Core Viewpoint - Codexis, Inc. will report its financial results for Q3 2025 on November 6, 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 manufacturing of complex therapeutics, utilizing its proprietary CodeEvolver technology platform [3]. - The company is developing the ECO Synthesis™ manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route [3]. - Codexis' enzymes are designed to address challenges in small molecule pharmaceuticals manufacturing and nucleic acid synthesis, offering benefits such as higher yields, reduced energy usage, and improved efficiency [3].

Core Insights - Codexis (NASDAQ: CDXS) is transitioning from selling enzyme parts to becoming an integrated supplier of siRNA through their ECO synthesis technology, which aims to enhance the efficiency of pharmaceutical research and production [1] Group 1: Company Overview - Codexis specializes in enzymatic solutions that improve pharmaceutical research and production efficiency [1] Group 2: Technological Development - The company is evolving its business model to include integrated siRNA supply alongside its existing enzyme offerings, leveraging its ECO synthesis technology [1]

Summary of Codexis Conference Call Company Overview - Codexis specializes in protein engineering and biocatalysis, providing solutions for small molecule medicines like Januvia and Paxlovid [4][4] - The company is now focusing on enzymatic synthesis of oligonucleotides, particularly in the siRNA therapeutics space [4][4] Industry Insights - The siRNA therapeutics market is expected to grow significantly, with demand projected to increase from 100 kilos in 2023 to at least 10 metric tons by the end of the decade [8][8] - Recent announcements from companies like Novartis and CureVac indicate a growing demand, with CureVac projecting a need for 25 metric tons per year, which exceeds current phosphoramidite chemistry capabilities [9][9] - Codexis estimates that the demand could reach 50 metric tons or more as the market expands into preventive medicines and larger indications [9][9] Technical Challenges and Solutions - Current chemical synthesis methods for siRNA are inefficient, expensive, and labor-intensive, requiring significant raw materials and infrastructure [6][6] - Codexis offers a range of solutions from ligation of shortmers to end-to-end enzymatic synthesis, which can improve yield and reduce costs [10][10][12][12] - The company is engaged with multiple customers, including one drug moving into phase 3 trials, demonstrating the feasibility and scalability of their platform [11][11] Customer Engagement and Market Strategy - Codexis has seen a significant increase in customer engagement, with a progression from one contract in 2024 to multiple contracts signed in 2023 [21][21] - The company aims to partner with biotech firms that have strong management teams, funding, and potential for large indications [21][21] - Codexis is focused on long-term partnerships, with revenue growth expected as customers move through clinical development stages [28][28][30][30] Competitive Landscape - Codexis positions itself against established companies like Novartis and Alnylam, which have existing supply chains for their drugs [26][26] - The company believes its enzymatic process offers a faster and more cost-effective solution for scaling production compared to traditional methods [26][26] Future Developments - Codexis plans to showcase its capabilities at upcoming conferences, including the ability to produce GMP drugs at required clinical trial quantities [39][39] - The company is also exploring advancements in chiral control for molecules, which could lead to more potent and safer therapeutics [40][40][41][41] Financial Position - As of the last quarter, Codexis reported over $60 million in cash, sufficient to establish its GMP facility and support future growth [42][42] Conclusion - Codexis is well-positioned in the growing siRNA therapeutics market, with innovative solutions to address current production challenges and a strong pipeline of potential partnerships and revenue growth opportunities [43][43]

Company Overview - Codexis, Inc. is a leading provider of enzymatic solutions for the efficient and scalable manufacturing of complex therapeutics [3] - The company leverages its proprietary CodeEvolver® technology platform to discover, develop, and enhance novel, high-performance enzymes [3] - Codexis is developing its proprietary ECO Synthesis® manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route [3] Upcoming Events - Codexis will attend the Cantor Global Healthcare Conference from September 3-5, 2025, in New York, New York [1] - Management will participate in a fireside chat on September 4, 2025, at 3:55 pm ET, with a live webcast available on the company's Investor Relations website [2]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $15.3 million, up from $8 million in Q2 2024, primarily due to variability in Pharma Biocatalysis customers' manufacturing schedules and clinical trial progression [14][15] - Product gross margin increased to 72% in Q2 2025 from 45% in Q2 