CDXS Codexis Inc.

13.3
-0.12  -1%
Previous Close 13.42
Open 13.3
52 Week Low 8.43
52 Week High 18.87
Market Cap $786,682,340
Shares 59,126,820
Float 57,403,000
Enterprise Value $741,023,583
Volume 157,766
Av. Daily Volume 379,214
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Drug Pipeline

Drug Stage Notes
CDX-6114
Phenylketonuria (PKU)
Phase 1a
Phase 1a
Phase 1 trial met endpoints - November 8, 2018.

Latest News

  1. Revenues increased 21% to $15 million; 72% rise in R&D revenue included a significant contribution from the Takeda biotherapeutics partnership

    Conference call with slides begins at 4:30 p.m. Eastern time today

    REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and six months ended June 30, 2020 and provides a business update.  Management will hold a conference call today beginning at 4:30 p.m. Eastern time, with accompanying updated Pipeline Snapshot slides available here.

    "We delivered better-than-expected revenues for the quarter of $15.0 million, up 21% over the prior year, led by strength in R&D revenues which grew 72…

    Revenues increased 21% to $15 million; 72% rise in R&D revenue included a significant contribution from the Takeda biotherapeutics partnership

    Conference call with slides begins at 4:30 p.m. Eastern time today

    REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and six months ended June 30, 2020 and provides a business update.  Management will hold a conference call today beginning at 4:30 p.m. Eastern time, with accompanying updated Pipeline Snapshot slides available here.

    "We delivered better-than-expected revenues for the quarter of $15.0 million, up 21% over the prior year, led by strength in R&D revenues which grew 72%," said Codexis President and CEO John Nicols. "Throughout the pandemic we have continued to forge key partnerships that build toward a strong future. Our partnership with Takeda, which we announced in late March as the pandemic surged, contributed significant revenues in the second quarter. We also executed new deals with Alphazyme and Molecular Assemblies that highlighted four new Performance Enzymes that we are working to commercialize into high growth life science applications, targeting improvements to the manufacture and diagnosis of both DNA and RNA.

    "Our new partnerships build upon a strong foundation backed by our highly capable team and substantial financial resources. Our updated Pipeline Snapshot now showcases 65 pre-commercial and commercial programs, a growth of 25% versus the last year, including 13 self-funded programs. The number of commercial stage programs, which generate recurring revenues for us, delivered the largest annual jump since we started providing the pipeline snapshots four years ago. We look to work with our customers and partners to continue this growing commercialization trend especially given the continued progress in over 50 advanced stage pre-commercial programs, both internal and external, being managed by the Codexis team in parallel," Mr. Nicols said.

    "In response to COVID-19, following nearly two months of lab shutdown, we gradually ramped up our R&D operations beginning in early May, by staggering work schedules and adapting our facility to provide a safe environment for all on-site employees, so that at present we are utilizing the majority of our normal R&D capacity. We currently plan to return to full R&D capacity around the end of the summer, but note that a resurgence of COVID-19 and other factors could impact that timeframe."

    Second Quarter Financial Results

    Codexis is reporting two business segments: the Performance Enzymes segment, which consists of its protein catalyst and enzyme product and service offerings with a focus on pharmaceutical, food, molecular diagnostics and other industrial markets; and the Novel Biotherapeutics discovery and development segment.

    Total revenues for the second quarter of 2020 were $15.0 million, up 21% from $12.3 million for the second quarter of 2019. Product revenue was $4.5 million, compared with $6.2 million for the second quarter of 2019, with the decrease due to the timing of demand for various enzymes. Research and development (R&D) revenue for the second quarter of 2020 was $10.5 million, up 72% from $6.1 million for the prior-year period, primarily due to revenues under the Novartis CodeEvolver® licensing agreement and license fees from the Takeda collaboration,  partially offset by lower revenue as a result of delays attributable to the COVID-19 pandemic. R&D revenue for the second quarter of 2020 included $3.0 million from the Performance Enzymes segment and $7.5 million from the Novel Biotherapeutics segment. R&D revenue for the second quarter of 2019 included $4.3 million from the Performance Enzymes segment and $1.7 million from the Novel Biotherapeutics segment.

    Gross margin on product revenue for the second quarter of 2020 was 62%, up from 56% for the second quarter of 2019 due to product mix.

    R&D expenses were $10.9 million for the second quarter of 2020, compared with $8.3 million for the second quarter of 2019, with the increase primarily due to higher regulatory expenses, higher headcount and higher allocable expenses, partially offset by lower lab supplies expenses and lower outside services. R&D expenses for the second quarter of 2020 included $5.0 million from the Performance Enzymes segment and $5.5 million from the Novel Biotherapeutics segment. R&D expenses for the second quarter of 2019 included $5.1 million from the Performance Enzymes segment and $2.9 million from the Novel Biotherapeutics segment.

