Codexis(CDXS) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were $8.6 million, a decrease of 32.8% from $12.8 million in Q3 2024[6] - Net loss for Q3 2025 was $19.6 million, or $0.22 per share, compared to a net loss of $20.6 million, or $0.29 per share, in Q3 2024[11] Product and Operational Metrics - Product gross margin improved to 64% in Q3 2025, up from 61% in Q3 2024, due to a shift towards more profitable products[6] - Research and Development expenses increased to $13.9 million in Q3 2025, compared to $11.5 million in Q3 2024, driven by higher headcount and lab supplies[6] Workforce and Management Changes - Codexis eliminated 46 positions, approximately 24% of its workforce, expecting an additional expense of about $3.5 million in Q4 2025[6] - Alison Moore has been appointed as the new CEO, succeeding Stephen Dilly, who will become Chairman of the Board[6] Cash and Investments - As of September 30, 2025, Codexis had $58.7 million in cash, cash equivalents, and short-term investments[11] - Cash and cash equivalents increased from $19,264 million to $25,351 million, an increase of about 31.5%[19] Assets and Liabilities - Total assets decreased from $149,011 million in December 2024 to $123,961 million in September 2025, a decline of approximately 16.8%[19] - Current assets fell from $98,772 million to $76,192 million, representing a decrease of about 22.9%[19] - Total liabilities increased from $82,084 million to $85,417 million, an increase of approximately 4.0%[19] - Long-term debt rose significantly from $28,905 million to $39,729 million, marking an increase of about 37.5%[19] - Stockholders' equity decreased from $66,927 million to $38,544 million, a decline of approximately 42.4%[19] - Total current liabilities decreased from $23,648 million to $18,475 million, a decline of about 21.9%[19] Accounts and Inventories - Accounts receivable decreased from $11,920 million to $6,030 million, a decline of approximately 49.5%[19] - Inventories increased from $1,799 million to $1,936 million, representing an increase of about 7.6%[19] Strategic Agreements and Future Plans - The company signed a $37.8 million Supply Assurance Agreement with Merck, with cash expected to be received by year-end 2025[6] - The company is transitioning to an innovative manufacturing solutions provider in oligonucleotide manufacturing, with a focus on ECO Synthesis technology[2] - Codexis will present at the 2025 TIDES Europe Annual Meeting from November 11-13 in Basel, Switzerland[4] Accumulated Deficit - Accumulated deficit increased from $562,806 million to $616,381 million, a rise of approximately 9.5%[19]