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, 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 September 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 achievemen ...

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 ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements for Codexis, Inc. for the quarter ended March 31, 2021, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's business, accounting policies, revenue recognition, and other financial details [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Assets/Liabilities & Equity | March 31, 2021 (in Thousands) | December 31, 2020 (in Thousands) | | :-------------------------- | :---------------------------- | :------------------------------- | | **Assets** | | | | Total current assets | 173,563 | 184,423 | | Total assets | 212,170 | 221,646 | | **Liabilities** | | | | Total current liabilities | 22,553 | 24,981 | | Total liabilities | 48,431 | 51,543 | | **Stockholders' Equity** | | | | Total stockholders' equity | 163,739 | 170,103 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Metric | Three Months Ended March 31, 2021 (in Thousands) | Three Months Ended March 31, 2020 (in Thousands) | | :-------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Product revenue | 10,226 | 5,100 | | Research and development revenue | 7,806 | 9,570 | | Total revenues | 18,032 | 14,670 | | Total costs and operating expenses | 27,187 | 22,497 | | Loss from operations | (9,155) | (7,827) | | Net loss | (9,068) | (7,652) | | Net loss per share, basic and diluted | (0.14) | (0.13) | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) | Item | March 31, 2021 (in Thousands) | January 1, 2021 (in Thousands) | | :-------------------------- | :---------------------------- | :----------------------------- | | Total Stockholders' Equity | 163,739 | 170,103 | | Accumulated Deficit | (375,487) | (366,419) | | Additional Paid-in Capital | 539,220 | 536,516 | | Common Shares Outstanding | 64,488 | 64,283 | - Net loss for the three months ended March 31, 2021, was **$9,068 thousand**, contributing to an increased accumulated deficit[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity | Three Months Ended March 31, 2021 (in Thousands) | Three Months Ended March 31, 2020 (in Thousands) | | :-------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Net cash used in operating activities | (6,440) | (1,425) | | Net cash used in investing activities | (2,533) | (761) | | Net cash provided by (used in) financing activities | 17 | (1,019) | | Net decrease in cash, cash equivalents and restricted cash | (8,956) | (3,205) | | Cash, cash equivalents and restricted cash at end of period | 141,861 | 89,016 | - The company experienced a significant increase in net cash used in operating activities, from **$1,425 thousand** in Q1 2020 to **$6,440 thousand** in Q1 2021[15](index=15&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Description of Business](index=8&type=section&id=Note%201.%20Description%20of%20Business) Codexis, Inc. discovers, develops, and sells enzymes and other proteins, leveraging its proprietary CodeEvolver® protein engineering technology platform. The company operates in two main segments: Performance Enzymes, focused on pharmaceuticals and industrial markets, and Novel Biotherapeutics, developing drug candidates for human diseases. The COVID-19 pandemic has caused R&D disruptions but had minimal revenue impact for Q1 2021 - Codexis utilizes its CodeEvolver® protein engineering technology platform, powered by AI-based computational algorithms, for enzyme discovery and development[22](index=22&type=chunk)[131](index=131&type=chunk) - The company's core applications include biocatalytic manufacturing processes for complex chemicals, small molecule pharmaceuticals, and broader industrial markets (food, feed, consumer care, fine chemicals)[22](index=22&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - In Novel Biotherapeutics, Codexis is developing biotherapeutic drug candidates, including CDX-6114 for PKU (licensed to Nestlé Health Science) and CDX-7108 for gastro-intestinal disorders, and collaborating with Takeda on gene therapies[24](index=24&type=chunk)[25](index=25&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[134](index=134&type=chunk)[138](index=138&type=chunk) - COVID-19 caused temporary R&D facility closures and disruptions in Q1 2020, but operations have largely ramped up by Q1 2021, with minimal impact on Q1 2021 revenue[31](index=31&type=chunk)[32](index=32&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) [Note 2. Basis of Presentation and Summary of Significant Accounting Policies](index=10&type=section&id=Note%202.