    Selling, general and administrative (SG&A) expenses for the second quarter of 2020 were $8.5 million, compared with $7.9 million for the second quarter of 2019, with the increase primarily due to costs associated with legal and accounting fees and outside services, and higher facilities and headcount, partially offset by lower allocable expenses. SG&A expenses for the second quarter of 2020 included $2.4 million from the Performance Enzymes segment, $0.6 million from the Novel Biotherapeutics segment and the remaining portion is included in $5.8 million in corporate overhead, depreciation, amortization and other expenses, net. SG&A expenses for the second quarter of 2019 included $2.4 million from the Performance Enzymes segment, $0.6 million from Novel Biotherapeutics and the remaining portion is included in $5.1 million in corporate overhead, depreciation, amortization and other expenses, net.

    The net loss for the second quarter of 2020 was $6.3 million, or $0.11 per share, compared with a net loss for the second quarter of 2019 of $6.5 million, or $0.12 per share. Non-GAAP net loss for the second quarter of 2020 was $3.9 million, or $0.07 per share, compared with non-GAAP net loss for the second quarter of 2019 of $4.1 million, or $0.08 per share. A reconciliation of GAAP to non-GAAP measures is provided below.

    Year-to-date Financial Results

    Total revenues for the six months ended June 30, 2020 were $29.6 million, up 6% from $27.9 million for the six months ended June 30, 2019, and included $20.0 million in R&D revenue and $9.6 million in product revenue. R&D revenue for the first six months of 2020 included $8.8 million from the Performance Enzymes segment and $11.2 million from the Novel Biotherapeutics segment. R&D revenue for the first six months of 2019 included $6.4 million from the Performance Enzymes segment and $7.2 million from the Novel Biotherapeutics segment.

    Gross margin on product sales for the first six months of 2019 was 56%, up from 50% for the prior-year period due to product mix.

    R&D expenses for the first six months of 2020 were $21.8 million, compared with $16.3 million for the first six months of 2019, with the increase primarily due to higher regulatory expenses, higher headcount and higher allocable expenses, partially offset by lower lab supplies and outside services. R&D expenses for the first half of 2020 included $10.7 million from the Performance Enzymes segment and $10.4 million from the Novel Biotherapeutics segment. R&D expenses for first half of 2019 included $9.6 million from the Performance Enzymes segment and $6.2 million from the Novel Biotherapeutics segment.

    SG&A expenses for the first six months of 2020 were $17.5 million, compared with $16.3 million for the first six months of 2019, with the increase due to an increase in costs associated with legal and accounting fees, higher facilities and headcount and licensed technology, partially offset by lower allocable expenses and lower travel expenses. SG&A expenses for the first half of 2020 included $4.7 million from Performance Enzymes, $1.2 million from the Novel Biotherapeutics segment and the remaining portion is included in the $12.0 million in corporate overhead, depreciation and amortization expense, net. SG&A expenses for the first half of 2019 included $4.5 million from the Performance Enzymes segment, $1.1 million from the Novel Biotherapeutics segment and the remaining portion is included in the $11.1 million in corporate overhead and depreciation and amortization expense, net.

    The net loss for the six months ended June 30, 2020 was $14.0 million, or $0.24 per share, compared with a net loss for the six months ended June 30, 2019 of $11.6 million, or $0.21 per share. Non-GAAP net loss for the first six months of 2020 was $9.0 million or $0.15 per share, compared with a non-GAAP net loss for the first six months of 2019 of $6.9 million, or $0.13 per share.

    Cash and cash equivalents as of June 30, 2020 were $75.6 million, compared with $90.5 million as of December 31, 2019.

    Non-GAAP Financial Measures

    Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude the non-cash items depreciation expense and stock-based compensation expense. Non-GAAP financial measures presented are non-GAAP net income or loss, non-GAAP net income or loss per share (basic and diluted), non-GAAP R&D expense and non-GAAP SG&A expense. Non-GAAP operating expenses exclude stock-based compensation expense and depreciation of fixed assets.

