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Abstract
<jats:p>Enzymatic reactions in biomolecular condensates are often assumed to be regulated through local enrichment of reactants. However, condensates also reshape molecular transport and reaction kinetics, making it unclear how phase separation controls catalysis in living cells. Here, we develop a quantitative theory of biomolecular catalysis in phase-separated systems and find that liquid condensates can act as tunable catalytic switches, transitioning between regimes of enhanced and suppressed enzymatic activity, exhibiting optimal responses at biologically relevant condensate sizes. We show that condensate-mediated catalysis cannot be understood from reactant enrichment alone, but instead emerges from the coupled interplay of molecular partitioning, diffusive transport, and phase-dependent reaction kinetics. The strongest regulatory effects occur under rapid interphase exchange, where the spatially heterogeneous catalytic network admits a system-level Michaelis--Menten description governed by system-averaged concentrations and reaction kinetics. Our framework predicts that micron-sized condensates can either enhance or suppress enzymatic activity by up to two orders of magnitude, and that optimal catalytic regulation can emerge at condensate sizes comparable to many biomolecular condensates. These results provide experimentally testable predictions for condensate-mediated catalysis and establish quantitative principles for understanding and engineering enzyme-catalysed reactions in biomolecular condensates.</jats:p>