[Business and Strategic Update](index=1&type=section&id=Business%20and%20Strategic%20Update) 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](index=2&type=chunk) - 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](index=1&type=chunk)[4](index=4&type=chunk) - 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](index=2&type=chunk)[4](index=4&type=chunk) - **Cynthia Collins**, an expert in the CDMO landscape, was appointed to the **Board of Directors**, strengthening the company's strategic oversight[4](index=4&type=chunk) [Second Quarter 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) 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](index=7&type=chunk) - As of June 30, 2025, the company maintained a cash, cash equivalents, and short-term investments balance of **$66.3 million**[7](index=7&type=chunk) [Upcoming Milestones](index=2&type=section&id=Upcoming%20Milestones) 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](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents unaudited consolidated financial statements: Operations, Comprehensive Loss, and Balance Sheets [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) 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](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) 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](index=3&type=section&id=About%20Codexis%20%26%20Forward-Looking%20Statements) 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](index=8&type=chunk) - 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](index=9&type=chunk)

Core Insights - Codexis, Inc. reported revenue of $15.3 million for Q2 2025, exceeding the analyst consensus estimate of $14.1 million, and showing significant growth from $8.0 million in Q2 2024 [1][12] - The company raised $27.3 million through an at-the-market (ATM) facility and a loan from Innovatus to support the expansion of its ECO Synthesis platform [2][7] - Codexis is experiencing a strategic shift with over 30 ongoing engagements related to its ECO Synthesis technology, which is aimed at enhancing the manufacturing of RNAi therapeutics [3][7] Financial Highlights - Total revenues for Q2 2025 were $15.3 million, a 92.5% increase from $7.9 million in Q2 2024 [12] - Product gross margin improved to 72% in Q2 2025 from 45% in Q2 2024, attributed to a shift towards more profitable products [12] - Research and Development expenses rose to $13.8 million in Q2 2025 from $11.4 million in Q2 2024, driven by increased headcount [12] - Selling, General & Administrative expenses decreased to $12.3 million in Q2 2025 from $15.7 million in Q2 2024, mainly due to lower stock-based compensation [12] - The net loss for Q2 2025 was $13.3 million, or $0.16 per share, compared to a net loss of $22.8 million, or $0.32 per share, in Q2 2024 [12] Business Developments - Six presentations at the 2025 TIDES USA annual meeting highlighted the ECO Synthesis platform, showcasing its capabilities in siRNA manufacturing [2][7] - Codexis appointed Cynthia Collins to its Board of Directors, bringing expertise in the CDMO landscape [7] - The company anticipates achieving pilot scale production of GLP-grade siRNA material in 2025 and aims to sign a GMP scale-up partner by the end of 2025 [7][12]

Core Viewpoint - Codexis, Inc. will report its financial results for Q2 2025 on August 13, 2025, and will host a conference call to discuss these results and provide a business update [1]. Company Overview - Codexis is a leading provider of enzymatic solutions aimed at efficient and scalable manufacturing of complex therapeutics, utilizing its proprietary CodeEvolver technology platform [3]. - The company is developing the ECO Synthesis™ manufacturing platform to facilitate the scaled production of RNAi therapeutics through an enzymatic process [3]. - Codexis' enzymes are designed to address challenges in small molecule pharmaceuticals manufacturing and nucleic acid synthesis, offering benefits such as higher yields, reduced energy consumption, and improved manufacturing efficiency [3].

