Codexis(US:CDXS)2024-05-02 20:19Financial Performance - Total revenues increased by $4.1 million to $17.1 million in the three months ended March 31, 2024, compared to the same period in 2023, representing a 32% increase [125]. - Product revenue for the three months ended March 31, 2024, was $9.6 million, up 14% from $8.4 million in the same period of 2023 [123]. - Research and development revenue rose by 63% to $7.5 million in Q1 2024, compared to $4.6 million in Q1 2023 [123]. - The company reported a net loss of $11.5 million for the three months ended March 31, 2024, a 49% improvement from a net loss of $22.6 million in the same period of 2023 [123]. - Total costs and operating expenses decreased by 21% to $29.0 million in Q1 2024, down from $36.6 million in Q1 2023 [123]. - Selling, general, and administrative expenses decreased by 16% to $12.9 million in Q1 2024, compared to $15.4 million in Q1 2023 [130]. Strategic Initiatives - The company secured a $40.0 million strategic financing deal with Innovatus Capital Partners to strengthen its cash position ahead of key milestones [120]. - An exclusive global license agreement was entered into with Roche for the newly engineered double-stranded DNA ligase, which includes upfront and technical milestone payments [119]. - The company had $9.5 million in deferred revenue related to the $25.9 million fee received from Pfizer as of March 31, 2024 [121]. Debt and Financing - The effective interest rate for the Innovatus Loan was 14.0% as of March 31, 2024, with a principal amount outstanding of $30.0 million [136].