Codexis(US:CDXS)2025-05-14 20:09Financial Performance - Total revenues for Q1 2025 were $7.5 million, a decrease from $17.1 million in Q1 2024, primarily due to a one-time revenue recognition of $6 million in the previous year[8]. - The net loss for Q1 2025 was $20.7 million, or $0.25 per share, compared to a net loss of $11.5 million, or $0.16 per share, in Q1 2024[8]. - The company expects total revenues for 2025 to be in the range of $64 million to $68 million[13]. Research and Development - Research and Development expenses increased to $12.9 million in Q1 2025 from $11.2 million in Q1 2024, driven by higher salaries and lab supplies costs[8]. - Codexis plans to achieve pilot scale production of GLP-grade siRNA material using the ECO Synthesis Innovation Lab in 2025[7]. Contracts and Collaborations - Codexis secured its first revenue-generating contract for ECO Synthesis™ manufacturing services in March 2025[5]. - The company will present at the TIDES USA annual meeting, showcasing its ligase technology and collaborations with leading CDMOs[3][7]. Cash and Investments - As of March 31, 2025, Codexis had $59.8 million in cash, cash equivalents, and short-term investments, sufficient to fund operations through positive cash flow expected by the end of 2026[8][13]. - The company maintained its investment in non-marketable equity securities at $2,798 million[21]. Assets and Liabilities - Total assets decreased from $149,011 million as of December 31, 2024, to $128,887 million as of March 31, 2025, representing a decline of approximately 13.5%[21]. - Current assets fell from $98,772 million to $77,808 million, a decrease of about 21.2%[21]. - Accounts receivable decreased significantly from $11,920 million to $6,442 million, a drop of approximately 46.0%[21]. - Total liabilities decreased from $82,084 million to $79,258 million, a reduction of about 3.4%[21]. - Current liabilities decreased from $23,648 million to $20,901 million, a decline of about 11.7%[21]. - Long-term debt increased slightly from $28,905 million to $29,186 million, an increase of about 1.0%[21]. Stockholders' Equity - Stockholders' equity declined from $66,927 million to $49,629 million, a decrease of approximately 25.9%[21]. - The accumulated deficit increased from $(562,806) million to $(583,494) million, indicating a worsening financial position[21]. Product Performance - Product gross margin improved to 55% in Q1 2025 from 49% in Q1 2024, attributed to a shift towards more profitable products[8]. Leadership Changes - Codexis appointed new board members with extensive experience in biopharmaceuticals and CDMO sectors to strengthen its leadership[5].