Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company,
today announced financial results for the fourth quarter and fiscal
year ended December 31, 2022 and provided a business update.
“2022 was an important year for Codexis as we prioritized
programs in our life sciences, biotherapeutics, and pharmaceutical
manufacturing businesses that align with our focused strategy and
best position the Company for long-term success,” said Stephen
Dilly, MBBS, PhD, President and CEO of Codexis. “In addition to our
strong financial performance last year, I am especially pleased
with the first patient data set from our study of CDX-7108 for
exocrine pancreatic insufficiency in partnership with Nestlé Health
Science and with the pre-clinical data recently presented by Takeda
in Fabry disease, which validates the potential of our CodeEvolver®
platform in gene therapy. We also continue to make great progress
in our life sciences business and recently launched our newly
engineered DNA ligase which is designed to improve sensitivity of
next generation sequencing testing and easily fit into existing
workflows. With two years of cash runway and numerous catalysts
ahead, we are well positioned to demonstrate the commercial
potential and strategic optionality that exists within
Codexis.”
2022 Business Highlights
Corporate Highlights
- In November 2022, Codexis announced a plan to prioritize time
and resources on areas where the Company believes it has the
strongest commercial opportunity and greatest probability of
success. As part of this plan, the Company decided to discontinue
investment in certain internal development programs, expand
investment in high potential development programs, and realign its
workforce.
- Throughout 2022 and early 2023, the Company strengthened its
management team and Board of Directors with individuals who possess
the strategic acumen, operational experience, and commercial
mindset to deliver on its prioritized corporate goals. These
changes include the addition of Dr. Stephen Dilly as President and
CEO, Kevin Norrett as Chief Operating Officer, Sri Ryali as Chief
Financial Officer, Meg Fitzgerald, JD, as Chief Legal Officer and
General Counsel, and the additions of both H. Stewart Parker and
Rahul Singhvi, ScD, to the Board of Directors.
Life Sciences
- In February 2023, at the Advances in Genome Biology and
Technology (AGBT) General Meeting, Codexis launched a newly
engineered DNA ligase for next-generation sequencing, or NGS.
Subsequently, Roche exercised its right of first negotiation (ROFN)
on the newly engineered DNA ligase. For additional details, please
see the white paper available at
https://www.codexis.com/resources/detail/11503/a-ligase-with-superior-ligation-efficiency.
- In August 2022, Codexis and Molecular Assemblies, Inc. (MAI)
announced the execution of a Commercial License and Enzyme Supply
Agreement, enabling MAI to utilize an evolved terminal
deoxynucleotidyl transferase (TdT) enzyme in MAI’s Fully Enzymatic
Synthesis™ (or FES™) technology. The companies collaborated to
develop this TdT enzyme to advance fully enzymatic DNA synthesis
for the production of long, pure, accurate oligonucleotides to
accelerate innovation in many fields.
- In April 2022, Codexis announced a partnership and strategic
investment with seqWell, Inc., a developer of transformative
library preparation products for next generation sequencing
applications.
Biotherapeutics
- In February 2023, Codexis announced interim results from the
Phase 1 clinical trial of CDX-7108, which is being co-developed
with Nestlé Health Science S.A., for the treatment of exocrine
pancreatic insufficiency (EPI). Data from five subjects with EPI in
the proof-of-concept arm indicated improved lipid absorption when
patients are administered CDX-7108 versus placebo. Importantly, no
safety issues were noted in the 48 healthy subjects that
participated in the single ascending dose and multiple ascending
dose portion of the study.
- In February 2023, Takeda Pharmaceutical Company Limited
(Takeda) presented pre-clinical data from the Fabry disease
transgene program, part of its Strategic Collaboration and License
Agreement with Codexis, at the 19th Annual WORLDSymposium™. The
gene therapy candidate is being developed to encode the codon
optimized, CodeEvolver® engineered a-GAL enzyme, which is designed
to have improved serum and lysosomal stability and a predicted
reduced immunogenicity.
