Codexis Reports First Quarter 2025 Financial Results

Core Insights - Codexis secured its first revenue-generating contract for ECO Synthesis™ manufacturing services, indicating progress in commercial operations [3][7] - The company reiterated its full-year financial guidance for 2025, maintaining confidence in its revenue projections despite a $2.5 million order delay [2][9] - Codexis is set to present its ECO Synthesis platform at the upcoming TIDES USA annual meeting, showcasing collaborations with leading CDMOs [3][7] Financial 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 [12] - Product gross margin improved to 55% in Q1 2025 from 49% in Q1 2024, attributed to a shift towards more profitable products [12] - 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 [12][16] Business Developments - Codexis completed the development of its first generation of ECO Synthesis enzymes, meeting criteria for scaling to industrial capacity [7] - The company appointed new board members with extensive experience in biopharmaceuticals and CDMO sectors, enhancing its leadership team [7] - Codexis expects to achieve pilot scale production of GLP-grade siRNA material in 2025 and aims to sign a GMP scale-up partner by the end of the year [7][12]