Dyadic International, Inc. (DYAI): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech company, Dyadic International, Inc. (DYAI), that's aggressively repositioning itself to sell products, not just promise science. Honestly, this pivot requires tight execution, especially since their Q3 2025 General and Administrative expenses rose to $1.481 million while Research and Development was $572,000. The good news is they have $10.4 million in cash as of September 30, 2025, and are banking on key partnerships-like the one that brought in $815,000 in grant revenue in Q3 2025-to fuel the transition from platform development to profit. To truly understand if this strategy is set to work, you need to break down exactly how they plan to monetize their C1 and Dapibus platforms across manufacturing, media, and vaccines; check out the full Business Model Canvas below to see the nine building blocks of this new Dyadic International, Inc. strategy.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Key Partnerships

You're looking at how Dyadic International, Inc. (DYAI) is structuring its path to commercialization by leaning heavily on strategic alliances, which is smart for a company pivoting from pure R&D. These partnerships provide validation, non-dilutive funding, and access to markets and technology we don't own outright. Honestly, the structure shows a clear focus on leveraging the C1 and Dapibus platforms across both biopharma and bio-industrial sectors.

The biopharmaceutical collaborations are heavily supported by global health organizations. For instance, the work with the Bill & Melinda Gates Foundation, aimed at developing low-cost monoclonal antibodies (mAbs) for diseases like RSV and malaria, has been a significant source of non-dilutive capital. As of the third quarter of 2025, Dyadic International, Inc. had already received $2.3 million out of the total $3.0 million grant funding.

Also critical in the vaccine space is the collaboration involving CEPI and Fondazione Biotecnopolo di Siena (FBS). CEPI provided $4.5 million to FBS to explore using Dyadic International, Inc.'s C1 platform for faster antigen production. Within this structure, Dyadic International, Inc. is eligible to receive up to an additional $2.4 million to support crucial steps like antigen design, cell line development, and cGMP scale-up.

On the product commercialization front, the partnership with Proliant Health and Biologicals for animal-free recombinant Human Serum Albumin (rHSA) is nearing a revenue-generating stage. Dyadic International, Inc. has collected $1.5 million in milestone payments to date, which includes the third milestone payment of $0.5 million received in October 2025, tied to productivity improvements. Commercial launch for diagnostic and research markets is anticipated in late 2025 or early 2026, at which point revenue sharing from sales begins.

For the bio-industrial enzyme side, the collaboration with Fermbox Bio for the EN3ZYME™ cocktail, which converts agri-residue to sugars, is already delivering product. Initial enzyme deliveries have been completed following a purchase order from Fermbox Bio. Dyadic International, Inc. is set up to receive a 50/50 profit share on all commercial sales, and management expects to start seeing revenue from this stream in the first half of 2026.

Finally, to enhance the internal engine for strain optimization, Dyadic International, Inc. recently secured a commercial, non-exclusive CRISPR/Cas9 license from ERS Genomics on November 10, 2025. This gives them access to ERS Genomics' foundational patent portfolio to accelerate genetic engineering across the C1 and Dapibus platforms. While the financial terms of this specific agreement were not disclosed, ERS Genomics reports holding a portfolio of 100+ patents and having executed over 150 licenses globally.

Here's a quick look at the structure and financial anchors of these key relationships:

The non-dilutive funding secured through these grants is important for maintaining operational runway:

• Total Gates Foundation grant value: $3.0 million.
• Total CEPI-related funding potential for Dyadic International, Inc.: up to $2.4 million.
• Total milestone payments received from Proliant Health and Biologicals: $1.5 million as of Q3 2025.

You should track the revenue recognition schedule closely, so here are the expected near-term financial catalysts from these deals:

• rHSA revenue sharing from Proliant Health and Biologicals anticipated in 2026.
• EN3ZYME™ revenue expected to start in the first half of 2026.

Finance: draft 13-week cash view by Friday.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Key Activities

Manufacturing and commercializing high-value recombinant proteins (e.g., rHSA, Transferrin).