Pharmaceutical Manufacturing
- In September 2022, Codexis hosted its 2022 Protein Engineering
Forum, bringing more than 100 top scientists and innovators
together for presentations and networking events to facilitate the
sharing of insights and recent technological advancements
throughout genomics, nucleic acid synthesis and synthetic
biology.
- In June 2022, Merck and Codexis published a paper in the
peer-reviewed journal Science, detailing the development of a suite
of enzymes and their application for site-selective synthesis of
insulin bioconjugates. The publication describes the development
and optimization of enzymes using the CodeEvolver® technology
platform.
Upcoming Milestones
- Phenylketonuria (PKU): The Company anticipates that its partner
Nestlé Health Science will file an Investigational New Drug (IND)
application for CDX-6114 for PKU, one of the most common inborn
errors of metabolism (IEM) in the second half of 2023.
- Exocrine Pancreatic Insufficiency (EPI): The Company
anticipates that Nestlé Health Science will file an IND application
for the Phase 2 study of CDX-7108 for the treatment of EPI by the
end of 2023. The Phase 2 study is expected to be conducted over
approximately 12 months, with topline data anticipated in
2025.
- Fabry disease: The Company anticipates that its partner Takeda
will file an IND application for a Phase 1 study in Fabry disease
as soon as late 2023.
Fiscal Year 2022 Financial Highlights
- Total revenues for fiscal year 2022 were $138.6 million, an
increase of 32% from $104.8 million the prior year. Excluding
enzyme sales related to PAXLOVID™, which were $75.4 million and
$34.5 million for 2022 and 2021, respectively, total revenues for
fiscal year 2022 were $63.2 million, a decrease of 10% from $70.3
million in the prior year.
- Product revenues for fiscal year 2022 were $116.7 million, an
increase of 65% from $70.7 million the prior year, primarily driven
by enzyme sales related to PAXLOVID™. Excluding these sales, total
product sales for fiscal year 2022 were $41.3 million, an increase
of 14% from $36.1 million in the prior year.
- R&D revenues were $21.9 million for fiscal year 2022,
compared to $34.1 million the prior year. The decrease was driven
by lower license fees, decreased revenue from milestone payments,
and lower R&D fees from existing collaborating agreements.
- Product gross margin for fiscal year 2022 was 67%, compared to
69% the prior year. The decrease was primarily driven by sales mix
and higher shipping costs.
- R&D expenses for fiscal year 2022 increased to $80.1
million, compared to $55.9 million the prior year. The increase in
R&D expenses was driven by higher costs associated with
increased headcount, facilities, lab supplies, depreciation, and
outside services.
- Selling, General & Administrative expenses for fiscal year
2022 were $52.2 million, compared to $49.3 million the prior year.
The increase in SG&A expense was the result of higher costs
associated with headcount, and outside services, partially offset
by lower legal fees.
- Fiscal year 2022 includes $3.2 million in restructuring charges
related to the workforce reduction plan that occurred in the fourth
quarter.
- The net loss for fiscal year 2022 was $33.6 million, or $0.51
per share, compared to $21.3 million, or $0.33 per share, for
fiscal year 2021.
- As of December 31, 2022, Codexis had $114.0 million in cash and
cash equivalents.
Fourth Quarter 2022 Financial Highlights
- Total revenues for the fourth quarter 2022 were $30.4 million,
an increase of 24% from $24.5 million in the fourth quarter 2021.
Excluding fourth quarter enzyme sales related to PAXLOVID™, which
were $17.4 million and $11.3 million for 2022 and 2021,
respectively, total revenues for the fourth quarter 2022 were $13.0
million, a decrease of 2% from $13.2 million in the prior
year.
- Product revenues for the fourth quarter 2022 were $23.3 million
compared to $17.0 million in the fourth quarter 2021, driven by
enzyme sales related to PAXLOVID™.
- R&D revenues for the fourth quarter 2022 were $7.1 million
compared to $7.5 million in the fourth quarter 2021. The decrease
was driven by lower license fees, decreased revenue from milestone
payments, and lower R&D fees from collaboration
agreements.
- Product gross margin for the fourth quarter 2022 was 64%
compared to 60% in the fourth quarter 2021, driven by changes in
sales mix.