    Codexis management uses these non-GAAP financial measures to monitor and evaluate the Company's operating results and trends on an ongoing basis, and internally for operating, budgeting and financial planning purposes. Codexis management believes the non-GAAP information is useful for investors by offering them the ability to identify trends in what management considers to be Codexis' core operating results and to better understand how management evaluates the business. These non-GAAP measures have limitations, however, because they do not include all expenses that affect Codexis. These non-GAAP financial measures are not prepared in accordance with, and should not be considered in isolation of, or as an alternative to, measurements required by GAAP, and therefore these non-GAAP results should only be used for evaluation in conjunction with the corresponding GAAP measures. A description of the non-GAAP calculations and reconciliation to comparable GAAP financial measures is provided in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Financial Measures."

    Impact of COVID-19 Pandemic

    We continue to experience some business disruptions as a result of the COVID-19 pandemic. Our headquarters in Redwood City, California are subject to local and state ordinances relating to sheltering in place for all non-essential businesses and activities. During the period from mid-March 2020 through the end of April 2020, in response to governmental orders governing the operation of businesses during the pandemic, we temporarily closed our Redwood City, California facilities which resulted in a suspension of research and development and pilot plant operations. In May 2020, we initiated limited operations and gradually ramped up our R&D operations so that at present we are utilizing the majority of our normal R&D capacity. Additionally, we resumed small scale manufacturing at our Redwood City pilot plant in May 2020. Our larger volume manufacturing partners have remained operational to date, enabling continued production of critical materials for our customers, and our supply chain team has continued to ship products near or on schedule. We and our partners continue to strive to meet customers' product supply needs, but our forward deliveries may be impacted as the global situation continues to develop. In addition, restrictions on the ability to travel and access to our customers, partners, suppliers or contract manufacturers, as well as temporary closures of our facilities or the facilities of our customers, partners, suppliers or contract manufacturers could negatively impact our sales and operating results. The impact of the COVID-19 outbreak on local economies and the global stock markets could also lead to delays in delivering our products and services to customers and collaboration partners and decreased demand for our products and services. The total impact of these disruptions could have a material impact on our financial results. Due to the uncertain scope and duration of the pandemic, and uncertain timing of global recovery and economic normalization, we cannot at this time estimate the future impact on our operations and financial results. As a result, we have withdrawn our full year 2020 financial guidance.

    Conference Call and Webcast

    Codexis will hold a conference call and audio webcast today beginning at 4:30 p.m. Eastern time. A slide presentation featuring an updated Product Pipeline to accompany the conference call commentary is available here. The conference call dial-in numbers are 866-777-2509 for domestic callers and 412-317-5413 for international callers, and the passcode is 10146500. A live webcast of the call will be available on the Investors section of www.codexis.com.

    A recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 877-344-7529 for domestic callers, 855-669-9658 for Canadian callers or 412-317-0088 for international callers. Please use the passcode 10146500 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, Inc.

    Codexis is a leading protein engineering company that applies its proprietary CodeEvolver® technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. Codexis' proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes. For more information, see www.codexis.com.

    Forward-Looking Statements

    To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Codexis' expectations regarding its partnerships with Takeda, Alphazyme and Molecular Assemblies, its ability to continue to expand the number of commercial stage programs it is managing, its ability to continue to restore normal R&D operating capacity through the remainder of 2020 and the possible impacts of the COVID-19 pandemic on Codexis's operations and businesses and Codexis' prospects for recovery from those impacts. 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. Factors that could materially affect actual results include, among others: the continuing effect of the COVID-19 pandemic on the operations of Codexis, its suppliers and customers; Codexis' dependence on its licensees and collaborators; Codexis' dependence on a limited number of products and customers; potential adverse effects to Codexis' business if its customers' products are not received well in the markets; Codexis' ability to deploy its technology platform in new market spaces; Codexis' dependence on key personnel; Codexis' ability to compete may decline if it loses some of its intellectual property rights; third party claims that Codexis infringes third-party intellectual property rights;  Codexis could face increased competition if third parties misappropriate Codexis biocatalysts; the uncertainties inherent in research and the clinical development process, including risks, uncertainties and costs associated with the successful development of biotherapeutic candidates, including obtaining development partners for Codexis' unpartnered biotherapeutic programs and progressing such programs to clinical trials and regulatory approvals; Codexis' dependence on its biotherapeutic licensees and collaborators, including Codexis' dependence on Nestlé Health Science for the successful development and commercialization of CDX-6114; Codexis' biotherapeutic programs are early stage, highly regulated and expensive; the regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and the results inherently unpredictable; results of preclinical studies and early clinical trials of product candidates may not be predictive of results of later studies or trials; unintended or undesirable side effects of our product candidates could hinder or prevent receipt of regulatory approval; even if regulatory approval is obtained for any products that we develop alone or with collaborators, such products will remain subject to ongoing regulatory requirements and expenses; our biotherapeutic products may face competition in the market; Codexis' dependence on a limited number of products and customers in its biocatalysis business; potential adverse effects to Codexis' business if its customers' pharmaceutical or food products are not received well in the markets; risks, uncertainties and costs associated with the successful development of biotherapeutic candidates, including obtaining development partners for its biotherapeutic programs and progressing such programs to clinical trials and regulatory approvals; and risks associated with epidemic diseases or the perception of their effects. Additional information about factors that could materially affect actual results can be found in Codexis' Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2020 and its Quarterly Report on Form 10-Q filed with the SEC on May 8, 2020, 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.

    Investor Contact:

    LHA Investor Relations

    Jody Cain, 310-691-7100



    Financial Tables to Follow

    Codexis, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)

    (In Thousands, Except Per Share Amounts)

     Three Months Ended June 30, Six Months Ended June 30,
     2020 2019 2020 2019
    Revenues:       
    Product revenue$4,504  $6,249  $9,604  $14,236 
    Research and development revenue10,463  6,070  20,033  13,665 
    Total revenues14,967  12,319  29,637  27,901 
    Costs and operating expenses:       
    Cost of product revenue1,699  2,772  4,240  7,163 
    Research and development10,853  8,274  21,820  16,290 
    Selling, general and administrative8,522  7,896  17,512  16,311 
    Total costs and operating expenses21,074  18,942  43,572  39,764 
    Loss from operations(6,107) (6,623) (13,935) (11,863)
    Interest income57  220  323  450 
    Other income (expenses), net13  (88) (72) (211)
    Loss before income taxes(6,037) (6,491) (13,684) (11,624)
    Provision for income taxes307  16  312  19 
    Net loss$(6,344) $(6,507) $(13,996) $(11,643)
            
    Net loss per share, basic and diluted$(0.11) $(0.12) $(0.24) $(0.21)
            
    Weighted average common stock shares used in computing net loss per share, basic and diluted59,000  54,954  58,944  54,564 

    Codexis, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)

    (In Thousands)

     June 30, 2020 December 31, 2019
    Assets   
    Current assets:   
    Cash and cash equivalents$75,649  $90,498 
    Restricted cash, current619  661 
    Financial assets:   
    Accounts receivable14,035  9,063 
    Contract assets  1,027 
    Unbilled receivables12,412  10,099 
    Total Financial assets26,447  20,189 
    Less: allowances(34) (34)
    Total Financial assets, net26,413  20,155 
    Inventories686  371 
    Prepaid expenses and other current assets3,131  2,520 
    Total current assets106,498  114,205 
    Restricted cash1,062  1,062 
    Investment in Equity Securities1,000   
    Right-of-use assets - Operating leases, net22,599  23,837 
    Right-of-use assets - Finance leases, net170  268 
    Property and equipment, net6,822  6,282 
    Goodwill3,241  3,241 
    Other non-current assets391  178 
    Total assets$141,783  $149,073 
        
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Accounts payable$2,637  $2,621 
    Accrued compensation4,979  5,003 
    Other accrued liabilities6,943  6,540 
    Current portion of lease obligations - Operating leases2,482  1,107 
    Current portion of lease obligations - Finance leases  60 
    Deferred revenue1,903  57 
    Total current liabilities18,944  15,388 
    Deferred revenue, net of current portion3,142  1,987 
    Long-term lease obligations - Operating leases23,665  24,951 
    Other long-term liabilities1,246  1,230 
    Total liabilities46,997  43,556 
        
    Stockholders' equity:   
    Common stock6  6 
    Additional paid-in capital451,185  447,920 
    Accumulated deficit(356,405) (342,409)
    Total stockholders' equity94,786  105,517 
    Total liabilities and stockholders' equity$141,783  $149,073 

    Codexis, Inc.

    Segmented Information

    (Unaudited)

    (In Thousands)

     Three months ended June 30, 2020 Three months ended June 30, 2019
     Performance

    Enzymes
     Novel

    Biotherapeutics
     Total Performance

    Enzymes
     Novel

    Biotherapeutics
     Total
    Revenues:           
    Product revenue$4,504  $  $4,504  $6,249  $  $6,249 
    Research and development revenue3,002  7,461  10,463  4,340  1,730  6,070 
    Total revenues7,506  7,461  14,967  10,589  1,730  12,319 
    Costs and operating expenses:           
    Cost of product revenue1,699    1,699  2,772    2,772 
    Research and development (1)4,997  5,490  10,487  5,134  2,856  7,990 
    Selling, general and administrative(1)2,375  621  2,996  2,362  561  2,923 
    Total segment costs and operating expenses9,071  6,111  15,182  10,268  3,417  13,685 
    Income (loss) from operations$(1,565) $1,350  (215) $321  $(1,687) (1,366)
    Corporate costs (2)    (5,316)     (4,698)
    Depreciation and amortization    (506)     (427)
    Loss before income taxes    $(6,037)     $(6,491)
                

    (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, interest income, and other income and expenses.

