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Sep 30, 2024
Codexis Q3 2024 Earnings Report
Codexis had a strong third quarter, surpassing product revenue goals, welcoming two new executives, and securing $31 million via an ATM facility.
Key Takeaways
Codexis reported a strong third quarter, exceeding product revenue targets and extending its cash runway into 2027 with a $31 million raise. The company also out-licensed its genomics enzymes portfolio to Alphazyme, reinforcing its focus on pharmaceutical manufacturing and the ECO Synthesis™ platform.
Increased cash reserves by $31 million through the ATM facility, extending the cash runway into 2027.
Appointed Georgia Erbez as Chief Financial Officer.
Appointed Alison Moore, PhD, to the newly created role of Chief Technical Officer.
Licensed its genomics life science enzyme portfolio to Alphazyme, LLC.
Codexis
Codexis
Codexis Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comResearch and Development Revenue
CapyFin.com Forward Guidance
Codexis reiterated its full-year 2024 financial guidance originally issued on February 28, 2024.
Positive Outlook
- Product revenues are expected to be in the range of $38 million to $42 million, excluding revenue related to PAXLOVID™.
- R&D revenues are expected to be in the range of $18 million to $22 million.
- Gross margin on product revenue is expected to be in the range of 58% to 63%, excluding revenue related to PAXLOVID™.
- Codexis expects to announce its first technical collaboration with the ECO Synthesis™ manufacturing platform by the end of 2024.
- The Company expects to complete the build-out of its ECO Synthesis™ Innovation Lab around the end of 2024.
Challenges Ahead
- Codexis’ dependence on its licensees and collaborators.
- Codexis may need additional capital in the future in order to expand its business.
- If Codexis is unable to successfully develop new technology such as its ECO Synthesis™ manufacturing platform and dsRNA ligase.
- Codexis’ dependence on a limited number of products and customers, and potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets.
- Market and economic conditions may negatively impact Codexis business, financial condition and share price.
Revenue & Expenses
Visualization of income flow from segment revenue to net income