- R&D expenses for the fourth quarter 2022 were $19.7 million
compared to $16.4 million in the fourth quarter 2021, driven by
higher costs associated with increased headcount, facilities,
outside services, lab supplies, and depreciation.
- Selling, General & Administrative expenses for the fourth
quarter 2022 were $12.3 million, compared to $11.7 million in the
fourth quarter 2021. The increase was primarily the result of
higher costs associated with increased headcount, freight, and
outside services.
- Fourth quarter 2022 includes $3.2 million in restructuring
charges related to the workforce reduction plan.
- The net loss for the fourth quarter 2022 was $12.6 million, or
$0.19 per share, compared to $10.2 million, or $0.16 per share, for
the fourth quarter 2021.
2023 Guidance
Codexis is introducing financial guidance for 2023, as
follows:
- Total revenues are expected to be in the range of $63 million
to $68 million. This range excludes revenue from enzyme sales
related to PAXLOVID™.
- Product revenues are expected to be in the range of $35 million
to $40 million, excluding enzyme sales related to PAXLOVID™.
- Gross margin on product revenue is expected to be 68% to 73%,
excluding enzyme sales related to PAXLOVID™.
- In addition, Codexis expects that its existing cash and cash
equivalents, combined with the Company’s future expectations for
product revenues, R&D revenues and expense management, will be
sufficient to fund its planned operations through the end of
2024.
Conference Call and Webcast
Codexis will hold a conference call and webcast today beginning
at 4:30 p.m. ET. A live webcast and slide presentation to accompany
the conference call will be available on the Investor section of
Company website. The conference call dial-in numbers are
877-705-2976 for domestic callers and 201-689-8798 for
international callers, and the passcode is 13735352.
A recording of the call will be available for 48 hours beginning
approximately two hours after the completion of the call by dialing
877-660-6853 for domestic callers or 201-612-7415 for international
callers. Please use the passcode 13726635 to access the recording.
A webcast replay will be available on the Investors section of
www.codexis.com for 30 days, beginning approximately two hours
after the completion of the call.
About Codexis
Codexis is a leading enzyme engineering company leveraging its
proprietary CodeEvolver® platform to discover and develop novel,
high performance enzymes and biotherapeutics. Codexis enzymes have
applications in the sustainable manufacturing of small molecule
pharmaceuticals, in RNA and DNA synthesis and the creation of next
generation life science tools, and as gene therapies and oral
enzyme therapies. Codexis’ unique enzymes can drive improvements
such as higher yields, reduced energy usage and waste generation,
improved return on capital in manufacturing, improved sensitivity
in genomic and diagnostic applications, and more efficacious
therapeutics. For more information, visit www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. In some cases, you can identify forward-looking statements
by terminology such as “aim,” “anticipate,” “assume,” “believe,”
“contemplate,” “continue,” “could,” “design,” “due,” “estimate,”
“expect,” “goal,” “intend,” “may,” “objective,” “plan,”
“positioned,” “potential,” “predict,” “seek,” “should,” “suggest,”
“target,” “on track,” “will,” “would” and other similar expressions
that are predictions of or indicate future events and future
trends, or the negative of these terms or other comparable
terminology. All statements other than statements of historical