Summary of Codexis Conference Call Company Overview - **Company**: Codexis - **Industry**: Life Sciences, specifically focusing on enzymatic synthesis and RNA technologies Key Points and Arguments Ecosystem Platform Development - Codexis has made significant progress in the last 24 months with its Ecosystems Platform, transitioning from concept to execution of commercial products, particularly in the area of enzymatic synthesis for RNA constructs [2][3] - The company has established a GLP Eco Innovation Lab capable of producing both fragments and full-length RNA molecules through sequential enzymatic synthesis [3][4] Revenue Generation and Contracts - Codexis has secured its first revenue-generating contract associated with the Ecosystems Platform, focusing on manufacturing a novel construct for a third-party pharmaceutical innovator [5] - The company anticipates increasing the scale of production to support the development of this molecule [5] Market Acceptance and Demand - There is a growing acceptance of enzymatic synthesis technology within the industry, with many companies recognizing its advantages as they scale siRNA modalities [3][4] - Codexis is positioned as a leader in this space, with a high success rate in producing requested constructs [4] Customer Engagement and Pipeline - Codexis is engaging with multiple CDMOs and innovators, facilitating discussions on how to integrate their ligase technology into existing processes [9] - The company expects to have four customers purchasing ligase by the end of the year, up from one last year, indicating a strong pipeline [9] Innovation Lab and Economic Model - The Innovation Lab aims to balance larger customers with promising early-phase molecules, focusing on both current market needs and future potential [10][11] - The economic model includes modest upfront fees, shared costs during development, and success milestones, ensuring the lab's viability [12][13] Scaling and Capacity - Codexis plans to build a 50-kilo annual capacity facility cost-effectively, leveraging existing manufacturing infrastructure [16][17] - The facility is expected to be operational within 18 months to two years, significantly faster than traditional methods [20] Onshoring Supply Chains - The company is capitalizing on the trend of onshoring supply chains, offering enzymatic technology to enhance existing facilities and reduce capital expenditures [18][19] Competitive Landscape - Codexis faces competition primarily from CDMOs and companies attempting to improve traditional chemistry methods rather than direct enzymatic synthesis competitors [32][38] - The demand for siRNA is projected to reach 30 metric tons by the end of the decade, with enzymatic synthesis being the preferred method for large-scale production [34][36] Partnerships and Collaborations - The partnership with Aldevron for high-capacity RNA polymerase has been successful, with Aldevron developing a GMP process and gaining commercial traction [41][42] - Codexis is exploring further partnerships with companies like Danaher and SITIVA to enhance its ecosystem [43][44] Financial Outlook - Codexis aims to reach positive cash flow by the end of 2026, supported by its profitable heritage pharma manufacturing business [45][46] - The company is focused on securing real assets and partnerships to validate its growth trajectory [48][49] Conclusion - Codexis is strategically positioned in the life sciences industry, with a strong focus on enzymatic synthesis and RNA technologies. The company is actively expanding its customer base, enhancing its innovation capabilities, and preparing for significant growth in the coming years.

Codexis (CDXS) Conference Call Summary - May 22, 2025 Company Overview - **Company**: Codexis (CDXS) - **Industry**: Biotechnology, specifically focusing on siRNA (small interfering RNA) technology and enzymatic synthesis for genomic medicines Key Points and Arguments Industry Trends - **Surge in Demand for siRNA Therapeutics**: There is a recognized increase in demand for siRNA therapeutics, with significant interest in innovative manufacturing solutions [5][6] - **Shift Towards Enzymatic Synthesis**: The industry is moving towards enzymatic synthesis methods, which are seen as necessary to meet the scalability and purity requirements for siRNA production [6][18] Codexis Technology and Developments - **Ecosynthesis Technology**: Codexis' Ecosynthesis platform is positioned as a timely solution to the limitations of traditional solid-phase chemistry, with advancements in scalability and cost-effectiveness [10][18] - **Validation from Industry Leaders**: Codexis received external validation from major oligonucleotide manufacturers, highlighting the effectiveness of its double-stranded RNA ligase [6][7] - **Machine Learning Tool**: A newly developed machine learning tool aids customers in optimizing RNA fragment designs, demonstrating superior performance in identifying effective solutions [12][41] Customer Engagement and Market Position - **Increased Customer Interest**: There has been a notable shift in customer engagement, with decision-makers in process development now actively exploring Codexis' enzymatic solutions [17][18] - **Growing Customer Base**: The number of substantive discussions with potential customers has increased significantly, from single digits to over 20 prospects [20] - **Innovation Lab Capacity**: Codexis aims to fill its Eco Innovation Lab capacity with multiple customers, focusing on a diverse range of products [35][36] Competitive Landscape - **Leadership in Enzymatic Technology**: Codexis is recognized as a leader in enzymatic technology for siRNA manufacturing, with expectations to maintain this position through continued advancements [21][18] Future Outlook - **Partnerships and Collaborations**: Codexis is on track to sign a GMP scale-up partnership and anticipates selling its Eco Innovation Labs capacity by year-end [20] - **Focus on Stereochemistry Control**: The ability to control stereochemistry in siRNA production is seen as a significant advantage, allowing for the development of more effective therapeutic candidates [31][52] Additional Important Insights - **Transition from Proof of Concept to Production**: Codexis is moving from demonstrating proof of concept to establishing a practical production platform, emphasizing the importance of cycle times in manufacturing [27][28] - **Impact of Stereochemistry on Efficacy**: The control of stereochemistry is crucial for ensuring the activity and effectiveness of siRNA therapeutics, with implications for both existing and new products [50][52] This summary encapsulates the key discussions and insights from the Codexis conference call, highlighting the company's strategic positioning within the biotechnology industry and its advancements in siRNA technology.