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the basis of presentation for the unaudited condensed consolidated financial statements, confirming adherence to GAAP and SEC rules for interim reporting. It also details recently adopted and issued accounting pronouncements, noting no material impact on the financial statements from these changes - The financial statements are prepared in accordance with GAAP and SEC rules for interim financial information, consistent with the 2020 Annual Report on Form 10-K[34](index=34&type=chunk) - The adoption of ASU 2019-12 (Income Taxes) and ASU 2020-10 (Codification Improvements) on January 1, 2021, had no impact on the condensed consolidated financial statements[41](index=41&type=chunk)[42](index=42&type=chunk) - ASU 2020-06 (Convertible Instruments) and ASU 2020-04 (Reference Rate Reform) are not expected to have a material impact upon adoption[45](index=45&type=chunk)[46](index=46&type=chunk) [Note 3. Revenue Recognition](index=12&type=section&id=Note%203.%20Revenue%20Recognition) This note disaggregates revenue by product/service type and geographic region, and provides details on contract balances and performance obligations. Product revenue significantly increased, while R&D revenue saw a slight decrease. Contract assets and unbilled receivables increased, while deferred revenue remained stable | Revenue Type | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :--------- | | Product Revenue | 10,226 | 5,100 | 5,126 | 100.5% | | Research and development revenue | 7,806 | 9,570 | (1,764) | (18.4%) | | Total Revenues | 18,032 | 14,670 | 3,362 | 22.9% | | Geographic Region | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | | :---------------- | :--------------------- | :--------------------- | | Americas | 4,929 | 5,225 | | EMEA | 6,282 | 5,971 | | APAC | 6,821 | 3,474 | | Total Revenues | 18,032 | 14,670 | | Contract Balance Item | March 31, 2021 (in Thousands) | December 31, 2020 (in Thousands) | | :-------------------- | :---------------------------- | :------------------------------- | | Contract assets | 5,143 | 4,526 | | Unbilled receivables | 11,298 | 10,942 | | Contract liabilities: deferred revenue | 4,797 | 4,791 | - Estimated future revenue from unsatisfied performance obligations totals **$4,797 thousand**, with **$2,821 thousand** from product revenue and **$1,976 thousand** from R&D revenue[56](index=56&type=chunk) [Note 4. Net Loss per Share](index=13&type=section&id=Note%204.%20Net%20Loss%20per%20Share) This note details the calculation of basic and diluted net loss per share. Due to net losses, potentially dilutive securities were excluded from diluted EPS calculations as their inclusion would be anti-dilutive - Basic and diluted net loss per share for Q1 2021 was **$(0.14)**, compared to **$(0.13)** for Q1 2020[8](index=8&type=chunk) | Item | Three Months Ended March 31, 2021 (in Thousands) | Three Months Ended March 31, 2020 (in Thousands) | | :---------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Shares issuable under Equity Incentive Plan (anti-dilutive) | 5,497 | 5,071 | [Note 5. Investments in Non-Marketable Securities](index=14&type=section&id=Note%205.%20Investments%20in%20Non-Marketable%20Securities) The company holds non-marketable debt and equity securities. Non-marketable debt securities are classified as available-for-sale and valued using Level 3 inputs. Non-marketable equity securities are measured at cost less impairment, with no significant gains or losses recognized in Q1 2021 or Q1 2020 - In Q1 2021, the company recognized **$0.1 million** in interest income from non-marketable debt securities and **$68 thousand** in other expenses from an embedded derivative[63](index=63&type=chunk) | Security Type | March 31, 2021 (in Thousands) | December 31, 2020 (in Thousands) | | :---------------------------- | :---------------------------- | :------------------------------- | | Non-marketable debt security | 1,067 | 1,000 | | Non-marketable equity securities | 2,350 | 1,450 | [Note 6. Fair Value Measurements](index=15&type=section&id=Note%206.%20Fair%20Value%20Measurements) This note provides a fair value hierarchy for financial assets, primarily consisting of money market funds (Level 1) and non-marketable debt securities (Level 3). No significant credit losses or impairment losses were recognized on non-marketable securities | Asset Type | Level 1 (in Thousands) | Level 2 (in Thousands) | Level 3 (in Thousands) | Total (in Thousands) | | :-------------------------- | :--------------------- | :--------------------- | :--------------------- | :------------------- | | **March 31, 2021** | | | | | | Money market funds | 122,075 | — | — | 122,075 | | Non-marketable debt security | — | — | 1,067 | 1,067 | | Total | 122,075 | — | 1,067 | 123,142 | | **December 31, 2020** | | | | | | Money market funds | 127,567 | — | — | 127,567 | | Non-marketable debt security | — | — | 1,000 | 1,000 | | Total | 127,567 | — | 1,000 | 128,567 | [Note 7. Balance Sheets Details](index=15&type=section&id=Note%207.