facts contained in this press release are forward-looking
statements. Such forward-looking statements include, but are not
limited to, statements regarding anticipated milestones, including
product launches; timing of data reports; progression of clinical
studies; engagement with regulators, including such engagements
made by Codexis’ partners; Codexis’ expectations regarding 2023
total revenues, product revenues and gross margin on product
revenue; its ability to fund planned operations through the end of
2024; and the ability of its evolved strategy to drive long-term
success and increased market penetration to deliver value for
Codexis customers and shareholders. You should not place undue
reliance on these forward-looking statements because they involve
known and unknown risks, uncertainties and other factors that are,
in some cases, beyond Codexis’ control and that could materially
affect actual results, including, but not limited to, Codexis being
dependent on its collaborators and any failure to successfully
manage these relationships preventing it from developing and
commercializing many of its products; Codexis’ biotherapeutic
programs being early stage, highly regulated and expensive; if
Nestlé Health Science, Takeda or any other collaborator terminate
their development programs under their respective license
agreements with Codexis, any potential revenue from those license
agreements will be significantly reduced or non-existent; Codexis
may need additional capital in the future in order to expand its
business; Codexis’ dependency on a limited number of customers and
its inability to extend or renew contracts with such customers; if
Codexis is unable to develop and commercialize new products for its
target markets; if competitors and potential competitors who have
greater resources and experience than Codexis develop products and
technologies that make Codexis’ products and technologies obsolete;
Codexis may be unable to obtain regulatory approval for its product
candidates given the lengthy, time consuming and inherently
unpredictable nature of such approval processes; clinical trials
are difficult to design and implement, expensive, time-consuming
and involve an uncertain outcome; results of preclinical studies
and early clinical trials of product candidates may not be
predictive of results of later studies or trials; Codexis may not
be able to maintain orphan drug designations for certain of our
product candidates, and may be unable to maintain the benefits
associated with orphan drug designation; even if Codexis obtains
regulatory approval for any products that it develop alone or with
collaborators, such products will remain subject to ongoing
regulatory requirements; and market and economic conditions may
negatively impact Codexis’ business, financial condition, and share
price. Additional information about factors that could materially
affect actual results can be found in Codexis’ Annual Report on
Form 10-K that will be filed with the Securities and Exchange
Commission (SEC) on or about February 24, 2023, including under the
caption “Risk Factors,” and in Codexis’ other periodic reports
filed with the SEC. Codexis expressly disclaims any intent or
obligation to update these forward-looking statements, except as
required by law. Codexis’ results for the quarter and year ended
December 31, 2022 are not necessarily indicative of our operating
results for any future periods.
Investor Relations Contact:
Argot PartnersBrendan Strong/Carrie McKim(212)
600-1902Codexis@argotpartners.com
Media Relations Contact:
Lauren Musto(781) 572-1147lauren.musto@codexis.com
Financial Tables to Follow
Codexis, Inc.Condensed