     Six Months Ended June 30, Six Months Ended June 30,
     Performance

    Enzymes
     Novel

    Biotherapeutics
     Total Performance

    Enzymes
     Novel

    Biotherapeutics
     Total
    Revenues:           
    Product revenue$9,604  $  $9,604  $14,236  $  $14,236 
    Research and development revenue8,775  11,258  20,033  6,440  7,225  13,665 
    Total revenues18,379  11,258  29,637  20,676  7,225  27,901 
    Costs and operating expenses:           
    Cost of product revenue4,240    4,240  7,163    7,163 
    Research and development (1)10,693  10,415  21,108  9,576  6,172  15,748 
    Selling, general and administrative (2)4,720  1,213  5,933  4,463  1,078  5,541 
    Total segment costs and operating expenses19,653  11,628  31,281  21,202  7,250  28,452 
    Loss from operations$(1,274) $(370) (1,644) $(526) $(25) (551)
    Corporate costs (2)    (11,042)     (10,271)
    Depreciation and amortization    (998)     (802)
    Loss before income taxes    $(13,684)     $(11,624)
                

    (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, interest income, and other income and expenses.

    Codexis, Inc.

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (Unaudited)

    (In Thousands, Except Per Share Amounts)

     Three Months Ended June 30, Six Months Ended June 30,
     2020 2019 2020 2019
            
    (i) Research and development expenses       
    Research and development expenses - GAAP$10,853  $8,274  $21,820  $16,290 
    Non-GAAP adjustments:       
    Depreciation expense(a)(341) (261) (662) (492)
    Stock-based compensation(b)(471) (403) $(894) $(791)
    Research and development expenses - Non-GAAP$10,041  $7,610  $20,264  $15,007 
            
    (ii) Selling, general and administrative expenses      
    Selling, general and administrative expenses - GAAP$8,522  $7,896  $17,512  $16,311 
    Non-GAAP adjustments:       
    Depreciation expense(a)(121) (112) (238) (201)
    Stock-based compensation(b)(1,468) (1,585) (3,214) (3,260)
    Selling, general and administrative expenses - Non-GAAP$6,933  $6,199  $14,060  $12,850 
            
    (iii) Net loss       
    Net loss - GAAP$(6,344) $(6,507) $(13,996) $(11,643)
    Non-GAAP adjustments:       
    Depreciation expense(a)462  373  900  693 
    Stock-based compensation(b)1,939  1,988  4,108  4,051 
    Net loss - Non-GAAP$(3,943) $(4,146) $(8,988) $(6,899)
            
    (iv) Net loss per share       
    Net loss per share - GAAP, basic and diluted$(0.11) $(0.12) $(0.24) $(0.21)
    Non-GAAP adjustments:       
    Depreciation expense(a)$0.01  $0.01  $0.02  $0.01 
    Stock-based compensation(b)$0.03  $0.04  $0.07  $0.07 
    Net loss per share - Non-GAAP, basic and diluted$(0.07) $(0.08) $(0.15) $(0.13)
            
    Weighted average common shares used in computing GAAP and non-GAAP net loss per share, basic and diluted59,000  54,954  58,944  54,564 
            

    These non-GAAP financial measures exclude the following items:

    (a) Depreciation expense: We provide non-GAAP information which excludes depreciation expense related to the depreciation of property and equipment. We believe that eliminating this expense from our non-GAAP measures is useful to investors, because the acquisition of property and equipment, and the corresponding depreciation expense, can be inconsistent in amount and can vary from period to period.

    (b) Stock-based compensation expense: We provide non-GAAP information which excludes expenses for stock-based compensation. We believe the exclusion of this item allows for financial results that are more indicative of our operations. We also believe that the exclusion of stock-based compensation expense provides for a better comparison of Codexis' operating results to prior periods as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types.

     

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  2. REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, announced the appointment of Jennifer L. Aaker, Ph.D. to its board of directors, expanding membership to nine directors. Dr. Aaker is the General Atlantic Professor at the Stanford Graduate School of Business, and a leading behavioral scientist, scholar, and best-selling author. Her unique expertise helps companies and leaders build cultures that harness purpose, story and technologies, and facilitates improved implementation of novel strategies that enhance growth and societal impact.

