Codexis(CDXS) - 2025 Q2 - Quarterly Results

Business and Strategic Update Codexis reported strong Q2 2025 revenue, emphasizing ECO Synthesis® platform momentum and securing $27.3 million for expansion - The CEO highlighted a strategic shift with strong external validation for the ECO Synthesis® platform, noting over 30 ongoing opportunities and a targeted fundraising to support growth and the development of GMP-grade siRNA[2] - The company strengthened its cash position by raising a total of $27.3 million from its at-the-market (ATM) facility and a loan agreement with Innovatus Capital Partners, LLC[1][4] - The ECO Synthesis® platform received significant industry validation at the TIDES USA Annual Meeting, with presentations from CDMOs like Bachem, Nitto Avecia, and ST Pharm confirming the technology's transferability[2][4] - Cynthia Collins, an expert in the CDMO landscape, was appointed to the Board of Directors, strengthening the company's strategic oversight[4] Second Quarter 2025 Financial Highlights Codexis achieved $15.3 million in Q2 2025 revenues, improving product gross margin to 72% and narrowing net loss Q2 2025 vs Q2 2024 Financial Performance | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $15.3 million | $8.0 million | +91.6% | | Product Gross Margin | 72% | 45% | +27 p.p. | | R&D Expenses | $13.8 million | $11.4 million | +21.1% | | SG&A Expenses | $12.3 million | $15.7 million | -21.7% | | Net Loss | $13.3 million | $22.8 million | Improved | | Net Loss Per Share | $0.16 | $0.32 | Improved | - The increase in total revenues was primarily attributed to the variability in customers' manufacturing schedules, clinical trial progression, higher revenue from legacy agreements, and a new licensing agreement[7] - As of June 30, 2025, the company maintained a cash, cash equivalents, and short-term investments balance of $66.3 million[7] Upcoming Milestones Codexis outlined key 2025 milestones: TIDES Europe presentation, pilot-scale GLP-grade siRNA, and GMP scale-up partner - Key upcoming milestones for 2025 include: - Presenting at the TIDES Europe Annual Meeting in November - Achieving pilot scale production of GLP-grade siRNA material via the ECO Synthesis Innovation Lab - Signing a GMP scale-up partner by year-end to enable larger scale siRNA production[7] Financial Statements This section presents unaudited consolidated financial statements: Operations, Comprehensive Loss, and Balance Sheets Condensed Consolidated Statements of Operations Total revenues nearly doubled to $15.3 million in Q2 2025, reducing loss from operations and net loss Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Total revenues | $15,328 | $7,979 | $22,871 | $25,052 | | Product revenue | $7,380 | $6,259 | $13,439 | $15,810 | | Research and development revenue | $7,948 | $1,720 | $9,432 | $9,242 | | Total costs and operating expenses | $28,190 | $30,711 | $56,219 | $59,672 | | Cost of product revenue | $2,098 | $3,462 | $4,830 | $8,317 | | Research and development | $13,775 | $11,413 | $26,717 | $22,659 | | Selling, general and administrative | $12,317 | $15,671 | $24,672 | $28,531 | | Loss from operations | $(12,862) | $(22,732) | $(33,348) | $(34,620) | | Net loss | $(13,272) | $(22,755) | $(33,960) | $(34,260) | | Net loss per share, basic and diluted | $(0.16) | $(0.32) | $(0.40) | $(0.49) | Condensed Consolidated Balance Sheets Total assets were $138.2 million, cash $66.3 million, liabilities $82.6 million, and equity $55.6 million Condensed Consolidated Balance Sheet Highlights (In Thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $26,761 | $19,264 | | Short-term investments | $39,569 | $54,194 | | Total current assets | $88,729 | $98,772 | | Total assets | $138,246 | $149,011 | | Liabilities and Stockholders' Equity | | | | Total current liabilities | $15,237 | $23,648 | | Long-term debt | $39,373 | $28,905 | | Total liabilities | $82,615 | $82,084 | | Total stockholders' equity | $55,631 | $66,927 | | Total liabilities and stockholders' equity | $138,246 | $149,011 | About Codexis & Forward-Looking Statements This section provides a corporate overview of Codexis's enzymatic solutions and platforms, with a forward-looking statements disclaimer - Codexis leverages its CodeEvolver® technology platform to develop high-performance enzymes for small molecule pharmaceuticals and nucleic acid synthesis, and is currently developing its ECO Synthesis® platform for manufacturing RNAi therapeutics[8] - The press release contains forward-looking statements concerning anticipated milestones, financial expectations, and the potential of its technology platforms, subject to risks and uncertainties detailed in the company's SEC filings[9]