Core Insights - Codexis, Inc. has signed a $37.8 million Supply Assurance Agreement with Merck, which is expected to provide a significant non-dilutive cash infusion into the company [2][3][6] - Organizational changes have been implemented to streamline operations and reduce expenses, including a leadership transition where Dr. Alison Moore will succeed Dr. Stephen Dilly as CEO [3][6] - The company has extended its cash runway through 2027, allowing for continued investment in its innovative manufacturing solutions [2][3] Financial Performance - Total revenues for the third quarter of 2025 were $8.6 million, a decrease from $12.8 million in the same quarter of 2024, primarily due to variability in customers' manufacturing schedules and clinical trial progression [12][15] - Product gross margin improved to 64% in Q3 2025 from 61% in Q3 2024, attributed to a shift towards more profitable products [12] - The 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 [12][16] Organizational Changes - Dr. Stephen Dilly will transition to Chairman of the Board, while Dr. Alison Moore, previously Chief Technology Officer, will take over as CEO [3][6] - The company has eliminated 46 positions, approximately 24% of its workforce, to reduce operational costs [6] - Dr. Stefan Lutz has been promoted to Chief Scientific Officer, and Georgia Erbez will also serve as Chief Business Officer [6] Upcoming Events - Codexis will present at the 2025 TIDES Europe Annual Meeting from November 11-13 in Basel, Switzerland [5]