Consolidated Statements of
Operations(unaudited)(In
Thousands, Except Per Share Amounts)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
Product revenue |
$ |
23,300 |
|
|
$ |
16,983 |
|
|
$ |
116,676 |
|
|
$ |
70,657 |
|
Research and development revenue |
|
7,075 |
|
|
|
7,518 |
|
|
|
21,914 |
|
|
|
34,097 |
|
Total revenues |
|
30,375 |
|
|
|
24,501 |
|
|
|
138,590 |
|
|
|
104,754 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
Cost of product revenue |
|
8,456 |
|
|
|
6,806 |
|
|
|
38,033 |
|
|
|
22,209 |
|
Research and development |
|
19,689 |
|
|
|
16,357 |
|
|
|
80,099 |
|
|
|
55,919 |
|
Selling, general and administrative |
|
12,314 |
|
|
|
11,723 |
|
|
|
52,172 |
|
|
|
49,323 |
|
Restructuring charges |
|
3,167 |
|
|
|
— |
|
|
|
3,167 |
|
|
|
— |
|
Total costs and operating
expenses |
|
43,626 |
|
|
|
34,886 |
|
|
|
173,471 |
|
|
|
127,451 |
|
Loss from operations |
|
(13,251 |
) |
|
|
(10,385 |
) |
|
|
(34,881 |
) |
|
|
(22,697 |
) |
Interest income |
|
823 |
|
|
|
36 |
|
|
|
1,441 |
|
|
|
459 |
|
Other income (expense),
net |
|
(26 |
) |
|
|
227 |
|
|
|
124 |
|
|
|
1,148 |
|
Loss before income taxes |
|
(12,454 |
) |
|
|
(10,122 |
) |
|
|
(33,316 |
) |
|
|
(21,090 |
) |
Provision for income
taxes |
|
151 |
|
|
|
68 |
|
|
|
276 |
|
|
|
189 |
|
Net loss |
$ |
(12,605 |
) |
|
$ |
(10,190 |
) |
|
$ |
(33,592 |
) |
|
$ |
(21,279 |
) |
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.19 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.33 |
) |
Weighted average common stock
shares used in computing net loss per share, basic and diluted |
|
65,558 |
|
|
|
64,914 |
|
|
|
65,344 |
|
|
|
64,568 |
|
Codexis, Inc.Condensed
Consolidated Balance
Sheets(unaudited)(In
Thousands)
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
113,984 |
|
|
$ |
116,797 |
|
Restricted cash, current |
|
521 |
|
|
|
579 |
|
Financial assets: |
|
|
|
Accounts receivable |
|
31,904 |
|
|
|
24,953 |
|
Contract assets |
|
2,116 |
|
|
|
4,557 |
|
Unbilled receivables |
|
7,016 |
|
|
|
8,558 |
|
Total financial assets |
|
41,036 |
|
|
|
38,068 |
|
Less: allowances |
|
(163 |
) |
|
|
(416 |
) |
Total financial assets, net |
|
40,873 |
|
|
|
37,652 |
|
Inventories |
|
2,029 |
|
|
|
1,160 |
|
Prepaid expenses and other current assets |
|
5,487 |
|
|
|
5,700 |
|
Total current assets |
|
162,894 |
|
|
|
161,888 |
|
Restricted cash |
|
1,521 |
|
|
|
1,519 |
|
Investment in non-marketable
equity securities |
|
20,510 |
|
|
|
14,002 |
|
Right-of-use assets -
Operating leases, net |
|
39,263 |
|
|
|
44,095 |
|
Right-of-use assets - Finance
leases, net |
|
— |
|
|
|
17 |
|
Property and equipment,
net |
|
22,614 |
|
|
|
21,345 |
|
Goodwill |
|
3,241 |
|
|
|
3,241 |
|
Other non-current assets |
|
350 |
|
|
|
276 |
|
Total assets |
$ |
250,393 |
|
|
$ |
246,383 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,246 |
|
|
$ |
2,995 |
|
Accrued compensation |
|
11,453 |
|
|
|
11,119 |
|
Other accrued liabilities |
|
15,279 |
|
|
|
12,578 |
|
Current portion of lease obligations - Operating leases |
|
5,360 |
|
|
|
4,093 |
|
Deferred revenue |
|
13,728 |
|
|
|
2,586 |
|
Total current liabilities |
|
49,066 |
|
|
|
33,371 |
|
Deferred revenue, net of
current portion |
|
16,881 |
|
|
|
3,749 |
|
Long-term lease obligations -
Operating leases |
|
38,278 |
|
|
|
43,561 |
|
Other long-term
liabilities |
|
1,371 |
|
|
|
1,311 |
|
Total liabilities |
|
105,596 |
|
|
|
81,992 |
|
Stockholders’ equity: |
|
|
|
Common stock |
|
6 |
|
|
|
6 |
|
Additional paid-in
capital |
|
566,081 |
|
|
|
552,083 |
|
Accumulated deficit |
|
(421,290 |
) |
|
|
(387,698 |
) |
Total stockholders’ equity |
|
144,797 |
|
|
|
164,391 |
|
