Financial Data and Key Metrics Changes - The company reported a cash balance of approximately $75 million as of September 30, 2023, reflecting a strong financial position bolstered by a $135 million windfall from CDX-616 sales to Pfizer for PAXLOVID [6][28][45] - Product revenues for Q3 2023 were $5.4 million, down from $15.1 million in the prior year, attributed to the timing of customer orders [22][73] - R&D revenues decreased to $3.9 million in Q3 2023 from $6.4 million in the previous year, driven by the completion of partner programs [48] - The product gross margin, excluding enzyme sales related to PAXLOVID, was 58% in Q3 2023, compared to 55% in Q3 2022 [23] Business Line Data and Key Metrics Changes - The pharmaceutical manufacturing business is expected to return to growth in 2024, with Q4 product revenues anticipated to align with Q1 and Q2 of 2023 [22][74] - The company is focusing on the ECO Synthesis technology, which is projected to be commercially launched by 2026, with early commercial licenses expected in 2025 [30][130] Market Data and Key Metrics Changes - Market research indicates that demand for RNAi therapeutics is expected to grow to approximately 30,000 kilos annually by the end of the decade, necessitating significant capital investment in manufacturing [11][34] - The company is actively engaging with potential customers and collaborators, showing increased interest in the ECO Synthesis platform following presentations at industry conferences [16][56] Company Strategy and Development Direction - The company is strategically pivoting towards its ECO Synthesis platform, which aims to provide a more efficient and cost-effective solution for RNA synthesis compared to traditional phosphoramidite chemistry [34][135] - A strategic advisory board is being formed to ensure the ECO Synthesis platform meets market needs and to guide the company through the evolving landscape of RNAi therapeutics [31][134] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow around the end of 2026, supported by a strong balance sheet and reduced cash burn [5][30] - The company acknowledged the challenges of competing with established phosphoramidite chemistry but emphasized the unique advantages of its enzymatic solutions [82][102] Other Important Information - The company has taken decisive actions to reduce cash burn by over 50% year-on-year, focusing on high-potential programs and consolidating operations [132] - A significant one-time charge of $10 million was recorded due to the decision to exit the Biotherapeutics space and consolidate facilities [50] Q&A Session Summary Question: Can you elaborate on the TIDES EU conference and customer engagement? - Management noted that the conference generated excitement about the ECO Synthesis platform, with increased interest from potential collaborators compared to previous engagements [56][57] Question: What are the biggest challenges to achieving gram-scale synthesis for ECO? - The company highlighted the complexity of producing suitable oligos with appropriate modifications and purity, but expressed confidence in overcoming these challenges [91][92] Question: What is the expected size of initial orders for ECO Synthesis? - Initial orders are anticipated to be in the range of single-digit millions, with potential for growth as the technology is tested with customers [95] Question: How does the company plan to address concerns about the enzymatic approach's flexibility and productivity? - Management emphasized ongoing improvements in volumetric productivity and flexibility, aiming to demonstrate these advancements at upcoming events [81][100] Question: What is the outlook for the pharmaceutical manufacturing business in 2024? - The company expects growth from both existing and new customers, with a normalization of ordering patterns contributing to this growth [127]

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 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-34705 ___________________________ Codexis, Inc. (Exact name of registrant as specified in its charter) _____________________________________________ Delaware 71-0872999 (State or other jurisdiction of incorp ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------------------------|-------|----------------|-------|------------------------------------------|-------|-----------------------------------|--------------------------------------------| | Three Months Ended June 30, 2023 \nBalance as of April 1, 2023 | Common Stock \nShares \n66,696 | $ | \nAmount \n6 | $ | Additional Paid-in \nCapital \n569,917 | $ | ...

Operating expenses that directly support the segment activity are allocated based on segment headcount, revenue contribution or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments. This provides the CODM with more meaningful segment profitability reporting to support operating decisions and allocate resources. | --- | --- | --- | --- | --- | --- ...

16 For example, a product candidate is eligible for Fast Track designation if it is intended to treat a serious or life-threatening disease or condition and demonstrates the potential to address unmet medical needs for such disease or condition. Fast Track designation applies to the combination of the product candidate and the specific indication for which it is being studied. Fast Track designation provides increased opportunities for sponsor meetings with the FDA during preclinical and clinical developmen ...