2024, attributed to shifts in sales to more profitable products [15][17] - The net loss for Q2 2025 was $13.3 million, compared to $22.8 million in Q2 2024, indicating improved financial performance [17] Business Line Data and Key Metrics Changes - The Pharma Biocatalysis business saw increased orders for enzymes supporting late-phase and commercialized APIs, contributing to strong Q2 revenue [6][14] - The Ecosynthesis platform is experiencing strong customer engagement, with over 30 ongoing customer engagements, indicating growing demand [5][21] Market Data and Key Metrics Changes - The demand for the Ecosynthesis platform is expected to exceed supply, prompting the company to explore options to expand capacity [5][12] - The ligation process is becoming the new standard in siRNA manufacturing, with the company focusing on acquiring new ligase customers [9][10] Company Strategy and Development Direction - The company aims to achieve cash flow breakeven by 2026 while exploring ways to maximize stockholder value through the Ecosynthesis platform [4][5] - A strategy is in place to secure early-phase products on the ECO platform, which could lead to significant returns as these products mature into commercial drugs [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory towards profitability and highlighted the importance of managing expenses while capitalizing on the strong cash position [17] - The company anticipates continued revenue lumpiness in the near term due to the unpredictability of the heritage business, but expects growth from the Ecosynthesis platform in the coming years [15][30] Other Important Information - The company ended the quarter with $66.3 million in cash and equivalents, sufficient to fund operations through 2027 [18] - Management is focused on establishing a GMP facility to improve the scale-up process and service small to medium-sized drug innovators [12][34] Q&A Session Summary Question: Can you provide an update on the pipeline and customer discussions? - The company has over 30 discussions ongoing, potentially growing into the 40s, with a mix of CDMOs and biopharma companies [21][22] Question: What is the status of process development projects in the Eco Innovation Lab? - The company is excited about recruiting early-phase projects and is considering setting up a second Eco Lab to increase capacity [27][28] Question: How does the company plan to expand bandwidth for the ECO platform? - The focus is on filling existing capacity and exploring partnerships while ensuring a credible path to GMP material [33][35] Question: What is the company's IP position around Ecosynthesis? - The company has a strong IP portfolio and emphasizes the importance of trade secrets and know-how in maintaining a competitive edge [37][38] Question: How should investors think about revenue collection pace? - The company aims to lock in a large number of early-stage projects, which could lead to significant future revenues as these assets mature [42][46] Question: What are the options for funding scaling to GMP? - The company is not considering selling its biocatalysis business, as it is profitable and reduces cash needs, while also planning incremental scaling [68][69]

Q2 2025 Financial Performance - Total revenue increased to $15.3 million, compared to $8.0 million in Q2 2024[11] - Product gross margin improved significantly to 72% from 45% in Q2 2024[11] - Loss from operations decreased to ($12.9) million from ($22.7) million year-over-year[11] - Net loss per share improved to ($0.16) from ($0.32) year-over-year[11] Business Highlights - The company is experiencing growing momentum with ECO Synthesis, with 34 ongoing customer engagements[7] - Customers are bringing their most complex manufacturing challenges to Codexis, indicating strong demand for their solutions[10] - Chemo-enzymatic route (ligation) is becoming the new standard in siRNA manufacturing, benefiting the company's ligase business[10] Strategic Focus - The company is shifting emphasis to newer assets with longer runway and better economics[7] - The company is exploring the development of a Codexis-owned GMP facility[10] - The company continues to carefully manage burn rate and reiterates 2025 guidance range[13]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, highlighting increased Q2 2025 revenue, narrowed net loss, and substantial cash inflow from financing activities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $138.2 million by June 30, 2025, from $149.0 million, driven by reduced short-term investments, while equity also declined Condensed Consolidated Balance Sheets | Financial Metric | June 30, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 26,761 | 19,264 | | Short-term investments | 39,569 | 54,194 | | Total current assets | 88,729 | 98,772 | | Total assets | 138,246 | 149,011 | | **Liabilities & Equity** | | | | Total current liabilities | 15,237 | 23,648 | | Long-term debt | 39,373 | 28,905 | | Total liabilities | 82,615 | 82,084 | | Total stockholders' equity | 55,631 | 66,927 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenues nearly doubled to $15.3 million, driven by R&D, significantly narrowing net loss to $13.3 million from $22.8 million Condensed Consolidated Statements of Operations | Metric ($ in thousands, except EPS) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 15,328 | 7,979 | 22,871 | 25,052 | | Product Revenue | 7,380 | 6,259 | 13,439 | 15,810 | | R&D Revenue | 7,948 | 1,720 | 9,432 | 9,242 | | Loss from Operations | (12,862) | (22,732) | (33,348) | (34,620) | | Net Loss | (13,272) | (22,755) | (33,960) | (34,260) | | Net Loss per Share | (0.16) | (0.32) | (0.40) | (0.49) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations increased to $31.8 million, while investing activities provided $11.4 million, and financing provided $27.9 million Condensed Consolidated Statements of Cash Flows | Cash Flow Activity ($ in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (31,765) | (19,957) | | Net cash provided by (used in) investing activities | 11,402 | (55,650) | | Net cash provided by financing activities | 27,859 | 29,084 | | **Net change in cash, cash equivalents & restricted cash** | **7,496** | **(46,523)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue by geography, the $40 million Innovatus Loan, $16.4 million from equity sales, and significant customer concentration - For the six months ended June 30, 2025, the Americas and APAC regions were the largest sources of revenue, contributing **$8.4 million** and **$8.1 million**, respectively[39](index=39&type=chunk) - The company entered into a five-year term loan agreement with Innovatus for up to **$40.0 million**, with the second tranche of **$10.0 million** funded in June 2025[74](index=74&type=chunk) - During Q2 2025, the company sold 7,244,966 shares of common stock under its Cantor Sales Agreement, receiving net proceeds of **$16.4 million**[67](index=67&type=chunk) - Customer concentration remains high, with Customer A and Customer B accounting for **21%** and **19%** of total revenues, respectively, for the three months ended June 30, 2025[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic focus on pharma biocatalysis and ECO Synthesis™, highlighting a 92% Q2 revenue increase, improved gross margin, and sufficient liquidity [Business Overview](index=22&type=section&id=Business%20Overview) Codexis leverages its CodeEvolver® platform for pharma biocatalysis and develops the ECO Synthesis™ platform for RNAi therapeutics manufacturing - The company's core strategy revolves around its proprietary CodeEvolver® directed evolution technology platform to develop novel enzymes[85](index=85&type=chunk) - Key focus areas are the established pharma biocatalysis business and the emerging Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis™ manufacturing platform for RNAi therapeutics[85](index=85&type=chunk) - In 2025, the company expects to manufacture GLP-grade siRNA for customers in its Innovation Lab and partner with a CDMO for GMP-grade synthesis using the ECO Synthesis™ platform[87](index=87&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q2 2025 total revenues surged 92% to $15.3 million, driven by R&D, with product gross margin improving to 72% and SG&A expenses decreasing 21% Results of Operations Summary | Metric ($ in thousands) | Q2 2025 | Q2 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 15,328 | 7,979 | 7,349 | 92% | | Product Revenue | 7,380 | 6,259 | 1,121 | 18% | | R&D Revenue | 7,948 | 1,720 | 6,228 | 362% | | Cost of Product Revenue | 2,098 | 3,462 | (1,364) | (39)% | | Product Gross Margin | 72% | 45% | - | - | - The increase in Q2 R&D revenue was driven by **$3.6 million** from legacy agreements and **$2.5 million** from a new licensing agreement executed in the quarter[95](index=95&type=chunk) - SG&A expenses decreased by **$3.4 million** in Q2 2025 compared to Q2 2024, mainly due to **$2.2 million** in lower stock-based compensation and **$0.9 million** in lower legal costs[102](index=102&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $66.3 million in cash and investments, supported by a $40 million term loan and equity sales, deemed sufficient for 12 months Liquidity and Capital Resources Summary | Metric ($ in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 26,761 | 19,264 | | Short-term investments | 39,569 | 54,194 | | Working capital | 73,492 | 75,124 | - The company secured a five-year term loan from Innovatus for up to **$40 million**, with the full amount drawn as of June 27, 2025[112](index=112&type=chunk)[116](index=116&type=chunk) - Under the Cantor Sales Agreement, the company raised gross proceeds of **$17.3 million** during Q2 2025[117](index=117&type=chunk) - Management believes existing cash and expected revenues will provide adequate funds for operations for at least the next 12 months[119](index=119&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces interest rate and foreign currency risks, but a hypothetical 10% adverse change is not expected to materially impact its financial position - As of June 30, 2025, the company had **$66.3 million** in cash, cash equivalents, and short-term investments subject to