%20Balance%20Sheets%20Details) This note provides detailed breakdowns of key balance sheet items, including cash equivalents, inventories, property and equipment, goodwill, and other accrued liabilities, showing changes between March 31, 2021, and December 31, 2020 | Item | March 31, 2021 (in Thousands) | December 31, 2020 (in Thousands) | | :-------------------------- | :---------------------------- | :------------------------------- | | Cash and cash equivalents | 139,748 | 149,117 | | Inventories | 1,029 | 964 | | Property and equipment, net | 10,396 | 9,675 | | Goodwill | 3,241 | 3,241 | | Other accrued liabilities | 9,516 | 10,272 | - Cash and cash equivalents decreased by **$9.369 million** from December 31, 2020, to March 31, 2021[67](index=67&type=chunk) - Depreciation expense increased to **$659 thousand** in Q1 2021 from **$438 thousand** in Q1 2020[70](index=70&type=chunk) [Note 8. Stock-based Compensation](index=17&type=section&id=Note%208.%20Stock-based%20Compensation) This note details the company's equity incentive plans (2019 Plan and 2010 Plan), including stock options, RSUs, PSUs, and PBOs. It outlines vesting terms and the recognition of stock-based compensation expense, which increased significantly in Q1 2021 - The 2019 Incentive Award Plan allows for grants of various equity awards, with **7,897,144 shares** available for issuance, plus certain shares from the superseded 2010 Plan[75](index=75&type=chunk)[76](index=76&type=chunk) - Performance goals for 2021 PSUs and PBOs were estimated to be achieved at **100%** of the target level as of March 31, 2021[84](index=84&type=chunk) | Expense Category | Three Months Ended March 31, 2021 (in Thousands) | Three Months Ended March 31, 2020 (in Thousands) | | :-------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Research and development | 477 | 424 | | Selling, general and administrative | 2,210 | 1,745 | | Total Stock-based Compensation Expense | 2,687 | 2,169 | - Unrecognized stock-based compensation expense totaled **$15.3 million** as of March 31, 2021, to be recognized through 2025[87](index=87&type=chunk) [Note 9. Capital Stock](index=20&type=section&id=Note%209.%20Capital%20Stock) This note reports the number of shares issued and proceeds received from the exercise of stock options during the three months ended March 31, 2021 and 2020 | Item | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Shares issued upon option exercises | 118,437 | 5,333 | | Weighted-average exercise price | $10.33 | $7.31 | | Net cash proceeds (in Thousands) | $1,200 | $39 | [Note 10. Commitments and Contingencies](index=20&type=section&id=Note%2010.%20Commitments%20and%20Contingencies) This note details the company's operating and finance lease obligations, including a significant new lease agreement for additional office and R&D space in San Carlos, California. It also covers other commitments like supply and service arrangements, and the terms of its credit facility - The company extended its Redwood City facility lease through May 2027 for Penobscot Space and May 2029 for Chesapeake Space, with options for five-year extensions[92](index=92&type=chunk) - A new 10-year lease agreement was entered into in Q1 2021 for **36,593 square feet** in San Carlos, California, with an initial annualized base rent of approximately **$2.5 million**, commencing November 2021[98](index=98&type=chunk) | Lease Type | Q1 2021 Lease Cost (in Thousands) | Q1 2020 Lease Cost (in Thousands) | | :---------------------- | :-------------------------------- | :-------------------------------- | | Finance lease amortization | 26 | 54 | | Operating lease cost | 1,032 | 1,068 | | Total lease cost | 1,058 | 1,098 | - The company has a credit facility with Western Alliance Bank for up to **$10.0 million** in term loans and **$5.0 million** in a revolving line of credit, with no amounts drawn as of March 31, 2021[104](index=104&type=chunk) [Note 11. Related Party Transactions](index=23&type=section&id=Note%2011.%20Related%20Party%20Transactions) This note details transactions with Molecular Assemblies, Inc. (MAI), where Codexis holds an equity investment and provides R&D services, and with AstraZeneca PLC, from which Codexis recognized revenue in Q1 2020 - Codexis purchased **1,587,050 shares** of MAI's Series A preferred stock for **$1.0 million** in June 2020, and its CEO joined MAI's board[110](index=110&type=chunk) - Codexis recognized **$0.1 million** in R&D revenue from MAI in Q1 2021, receiving **1,428,342 shares** of MAI's Series A preferred stock as compensation[110](index=110&type=chunk) - The carrying value of the investment in MAI Series A preferred stock was **$2.4 million** at March 31, 2021, up from **$1.5 million** at December 31, 2020[110](index=110&type=chunk) [Note 12. Segment, Geographical and Other Revenue Information](index=23&type=section&id=Note%2012.