The first commercial bulk sale of a Dyadic-produced protein, recombinant bovine fibroblast growth factor (FGF), occurred at the start of Q4 2025, marking the transition to revenue generation from commercial-grade material. Dyadic is advancing its recombinant human serum albumin (rHSA) program with Proliant Health and Biologicals toward an expected commercial launch in late 2025 or early 2026 for research, diagnostics, and cell culture media markets. To date, Dyadic has received $1.5 million in milestone payments from Proliant for rHSA, including a $0.5 million payment in October 2025. The company also targets stable revenue generation for DNase 1 in 2025. Dyadic Applied BioSolutions reported total revenues of $1,165,000 for the third quarter ended September 30, 2025}.

Ongoing R&D and strain optimization using the new CRISPR/Cas9 gene editing capabilities.

Dyadic secured a CRISPR/Cas9 license from ERS Genomics to accelerate strain optimization, aiming to improve productivity and consistency across the C1 and Dapibus™ platforms. Research and development expenses for the three months ended September 30, 2025, were $572,000}, an increase from $460,000 for the same period a year ago, driven by a rise in active internal research initiatives.

Accelerating cGMP scale-up for vaccine and antibody programs via CEPI grant funding.

Dyadic is advancing vaccine and antibody development through a $4.5 million funding award from the Coalition for Epidemic Preparedness (CEPI), administered via Fondazione Biotecnopolo di Siena (FBS). Dyadic, as a subcontractor, is eligible for up to $2.4 million of this funding to support antigen design, cell line development, optimization, characterization, and scale-up to cGMP manufacturing. Separately, Dyadic launched research for a $3.0 million Gates Foundation grant for malaria and RSV antibody programs, receiving a $1.5 million installment in Q2 2025, with total funding received from this grant reaching approximately $2.4 million} by Q3 2025.

Strategic business development to expand product adoption in Asia via Intralink partnership.

Dyadic advanced its international growth strategy by partnering with Intralink to expand commercial presence in Japan and South Korea}. The initiative focuses on commercializing high-value animal-free proteins, specifically DNase 1 and Transferrin, targeting growing regional biopharma markets.

Managing and protecting the C1 and Dapibus™ proprietary expression platforms.

The company continues to leverage its proprietary C1 microbial protein production platform and Dapibus™ fungal-based system for scalable protein manufacturing. Dyadic is focused on driving long-term growth opportunities through these platforms, which support the production of precision-engineered, animal-free proteins and enzymes. The net loss for Q3 2025 was $1,976,000}, while cash, cash equivalents, and investment-grade securities stood at $10.4 million} as of September 30, 2025}.

Key Financial and Partnership Metrics for Key Activities (As of Late 2025)

The company is expanding its portfolio, which includes advancing multiple recombinant protein programs toward commercialization, such as:

• DNase 1 (RNase free) entering sampling for gene therapy and molecular diagnostics applications.
• Human Transferrin targeting cultivated meat and biopharmaceutical markets.
• Human Lactoferrin with stable cell line developed, sampling expected in the second half of 2025.
• Alpha-lactalbumin with Certificate of Analysis complete and sampling initiated.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Key Resources

You're looking at the core assets Dyadic International, Inc. (DYAI) relies on to execute its commercial strategy as of late 2025. Honestly, for a biotech firm pivoting to commercialization, these tangible and intangible assets are everything.

The financial foundation, as of the third quarter close, gives you a baseline for near-term operations. Here's the quick math on their liquidity position:

What this estimate hides is the burn rate following the August 1, 2025, equity offering, which added approximately $4.9 million in net proceeds, strengthening that $10.4 million figure. Still, managing that cash runway against the net loss of $1.976 million for Q3 2025 is definitely a key focus for management.

The most critical intangible assets are the proprietary technology platforms that underpin their entire value proposition. These are the engines for their recombinant protein production.

• Proprietary C1 and Dapibus™ fungal protein expression platforms.
• Extensive intellectual property portfolio covering production strains and methods.
• Licensed ERS Genomics CRISPR/Cas9 gene editing technology for enhanced strain engineering.

That CRISPR license, secured in Q3 2025, is a significant addition, meant to optimize production and product performance. You can see the technology being applied across their pipeline, like the work on animal-free transferrin and non-animal dairy enzymes.

Finally, the human capital-the specialized team-is non-negotiable for developing and scaling these complex biomanufacturing processes. These are the folks who translate the platforms into commercial products.