Codexis, Inc. (NASDAQ:CDXS) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Stephen Dilly - President, CEO & Director Kevin Norrett - COO Sriram Ryali - CFO Conference Call Participants Steven Mah - Cowen Company Brandon Couillard - Jefferies Matthew Hewitt - Craig-Hallum Operator Welcome to the Codexis Fourth Quarter and Full Year 2022 Earnings Conference Call. A question-and-answer session will follow the formal presentation. [Operator Instructions]. And now I'll turn th ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2022 were $34.5 million, a decrease of 6% from the prior year period [37] - Product revenues for Q3 2022 were $28.0 million compared to $28.7 million in Q3 2021, with a significant decline in enzyme sales related to PAXLOVID [38] - Excluding PAXLOVID, product revenues grew 53% year-over-year [38] - The net loss for Q3 2022 was $10.0 million, translating to a loss of $0.15 per share, compared to net income of $2.2 million or $0.03 per share in Q3 2021 [41] - Cash and equivalents as of September 30, 2022, stood at $109 million, with no funds drawn from the $50 million ATM equity facility [41] Business Segment Data and Key Metrics Changes - Performance Enzymes segment revenue decreased 4% to $31.1 million in Q3 2022, with an operating profit margin of 35% [42] - Biotherapeutics segment revenue was $3.3 million, with an operating loss of $11.4 million, reflecting increased investment in self-funded programs [42] Market Data and Key Metrics Changes - The company aims to focus on pharmaceutical manufacturing and life sciences, which represent approximately 95% of revenue in the Performance Enzymes segment [12] - The Life Sciences market is viewed as having significant growth potential, particularly in genomic sequencing and DNA/RNA synthesis [16] Company Strategy and Development Direction - The company is refining its strategy to focus on markets where it has a competitive advantage, particularly in Performance Enzymes and Biotherapeutics [6][9] - There is a commitment to maintaining cash runway through the end of 2024 to leverage scientific capabilities and intellectual property [11] - The company plans to prioritize attractive market opportunities and enhance commercial discipline [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need to adapt to a changing market reality and focus on fewer, more promising projects [10] - The company is optimistic about the potential of its pipeline, particularly in pharmaceutical manufacturing and biotherapeutics [14][24] - Management emphasizes the importance of product revenues over R&D revenues, which are less profitable [53] Other Important Information - The company has made several key leadership appointments to strengthen its team [7][8] - There is a focus on increasing commercial efforts to reach new customers and improve responsiveness [15] Q&A Session Summary Question: Can you elaborate on the near-term versus mid to long-term focus for the commercial strategy? - The near-term focus is on existing customer relationships and mid-size pharma companies to create a revenue pipeline [50] Question: What is the current state of R&D revenue and partnering activity? - The macro environment has not changed materially, and expectations for R&D revenue remain conservative [52] Question: Are there potential revenue milestones tied to the therapeutic pipeline? - There are potential milestones, but they are not expected to be overly material in size [55] Question: What is the size of the commercial organization and plans for expansion? - The commercial organization currently has around 20 members, with plans for modest expansion by 5 to 10 additional staff [57] Question: How does the company differentiate itself in the biocatalysts market? - The company has established relationships with major players and focuses on mid-size companies that require biocatalysis technology [58] Question: Is there a plan to license the CodeEvolver platform? - There are no current plans to license the CodeEvolver platform, with a focus on continuous improvement instead [62] Question: How quickly can the company ramp up the business of producing and selling kits? - The company is in early stages and will take time to understand customer needs before fully committing to this strategy [63] Question: What is the outlook for the existing relationship with Tate & Lyle? - The food and industrial part of the business represents about 5% of revenue, and the relationship with Tate & Lyle is expected to remain status quo [68]

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 September 30, 2022 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) ____________________ ...

Financial Data and Key Metrics Changes - Total revenues for Q2 2022 were $38.4 million, a 51% increase from the prior year [43] - Product revenues for Q2 2022 were $34.6 million, compared to $14.7 million in Q2 2021, driven by higher enzyme sales to Pfizer for PAXLOVID [44] - R&D revenues decreased to $3.8 million from $10.7 million in the previous year due to fewer new deals and lower revenue from existing customers [44] - Product gross margin for Q2 2022 was 67%, down from 71% in Q2 2021, primarily due to product mix changes and higher shipping costs [45] Business Line Data and Key Metrics Changes - Performance Enzymes segment revenue increased 69% to $36.5 million in Q2 2022, with an operating profit margin of 40% [49] - Biotherapeutics segment revenue was $1.9 million, with an operating loss of $9.9 million, reflecting increased investment in self-funded programs [49] Market Data and Key Metrics Changes - The company serves 21 of the 25 largest pharmaceutical companies, indicating strong market penetration [17] - The food sector generated over $1 million in sales this quarter, with significant contributions from customers like Tate & Lyle [23] Company Strategy and Development Direction - The company aims to drive double-digit growth in non-Pfizer product sales and expand its presence in the food and industrial verticals [56] - Focus on advancing and monetizing the biotherapeutics pipeline, with expectations for significant growth in 2023 [58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a slowdown in R&D revenue growth due to macroeconomic factors but expressed confidence in recovering significant sector revenue growth in 2023 [25][52] - The company anticipates positive cash flow in the second half of the year due to a $25 million payment from Pfizer [54] Other Important Information - The company has not drawn any funds from its $50 million ATM equity facility established in May of the previous year [48] - The CEO transition is expected to maintain continuity, with Dr. Stephen Dilly taking over leadership [59][64] Q&A Session Summary Question: What attracted Stephen Dilly to the CEO role? - Stephen Dilly expressed excitement about the core technology, CodeEvolver, and its potential to add value across various applications [67] Question: Update on the pipeline and new programs? - John Nicols highlighted the growth in the pipeline, with 20% increase in assets and significant headroom for revenue growth in food and life sciences [71][73] Question: Update on Roche T4 DNA-Ligase license agreement? - The technology was transferred to Roche, which is working on integrating it into their products, with revenues expected as royalties on their sales [78] Question: Insights on Molecular Assemblies partnership? - The partnership is progressing well, with expectations for milestone payments and royalties on product sales, enhancing the company's revenue potential [81][84] Question: Impact of Pfizer's manufacturing process improvements on enzyme orders? - Management clarified that the enzyme provided was off-the-shelf and not engineered by the company, indicating no adverse impact from Pfizer's success [88]

CODEXIS® We engineer enzymes to improve health… of people and the planet Q2'2022 Results August 4, 2022 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 di ...