Codexis, Inc. Announces Strong Third Quarter 2024 Financial Results

Codexis, Inc. recently disclosed its financial results for the third quarter concluded on September 30, 2024. The company reported notable achievements during this period, including significant additions to its management team and an extension of its cash runway until 2027 through a $31 million raise utilizing an ATM facility. This financial information was detailed in a press release provided as Exhibit 99.1 in the Form 8-K filing with the Securities and Exchange Commission (SEC).

According to Codexis, Inc.’s Chairman and Chief Executive Officer, Stephen Dilly, the company exceeded its product revenue objectives for the quarter, welcomed two experienced executives to its management team, and secured additional funding, ensuring financial stability well into the future. By strategically out-licensing its genomics enzymes portfolio to Alphazyme, Codexis plans to concentrate on bolstering its Pharmaceutical Manufacturing business and its ECO Synthesis™ manufacturing platform.

Some key highlights from the third quarter and recent developments include Codexis raising $31 million through its ATM facility, appointing Georgia Erbez as Chief Financial Officer, and adding Alison Moore, PhD, as Chief Technical Officer. Additionally, the company licensed its genomics life science enzyme portfolio to Alphazyme, entered presentation discussions at the RNA Leaders USA Congress, published its inaugural sustainability disclosures, and finalized a purchase agreement with Crosswalk Therapeutics for gene therapy assets.

Financially, the company reported total revenues of $12.8 million for the third quarter of 2024, indicating a significant rise compared to $9.3 million in the same period last year. Product revenues notably saw an increase, climbing to $11.2 million from $5.4 million in the third quarter of 2023. Codexis also provided details regarding R&D expenses, selling, general & administrative expenses, product gross margins, and net losses for the quarter.

Looking ahead, Codexis reiterated its full-year 2024 financial guidance with expected product revenues in the range of $38 million to $42 million and R&D revenues between $18 million to $22 million. The company remains optimistic about its future trajectory, planning to announce its first technical collaboration with the ECO Synthesis™ platform by the end of the year and completing the build-out of the ECO Synthesis™ Innovation Lab around the same timeframe.

Investors and analysts will have an opportunity to delve deeper into Codexis, Inc.’s financial insights during a conference call and webcast scheduled to commence at 4:30 pm ET today. Further details and access to the webcast can be found on the company’s official investor relations page.

Codexis continues to position itself as a prominent provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its innovative CodeEvolver® technology platform to drive advancements in the industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Codexis’s 8K filing here.

About Codexis

Codexis, Inc discovers, develops, and sells enzymes and other proteins. The company operates through two segments, Performance Enzymes and Novel Biotherapeutics. It offers biocatalyst products and services. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver, a technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes.