Codexis(CDXS) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for fiscal year 2024 was $59.3 million, a decrease of 4% compared to$ 62.0 million in fiscal year 2023[7] - 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] - Total revenues for Q4 2024 were $21,460 million, a decrease of 19.5% compared to$ 26,561 million in Q4 2023[18] - The net loss for the year ended December 31, 2024, was $65,276 million, a slight improvement from a net loss of$ 76,240 million in 2023[18] Revenue Breakdown - Product revenues increased by 6% to $36.8 million for fiscal year 2024, compared to$ 34.8 million in fiscal year 2023[7] - R&D revenues for fiscal year 2024 were $22.6 million, down from$ 27.2 million in fiscal year 2023[7] - Product revenue for the year ended December 31, 2024, was $36,786 million, down from$ 42,906 million in 2023, representing a decline of 14.4%[18] - Research and development revenue increased to $11,642 million in Q4 2024 from$ 8,462 million in Q4 2023, marking a growth of 37.7%[18] Expenses and Margins - Product gross margin for fiscal year 2024 was 56%, down from 63% in fiscal year 2023[8] - R&D expenses for fiscal year 2024 were $46.3 million, a decrease from$ 58.9 million in fiscal year 2023[8] - Total costs and operating expenses rose to $28,802 million in Q4 2024, compared to$ 26,279 million in Q4 2023, an increase of 5.8%[18] Cash and Assets - Cash reserves as of December 31, 2024, were $73.5 million, providing a path to cash flow positivity anticipated by the end of 2026[8] - Cash and cash equivalents decreased significantly to$ 19,264 million in 2024 from $65,116 million in 2023, a decline of 70.5%[20] - Total assets increased to$ 149,011 million in 2024, up from $136,561 million in 2023, reflecting a growth of 9.5%[20] - Total liabilities rose to$ 82,084 million in 2024, compared to $49,946 million in 2023, an increase of 64.5%[20] - The accumulated deficit increased to$ 562,806 million in 2024 from $497,530 million in 2023, indicating a rise of 13.1%[20] Future Outlook - Codexis expects total revenues for 2025 to be in the range of$ 64 million to $68 million, indicating anticipated growth[14] - The company plans to achieve pilot scale production of GLP-grade siRNA material using the ECO Synthesis™ Innovation Lab in 2025[7] - Codexis aims to sign a GMP scale-up partner by the end of 2025 to enable larger scale clinical and commercial siRNA production[7] Share Information - The weighted average common stock shares used in computing net loss per share increased to 81,300 in Q4 2024 from 69,500 in Q4 2023[18]