    "Recognizing the ambitious growth strategy for Codexis and the importance of reshaping and…

    REDWOOD CITY, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, announced the appointment of Jennifer L. Aaker, Ph.D. to its board of directors, expanding membership to nine directors. Dr. Aaker is the General Atlantic Professor at the Stanford Graduate School of Business, and a leading behavioral scientist, scholar, and best-selling author. Her unique expertise helps companies and leaders build cultures that harness purpose, story and technologies, and facilitates improved implementation of novel strategies that enhance growth and societal impact.

    "Recognizing the ambitious growth strategy for Codexis and the importance of reshaping and aligning our organization and our corporate identity for that purpose, this as an ideal time to welcome Dr. Jennifer Aaker to the board.  She brings a new, fresh and valuable perspective that will help Codexis take advantage of the many opportunities for our platform technology to deliver products for improving human health and well-being," said Bernard Kelley, Chairman of Codexis. "Her proven methods for developing powerful and memorable narratives for growth will drive us to a new level of engagement and impact with our stakeholders."

    "I am delighted to join the board at a pivotal moment where Codexis is harnessing its artificial intelligence powered platform to fulfill its potential to make a meaningful difference in the world," said Dr. Aaker. "I look forward to combining the power of technology with human-centered design to help to create a strong future for Codexis."

    Dr. Aaker joined the faculty of Stanford University in 2005, where she currently teaches classes including Designing AI to Cultivate Human Well-Being, Rethinking Purpose, A New Type of Leader, VR/AR: Scaling Empathy in an Immersive World, Power of Story, and Humor: Serious Business. She co-authored the award-winning book The Dragonfly Effect, which has been translated into more than 10 languages, and The Power of Story, which draws on behavioral science to provide a hands-on tool to help companies put The Dragonfly Effect model to work. She is a sought-after speaker and is widely published in leading scientific journals as well as in The Economist, The New York Times, The Wall Street Journal, The Atlantic and Science. She is the recipient of the Distinguished Scientific Achievement Award, the Stanford Distinguished Teaching Award, the Citibank Best Teacher Award, the George Robbins Best Teacher Award and the Robert Jaedicke Silver Apple Award at Stanford. 

    Dr. Aaker serves as a director and advisor to a range of companies and foundations where she helps leadership teams on digital transformation, global brand building and embracing a new type of leadership for the innovation economy.  Dr. Aaker previously was a professor at the UCLA Anderson School of Management, where she conducted research that resulted in her seminal paper, Dimensions of Brand Personality. She holds a Ph.D. in marketing from the Stanford Graduate School of Business and a BA in psychology from the University of California, Berkeley.  

    About Codexis, Inc.

    Codexis is a leading protein engineering company that applies its proprietary CodeEvolver® technology to discover, develop and commercialize proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals, industrial enzymes, enzymes for use in molecular biology, diagnostics and other life science applications, and enzymes and other proteins as biotherapeutics. Codexis' proven technology platform delivers value by enabling highly targeted and application-relevant improvements in protein performance. For more information, see www.codexis.com.

    Forward-Looking Statements

    To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Additional information about factors that could materially affect actual results can be found in Codexis' Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2020 and Form 10-Q filed with the SEC on May 8, 2020, 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 Contact:

    LHA Investor Relations

    Jody Cain, 310-691-7100

     



    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42aa3246-dae5-45d4-9eb9-c1dbcff7eb04

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  3. REDWOOD CITY, Calif., July 30, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces that it will report second quarter 2020 financial results after market close on Thursday, August 6, 2020. Codexis management will hold an investment community conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss financial results and provide a company update.

    We encourage participants to pre-register for the conference call using the following link: http://dpregister.com/10146500. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and…

    REDWOOD CITY, Calif., July 30, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces that it will report second quarter 2020 financial results after market close on Thursday, August 6, 2020. Codexis management will hold an investment community conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss financial results and provide a company update.

    We encourage participants to pre-register for the conference call using the following link: http://dpregister.com/10146500. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

    Those without internet access or unable to pre-register may dial in by calling:

    U.S.866-777-2509
    International412-317-5413
    Passcode10146500

    A live webcast of the call will be available at Codexis IR Website. The webcast will be archived for 90 days.

    A replay of the call will be available for 48 hours by calling:

     U.S.877-344-7529
    Canada855-669-9658
    International412-317-0088
    Passcode10146500
    The replay will be available for 48 hours

    About Codexis, Inc.

    Codexis is a leading protein engineering company that applies its proprietary CodeEvolver® technology to discover, develop and commercialize proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals, industrial enzymes, enzymes for use in molecular biology, diagnostics and other life science applications, and enzymes and other proteins as biotherapeutics. Codexis' proven technology platform delivers value by enabling highly targeted and application-relevant improvements in protein performance. For more information, see www.codexis.com.

