CODEXIS® We engineer enzymes to improve health… of people and the planet Q2 2021 Financial Results August 5, 2021 Forward Looking Statements 2 • These slides and any accompanying oral presentation contain forward-looking statements that involve risks and uncertainties, including Codexis' guidance on 2021 total revenues, product revenues and product gross margin. These statements relate to future events or our future financial or operational performance and involve known and unknown risks, uncertainties and ...

Codexis, Inc. (NASDAQ:CDXS) Q2 2021 Earnings Conference Call August 5, 2021 4:30 PM ET Company Participants Stephanie Marks - Argot Partners John Nicols - President, CEO & Director Ross Taylor - SVP & CFO Conference Call Participants Brandon Couillard - Jefferies Kyle Boucher - Cowen and Company Steven Mah - Piper Sandler & Co. Matthew Hewitt - Craig-Hallum Sean Lee - H.C. Wainwright & Co. Operator Greetings and welcome to Codexis' Q2 2021 Earnings Conference Call. [Operator Instructions]. And now I'll turn ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter and six months ended June 30, 2021, along with detailed notes on accounting policies and financial position [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $129,506 | $149,117 | | Total current assets | $172,395 | $184,423 | | Total assets | $212,310 | $221,646 | | **Liabilities & Equity** | | | | Total current liabilities | $24,090 | $24,981 | | Total liabilities | $49,537 | $51,543 | | Total stockholders' equity | $162,773 | $170,103 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $25,453 | $14,967 | $43,485 | $29,637 | | Loss from Operations | $(4,486) | $(6,107) | $(13,641) | $(13,935) | | Net Loss | $(4,265) | $(6,344) | $(13,333) | $(13,996) | | Net Loss Per Share | $(0.07) | $(0.11) | $(0.21) | $(0.24) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,735) | $(11,498) | | Net cash used in investing activities | $(4,945) | $(2,490) | | Net cash provided by (used in) financing activities | $473 | $(903) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(19,207)** | **$(14,891)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company operates in two segments: Performance Enzymes (small molecule pharma manufacturing, food, feed, life sciences) and Novel Biotherapeutics (drug candidate discovery and development)[31](index=31&type=chunk)[32](index=32&type=chunk) Revenue by Segment - Six Months Ended June 30 (in thousands) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | Performance Enzymes | $35,815 | $18,379 | | Novel Biotherapeutics | $7,670 | $11,258 | | **Total Revenues** | **$43,485** | **$29,637** | - As of June 30, 2021, total unrecognized stock-based compensation expense was **$14.7 million**, expected to be recognized through 2025, including **$4.8M** for stock options, **$4.7M** for RSUs/RSAs, **$1.9M** for PSUs, and **$3.3M** for PBOs[97](index=97&type=chunk) - The company has a credit facility with Western Alliance Bank for up to **$10.0 million** in term loans and a **$5.0 million** revolving line of credit, with no amounts drawn as of June 30, 2021, and compliance with all covenants[119](index=119&type=chunk)[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=29&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides a narrative analysis of the company's financial performance, highlighting a 70% increase in Q2 2021 revenue, driven by product revenue, and discusses liquidity, capital resources, and material cash requirements [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q2 2021 vs Q2 2020 Performance (in thousands) | Metric | Q2 2021 | Q2 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $25,453 | $14,967 | $10,486 | 70% | | Product Revenue | $14,717 | $4,504 | $10,213 | 227% | | R&D Revenue | $10,736 | $10,463 | $273 | 3% | | R&D Expenses | $12,826 | $10,853 | $1,973 | 18% | | SG&A Expenses | $12,795 | $8,522 | $4,273 | 50% | | Net Loss | $(4,265) | $(6,344) | $2,079 | 33% | - Product gross margin increased to **71%** in Q2 2021 from **62%** in Q2 2020, primarily due to an improved product mix with higher sales of higher-margin branded products[162](index=162&type=chunk)[204](index=204&type=chunk) - Performance Enzymes segment revenue grew **188%** in Q2 2021 year-over-year, driven by strong product demand, while Novel Biotherapeutics segment revenue decreased **48%** due to higher license fees recognized in the prior-year period[215](index=215&type=chunk)[217](index=217&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Position (in thousands) | Metric | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $129,506 | $149,117 | | Working capital | $148,305 | $159,442 | - The company believes existing cash and cash equivalents are sufficient to fund operations, capital expenditures, and working capital needs for at least the next 12 months[233](index=233&type=chunk) - In May 2021, the company entered into an Equity Distribution Agreement (EDA) to sell up to **$50.0 million** of common stock, with no shares sold under the EDA as of June 30, 2021[99](index=99&type=chunk)[229](index=229&type=chunk) - The company has significant future lease commitments totaling **$60.9 million**, including a new ten-year lease for a facility in San Carlos, CA, expected to commence in November 2021[113](index=113&type=chunk)[245](index=245&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company outlines its exposure to market risks, primarily interest rate and foreign currency risk, with interest rate changes considered immaterial and foreign currency fluctuations potentially impacting international product competitiveness - The company's exposure to interest rate risk is primarily from its cash equivalents and variable-rate credit facility, with a hypothetical 10% change in interest rates expected to have an immaterial impact on interest income and expense[251](index=251&type=chunk)[252](index=252&type=chunk) - Foreign currency risk exists as future fluctuations in the U.S. dollar may affect the price competitiveness of products sold outside the United States, though substantially all sales are denominated in USD[253](index=253&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal controls over financial reporting during the second quarter - Based on an evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[258](index=258&type=chunk) - There were no changes in internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[259](index=259&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports no involvement in any material pending litigation or other material legal proceedings - As of the filing date, Codexis is not involved in any material legal proceedings[263](index=263&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There were no material changes from the risk factors disclosed in the Form 10-K for the year ended December 31, 2020[264](index=264&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the reporting period - None reported[265](index=265&type=chunk) [Exhibits](index=48&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including the Equity Distribution Agreement and required CEO/CFO certifications - A list of filed exhibits is provided, including an Equity Distribution Agreement dated May 7, 2021, and required CEO/CFO certifications[270](index=270&type=chunk)

