REDWOOD CITY, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced that it will report its financial results for the first quarter of 2025 on Wednesday, May 14, 2025, following the close of market. Codexis management will host a conference call and webcast at 4:30 pm Eastern Time to discuss the Company’s financial results and provide a business update. Participants may access ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Codexis (CDXS) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move low ...

REDWOOD CITY, Calif., April 09, 2025 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced that Byron Dorgan will retire from the Company’s Board of Directors when his current term ends at the 2025 Annual Meeting of Stockholders. Mr. Dorgan joined the Board in 2011, served as Chairman from 2021 through 2024, and currently serves as the Chair of the Nominating and Corporate Governance Committee. He wi ...

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Core Insights - Codexis, Inc. has announced its first revenue-generating contract to manufacture siRNA material in its ECO Synthesis™ Innovation Lab, marking a significant milestone in its operations [1] - The company has successfully developed the first generation of its core ECO Synthesis™ enzymes, meeting criteria for scaling to industrial capacity [2] - CEO Stephen Dilly expressed excitement over the contract and highlighted the successful development of a suite of enzymes that can drive the ECO Synthesis™ platform at an industrial scale [3] Company Overview - Codexis is a leading provider of enzymatic solutions aimed at efficient and scalable therapeutics manufacturing, utilizing its proprietary CodeEvolver® technology platform [4] - The company is focused on developing its ECO Synthesis™ manufacturing platform to enable the large-scale production of RNAi therapeutics through an enzymatic route, which offers advantages such as higher yields and reduced energy usage [4]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $21.5 million, including product revenue of $9.8 million and R&D revenue of $11.6 million [29] - Revenue for the year ended December 31, 2024, was $59.3 million, down from $62 million in the prior year [31] - The net loss for Q4 2024 was $10.4 million, compared to $15.3 million for Q4 2023, while the net loss for the year was $65.3 million, down from $84.4 million in the prior year [37] Business Line Data and Key Metrics Changes - The company has made significant progress in its Pharma Biocatalysis business, focusing on expanding its reach to mid-tier pharma and large biotech segments [12] - The ECO Synthesis platform is expected to achieve commercial liftoff in 2025, transitioning from development to commercial execution [11][10] - Product gross margin was 63% in Q4 2024, down from 71% in Q4 2023, and 56% for the year, compared to 63% the prior year [34] Market Data and Key Metrics Changes - The company is seeing increased customer engagement for its RNA ligase and ECO Synthesis platforms, with multiple feasibility studies completed with leading siRNA innovator companies [9] - The company aims to secure a CDMO scale-up partner in 2025 to facilitate larger scale manufacturing for clinical trials and commercial production [21] Company Strategy and Development Direction - The company is focused on repositioning for growth, with expectations for improved revenue growth in 2025 as its ligase and ECO services platform matures [32] - The strategy includes building a full-service development and manufacturing offering to capture the emerging drug innovator market [22] - The company plans to simplify its revenue guidance by providing a single annual revenue range encompassing the full scope of its business [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made over the past year, particularly in returning the pharma manufacturing business to a growth trajectory [6] - The company anticipates that 2025 will be a pivotal year for the ECO Synthesis platform, with significant revenue growth expected in the second half of the year [40] - Management highlighted the importance of demonstrating the utility of the ECO platform to drive adoption among large drug developers [45] Other Important Information - The company ended 2024 with $73.5 million in cash, cash equivalents, and short-term investments, expected to fund operations until achieving cash flow positivity by the end of 2026 [40] - The company is actively working on establishing a raw material supply chain, which is critical for customer adoption of its services [24] Q&A Session Summary Question: What will drive the value proposition in rare disease markets? - Management believes both validated platforms and successful case studies from larger indications will drive interest in rare disease markets [58] Question: How will the company communicate progress to the market? - The company will carefully balance communication of progress while maintaining confidentiality with partners [62] Question: Can you elaborate on the customer pipeline and revenue conversion? - The relationships with customers are multifaceted, and conversations often evolve from one service to another, making it difficult to categorize them neatly [71] Question: What are the expectations for gross margins in 2025? - The company aims to improve gross margins year-over-year and is actively working to retire lower-margin products [85] Question: How will the GMP facility impact cash flow guidance? - The GMP facility is still in planning phases, and more visibility on costs will be available in the summer [91] Question: Will the company consider alternative payment structures with cash-strapped innovators? - The company is open to sensible upfront payments in exchange for back-end economics, recognizing the financial constraints of smaller innovators [125]

Codexis, Inc. (NASDAQ:CDXS) Q4 2024 Earnings Conference Call February 27, 2025 4:30 PM ET Company Participants Carrie McKim - Director of Investor Relations Stephen Dilly - President and Chief Executive Officer Kevin Norrett - Chief Operating Officer Georgia Erbez - Chief Financial Officer Conference Call Participants Richard Miller - Cantor Fitzgerald, L.P. Matthew Stanton - Jefferies Group LLC Allison Bratzel - Piper Sandler Companies Dan Arias - Stifel Financial Corp. Jacob Johnson - Stephens Inc. Matthe ...

