further on this.

I genuinely believe you made a great point, Mark. Ideally, we would prefer to have as many opportunities with the same product as possible and pursue them in a nonexclusive manner, as we consider it a strong strategy. However, there are potential opportunities out there. Similar to the pharmaceutical sector, if we choose to partner with a pharmaceutical company, we want them to be a leader in the particular field we are exploring. Therefore, we always aim to make decisions that are in the best interest of the organization and will generate the most value for us.

Right. And the thing is, Robert, some of these products were potentially like DNASE-1, we're planning on doing both, keeping it and licensing it and selling it as a product. Now that may change if somebody wants to offer us an amount of money that we can't afford to turn down.

Got it. Great. Thanks. Thanks for providing me extra information. Appreciate it.

Thank you. There are no further questions. I will now turn the call over to Dyadic's CEO, Mr. Emalfarb.

Yes. I want to thank everyone for joining in tonight. This is a very exciting time for Dyadic in our history. We've transitioned back into the, what we call, the non-pharmaceutical industry for the last couple of years, and we've made tremendous progress with transferrin, albumin, and DNASE-1 with very, very, very quick back entry into the market. Remember, we had a long history of developing products and enzymes at huge scale, low cost, with people like Shell and BASF, and then ultimately, DuPont paid us $75 million. So, in 2024, we refined our corporate strategy to leverage Dyadic's C1 and Dapibus protein production platforms with a focus on driving near-term recurring revenue while building sustainable mid- to long-term value. Our approach centers on three key markets: alternative proteins, animal health, and human health. Today's updates showcase the strategy in action, with executed agreements, revenue growth, and substantial progress across all these areas, especially within the alternative proteins and the Dapibus platform, which we've just jumped back into in the last few years. We're also pursuing opportunities with our avian influenza and Mpox candidates, actively seeking nondilutive pathways to advance development. We'll keep you updated on our progress in the months ahead. As Joe mentioned, Dyadic is deeply committed to generating near-term revenue and growth through innovative solutions and accelerated commercialization. By expanding our C1 and Dapibus platforms across alternative proteins, animal health, and human health, we are at an exciting juncture uniquely positioned to capitalize on current and emerging opportunities. I want to thank you for joining today's third quarter 2024 conference call, and we look forward to sharing more updates on our commercial and scientific milestones in the coming months. Stay tuned for more from Dyadic.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.