Codexis, Inc. (NASDAQ:CDXS) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants Stephanie Marks - Investor Relations, Argot Partners John Nicols - President & Chief Executive Officer Ross Taylor - Chief Financial Officer Conference Call Participants Brandon Couillard - Jefferies Kyle Boucher - Cowen Jacob Johnson - Stephens Matt Hewitt - Craig-Hallum Capital Group Swayampakula Ramakanth - H.C. Wainwright Operator Welcome to Codexis' First Quarter 2021 Earnings Conference Call. At th ...

CODEXIS® We engineer enzymes to improve health… of people and the planet Q1 2021 Results May 6, 2021 Forward Looking Statements 2 • These slides and any accompanying oral presentation 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 diffe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34705 ___________________________ Codexis, Inc. (Exact name of registrant as specified in its charter) ________________________ ...

CODEXIS® We engineer enzymes to improve health… of people and the planet Corporate Presentation March 2021 Forward Looking Statements 2 • These slides and any accompanying oral presentation 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No.: 001-34705 Codexis, Inc. (Exact name of registrant as specified in its charter) | --- | |--------------------------------------------------- ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2020 were $21.0 million, up 12.8% year-over-year, with $16.7 million from Performance Enzymes and $4.3 million from Novel Biotherapeutics [38] - Product revenue for Q4 2020 was $12.2 million, a 150% increase from $4.9 million in the prior year, marking the highest quarterly product revenue [39] - Gross margin on product revenue for Q4 2020 was 52.0%, compared to 30.2% in Q4 2019, attributed to a favorable product mix [39] - Total revenues for fiscal 2020 were $69.1 million, a 1% increase from 2019, with $48.1 million from Performance Enzymes and $21.0 million from Novel Biotherapeutics [42] - Product revenues for fiscal 2020 were $30.2 million, up 3% from 2019, with a gross margin of 54.5%, up from 46.9% in 2019 [43][44] Business Line Data and Key Metrics Changes - Performance Enzymes segment generated $16.7 million in Q4 2020, compared to $17.1 million in Q4 2019, while Novel Biotherapeutics increased from $1.6 million to $4.3 million in the same period [38] - The Performance Enzymes segment faced challenges due to COVID-19, impacting R&D service revenues, while Novel Biotherapeutics benefited from Takeda's upfront payment and R&D services [42] - The company had 15 sustainable manufacturing customers contributing over $100,000 in average quarterly revenue in 2020, up from 13 in 2019 [11] Market Data and Key Metrics Changes - The company is expanding into the life science tools market, generating $3.6 million in revenue in 2020, with expectations for growth in 2021 [23][72] - The partnership with Tate & Lyle in the food sector is expected to drive significant growth, with enzymes for sweeteners showing promising results [19][107] Company Strategy and Development Direction - Codexis aims to leverage its enzyme engineering capabilities to penetrate multiple markets, including sustainable manufacturing, life science tools, and biotherapeutics [9][30] - The company plans to expand its R&D capacity by increasing the number of enzyme discovery teams from 16 to approximately 25 by 2022 [88] - Codexis is focusing on self-funded R&D in life science tools and biotherapeutics, aiming to retain more value from successful enzyme developments [92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth of 19% to 23% in 2021, driven primarily by the Performance Enzymes segment [46] - The company anticipates product sales between $36 million and $39 million in 2021, with gross margins expected to remain strong at 54% to 58% [48] - Management highlighted the potential for significant growth in the life science tools market and the biotherapeutics pipeline, with multiple catalysts expected to drive growth [52][100] Other Important Information - Codexis completed a follow-on offering in December 2020, raising $81 million, resulting in a cash balance of $149.1 million, positioning the company well for growth opportunities [45] - The company is set to occupy a new facility in Q4 2021, which will enhance its R&D capabilities [50] Q&A Session Summary Question: Can you break down the components of product revenue growth in 2021? - Management indicated growth will come from stable sales to Merck for Januvia, increased demand from recent customers like Allergan and Urovant, and new sales in the life science tools market [58][60] Question: What is the expected revenue ramp for life sciences in 2021? - Management expects significant growth from recently launched products, particularly DNA and RNA polymerases, with sales anticipated to be stronger in the second half of the year [70][72] Question: What are the clinical milestones expected in the Biotherapeutics segment? - The initiation of the first clinical trial for CDX-7108 is expected in Q3 2021, with additional data to be shared as it becomes available [99][100] Question: What proportion of current product revenues comes from the food segment? - Management noted that the food sector is growing, particularly through the partnership with Tate & Lyle, which is expected to contribute significantly to revenue [107]

CODEXIS® We engineer enzymes to improve health… of people and the planet Q4 & FY'2020 Results February 25, 2021 Forward Looking Statements 2 • These slides and any accompanying oral presentation 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 achieveme ...