Core Insights - Codexis presented its proprietary ECO Synthesis platform at the TIDES USA annual meeting, demonstrating its effectiveness in siRNA manufacturing by reducing purification costs and improving process performance [1][2] - The company has established itself as a leader in enzymatic technology for siRNA manufacturing, with increasing customer interest in incorporating this technology into drug development [2][3] - Codexis showcased a machine learning tool that significantly enhances the ligation process for siRNA production, improving efficiency and reducing development time [4][6] Group 1: Technology and Performance - The ECO Synthesis platform utilizes immobilized enzymes to achieve consistent process performance, with potential reductions in downstream purification steps [3][6] - Codexis' ligation processes have been validated by leading CDMOs, confirming the transferability and effectiveness of its technology in various manufacturing settings [5][7] - The company reported a coupling efficiency of over 98% and a 24% reduction in average cycle time, leading to high yields of 30 grams of siRNA per liter [6][7] Group 2: Market Position and Future Outlook - Codexis is positioned to capitalize on the growing trend towards enzymatic manufacturing solutions and onshoring initiatives, making its technology rollout timely [2][3] - The company aims to establish a GMP scale-up partnership by the end of the year, translating current momentum into tangible business growth [2][3] - The ability to control stereochemistry in oligonucleotide synthesis through the ECO Synthesis platform could enhance the therapeutic potency and market position of siRNA products [8]

Core Insights - Aligos Therapeutics, Inc. has appointed Laura Kavanaugh as Vice President, Head of Legal, effective immediately, bringing over 25 years of experience in the biotechnology and pharmaceutical industries [1][2][3] Company Overview - Aligos Therapeutics is a clinical stage biotechnology company focused on developing therapies for liver and viral diseases, aiming to improve patient outcomes [3] - The company is dedicated to addressing high unmet medical needs, including chronic hepatitis B virus infection and metabolic dysfunction-associated steatohepatitis (MASH) [3] Leadership Appointment - Laura Kavanaugh's previous roles include Vice President, Corporate Law & Privacy Officer at Codexis and independent legal consultant for various biotech firms [2] - Kavanaugh's expertise is expected to enhance Aligos' legal oversight and support its mission [2]