• Specialized scientific and process development personnel for biomanufacturing.
• Personnel driving milestones for recombinant transferrin and non-animal dairy enzymes.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why partners choose Dyadic Applied BioSolutions' platforms, which is really about getting high-quality, animal-free inputs faster and cheaper than the old ways. Honestly, the shift from R&D to commercial execution in 2025 is key here.

High-yield, cost-effective production of precision-engineered proteins

Dyadic Applied BioSolutions emphasizes that its C1 and Dapibus™ expression systems support flexible, cost-effective manufacturing. The acquisition of CRISPR/Cas9 gene editing capabilities via the ERS Genomics license is intended to 'accelerate strain optimization, improve productivity, and further increase yields and consistency' across these platforms.

The company is focused on driving revenue growth in high-value markets using these platforms.

The management has a clear financial target: they expect to be cash flow positive by 2026.

Animal-free, sustainable alternatives for cell culture media (e.g., rHSA, Transferrin)

A major value driver is the development of animal-free proteins to replace serum-derived components in cell culture media, diagnostics, and research. This addresses sustainability and supply chain concerns.

• Recombinant Human Serum Albumin (rHSA) with Proliant Health and Biologicals: Expected commercial launch in late 2025 or early 2026.
• rHSA Milestone Payments: Dyadic has received a total of $1.5 million to date, including a $0.5 million payment in October 2025.
• Recombinant Transferrin: Demonstrated comparable performance to a recombinant reference standard in growing animal muscle cells.
• Recombinant Alpha-Lactalbumin: Advanced to a term sheet for the infant nutrition market.

The company reported $1.9 million in revenue from its cell culture media and non-animal dairy segments in the full year 2024.

Rapid development and scalability for pandemic preparedness (C1 platform)

The C1 platform is being validated for speed and scalability, particularly through non-dilutive grant funding focused on vaccine and antibody development.

The C1-produced SARS-CoV-2 spike protein demonstrated comparable structure, stability, and immunogenicity to mammalian cell-derived antigens in a study published in October 2025.

Diverse portfolio of commercial-ready products for life science and nutrition markets

Dyadic Applied BioSolutions has completed its pivot to a commercial focus, evidenced by initial sales and a clear pipeline of products moving through validation.

The company achieved its first commercial bulk sale of a Dyadic-produced protein at the start of Q4 2025.

Key commercial and near-commercial products include:

• Recombinant bovine Fibroblast Growth Factor (FGF): First bulk purchase order received in the cultured meat market.
• DNase1 (RNase-free): Entering sampling for gene therapy and molecular diagnostics applications.
• RNase Inhibitors and T7 RNA Polymerase: Prototypes validated, with optimization results expected through late 2025 and into 2026.

Enabling broader, more affordable access to life-saving antibody therapies

The C1 platform's efficiency is directly linked to lowering the cost barrier for biologics, specifically monoclonal antibodies (mAbs).

Initial data from the Gates Foundation program show C1-produced mAbs perform comparably to mAbs produced from traditional CHO cell lines.

The goal of the Gates Foundation program is to demonstrate the feasibility of using C1 to produce high-yield, functional antibodies more efficiently than traditional systems, supporting broader and more affordable access in low- and middle-income countries.

The company expects to see growth in product revenue in its life sciences and food and nutrition markets in the remainder of 2025.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Customer Relationships

Collaborative R&D agreements are structured with milestone payments and the expectation of future royalties from commercial success.

The partnership with Proliant Health and Biologicals for animal-free recombinant human albumin has generated significant upfront value. Dyadic has received a total of $1.5 million in milestone payments to date, including a $500,000 third milestone payment received in October 2025. Commercial launch is anticipated for late 2025 or early 2026, at which point Dyadic expects to share in the profits from commercial sales.

In the non-animal dairy enzymes sector with Inzymes, Dyadic received an additional $250,000 milestone payment in the third quarter of 2025 for productivity achievements related to a second enzyme. This brought the total license and milestone revenue from this partnership to $1.275 million to date.

