Codexis(US:CDXS)2024-10-31 20:16Financial Performance - Total revenues for Q3 2024 were $12.8 million, up from $9.3 million in Q3 2023, with product revenues increasing to $11.2 million from $5.4 million[6] - The net loss for Q3 2024 was $20.6 million, or $0.29 per share, compared to a net loss of $34.9 million, or $0.50 per share, in Q3 2023[7] - Product revenue for Q3 2024 was $11,158,000, a 106% increase compared to $5,395,000 in Q3 2023[16] - Total revenues for the nine months ended September 30, 2024, were $37,885,000, down 13% from $43,582,000 for the same period in 2023[16] - Net loss for Q3 2024 was $20,640,000, an improvement from a net loss of $34,908,000 in Q3 2023[17] - The company reported a comprehensive loss of $20,491,000 for Q3 2024, compared to $34,908,000 in Q3 2023[17] Cash and Assets - Codexis raised $31 million through its ATM facility, extending its cash runway into 2027, with cash reserves of $90.3 million as of September 30, 2024[3][7] - Total assets increased to $148,183,000 as of September 30, 2024, compared to $136,561,000 at the end of 2023[18] - Cash and cash equivalents decreased to $37,452,000 from $65,116,000 at the end of 2023[18] - Total liabilities rose to $74,783,000 as of September 30, 2024, compared to $49,946,000 at the end of 2023[18] Revenue Projections - The company expects product revenues for FY 2024 to be between $38 million and $42 million, excluding PAXLOVID™ sales[8] - R&D revenues for FY 2024 are anticipated to be in the range of $18 million to $22 million[8] Operational Developments - Codexis plans to announce its first technical collaboration with a major pharmaceutical partner by the end of 2024[5] - The company appointed Georgia Erbez as Chief Financial Officer and Alison Moore as Chief Technical Officer in October 2024[3] - Codexis licensed its genomics life science enzyme portfolio to Alphazyme, which includes several key enzymes for genomics and diagnostics applications[4] Cost Management - Product gross margin improved to 61% in Q3 2024 compared to 58% in Q3 2023, driven by variability in product mix[6] - Research and development revenue for Q3 2024 was $1,675,000, down from $18,775,000 in Q3 2023[16] - Selling, general, and administrative expenses increased to $13,568,000 in Q3 2024 from $12,302,000 in Q3 2023[16] - The company aims to achieve positive cash flow around the end of 2026[3][7] Shareholder Information - The weighted average common stock shares used in computing net loss per share for Q3 2024 was 72,032, compared to 69,466 in Q3 2023[16]