Core Insights - Codexis, Inc. reported total revenue of $59.3 million for the fiscal year ended December 31, 2024, with expectations for double-digit growth in 2025 [1][8] - The company anticipates an acceleration of commercial growth through its ECO Synthesis™ platform and aims to secure a GMP scale-up partner [1][2] Financial Performance - Total revenues for fiscal year 2024 decreased by 4% compared to $62.0 million in fiscal year 2023, excluding enzyme sales related to PAXLOVID™ [8] - Product revenues increased by 6% to $36.8 million for fiscal year 2024 compared to $34.8 million in fiscal year 2023, excluding enzyme sales related to PAXLOVID™ [8] - R&D revenues for fiscal year 2024 were $22.6 million, down from $27.2 million in fiscal year 2023, primarily due to lower non-recurring items [8] - The net loss for fiscal year 2024 was $65.3 million, or $0.89 per share, compared to a net loss of $76.2 million, or $1.12 per share, for fiscal year 2023 [8] Recent Developments - Codexis completed the build-out of its ECO Synthesis™ Innovation Lab in December 2024, enabling the provision of analytical and process development services [3] - The company appointed Arthur Levin, PhD, to its Strategic Advisory Board in February 2025, bringing extensive experience in oligonucleotide development [3] - In October 2024, Codexis announced the licensing of a genomics life science enzyme portfolio to Alphazyme, LLC, which includes several key enzymes [3] Upcoming Initiatives - Codexis plans to sign its first development contract for ECO Synthesis™ manufacturing services in the first half of 2025 [8] - The company expects to achieve pilot scale production of GLP-grade siRNA material using the ECO Synthesis™ Innovation Lab in 2025 [8] - Codexis anticipates hosting presentations at the 2025 TIDES USA and TIDES Europe annual meetings to showcase the capabilities of its ECO Synthesis™ platform [8]

Core Insights - Codexis, Inc. will attend the TD Cowen 45th Annual Health Care Conference from March 3-5, 2025, in Boston, Massachusetts [1] - Management will participate in a fireside chat on March 4, 2025, at 1:10 pm ET, with a live webcast available on the company's Investor Relations website [2] Company Overview - Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, utilizing its proprietary CodeEvolver technology platform to enhance novel, high-performance enzymes [3] - The company is developing the ECO Synthesis™ manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route, aiming for higher yields, reduced energy usage, and improved efficiency in manufacturing [3]

Core Viewpoint - Codexis, Inc. will report its financial results for Q4 and fiscal year 2024 on February 27, 2025, and will host a conference call to discuss these results and provide a business update [1]. Company Overview - Codexis is a leading provider of enzymatic solutions aimed at efficient and scalable therapeutics manufacturing, utilizing its proprietary CodeEvolver technology platform to enhance novel, high-performance enzymes [3]. - The company is developing the ECO Synthesis™ manufacturing platform to facilitate the scaled production of RNAi therapeutics through an enzymatic process [3]. - Codexis' enzymes contribute to improvements in pharmaceuticals manufacturing, including higher yields, reduced energy consumption, lower waste generation, and enhanced efficiency in genomic and diagnostic applications [3].

Core Insights - Codexis, Inc. has appointed Dr. Arthur Levin to its Strategic Advisory Board, enhancing its expertise in oligonucleotide development and manufacturing [1][2] - Dr. Levin's extensive experience includes developing the first approved antisense drugs and microRNA-targeted therapeutics, which will provide valuable guidance for Codexis's growth with its ECO Synthesis platform [2] - The Strategic Advisory Board, established in 2023, consists of experts in oligonucleotide synthesis and manufacturing, playing a crucial role in guiding Codexis's strategic direction [3][4] Company Overview - Codexis is a leading provider of enzymatic solutions aimed at efficient and scalable therapeutics manufacturing, utilizing its proprietary CodeEvolver technology platform [5] - The company is focused on developing its ECO Synthesis™ manufacturing platform to enable the large-scale production of RNAi therapeutics through enzymatic methods [5] - Codexis's unique enzymes are designed to improve yields, reduce energy consumption, and enhance efficiency in pharmaceutical manufacturing and nucleic acid synthesis [5]

Core Insights - Codexis, Inc. has appointed Christos Richards to its Board of Directors, which is expected to enhance the company's strategic direction in the life sciences sector [1][2][8] - Christos Richards brings over 30 years of experience in the biopharmaceutical and healthcare industry, having completed more than 450 executive assignments, including over 200 Board and CEO succession projects [3][5] - Codexis specializes in enzymatic solutions for therapeutics manufacturing, leveraging its proprietary CodeEvolver technology platform to develop high-performance enzymes [6] Company Overview - Codexis is focused on efficient and scalable therapeutics manufacturing, addressing challenges in small molecule pharmaceuticals and nucleic acid synthesis [6] - The company is developing the ECO Synthesis™ manufacturing platform to enable the scaled production of RNAi therapeutics through enzymatic methods [6] - Codexis' unique enzymes aim to improve yields, reduce energy usage and waste, and enhance efficiency in manufacturing processes [6] Leadership Insights - Stephen Dilly, Chairman and CEO of Codexis, expressed confidence in Christos Richards' expertise and its potential impact on the company's transformation [2] - Richards emphasized the potential of Codexis' proprietary technologies to drive growth in RNAi therapeutics and other novel modalities [3]

REDWOOD CITY, Calif., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the Company will attend the Piper Sandler 36th Annual Healthcare Conference, being held December 3-5, 2024, in New York, New York. Management will participate in a fireside chat on Tuesday, December 3, 2024, at 11:00 am ET. A live webcast of the event will be available in the Investor Relations section of the Co ...