The externally funded biopharmaceutical programs, such as the collaboration with the Gates Foundation initiated in January 2025 for malaria and RSV monoclonal antibodies, provide valuable non-dilutive funding. This specific Gates Foundation grant is valued at $3.0 million.

The relationship with Fermbox Bio under a long-term commercial supply agreement for EN3ZYME™ includes a profit-sharing component. Dyadic is structured to receive a 50/50 profit share from commercial sales following the completion of initial enzyme deliveries under Fermbox's purchase order.

Direct product sales and technical support are beginning to materialize as Dyadic Applied BioSolutions executes its commercial pivot. The company reported its first purchase order received in the cell culture media and molecular biology reagent segments.

Financial performance in the third quarter of 2025 reflects the transition, with total revenues decreasing to $1.165 million compared to $1.958 million in the third quarter of 2024. This decrease was largely due to a $1,425,000 reduction in license and milestone revenue year-over-year.

Key financial metrics related to the operational base supporting customer engagement as of September 30, 2025, include:

Investor relations and transparent communication are central following the rebranding to Dyadic Applied BioSolutions. The company launched a redesigned website specifically to optimize commercial engagement and investor relations.

To strengthen liquidity and fund pipeline and commercial growth, Dyadic completed an underwritten public offering on August 1, 2025. The offering involved 6,052,000 shares of common stock at a public offering price of $0.95 per share, resulting in net proceeds of approximately $4.9 million.

The company's customer relationship strategy is supported by these recent financial actions:

• Secured ERS Genomics CRISPR license to optimize production and product performance.
• Anticipates growth in product revenue in life sciences and food and nutrition markets for the rest of 2025.
• Sampling for recombinant human lactoferrin research use expected to begin in early 2026.
• Recombinant alpha-lactalbumin development terms agreed upon for the infant nutrition segment.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Channels

You're looking at how Dyadic Applied BioSolutions, following its mid-2025 pivot, gets its high-value proteins and enzymes to market. The channels are shifting from purely R&D support to direct commercialization, which is reflected in their recent financial reporting.

Direct sales of commercial products (e.g., recombinant FGF, DNase1) to end-users

The transition to a commercially focused company meant Dyadic Applied BioSolutions started recognizing revenue from product sales, not just milestones. Management noted the first commercial bulk sale of a Dyadic-produced protein occurred at the start of Q4 2025. This signals the start of direct sales channels opening up for their pipeline products. For instance, the recombinant bovine fibroblast growth factor (FGF) secured its first bulk purchase order in the cultured meat market. Also, the company is actively manufacturing research-grade, RNase-free DNase1, with initial purchase orders expected by the end of 2025. Recombinant transferrin is also in active sampling for the cultivated meat and biopharmaceutical markets.

The progress in the Bio Industrial segment, specifically with the EN3ZYME™ enzyme cocktail developed with Fermbox Bio, shows a direct sales channel in action, as the initial enzyme delivery has been completed following a purchase order.

Licensing agreements for platform technology and specific product rights

Licensing remains a core channel, generating upfront payments and future royalties. For the recombinant human serum albumin program with Proliant Health and Biologicals, Dyadic Applied BioSolutions had received $1.0 million in milestone payments as of Q2 2025, growing to a total of $1.5 million received by Q3 2025. The company anticipates a further $500,000 third milestone payment in Q3 2025. This agreement includes future profit sharing from commercial sales.

The Inzymes agreement also contributed significantly to the channel revenue. Dyadic Applied BioSolutions recognized a $250,000 milestone in Q2 2025 for productivity gains, bringing total payments from Inzymes to $1.275 million as of Q3 2025. The first enzyme under this license is targeted for launch in late 2025 or early 2026. Furthermore, grant funding acts as a non-dilutive channel milestone stream; a $1.5 million installment was triggered in Q2 2025 from the $3.0 million Gates Foundation grant.

Here's a quick look at the milestone revenue context for 2025:

Strategic distribution partners like Intralink for market penetration in Asia

To penetrate key international markets, Dyadic Applied BioSolutions appointed Intralink to drive commercial presence in Japan and South Korea. This partnership focuses on establishing direct supply relationships and platform licensing opportunities for high-value products like DNase 1 and Human Transferrin across these advanced biopharmaceutical markets. The goal is to leverage Intralink's local expertise to accelerate regional engagement.

