Toad still shows as a trial version in Toad commercial version after applying the commercial license key. (4266310)

After applying the commercial license key into the commercial version of Toad, it still displays that the trial key will expire in X days.

This is normal behavior.
The trial key still has time remaining before expiring.
A trial key may have more options available than the commercial key purchased.
Thus, by design, the trial key takes precedence over the commercial key.

WORKAROUND 1:
One can simply wait till the trial expires.
Once the trial key has expired, the commercial key will automatically be accepted.

WORKAROUND 2:
Under Help | Licensing, select the trial key and click "Delete License"