—Becomes first company to showcase four routes of synthesis for approved siRNA therapeutic asset— —Joint poster with Bachem demonstrates superiority of Company’s double-stranded RNA ligases compared to wild-type enzymes— —Management to host conference call today at 4:30 pm EST to discuss data— REDWOOD CITY, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced data from three pr ...

—Spotlight Presentation to showcase four routes of synthesis of an approved siRNA therapeutic asset— —Joint poster presentation with Bachem to compare Codexis double-stranded RNA ligase to wild-type enzymes— —Management to host conference call on Thursday, November 14 to discuss data— REDWOOD CITY, Calif., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the Company will demonstrat ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | Forward Looking Statements 1 These slides contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial or operational performance and involve known and unknown risks, uncertainties and other factors that could cause our actual results or levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements ...

Financial Data and Key Metrics - Total revenues for Q3 2024 were $12.8 million, with product revenue of $11.2 million and R&D revenue of $1.7 million, compared to $9.3 million in Q3 2023 [33] - Product gross margin improved to 61% in Q3 2024, up from 58% in Q3 2023, driven by product mix [34] - R&D expenses decreased by 16% year-over-year to $11.5 million in Q3 2024, reflecting cost control measures [34] - Net loss for Q3 2024 was $20.6 million, compared to $34.9 million in Q3 2023 [35] - The company ended the quarter with $90 million in cash, cash equivalents, and investments, expected to fund operations through profitability and into 2027 [36] Business Line Performance - Pharma manufacturing revenue grew significantly, driven by timing of customer orders [33] - The company initiated technical collaborations on its ECO Synthesis manufacturing platform and completed the divestiture of its legacy genomics enzyme portfolio to Alphazyme [8] - Orders for double-stranded RNA ligase enzymes increased as customers progressed through clinical trials, with new customers testing the variants [18] - The ECO Synthesis Innovation Lab is on track for completion by the end of 2024, with plans to increase customer adoption in 2025 [29] Market Performance - The company is seeing increased interest from major siRNA drug developers and CDMOs, particularly for its ECO Synthesis platform [45][46] - The enzymatic production of nucleotide quatro phosphate (NQP) and nucleotide triphosphate (NTP) building blocks is gaining traction due to sustainability and cost advantages [23][24] - The company is working towards establishing a kilogram-scale GMP facility to support early-phase clinical trials and accelerate adoption of the ECO Synthesis platform [28] Strategic Direction and Industry Competition - The company has a clear path to profitability by the end of 2026, driven by growth in pharma manufacturing and higher-margin biocatalysis products [9][10] - Investments are being made to modernize internal manufacturing capabilities, improve downstream purification, and design a kilogram-scale facility for the ECO Synthesis platform [13][14][15] - The company is focusing on becoming a customer-oriented, mature commercial organization by taking assets further through development in-house [15] Management Commentary on Operating Environment and Future Outlook - Management expects continued growth in pharma manufacturing and increased orders for double-stranded RNA ligase enzymes as key drivers for 2025 [47] - The company is confident in its financial, technical, and human resources to achieve profitability by 2026 [37] - The ECO Synthesis platform is seen as a significant opportunity, with the company aiming to solidify partnerships for GMP production and expand its market reach [27][28] Other Important Information - The company plans to host a webcast investor recap call on November 14th to share updates from the TIDES Europe meeting [22] - The company is exploring opportunities to monetize non-core assets, including milestones from its relationship with Nestle [75] Q&A Session Summary Question: Key parameters for evaluating the success of ECO Synthesis - The two key parameters are overall yield of full-length product and the impurity profile [39] Question: Level of detail in future partnership announcements - The company aims to provide as much detail as possible, depending on the partner and the nature of the collaboration [40] Question: Early expectations for Paxlovid - The company is not assuming any revenue from Paxlovid and is not planning for it in its guidance [42] Question: Type of clients for ECO Synthesis technology - The company is seeing interest from major siRNA drug developers and CDMOs, with a focus on quality over quantity [45][46] Question: Major hurdles in forming partnerships - The company is focused on identifying a GMP scale-up partner and demonstrating the path to GMP for customers [50][51] Question: Revenue structure for ECO Synthesis collaborations - Collaborations could range from straight-up development contracts to joint development agreements with upfront milestones and royalties [65] Question: Investment magnitude for purification and kilogram-scale facility - Investments in purification and modernization are expected to be in the low-single-digit millions, with the kilogram-scale facility being a larger investment over time [69][70] Question: Monetization of non-core assets - The company is close to completing the monetization of non-core assets, with potential milestones from its relationship with Nestle [74][75] Question: Impact of bringing enzyme production in-house on gross margin - Bringing enzyme production in-house is expected to improve margins, particularly for new enzymes with higher margins [77] Question: Customer perception of Codexis - Customers are increasingly viewing Codexis as a leader in enzymatic synthesis of RNA constructs, with growing awareness in the siRNA market [86][87]