The focus products for this channel include:

• DNase 1 (RNase free) for biologics and mRNA manufacturing inputs.
• Human Transferrin for research and cell culture media in biopharmaceutical production.

Corporate website and commercial engagement efforts following the mid-2025 rebrand

The strategic pivot was formalized with the rebrand to Dyadic Applied BioSolutions in mid-2025. This was paired with a redesigned corporate website optimized for commercial engagement and investor relations. This digital channel is designed to support the company's new focus on execution and revenue generation. The company also acquired CRISPR/Cas9 gene editing capabilities through an ERS Genomics license, which is intended to accelerate strain optimization and improve productivity, directly supporting commercialization efforts. The company expects to see growth in product revenue in its life sciences and food and nutrition markets through the rest of 2025.

The company's cash position as of September 30, 2025, stood at approximately $10.4 million, which supports the ongoing commercial build-out across these channels.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so knowing exactly who is paying you now and who you are targeting is key. Here's the quick math on the customer segments Dyadic Applied BioSolutions is focused on as of late 2025.

Biopharmaceutical and vaccine manufacturers seeking low-cost, scalable production represent a segment supported by significant non-dilutive funding and development milestones.

• Secured a $3.0 million Gates Foundation grant for malaria and RSV monoclonal antibody programs, with $2.4 million funding received to date.
• Advancing under a $4.5 million CEPI grant through Fondazione Biotecnopolo di Siena (FBS), where Dyadic is eligible for up to $2.4 million.
• Selected for the €170 million EU-backed European Vaccines Hub (EVH) initiative.
• Received a $2.6 million CEPI grant via Uvax Bio for MERS vaccine assessment.
• Manufacturing research-grade RNase-free DNase-1 for biopharma applications, with initial purchase orders expected by the end of 2025.

Cell culture media and molecular biology reagent companies are seeing initial product commercialization traction.

• Recombinant human serum albumin (rHSA) with Proliant Health & Biologicals anticipates a commercial launch in late 2025 or early 2026.
• Received $1.5 million in milestone payments for rHSA to date, with a $0.5 million milestone received in October 2025.
• Recombinant transferrin is in application testing and sampling for cell culture media and biopharmaceutical uses.
• Sampling for recombinant Alpha-lactalbumin for the cell culture research market is expected in Q4 2025.

Food and nutrition companies, including cultivated meat and non-animal dairy producers, are moving toward product launch.

• Progress in non-animal dairy enzymes with Inzymes, receiving a $250,000 milestone payment in Q3 2025, bringing total payments from Inzymes to $1.275 million.
• First non-animal dairy enzyme launch is targeted for late 2025 or early 2026.
• Received the first commercial bulk purchase order for recombinant bovine fibroblast growth factor (FGF) in the cultured meat market.
• A term sheet was signed for non-animal human alpha-lactalbumin for the infant nutrition market.

The market opportunities Dyadic Applied BioSolutions is targeting within these segments, based on product estimates, can be summarized:

Bio-industrial sector customers (e.g., biofuels, pulp & paper) for enzyme solutions are seeing initial product deployment.

• EN3ZYME™, an enzyme cocktail for converting agri-residue, was launched with Fermbox Bio, with Dyadic expecting a 50/50 revenue profit share from commercial sales.
• Sampling is ongoing in the biomass processing, biofuels, and pulp & paper markets.

Non-profit and governmental organizations focused on global health and pandemic readiness are key non-revenue customers providing validation and funding.

• Received grant revenue from the Gates Foundation and CEPI in Q2 2025.
• Total revenue for Q3 2025 included an increase in grant revenue of $815,000 compared to the prior year.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Cost Structure

You're looking at the expenses Dyadic International, Inc. (DYAI), now operating as Dyadic Applied BioSolutions, incurred to support its strategic pivot toward commercialization in late 2025. The cost structure reflects a heavier operational load compared to the prior year, particularly in overhead supporting the new commercial focus.

General and administrative expenses saw a notable step-up, reaching $1,481,356 for the three months ended September 30, 2025. Honestly, this increase is directly tied to the corporate rebranding effort and the necessary business development activities to support the commercial rollout you're tracking. Still, the core research and development spending remains a significant, though managed, outlay.