%20Segment%2C%20Geographical%20and%20Other%20Revenue%20Information) This note provides detailed financial information for the company's two reportable business segments: Performance Enzymes and Novel Biotherapeutics. It also disaggregates revenue by significant customers and geographical regions, and details identifiable long-lived assets and goodwill - The company manages its business in two segments: Performance Enzymes (pharmaceuticals, industrial, life sciences) and Novel Biotherapeutics (drug candidates for human diseases)[112](index=112&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) | Segment Revenue (in Thousands) | Q1 2021 | Q1 2020 | | :----------------------------- | :------ | :------ | | Performance Enzymes | 14,229 | 10,874 | | Novel Biotherapeutics | 3,803 | 3,796 | | Total Revenues | 18,032 | 14,670 | | Significant Customers (Revenue %) | Q1 2021 | Q1 2020 | | :-------------------------------- | :------ | :------ | | Customer A | 28% | 24% | | Customer B | * | 19% | | Customer C | 11% | 15% | | Customer D | 10% | 11% | | Customer E | 14% | * | | *Percentage was less than 10% | | | | Geographic Revenues (in Thousands) | Q1 2021 | Q1 2020 | | :--------------------------------- | :------ | :------ | | Americas | 4,929 | 5,225 | | EMEA | 6,282 | 5,971 | | APAC | 6,821 | 3,474 | | Total revenues | 18,032 | 14,670 | [Note 13. Allowance for Credit Losses](index=27&type=section&id=Note%2013.%20Allowance%20for%20Credit%20Losses) This note provides a summary of the allowance for credit losses on financial assets and an aging analysis of accounts receivable | Item | March 31, 2021 (in Thousands) | March 31, 2020 (in Thousands) | | :-------------------------- | :---------------------------- | :---------------------------- | | Allowance for credit losses | 74 | 34 | | Accounts Receivable Aging (in Thousands) | March 31, 2021 | December 31, 2020 | | :--------------------------------------- | :------------- | :---------------- | | Current | 11,329 | 13,172 | | 31-60 Days | 35 | 688 | | 61-90 Days | — | 7 | | 91 Days and over | 4 | 27 | | Total balance | 11,368 | 13,894 | [Note 14. Subsequent Event](index=27&type=section&id=Note%2014.%20Subsequent%20Event) This note discloses a subsequent event where the company purchased additional shares of MAI's Series A preferred stock in April 2021 - In April 2021, Codexis purchased an additional **1.0 million shares** of MAI's Series A preferred stock for **$0.6 million**[128](index=128&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance and condition for the quarter ended March 31, 2021. It covers business overview, segment performance, the impact of COVID-19, detailed results of operations, liquidity, capital resources, and critical accounting policies [Business Overview](index=28&type=section&id=Business%20Overview) - Codexis discovers, develops, and sells enzymes and proteins using its CodeEvolver® protein engineering technology platform, which leverages AI-based computational algorithms[130](index=130&type=chunk)[131](index=131&type=chunk) - The technology is applied in small molecule pharmaceuticals, broader industrial markets (food, feed, consumer care, fine chemicals), life sciences (NGS, PCR/qPCR), and novel biotherapeutics[133](index=133&type=chunk)[134](index=134&type=chunk) - Key collaborations include Novartis for CodeEvolver® platform licensing, Nestlé Health Science for PKU treatment (CDX-6114) and gastro-intestinal disorders (CDX-7108), and Takeda for gene therapies[133](index=133&type=chunk)[134](index=134&type=chunk) [Business Segments](index=29&type=section&id=Business%20Segments) - The Performance Enzymes segment focuses on pharmaceuticals, industrial markets (food, feed, consumer care, fine chemicals), and life sciences applications[136](index=136&type=chunk) - The Novel Biotherapeutics segment aims to discover and develop biotherapeutic drug candidates for human diseases, with lead programs for PKU (CDX-6114) and a gastro-intestinal disorder (CDX-7108)[138](index=138&type=chunk) - CDX-6114 demonstrated safety and tolerability in a Phase 1a study in PKU patients, showing increased cinnamic acid levels consistent with its intended mode of action[138](index=138&type=chunk) [Business Update Regarding COVID-19](index=30&type=section&id=Business%20Update%20Regarding%20COVID-19) - The COVID-19 pandemic has presented public health and economic