interest rate risk[128](index=128&type=chunk) - The company has **$40.8 million** in principal outstanding under the variable-rate Innovatus Loan, where a 10% increase in the prime rate would impact results by **$0.3 million** over the next twelve months[129](index=129&type=chunk) - Foreign currency risk is considered minimal, with a hypothetical 10% unfavorable change in exchange rates resulting in a potential loss of approximately **$40 thousand**[130](index=130&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, deemed disclosure controls effective as of June 30, 2025, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[134](index=134&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the most recent fiscal quarter[135](index=135&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material pending litigation or other legal proceedings - As of the filing date, Codexis is not involved in any material legal proceedings[138](index=138&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section outlines key risks including net losses, customer and manufacturer dependence, unproven ECO Synthesis platform, competition, and financial and regulatory risks - **Financial & Strategic Risks:** The company has a history of net losses and may not achieve profitability, is dependent on a limited number of customers, and its new ECO Synthesis platform is based on novel, largely unproven technology[140](index=140&type=chunk)[142](index=142&type=chunk)[163](index=163&type=chunk) - **Operational Risks:** Codexis relies on a limited number of third-party contract manufacturers for large-scale production of its enzymes, posing a risk to supply chain stability[140](index=140&type=chunk)[157](index=157&type=chunk) - **Capital & Debt Risks:** The company may need additional capital in the future and must comply with covenants in its loan agreement with Innovatus, which could restrict business operations[141](index=141&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) - **Regulatory & IP Risks:** The company's and its customers' products are subject to extensive regulation, and protecting its intellectual property rights is critical and may involve costly litigation[141](index=141&type=chunk)[143](index=143&type=chunk)[208](index=208&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=60&type=section&id=Other%20Items) This section covers remaining disclosures, including no unregistered equity sales, no defaults, no Rule 10b5-1 plan changes, and a list of exhibits - There were no unregistered sales of equity securities during the period[259](index=259&type=chunk) - During the three months ended June 30, 2025, no directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements[262](index=262&type=chunk)

[Business and Strategic Update](index=1&type=section&id=Business%20and%20Strategic%20Update) Codexis reported strong Q2 2025 revenue, emphasizing ECO Synthesis® platform momentum and securing $27.3 million for expansion - The CEO highlighted a strategic shift with strong external validation for the ECO Synthesis® platform, noting over **30 ongoing opportunities** and a targeted fundraising to support growth and the development of **GMP-grade siRNA**[2](index=2&type=chunk) - The company strengthened its cash position by raising a total of **$27.3 million** from its at-the-market (ATM) facility and a loan agreement with Innovatus Capital Partners, LLC[1](index=1&type=chunk)[4](index=4&type=chunk) - The ECO Synthesis® platform received significant industry validation at the **TIDES USA Annual Meeting**, with presentations from CDMOs like Bachem, Nitto Avecia, and ST Pharm confirming the technology's transferability[2](index=2&type=chunk)[4](index=4&type=chunk) - **Cynthia Collins**, an expert in the CDMO landscape, was appointed to the **Board of Directors**, strengthening the company's strategic oversight[4](index=4&type=chunk) [Second Quarter 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Codexis achieved $15.3 million in Q2 2025 revenues, improving product gross margin to 72% and narrowing net loss Q2 2025 vs Q2 2024 Financial Performance | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $15.3 million | $8.0 million | +91.6% | | Product Gross Margin | 72% | 45% | +27 p.p. | | R&D Expenses | $13.8 million | $11.4 million | +21.1% | | SG&A Expenses | $12.3 million | $15.7 million | -21.7% | | Net Loss | $13.3 million | $22.8 million | Improved | | Net Loss Per Share | $0.16 | $0.32 | Improved | - The increase in total revenues was primarily attributed to the variability in customers' manufacturing schedules, clinical trial progression, higher revenue from legacy agreements, and a new licensing agreement[7](index=7&type=chunk) - As of June 30, 2025, the company maintained a cash, cash equivalents, and short-term investments balance of **$66.3 million**[7](index=7&type=chunk) [Upcoming Milestones](index=2&type=section&id=Upcoming%20Milestones) Codexis outlined key 2025 milestones: TIDES Europe presentation, pilot-scale GLP-grade siRNA, and GMP scale-up partner - Key upcoming milestones for 2025 include: - Presenting at the **TIDES Europe