    Contact:

    LHA Investor Relations

    Jody Cain, 310-691-7100

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  4. REDWOOD CITY, Calif. and SAN DIEGO, June 23, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, and Molecular Assemblies, Inc., a pioneer in the field of enzymatic DNA synthesis, announce a partnership to engineer enzymes to deliver differentiated and cost-effective solutions for the enzymatic synthesis of DNA.

    Under the terms of the agreement, Codexis will purchase $1 million in Series A preferred stock of Molecular Assemblies, and John Nicols, Codexis' President and CEO will join the Molecular Assemblies' Board of Directors. Furthermore, by applying its CodeEvolver® platform technology to improve the DNA polymerase enzymes that are critical for enzymatic…

    REDWOOD CITY, Calif. and SAN DIEGO, June 23, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, and Molecular Assemblies, Inc., a pioneer in the field of enzymatic DNA synthesis, announce a partnership to engineer enzymes to deliver differentiated and cost-effective solutions for the enzymatic synthesis of DNA.

    Under the terms of the agreement, Codexis will purchase $1 million in Series A preferred stock of Molecular Assemblies, and John Nicols, Codexis' President and CEO will join the Molecular Assemblies' Board of Directors. Furthermore, by applying its CodeEvolver® platform technology to improve the DNA polymerase enzymes that are critical for enzymatic DNA synthesis, Codexis is eligible to earn additional Series A preferred stock that is expected, including success-based milestones, to accumulate to an ownership stake in excess of 10%. Molecular Assemblies will combine its advanced chemistries with Codexis' enzymes to drive the process to commercialization.

    The synthesis of DNA is a crucial component in several industries including pharmaceuticals, agriculture and synthetic biology. The current chemical process for gene and DNA synthesis was developed in the 1980s and has long been recognized as a bottleneck to expanding the applications for synthetic DNA. Enzymatic DNA synthesis can overcome the significant limitations of chemical synthesis and enable the cost-effective production of ever-lengthening strands of DNA, with the ultimate goal of creating a complete genome. Applications for synthetic DNA are numerous, with many yet to be discovered, and include biotherapeutics, diagnostics and production of improved textiles, crops, biomaterials and polymers. Among the most novel of these applications are bio-computing and DNA-based data storage.

    "At Codexis, we are firm believers in the future-shaping potential of enzymatic DNA synthesis," said Nicols "As we researched potential partners, we identified Molecular Assemblies as a pioneer in this field with a strong team and an industry-leading intellectual property position. Significant enzyme improvements from today's standards are required to reach technical and economic viability, improvements we believe only our CodeEvolver® technology has the potential to achieve. The fact we are taking an equity stake in Molecular Assemblies reflects our confidence in the capability of their team, our ability to hit the critical enzyme improvement targets, and in the ability of enzymatic synthesis ultimately to transform DNA production."

    Michael J. Kamdar, President and CEO of Molecular Assemblies, said, "We are extremely excited to be partnering with Codexis. We believe harnessing the power of Codexis' protein engineering capabilities with Molecular Assemblies' scalable enzymatic DNA synthesis technology will accelerate the enzymatic DNA synthesis revolution. The sustainable, scalable, cost-effective, and on-demand production of long, high-quality DNA has the potential to unleash rapid innovation for a broad range of industries including synthetic biology, therapeutics, agriculture, and DNA data storage. Together, we expect that Molecular Assemblies and Codexis will be at the forefront of this transformation in DNA synthesis."

    About Molecular Assemblies, Inc.

    Molecular Assemblies, Inc. is a private biotechnology company developing an enzymatic DNA synthesis technology designed to power the next generation of DNA-based products. The company's patented enzymatic method, based on making DNA the way nature makes DNA, produces long, high-quality, sequence-specific DNA reliably, affordably, and sustainably. Molecular Assemblies' technology will unleash a new generation of DNA synthesis for industries including industrial synthetic biology and precision medicine, as well as emerging applications of DNA for data information storage, nanomachines and bio-based electronics. Molecular Assemblies is headquartered in San Diego. Learn more about us at www.molecularassemblies.com.

    About Codexis, Inc.

    Codexis is a leading protein engineering company that applies its proprietary CodeEvolver® technology to discover, develop and commercialize proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals, industrial enzymes, enzymes for use in molecular biology, diagnostics and other life science applications, and enzymes and other proteins as biotherapeutics. Codexis' proven technology platform delivers value by enabling highly targeted and application-relevant improvements in protein performance. For more information, see www.codexis.com.