challenges, affecting employees, communities, and business operations globally[140](index=140&type=chunk) - Supply of enzymes to customers has continued, but disruptions in manufacturing and logistics partners could affect future supply[141](index=141&type=chunk) - R&D operations were temporarily suspended in Q1 2020 but have since ramped up to near-normal capacity, following safety guidelines[142](index=142&type=chunk)[144](index=144&type=chunk) - The pandemic's impact on future financial condition, liquidity, or results of operations remains uncertain, with potential risks including payment delays and supply chain disruptions[145](index=145&type=chunk) [Results of Operations Overview](index=31&type=section&id=Results%20of%20Operations%20Overview) | Metric | Q1 2021 (in Millions) | Q1 2020 (in Millions) | Change (in Millions) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Total Revenues | $18.0 | $14.7 | $3.3 | 23% | | Product Revenue | $10.2 | $5.1 | $5.1 | 101% | | Research and development revenue | $7.8 | $9.6 | $(1.8) | (18%) | - Product gross margins increased to **59%** in Q1 2021 from **50%** in Q1 2020, driven by improved product mix and higher demand for branded pharmaceutical products[147](index=147&type=chunk) | Expense Category | Q1 2021 (in Millions) | Q1 2020 (in Millions) | Change (in Millions) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Research and development expenses | $11.6 | $11.0 | $0.6 | 6% | | Selling, general and administrative expenses | $11.4 | $9.0 | $2.4 | 27% | - Net loss increased to **$9.1 million** (**$0.14 per share**) in Q1 2021 from **$7.7 million** (**$0.13 per share**) in Q1 2020, primarily due to higher operating expenses and lower R&D revenue, partially offset by increased product revenues and margins[150](index=150&type=chunk) - Cash and cash equivalents decreased to **$139.7 million** as of March 31, 2021, from **$149.1 million** as of December 31, 2020[151](index=151&type=chunk) [Merck Sitagliptin Catalyst Supply Agreement](index=33&type=section&id=Merck%20Sitagliptin%20Catalyst%20Supply%20Agreement) - The Sitagliptin Catalyst Supply Agreement with Merck, extended through February 2022, involves the supply of commercial scale enzyme for Merck's Januvia® product[162](index=162&type=chunk) - Revenue recognized under this agreement was **$3.3 million** in Q1 2021 (**18%** of total revenues), up from **$1.8 million** in Q1 2020 (**12%** of total revenues)[166](index=166&type=chunk) - The company is currently negotiating an extension of the agreement, which is set to expire in February 2022[167](index=167&type=chunk) [Global Development, Option and License Agreement and Strategic Collaboration Agreement](index=34&type=section&id=Global%20Development%2C%20Option%20and%20License%20Agreement%20and%20Strategic%20Collaboration%20Agreement) - Under the Nestlé License Agreement, Nestlé Health Science exercised its option in February 2019 for an exclusive license to develop and commercialize CDX-6114 for PKU[171](index=171&type=chunk) - Codexis is eligible for development and approval milestones up to **$85.0 million**, sales-based milestones up to **$250.0 million**, and tiered royalties on net sales of CDX-6114[171](index=171&type=chunk) - Under the Nestlé SCA and a development agreement, Codexis recognized R&D fees of **$1.8 million** in Q1 2021, collaborating to advance CDX-7108 for a gastro-intestinal disorder[172](index=172&type=chunk)[173](index=173&type=chunk) [Platform Technology Transfer and License Agreement](index=34&type=section&id=Platform%20Technology%20Transfer%20and%20License%20Agreement) - The Novartis CodeEvolver® Agreement allows Novartis to use Codexis's protein engineering platform technology in human healthcare, with technology transfer ongoing over approximately **25 months**[174](index=174&type=chunk) - Codexis received **$3.4 million** in March 2021 for partial completion of the third technology milestone, with an additional **$1.6 million** expected upon full completion[176](index=176&type=chunk) - Future payments include **$8.0 million** in aggregate annual payments during the 'Improvements Term' and quantity-dependent usage payments for APIs manufactured by Novartis using CodeEvolver®-developed enzymes[176](index=176&type=chunk) - R&D revenue from the Novartis CodeEvolver® Agreement decreased to **$0.8 million** in Q1 2021 from **$2.4 million** in Q1 2020, as technology transfer nears completion[176](index=176&type=chunk) [Strategic Collaboration and License Agreement (Takeda)](index=36&type=section&id=Strategic%20Collaboration%20and%20License%20Agreement) - Under the Takeda Agreement (March 2020), Codexis collaborates to research and develop protein sequences for gene therapy products for diseases like