Total liabilities and stockholders’ equity |
$ |
250,393 |
|
|
$ |
246,383 |
|
|
|
|
|
|
|
|
|
Codexis, Inc.Segmented
Information(unaudited)(In
Thousands)
|
|
Three Months Ended December 31, 2022 |
|
Three Months Ended December 31, 2021 |
|
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
23,300 |
|
$ |
— |
|
|
$ |
23,300 |
|
|
$ |
16,983 |
|
$ |
— |
|
|
$ |
16,983 |
|
Research and development revenue |
|
|
2,538 |
|
|
4,537 |
|
|
|
7,075 |
|
|
|
5,136 |
|
|
2,382 |
|
|
|
7,518 |
|
Total revenues |
|
|
25,838 |
|
|
4,537 |
|
|
|
30,375 |
|
|
|
22,119 |
|
|
2,382 |
|
|
|
24,501 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
8,456 |
|
|
— |
|
|
|
8,456 |
|
|
|
6,806 |
|
|
— |
|
|
|
6,806 |
|
Research and development (1) |
|
|
6,173 |
|
|
12,295 |
|
|
|
18,468 |
|
|
|
5,968 |
|
|
9,569 |
|
|
|
15,537 |
|
Selling, general and administrative (1) |
|
|
3,513 |
|
|
143 |
|
|
|
3,656 |
|
|
|
2,811 |
|
|
703 |
|
|
|
3,514 |
|
Restructuring charges |
|
|
1,708 |
|
|
966 |
|
|
|
2,674 |
|
|
|
|
|
|
|
Total segment costs and
operating expenses |
|
|
19,850 |
|
|
13,404 |
|
|
|
33,254 |
|
|
|
15,585 |
|
|
10,272 |
|
|
|
25,857 |
|
Income (loss) from
operations |
|
$ |
5,988 |
|
$ |
(8,867 |
) |
|
|
(2,879 |
) |
|
$ |
6,534 |
|
$ |
(7,890 |
) |
|
|
(1,356 |
) |
Corporate costs (2) |
|
|
|
|
|
|
(8,134 |
) |
|
|
|
|
|
|
(7,772 |
) |
Depreciation and
amortization |
|
|
|
|
|
|
(1,441 |
) |
|
|
|
|
|
|
(994 |
) |
Loss before income taxes |
|
|
|
|
|
$ |
(12,454 |
) |
|
|
|
|
|
$ |
(10,122 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Research and development expenses and selling, general and
administrative expenses exclude depreciation and amortization of
finance leases.(2) Corporate costs include unallocated selling,
general and administrative expense and restructuring charges,
interest income, and other income (expense), net.
|
|
Year Ended December 31, 2022 |
|
Year Ended December 31, 2021 |
|
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
116,676 |
|
$ |
— |
|
|
$ |
116,676 |
|
|
$ |
70,657 |
|
$ |
— |
|
|
$ |
70,657 |
|
Research and development revenue |
|
|
9,936 |
|
|
11,978 |
|
|
|
21,914 |
|
|
|
19,858 |
|
|
14,239 |
|
|
|
34,097 |
|
Total revenues |
|
|
126,612 |
|
|
11,978 |
|
|
|
138,590 |
|
|
|
90,515 |
|
|
14,239 |
|
|
|
104,754 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
38,033 |
|
|
— |
|
|
|
38,033 |
|
|
|
22,209 |
|
|
— |
|
|
|
22,209 |
|
Research and development (1) |
|
|
25,786 |
|
|
49,770 |
|
|
|
75,556 |
|
|
|
23,140 |
|
|
30,219 |
|
|
|
53,359 |
|
Selling, general and administrative (1) |
|
|
14,724 |
|
|
2,421 |
|
|
|
17,145 |
|
|
|
12,105 |
|
|
2,755 |
|
|
|
14,860 |
|
Restructuring charges |
|
|
1,708 |
|
|
966 |
|
|
|
2,674 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Total segment costs and
operating expenses |
|
|
80,251 |
|
|
53,157 |
|
|
|
133,408 |
|
|
|
57,454 |
|
|
32,974 |
|
|
|
90,428 |
|
Income (loss) from
operations |
|
$ |
46,361 |
|
$ |
(41,179 |
) |
|
|
5,182 |
|
|
$ |
33,061 |
|
$ |
(18,735 |
) |
|
|
14,326 |
|
Corporate costs (2) |
|
|
|
|
|
|
(33,080 |
) |
|
|
|
|
|
|
(32,201 |
) |
Depreciation and
amortization |
|
|
|
|
|
|
(5,418 |
) |
|
|
|
|
|
|
(3,215 |
) |
Loss before income taxes |
|
|
|
|
|
$ |
(33,316 |
) |
|
|
|
|
|
$ |
(21,090 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Research and development expenses and selling, general and
administrative expenses exclude depreciation and amortization of
finance leases.(2) Corporate costs include unallocated selling,
general and administrative expense and restructuring charges,
interest income, and other income (expense), net.
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