    Forward-Looking Statements

    To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Codexis' expectations regarding its partnership with Molecular Assemblies, its anticipated accumulation of shares of Series A preferred stock in Molecular Assemblies, and the ability of its CodeEvolver® technology to develop enzymes for the enzymatic synthesis of DNA. 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. Factors that could materially affect actual results include, among others: Codexis' dependence on its licensees and collaborators; Codexis' dependence on a limited number of products and customers; and potential adverse effects to Codexis' business if its products are not received well in the markets. Additional information about factors that could materially affect actual results can be found in Codexis' Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2020 and Form 10-Q filed with the SEC on May 8, 2020, 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 Contact:

    LHA Investor Relations

    Jody Cain, 310-691-7100

    Molecular Assemblies Contact:

    Little Dog Communications Inc.

    Jessica Yingling, Ph.D., 858-344-8091

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  5. REDWOOD CITY, Calif., June 16, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, announces the election of new independent directors, Alison Moore, Ph.D. and Stephen Dilly, MBBS, Ph.D. at the company's 2020 Annual Meeting of Stockholders held earlier today.

    "We are delighted to welcome these two highly qualified professionals to our board, both of whom bring exceptional experience in biotherapeutics development and commercialization at a time when we are increasing our focus on this business segment," said Bernard J. Kelley, Codexis Chairman.

    Dr. Moore brings to Codexis significant experience as a biotechnology and pharmaceutical executive, including an…

    REDWOOD CITY, Calif., June 16, 2020 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company and developer of high-performance enzymes, announces the election of new independent directors, Alison Moore, Ph.D. and Stephen Dilly, MBBS, Ph.D. at the company's 2020 Annual Meeting of Stockholders held earlier today.

    "We are delighted to welcome these two highly qualified professionals to our board, both of whom bring exceptional experience in biotherapeutics development and commercialization at a time when we are increasing our focus on this business segment," said Bernard J. Kelley, Codexis Chairman.

    Dr. Moore brings to Codexis significant experience as a biotechnology and pharmaceutical executive, including an extensive background in biomanufacturing. She is Chief Technical Officer of Allogene Therapeutics, a pioneering clinical-stage company advancing CAR-T therapies. Prior to Allogene she spent a total of 20 years at Amgen, most recently as Senior Vice President, Process Development, and including roles in Supply Chain and Manufacturing. Dr. Moore also has experience at Genentech as a Director in Chemistry, Manufacturing and Controls, and Regulatory Affairs. Dr. Moore holds a bachelor's degree in Pharmacology with Honors and a Ph.D. in Cell Biology from Manchester University, England.

    Dr. Dilly brings to Codexis three decades of executive management experience overseeing the development and commercialization of a range of novel therapeutics addressing multiple human disease conditions within both smaller and larger biotechnology companies. In May 2020 he was appointed CEO and director of the drug development company Sierra Oncology, Inc. (NASDAQ:SRRA). He previously served as CEO and director of Aimmune Therapeutics from 2014 to 2018 where he led the company through its successful IPO in 2015, and its landmark Phase 3 study for its lead product, Palforzia™, in early 2018.  Dr Dilly's earlier experiences include several tenures as CEO and director of private companies, as well as executive roles at Chiron, Genentech, SmithKline Beecham, and Pfizer. Dr. Dilly received an MBBS and a Ph.D. in cardiac physiology from the University of London.

    In addition to the election of Drs. Moore and Dilly, Codexis stockholders also re-elected Dr. Patrick Yang earlier today to continue to serve on the board.

    About Codexis, Inc.

    Codexis is a leading protein engineering company that applies its proprietary CodeEvolver® technology to discover, develop and commercialize proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals, industrial enzymes, enzymes for use in molecular biology, diagnostics and other life science applications, and enzymes and other proteins as biotherapeutics. Codexis' proven technology platform delivers value by enabling highly targeted and application-relevant improvements in protein performance. For more information, see www.codexis.com.

    Forward-Looking Statements

    To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Factors that could materially affect actual results include, among others: Codexis' dependence on its licensees and collaborators; Codexis' dependence on a limited number of products and customers; and potential adverse effects to Codexis' business if its products are not received well in the markets. Additional information about factors that could materially affect actual results can be found in Codexis' Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2020 and Form 10-Q filed with the SEC on May 8, 2020, 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.

    Contact:

    LHA Investor Relations

    Jody Cain

    310-691-7100

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/18fa030d-90cc-4d54-9f1a-3e620d6ec3c6

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5eb9f535-d53c-4b2c-b3ff-975e5d8a17b9

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