Fabry Disease and Pompe Disease[177](index=177&type=chunk) - Codexis received an upfront non-refundable cash payment of **$8.5 million** upon execution of the agreement[177](index=177&type=chunk) - Potential future payments from Takeda include **$15.4 million** in R&D fees and pre-clinical milestones, up to **$100.0 million** in clinical development and commercialization milestones per target gene, and tiered royalties on net sales[178](index=178&type=chunk) - R&D revenue from the Takeda Agreement was **$2.1 million** in Q1 2021, compared to **$2.2 million** in Q1 2020[178](index=178&type=chunk) [Results of Operations (Detailed)](index=37&type=section&id=Results%20of%20Operations) [Revenues](index=37&type=section&id=Revenues) Total revenues increased by 23% year-over-year, driven by a 101% increase in product revenue, primarily from branded pharmaceutical products. Research and development revenue decreased by 18% due to lower revenues from the Novartis CodeEvolver® Agreement | Revenue Type | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :--------- | | Product revenue | 10,226 | 5,100 | 5,126 | 101% | | Research and development revenue | 7,806 | 9,570 | (1,764) | (18)% | | Total revenues | 18,032 | 14,670 | 3,362 | 23% | - The increase in product revenue was primarily due to higher customer demand for branded pharmaceutical products[186](index=186&type=chunk) - The decrease in research and development revenue was primarily due to lower revenues from Novartis under the Novartis CodeEvolver® Agreement[187](index=187&type=chunk) [Cost and Operating Expenses](index=38&type=section&id=Cost%20and%20Operating%20Expenses) Total costs and operating expenses increased by 21% year-over-year. Cost of product revenue rose due to higher sales volume and product mix, while R&D and SG&A expenses increased primarily due to higher headcount and outside services/legal fees | Expense Category | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :-------------------- | :--------- | | Cost of product revenue | 4,218 | 2,541 | 1,677 | 66% | | Research and development | 11,571 | 10,967 | 604 | 6% | | Selling, general and administrative | 11,398 | 8,989 | 2,409 | 27% | | Total costs and operating expenses | 27,187 | 22,497 | 4,690 | 21% | - Product gross margin increased to **59%** in Q1 2021 from **50%** in Q1 2020, driven by the sale of higher margin branded products[189](index=189&type=chunk) - R&D expenses increased due to higher headcount, lab supplies, depreciation, and other outside services, partially offset by decreased CMC and regulatory expenses[191](index=191&type=chunk)[192](index=192&type=chunk) - SG&A expenses increased due to higher headcount, legal fees, and stock-based compensation, partially offset by lower travel and allocable expenses[194](index=194&type=chunk) [Interest Income and Other Expense, Net](index=39&type=section&id=Interest%20Income%20and%20Other%20Expense%2C%20Net) Interest income decreased due to lower average interest rates and declining cash balances, while other expenses remained relatively stable | Item | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :-------------------- | :--------- | | Interest income | 177 | 266 | (89) | (33)% | | Other expenses, net | (88) | (86) | (2) | (2)% | | Total other income (expense) | 89 | 180 | (91) | (51)% | - Interest income decreased primarily due to lower average interest rates on declining average cash balances, partially offset by interest from non-marketable debt security[196](index=196&type=chunk) [Provision for Income Taxes](index=39&type=section&id=Provision%20for%20Income%20Taxes) The provision for income taxes decreased, primarily due to accrual of interest and penalties on historic uncertain tax positions | Item | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :-------------------- | :--------- | | Provision for income taxes | 2 | 5 | (3) | (60)% | [Net Loss](index=39&type=section&id=Net%20Loss) Net loss increased in Q1 2021 compared to Q1 2020, driven by higher operating expenses and lower R&D revenues, partially offset by increased product revenue and margins | Item | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | Change (in Thousands) | Change (%) | | :------------------------ | :--------------------- | :--------------------- | :-------------------- | :--------- | | Net loss | (9,068) | (7,652) | (1,416) | (19)% | | Net loss per share, basic and diluted | (0.14) | (0.13) | (0.01) | (7.7)% | [Results of Operations by Segment](index=40&type=section&id=Results%20of%20Operations%20by%20Segment) Performance Enzymes segment revenues increased significantly due to higher product demand, while Novel Biotherapeutics segment revenues remained stable. Operating expenses for both segments saw changes