Codexis shares have lost about 46.3% since the beginning of the year versus the S&P 500's gain of 0.1%. Codexis (CDXS) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -25%. A quarter ago, it was expected that this producer of custom industrial enzymes would post a loss of $0.02 per share whe ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $7.5 million, a decrease from $17.1 million in Q1 2024, primarily due to a one-time agreement with Roche and variability in large customer orders [23][24] - Product gross margin improved to 55% in Q1 2025 from 49% in Q1 2024, driven by a shift towards more profitable products [25] - The net loss for Q1 2025 was $20.7 million, compared to $11.5 million in Q1 2024 [26] - The company reiterated its 2025 revenue guidance range of $64 million to $68 million, with expectations for a revenue ramp in the second half of the year [26][27] Business Line Data and Key Metrics Changes - In Pharma Biocatalysis, the product mix is changing, leading to margin improvements, with new customers particularly in the mid-tier pharma segment [6] - The double-stranded RNA ligase business is growing, with the first order delivered to a large pharma customer in Q1 and additional orders expected [7] Market Data and Key Metrics Changes - The siRNA field is evolving positively, with recent FDA approvals for siRNA therapeutics indicating growing demand [9][10] - There is increasing pressure on companies to onshore production, which benefits the company's Ecosynthesis technology by offering scalability and reduced capital expenditure [10] Company Strategy and Development Direction - The company is focusing on the Ecosynthesis platform, which is expected to enable larger batch sizes, faster production, and lower costs compared to traditional methods [28] - The strategy includes developing an enzymatic supply of raw materials to diversify input sources and reduce dependence on foreign supply chains [10][11] - The company is positioning itself to capitalize on the growing demand for RNA-based therapeutics and is working on establishing a GMP manufacturing facility [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2025 guidance, citing significant commercial interest across businesses and a strong cash position [25][27] - The current macro environment presents challenges, but several external factors could favor the company's Ecosynthesis platform [8][9] - The management emphasized that execution is now the focus, with a clear path to demonstrating the technology's effectiveness to customers [35] Other Important Information - The company plans to host a public investor conference call on May 22 to discuss presentations from the Tides USA meeting [21] - The management highlighted the importance of machine learning capabilities in enzyme engineering and manufacturing processes [63][66] Q&A Session Summary Question: What will it take for small and large siRNA drug innovators to engage earlier? - The company noted that CDMOs have a lower barrier to acceptance and are more likely to adopt new processes quickly, which will help validate the technology for larger innovators [32][34] Question: Can you elaborate on the second half revenue ramp? - The revenue ramp is expected to come from new contracts with Ecosynthesis, with negotiations taking time [36][37] Question: What are the assumptions behind the cash flow positivity guidance for 2026? - The guidance is based on organic pipeline evolution and does not include the GMP facility, which is seen as an accelerator for revenue [39][40] Question: Will the ligase orders lead to repeat customers? - The company expects each large pharma customer to become a repeat customer, with a shorter timeline to peak orders compared to traditional manufacturing [48][50] Question: What is the significance of the three CDMO collaborators? - Each CDMO has had success with the ligase technology, and they are building platforms to service multiple customers, enhancing scalability [54][56] Question: How will machine learning be integrated into the business? - The company has been leveraging machine learning for enzyme engineering and manufacturing, with successful applications already demonstrated [63][66]

Company Overview - Codexis has revenue-generating Pharma BioCatalysis solutions and RNA Manufacturing Solutions[5] - The company aims for cash flow positivity by the end of 2026[5] - Codexis has $60 million in cash/cash equivalents and investments as of March 31, 2025[5] RNA Manufacturing Solutions & ECO Synthesis - The ECO Synthesis toolbox is designed to meet future demand for RNAi therapeutics[5] - The ECO Synthesis platform enables enzymatic synthesis of RNAi therapeutics[10] - The company has signed the first revenue-generating contract for ECO Synthesis manufacturing services[42] - The ECO Synthesis platform could potentially reduce CapEx by 70% compared to phosphoramidite chemistry[48] RNAi Therapeutics Market - There are 7 approved siRNA therapies across multiple indications[23] - Over 400 total siRNA pipeline programs exist, with ~90% in Preclinical & Phase I stages[29, 30] - Chemical synthesis requires $725 million to produce 1K kg of RNAi per year[35]