 Glycolysis cofactor recycling

In the payoff stage of glycolysis, oxidation of glyceraldehyde 3-phosphate is coupled to reduction of NAD+. Each NADH carries a two-Electron reducing equivalent. The formal half-chemical equationmakes the Electron count explicit: two NADH per glucose carry four Electrons. This is redox bookkeeping, not a claim that free Electrons travel through the chemical solution or that NADH is itself ATP.

Fermentation can return NADH to NAD+ by reducing an organic substrate; reduction of pyruvate to lactate is one example. In aerobic cellular respiration, reducing equivalents reach an electron transport chain, reducing molecular oxygen. Other forms of cellular respiration use other electron acceptors, so absence of oxygen does not uniquely imply fermentation.^[ref]

The need for NAD+ regeneration follows from a finite-pool argument. In a hypothetical closed preparation with $12\mu \mathrm{mol}$ of initially oxidized NAD+ and no regeneration, at most $6\mu \mathrm{mol}$ of glucose can complete the two NAD+-consuming conversions per glucose. This is an upper bound even with excess glucose, not a predicted stopping time: other limitations can stop the preparation earlier. With an intact fixed nicotinamide adenine dinucleotide pool and no side reactions, converting NAD+ into NADH preserves their sum but depletes the usable oxidized form.

ATP recycling imposes a second condition. Glycolysis needs some initial ATP for investment and consumes two net ADP and two inorganic phosphate per completed glucose. In a closed ideal preparation with only $8\mu \mathrm{mol}$ of initial ADP, no other source of ADP, and enough initial ATP and inorganic phosphate, at most $4\mu \mathrm{mol}$ of glucose can finish. This bound follows from the net ADP consumption, even though investment temporarily produces additional ADP. Initial investment also means that adequate final inventories alone cannot guarantee the route can start.

For continued operation at fixed carrier inventories, other chemical reactions must match the two net ATP formed per glucose with ATP use that restores ADP and inorganic phosphate, or exchange must supply those reactants. ATP hydrolysis coupled to cellular work is one route. Thus glycolysis can sustain useful energy coupling while neither its ATP inventory nor its NADH inventory grows indefinitely; matter cycles while glucose supplies fresh chemical free energy.