Here's a quick look at the primary operating expenses reported for the three months ended September 30, 2025, compared to the same period in 2024. You can see the shift in focus reflected in these numbers:

The costs directly tied to generating the reported revenues show how the company is expensing the work behind its grant and research income streams. For instance, the costs associated with the research and development revenue were $254,753 in Q3 2025. The costs tied to the grant revenue, which included funding from the Gates Foundation and SAP grants, were substantially higher at $769,250 for the same quarter.

Beyond the standard operating expenses, you need to account for other critical, though less frequently itemized, cost drivers in the Dyadic model:

• Manufacturing and scale-up costs for the internal product pipeline, such as the recombinant transferrin and the first non-animal dairy enzyme slated for late 2025 or early 2026 launch.
• Intellectual property maintenance and licensing fees, which include costs associated with the new, non-exclusive CRISPR/Cas9 license secured with ERS Genomics in November 2025. Financial details for this specific license were not disclosed in the public filings.

Finance: draft 13-week cash view by Friday.

Dyadic International, Inc. (DYAI) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Dyadic International, Inc.'s revenue engine as of late 2025. The focus has clearly shifted from pure R&D to commercial execution, and the revenue streams reflect that transition, blending non-dilutive funding with partnership milestones and early product sales.

A significant component of Dyadic International, Inc.'s current financial inflow comes from non-dilutive funding sources, primarily grants. For the three months ended September 30, 2025, Dyadic reported an increase in grant revenue of $815,000 from the Gates Foundation and CEPI grants. This is part of a larger picture where up to $7.5 million in grants from CEPI and the Gates Foundation were awarded to accelerate the C1 platform development timeline. Specifically, Dyadic is expected to receive up to $2.4 million of the $4.5 million CEPI grant channeled through Fondazione Biotecnopolo di Siena (FBS). This grant revenue offsets decreases seen elsewhere in the revenue line.

Milestone payments from key partners are also materializing. In Q3 2025, Dyadic International, Inc. reached a productivity milestone with Proliant Health & Biologicals, achieving a $500,000 milestone for recombinant human albumin productivity, with payment received on October 14, 2025. To date, Dyadic has received a total of $1.5 million in milestone payments from Proliant. Also in Q3 2025, Dyadic received a $250,000 milestone payment from Inzymes ApS for productivity improvements in non-animal dairy enzymes, bringing the total license and milestone revenue from that partnership to $1.275 million to date.

The company is now seeing the start of product sales revenue, signaling the transition to commercial operations. In October 2025, Dyadic achieved its first bulk purchase order for a Dyadic-produced protein. Furthermore, the company reported receiving its first purchase order in cell culture media and molecular biology reagent segments during the third quarter of 2025. For the EN3ZYME™ enzyme cocktail, developed with Fermbox Bio, Dyadic is set to receive a 50/50 profit share from commercial sales following initial enzyme delivery.

Here's a quick look at the key financial events driving the revenue streams as of late 2025:

Looking ahead, license fees and future royalties represent recurring revenue potential. Dyadic International, Inc. is eligible to receive future royalty payments on commercialized products from the Inzymes partnership, with the first enzyme scale-up targeting a late 2025 or early 2026 launch. Similarly, the Proliant partnership anticipates future revenue sharing payments tied to commercial sales of animal-free serum albumin, expected to enter the market in late 2025 or early 2026. The company is also engaged in licensing discussions for non-animal bovine alpha-lactalbumin for the infant nutrition market.

Research and development service revenue is intrinsically linked to the non-dilutive funding and specific collaborations. You can see this in the structure of their partnerships:

• Gates Foundation collaboration for low-cost monoclonal antibodies (mAbs) for malaria and RSV, having already received a total of approximately $2.4 million funding from a $3.0 million grant.
• Support for biopharmaceutical initiatives through fully funded partnerships, such as the one with Fondazione Biotecnopolo di Siena (FBS).
• Development of recombinant human transferrin and Fibroblast Growth Factor (FGF) for research and cell culture markets, with sampling underway or expected.

Finance: review the Q4 2025 guidance for product revenue growth against the Q3 actuals by next Tuesday.