primarily driven by headcount and outside services | Segment Revenues (in Thousands) | Q1 2021 | Q1 2020 | Change (in Thousands) | Change (%) | | :------------------------------ | :------ | :------ | :-------------------- | :--------- | | Performance Enzymes | 14,229 | 10,874 | 3,355 | 31% | | Novel Biotherapeutics | 3,803 | 3,796 | 7 | 0% | | Total revenues | 18,032 | 14,670 | 3,362 | 23% | - Performance Enzymes product revenue increased by **101%** due to higher customer demand for branded pharmaceutical products[200](index=200&type=chunk) - Performance Enzymes R&D expense increased by **13%** due to higher outside services, lab supplies, and headcount[203](index=203&type=chunk) - Novel Biotherapeutics R&D expense decreased by **6%** due to lower outside services, including CMC regulatory expenses, partially offset by higher headcount[205](index=205&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) | Item | March 31, 2021 (in Thousands) | December 31, 2020 (in Thousands) | | :-------------------------- | :---------------------------- | :------------------------------- | | Cash and cash equivalents | 139,748 | 149,117 | | Working capital | 151,010 | 159,442 | - The company has historically funded operations through cash from operations, stock option exercises, and public/private equity offerings[207](index=207&type=chunk) - Codexis has access to a **$15.0 million** credit facility (term loan and revolving credit) with Western Alliance Bank, with no amounts drawn as of March 31, 2021[211](index=211&type=chunk) - Management believes existing cash and cash equivalents will provide adequate funds for operations, capital expenditures, and working capital for at least the next **12 months**[214](index=214&type=chunk) - Future capital needs may arise from developing new products, acquisitions, new market opportunities, and patent-related costs. Failure to raise additional funds could limit business execution[215](index=215&type=chunk)[217](index=217&type=chunk) [Cash Flows](index=44&type=section&id=Cash%20Flows) | Cash Flow Activity | Q1 2021 (in Thousands) | Q1 2020 (in Thousands) | | :-------------------------- | :--------------------- | :--------------------- | | Net cash used in operating activities | (6,440) | (1,425) | | Net cash used in investing activities | (2,533) | (761) | | Net cash provided by (used in) financing activities | 17 | (1,019) | | Net decrease in cash, cash equivalents and restricted cash | (8,956) | (3,205) | - The increase in cash used in operating activities in Q1 2021 was primarily due to a higher net loss and changes in operating assets and liabilities, including decreases in accrued compensation and deferred revenue[219](index=219&type=chunk) - Cash used in investing activities was mainly for purchases of property and equipment[221](index=221&type=chunk) - Financing activities in Q1 2021 were near neutral, with proceeds from stock option exercises largely offset by taxes paid for equity award settlements[222](index=222&type=chunk) [Material Cash Requirements](index=45&type=section&id=Material%20Cash%20Requirements) | Commitment Type | Total (in Thousands) | Less than 1 year (in Thousands) | 1 to 3 years (in Thousands) | 4 to 5 years (in Thousands) | More than 5 years (in Thousands) | | :-------------------------- | :------------------- | :------------------------------ | :-------------------------- | :-------------------------- | :------------------------------- | | Operating leases obligations (Redwood City) | 30,251 | 4,144 | 9,058 | 9,666 | 7,383 | | Operating leases obligations (San Carlos) | 31,723 | 276 | 5,939 | 6,252 | 19,256 | | Total | 61,974 | 4,420 | 14,997 | 15,918 | 26,639 | | Other Material Cash Requirements (in Thousands) | Future Minimum Payment | | :---------------------------------------------- | :--------------------- | | Manufacture and supply agreement | 55 | | Development and manufacturing services agreements | 2,374 | | Total other commitments | 2,429 | - The company has contingent commitments of **$2.7 million** for potential future R&D milestone payments and **$0.6 million** for sales-based milestones[226](index=226&type=chunk) [Critical Accounting Policies and Estimates](index=46&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - There have been no material changes to the company's critical accounting policies or estimates during the three months ended March 31, 2021, from those discussed in the 2020 Annual Report on Form 10-K[229](index=229&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=47&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses the company's exposure to market risks, including interest rate sensitivity, foreign currency risk, and risks related to investments in non-marketable debt and equity