Core Viewpoint - Codexis reported a quarterly loss of $0.13 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.02, marking an earnings surprise of -550% [1] - The company’s revenues for the quarter were $21.46 million, missing the consensus estimate by 26.65% and down from $26.56 million a year ago [2] Financial Performance - Over the last four quarters, Codexis has surpassed consensus EPS estimates only once [2] - The company has topped consensus revenue estimates three times in the last four quarters [2] - Year-to-date, Codexis shares have declined by approximately 12.8%, contrasting with a 1.3% gain in the S&P 500 [3] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [3] - Current consensus EPS estimate for the upcoming quarter is -$0.16 on revenues of $13.49 million, and for the current fiscal year, it is -$0.66 on revenues of $65.26 million [7] - The estimate revisions trend for Codexis is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Codexis belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Strategic Prioritization and Restructuring - The company reported a strategic prioritization in July 2023, discontinuing investment in certain development programs and completing the divestiture of non-core life science assets, including biotherapeutics [11]. - The company has discontinued investment in certain development programs, primarily in its novel biotherapeutics business segment, and completed the divestiture of certain biotherapeutics and non-core life science assets during 2024 [11]. - The company announced the assignment and assumption of lease for its San Carlos, California facility as part of a restructuring plan, consolidating operations to its Redwood City headquarters [65]. Manufacturing and Technology Development - The ECO Synthesis manufacturing platform aims to enable the commercial-scale manufacture of RNAi therapeutics, with over 450 RNAi therapeutic assets in development, including more than 100 in Phase 2 and Phase 3 clinical trials [22]. - The company completed the build-out of its ECO Synthesis Innovation Lab at the end of 2024, designed to optimize manufacturing processes for specific siRNA assets before technology transfer to CDMO partners [26]. - The ECO Synthesis platform is expected to manufacture tens to hundreds of kilograms of high-purity RNA per synthesis batch, addressing limitations of traditional solid-phase oligonucleotide synthesis methods [24]. - The ECO Synthesis platform is designed to mitigate the need for high volumes of acetonitrile, significantly decreasing chemical waste streams and reducing disposal costs [24]. - The ECO Synthesis manufacturing platform enables the production of siRNA therapeutics, optimizing manufacturing processes for clients [27]. - The current industry standard, solid-phase oligonucleotide synthesis (SPOS), is limited to single-digit kilogram synthesis batch sizes, which poses challenges for quality control and scalability [23]. - The ECO Synthesis platform offers scalability advantages over traditional phosphoramidite chemistry, potentially reducing capital expenditure for infrastructure [29]. - The company is exploring the expansion of services to include GMP manufacturing for clinical-grade material [32]. - The company aims to enhance its ECO Synthesis platform to address market needs for scalable and sustainable RNAi manufacturing [12]. - The company is developing a hybrid ligation approach using its dsRNA ligase to enhance RNAi manufacturing efficiency [47]. Partnerships and Collaborations - The company anticipates entering a partnership with a large-scale contract development and manufacturing organization (CDMO) to synthesize GMP-grade siRNA drug substance for customers in 2025 [12]. - The company expects to sign a CDMO scale-up partnership in 2025 to provide enzymatically synthesized GMP-grade siRNA material to drug developer customers [57]. - Codexis entered into a licensing agreement with Aldevron for the Codex HiCap RNA Polymerase, which includes payments for technical milestones and sales-based royalties [35]. - Codexis has entered into licensing agreements with major pharmaceutical companies, including GSK, Merck & Co, and Novartis, to utilize its CodeEvolver technology for custom-designed enzymes [21]. - The company has monetized non-core assets, including a purchase agreement with Nestlé for CDX-7108 and an exclusive licensing agreement with Roche for a newly engineered DNA ligase, both announced in late 2023 and early 2024 [51]. Financial Performance and Revenue Generation - The top five selling pharma biocatalysis enzymes generated between $2.0 million to $9.0 million annually per enzyme from 2021 to 2024, excluding sales related to Pfizer's PAXLOVID [29]. - Four key customers accounted for approximately 51% of total revenues for the year ended December 31, 2024, with the largest customer contributing 18% [63]. - The company aims to grow revenues by expanding its pharma biocatalysis business and developing the ECO Synthesis manufacturing platform for RNAi therapeutics [47]. - Codexis has received an upfront payment of $5.0 million and milestone payments totaling $9.0 million from Novartis under the CodeEvolver Agreement [40]. - The company is eligible to receive future milestone payments and a low-to-mid single-digit percentage net sales-based royalty from Crosswalk Therapeutics for Fabry and Pompe disease compounds [45]. - Codexis aims to expand its services to include GMP manufacturing, which would allow the provision of clinical-grade material for Phase 1 clinical studies [32]. Research and Development - The company is focused on expanding its pipeline of engineered enzymes for 14 drug candidates currently in Phase 2 and Phase 3 clinical trials [18]. - The company anticipates continued investments in data science and computational biology to maintain leadership in enzyme engineering [51]. - Research and development efforts focus on engineering biocatalysts, with enzyme manufacturing primarily conducted in-house and through third-party contract manufacturing organizations (CMOs) in Austria, Italy, and the UK [66]. - The company emphasizes collaboration among interdisciplinary teams to drive technological innovation in its research and development efforts [69]. Regulatory and Compliance - The regulatory environment is extensive, with significant costs associated with compliance to FDA and other regulatory bodies impacting operational results [67]. - The manufacturing process includes rigorous quality control measures to meet the standards set by regulatory agencies, impacting supplier relationships [67]. Employee and Workplace Initiatives - The company is committed to maintaining a safe and healthy workplace for its employees, reflecting its dedication to health and safety [72]. - The company offers competitive compensation and benefits, including a 401(k) Plan and Employee Stock Purchase Plan (ESPP) to attract and retain talent [70]. - Diversity, equity, and inclusion initiatives are in place to foster an inclusive work environment, with regular reviews of policies guided by executive leadership [71]. - As of December 31, 2024, the company had 188 full-time and part-time employees, with 47 in research and development, 47 in operations and quality control, and 94 in selling, general, and administrative activities [69].

