Codexis Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Codexis, Inc. reported total revenue of $59.3 million for the fiscal year ended December 31, 2024, with expectations for double-digit growth in 2025 [1][8] - The company anticipates an acceleration of commercial growth through its ECO Synthesis™ platform and aims to secure a GMP scale-up partner [1][2] Financial Performance - Total revenues for fiscal year 2024 decreased by 4$62.0 million in fiscal year 2023, excluding enzyme sales related to PAXLOVID™ [8] - Product revenues increased by 6% to $36.8 million for fiscal year 2024 compared to$34.8 million in fiscal year 2023, excluding enzyme sales related to PAXLOVID™ [8] - R&D revenues for fiscal year 2024 were $22.6 million, down from$27.2 million in fiscal year 2023, primarily due to lower non-recurring items [8] - The net loss for fiscal year 2024 was $65.3 million, or$0.89 per share, compared to a net loss of $76.2 million, or$1.12 per share, for fiscal year 2023 [8] Recent Developments - Codexis completed the build-out of its ECO Synthesis™ Innovation Lab in December 2024, enabling the provision of analytical and process development services [3] - The company appointed Arthur Levin, PhD, to its Strategic Advisory Board in February 2025, bringing extensive experience in oligonucleotide development [3] - In October 2024, Codexis announced the licensing of a genomics life science enzyme portfolio to Alphazyme, LLC, which includes several key enzymes [3] Upcoming Initiatives - Codexis plans to sign its first development contract for ECO Synthesis™ manufacturing services in the first half of 2025 [8] - The company expects to achieve pilot scale production of GLP-grade siRNA material using the ECO Synthesis™ Innovation Lab in 2025 [8] - Codexis anticipates hosting presentations at the 2025 TIDES USA and TIDES Europe annual meetings to showcase the capabilities of its ECO Synthesis™ platform [8]