Financial Data and Key Metrics Changes - Total revenue for Q2 2025 increased to $967,000 compared to $386,000 for the same period a year ago, driven by milestone revenue and grant revenue [20] - 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 [23] Business Line Data and Key Metrics Changes - Research and development expenses increased to $629,000 compared to $516,000 for the same period a year ago, driven by more active internal research initiatives [21] - General and administrative expenses decreased to $1,004,000 compared to $1,608,000 for the same period a year ago, reflecting reductions in various expense categories [22] Market Data and Key Metrics Changes - The global market for bioindustrial enzymes for biofuels and biogas is approximately $10 billion, with significant opportunities in Asia Pacific and India [34] - The life sciences market for recombinant products is estimated to be approximately $5 billion to $6 billion, with albumin, transferrin, and growth factors being the top three revenue products [65] Company Strategy and Development Direction - The company has transitioned from a technology-focused R&D organization to a market-facing revenue-driven biotechnology business, emphasizing high-growth non-therapeutic markets [4][5] - The rebranding to Dyadic Applied Biosolutions reflects a sharpened mission to deliver applied biotechnology solutions for non-animal derived proteins and enzymes [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture meaningful opportunities in the life sciences, food nutrition, and bioindustrial markets, with commercial launches approaching [69] - The company aims to be cash flow positive by 2026, with increased profitability expected in 2027 and beyond [53] Other Important Information - The company completed a $5.3 million equity raise on August 1, 2025, to fund late-stage product development and scale-up [8] - The company is actively engaged in partnerships for product development, including a $3 million grant from the Gates Foundation for monoclonal antibody development [18] Q&A Session Summary Question: What is the updated cash burn expected for this year and the next twelve months? - Management expects operating expenses to remain at or below last year's level, depending on product sales in the upcoming quarters [26][27] Question: Can you provide timelines and milestones for the commercialization of DNase one and transferrin? - DNase one is commercially ready, with research-grade product manufacturing underway, while transferrin is being evaluated for scale-up and expected to be ready by late 2025 to 2026 [29][30] Question: What is the market potential for the bioindustrial enzymes for biofuels and biogas? - The bioindustrial enzymes market is approximately $10 billion, with initial customer bases in India and Asia Pacific [34] Question: Are there any conflicts with DuPont regarding industrial activities? - There are no conflicts as the company is using DAPIVIS for industrial products, and the non-compete agreement with DuPont has expired [45][46] Question: When will the company be cash flow positive? - The goal is to achieve cash flow positivity by 2026, with increased profitability anticipated in 2027 and beyond [53]