Financial Performance - Total revenue for fiscal year 2024 was $59.3 million, a decrease of 4% compared to $62.0 million in fiscal year 2023[7] - The net loss for fiscal year 2024 was $65.3 million, or $0.89 per share, compared to a net loss of $76.2 million, or $1.12 per share, for fiscal year 2023[8] - Total revenues for Q4 2024 were $21,460 million, a decrease of 19.5% compared to $26,561 million in Q4 2023[18] - The net loss for the year ended December 31, 2024, was $65,276 million, a slight improvement from a net loss of $76,240 million in 2023[18] Revenue Breakdown - Product revenues increased by 6% to $36.8 million for fiscal year 2024, compared to $34.8 million in fiscal year 2023[7] - R&D revenues for fiscal year 2024 were $22.6 million, down from $27.2 million in fiscal year 2023[7] - Product revenue for the year ended December 31, 2024, was $36,786 million, down from $42,906 million in 2023, representing a decline of 14.4%[18] - Research and development revenue increased to $11,642 million in Q4 2024 from $8,462 million in Q4 2023, marking a growth of 37.7%[18] Expenses and Margins - Product gross margin for fiscal year 2024 was 56%, down from 63% in fiscal year 2023[8] - R&D expenses for fiscal year 2024 were $46.3 million, a decrease from $58.9 million in fiscal year 2023[8] - Total costs and operating expenses rose to $28,802 million in Q4 2024, compared to $26,279 million in Q4 2023, an increase of 5.8%[18] Cash and Assets - Cash reserves as of December 31, 2024, were $73.5 million, providing a path to cash flow positivity anticipated by the end of 2026[8] - Cash and cash equivalents decreased significantly to $19,264 million in 2024 from $65,116 million in 2023, a decline of 70.5%[20] - Total assets increased to $149,011 million in 2024, up from $136,561 million in 2023, reflecting a growth of 9.5%[20] - Total liabilities rose to $82,084 million in 2024, compared to $49,946 million in 2023, an increase of 64.5%[20] - The accumulated deficit increased to $562,806 million in 2024 from $497,530 million in 2023, indicating a rise of 13.1%[20] Future Outlook - Codexis expects total revenues for 2025 to be in the range of $64 million to $68 million, indicating anticipated growth[14] - The company plans to achieve pilot scale production of GLP-grade siRNA material using the ECO Synthesis™ Innovation Lab in 2025[7] - Codexis aims to sign a GMP scale-up partner by the end of 2025 to enable larger scale clinical and commercial siRNA production[7] Share Information - The weighted average common stock shares used in computing net loss per share increased to 81,300 in Q4 2024 from 69,500 in Q4 2023[18]