securities. It notes that a hypothetical 10% change in interest rates would have an immaterial impact due to no outstanding borrowings and that foreign currency risk is limited as most sales are USD denominated - A hypothetical **10%** decrease in market interest rates would have an immaterial impact on future interest income and cash flows, as unrestricted cash and cash equivalents are primarily invested in money market funds[232](index=232&type=chunk) - The company's credit facility has variable interest rates, but with no outstanding borrowings as of March 31, 2021, a hypothetical **10%** change in interest rates would not impact interest expense[233](index=233&type=chunk) - Foreign currency risk is limited as substantially all sales are denominated in United States dollars[234](index=234&type=chunk) - Investments in non-marketable debt and equity securities are subject to fair value measurement risks, relying on qualitative analysis and unobservable inputs or recent arms-length transactions[235](index=235&type=chunk)[236](index=236&type=chunk) [ITEM 4. Controls and Procedures](index=48&type=section&id=ITEM%204.%20Controls%20and%20Procedures) This section confirms that the company's management, including the CEO and CFO, evaluated the effectiveness of its disclosure controls and procedures, concluding they were effective as of March 31, 2021. No material changes in internal control over financial reporting were identified - Management concluded that disclosure controls and procedures were effective as of March 31, 2021, at a reasonable assurance level[239](index=239&type=chunk) - No material changes in internal control over financial reporting occurred during the last fiscal quarter[240](index=240&type=chunk) - Management acknowledges the inherent limitations of controls, which can only provide reasonable assurance and are subject to resource constraints and changes in conditions[241](index=241&type=chunk) [PART II. OTHER INFORMATION](index=49&type=section&id=PART%20II.%20OTHER%20INFORMATION) [ITEM 1. Legal Proceedings](index=49&type=section&id=ITEM%201.%20Legal%20Proceedings) This section states that the company is not currently involved in any material pending litigation or other material legal proceedings - The company is not a party to any material pending litigation or other material legal proceedings[244](index=244&type=chunk) [ITEM 1A. Risk Factors](index=49&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers to the risk factors described in the company's Annual Report on Form 10-K for the year ended December 31, 2020, and states that no material changes occurred during the three months ended March 31, 2021 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020, were identified during Q1 2021[245](index=245&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section indicates that there were no unregistered sales of equity securities or use of proceeds to report for the period - There were no unregistered sales of equity securities and use of proceeds to report[246](index=246&type=chunk) [ITEM 3. Default Upon Senior Securities](index=49&type=section&id=ITEM%203.%20Default%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities to report for the period - There were no defaults upon senior securities to report[247](index=247&type=chunk) [ITEM 4. Mine Safety Disclosures](index=49&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to the company[248](index=248&type=chunk) [ITEM 5. Other Information](index=49&type=section&id=ITEM%205.%20Other%20Information) This section states that there is no other information to report for the period - There is no other information to report[249](index=249&type=chunk) [ITEM 6. Exhibits](index=50&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including organizational documents, a new lease agreement, certifications, and XBRL-formatted financial statements - Exhibits include the Amended and Restated Certificate of Incorporation and Bylaws, a new Lease Agreement with ARE-San Francisco No. 63, LLC, and certifications from executive officers[251](index=251&type=chunk) - The financial statements are provided in Inline Extensible Business Reporting Language (iXBRL) format[251](index=251&type=chunk) [Signatures](index=51&type=section&id=Signatures) This section contains the required signatures of the registrant's principal executive officer and principal financial and accounting officer, certifying the filing of the report - The report is signed by John J. Nicols, President and Chief Executive Officer, and Ross Taylor, Senior Vice President and Chief Financial Officer, on May 7, 2021[257](index=257&type=chunk)

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) | --- | |--------------------------------------------------- ...