Annual Meeting** in November - Achieving pilot scale production of **GLP-grade siRNA material** via the ECO Synthesis Innovation Lab - Signing a **GMP scale-up partner** by year-end to enable larger scale siRNA production[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents unaudited consolidated financial statements: Operations, Comprehensive Loss, and Balance Sheets [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues nearly doubled to $15.3 million in Q2 2025, reducing loss from operations and net loss Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Total revenues** | **$15,328** | **$7,979** | **$22,871** | **$25,052** | | Product revenue | $7,380 | $6,259 | $13,439 | $15,810 | | Research and development revenue | $7,948 | $1,720 | $9,432 | $9,242 | | **Total costs and operating expenses** | **$28,190** | **$30,711** | **$56,219** | **$59,672** | | Cost of product revenue | $2,098 | $3,462 | $4,830 | $8,317 | | Research and development | $13,775 | $11,413 | $26,717 | $22,659 | | Selling, general and administrative | $12,317 | $15,671 | $24,672 | $28,531 | | **Loss from operations** | **$(12,862)** | **$(22,732)** | **$(33,348)** | **$(34,620)** | | **Net loss** | **$(13,272)** | **$(22,755)** | **$(33,960)** | **$(34,260)** | | **Net loss per share, basic and diluted** | **$(0.16)** | **$(0.32)** | **$(0.40)** | **$(0.49)** | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets were $138.2 million, cash $66.3 million, liabilities $82.6 million, and equity $55.6 million Condensed Consolidated Balance Sheet Highlights (In Thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $26,761 | $19,264 | | Short-term investments | $39,569 | $54,194 | | Total current assets | $88,729 | $98,772 | | **Total assets** | **$138,246** | **$149,011** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $15,237 | $23,648 | | Long-term debt | $39,373 | $28,905 | | **Total liabilities** | **$82,615** | **$82,084** | | **Total stockholders' equity** | **$55,631** | **$66,927** | | **Total liabilities and stockholders' equity** | **$138,246** | **$149,011** | [About Codexis & Forward-Looking Statements](index=3&type=section&id=About%20Codexis%20%26%20Forward-Looking%20Statements) This section provides a corporate overview of Codexis's enzymatic solutions and platforms, with a forward-looking statements disclaimer - Codexis leverages its **CodeEvolver®** technology platform to develop high-performance enzymes for small molecule pharmaceuticals and nucleic acid synthesis, and is currently developing its **ECO Synthesis®** platform for manufacturing **RNAi therapeutics**[8](index=8&type=chunk) - The press release contains **forward-looking statements** concerning anticipated milestones, financial expectations, and the potential of its technology platforms, subject to **risks and uncertainties** detailed in the company's **SEC filings**[9](index=9&type=chunk)

Core Insights - Codexis, Inc. reported revenue of $15.3 million for Q2 2025, exceeding the analyst consensus estimate of $14.1 million, and showing significant growth from $8.0 million in Q2 2024 [1][12] - The company raised $27.3 million through an at-the-market (ATM) facility and a loan from Innovatus to support the expansion of its ECO Synthesis platform [2][7] - Codexis is experiencing a strategic shift with over 30 ongoing engagements related to its ECO Synthesis technology, which is aimed at enhancing the manufacturing of RNAi therapeutics [3][7] Financial Highlights - Total revenues for Q2 2025 were $15.3 million, a 92.5% increase from $7.9 million in Q2 2024 [12] - Product gross margin improved to 72% in Q2 2025 from 45% in Q2 2024, attributed to a shift towards more profitable products [12] - Research and Development expenses rose to $13.8 million in Q2 2025 from $11.4 million in Q2 2024, driven by increased headcount [12] - Selling, General & Administrative expenses decreased to $12.3 million in Q2 2025 from $15.7 million in Q2 2024, mainly due to lower stock-based compensation [12] - The net loss for Q2 2025 was $13.3 million, or $0.16 per share, compared to a net loss of $22.8 million, or $0.32 per share, in Q2 2024 [12] Business Developments - Six presentations at the 2025 TIDES USA annual meeting highlighted the ECO Synthesis platform, showcasing its capabilities in siRNA manufacturing [2][7] - Codexis appointed Cynthia Collins to its Board of Directors, bringing expertise in the CDMO landscape [7] - The company anticipates achieving pilot scale production of GLP-grade siRNA material in 2025 and aims to sign a GMP scale-up partner by the end of 2025 [7][12]

Core Viewpoint - Codexis, Inc. will report its financial results for Q2 2025 on August 13, 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 manufacturing of complex therapeutics, utilizing its proprietary CodeEvolver technology platform [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 are designed to address challenges in small molecule pharmaceuticals manufacturing and nucleic acid synthesis, offering benefits such as higher yields, reduced energy consumption, and improved manufacturing efficiency [3].