Codexis(US:CDXS)2024-11-01 02:49Financial Performance & Guidance - Codexis' Q3 2024 product revenue reached $11.2 million, compared to $5.4 million in Q3 2023[22] - The company's product gross margin was 61% in Q3 2024, up from 58% in Q3 2023[22] - Codexis anticipates total revenue between $56 million and $64 million for 2024, with product revenue between $38 million and $42 million and R&D revenue between $18 million and $22 million[24] - As of September 30, 2024, Codexis had $90 million in cash, cash equivalents, and investments[10, 24] Strategic Initiatives & Developments - Codexis raised $31 million from existing investors via ATM[8] - The company expects to achieve pilot scale production with the ECO Synthesis Innovation Lab for GLP material in 2025[20] - Codexis aims to launch double-stranded RNA ligase Screening and Optimization Services[20] - The company is building out the ECO Synthesis Innovation Lab[20] Future Outlook - Codexis is targeting profitability by the end of 2026[9, 20, 24] - The company expects increasing orders for double-stranded RNA ligase from existing customers[9] - Codexis plans to supply GMP-grade siRNA drug substance for early-stage clinical trials[12]