CDXS 8-K

Codexis, Inc. (CDXS)

8-K 2023-11-02 For: 2023-11-02

Added on April 11, 2026


Exhibit Number		Description

99.1		Press release dated November 2, 2023 relating to the financial results for the quarter ended September 30, 2023

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenues:
Product revenue	$	5,395		$	28,042		$	24,807		$	93,376
Research and development revenue		3,882			6,428			18,775			14,839

Total revenues		9,277			34,470			43,582			108,215
Costs and operating expenses:
Cost of product revenue		2,249			9,786			9,947			29,577
Research and development		13,662			21,821			47,651			60,410
Selling, general and administrative		12,302			13,499			41,066			39,859
Restructuring charges		3,140			—			3,284			—
Asset impairment and other charges		9,984			—			9,984			—

Total costs and operating expenses		41,337			45,106			111,932			129,846
Loss from operations		(32,060	)		(10,636	)		(68,350	)		(21,631	)
Interest income		1,056			436			3,266			618
Other income (expense), net		(3,895	)		216			(3,930	)		150

Loss before income taxes		(34,899	)		(9,984	)		(69,014	)		(20,863	)
Provision for income taxes		9			8			34			125

Net loss	$	(34,908	)	$	(9,992	)	$	(69,048	)	$	(20,988	)

Net loss per share, basic and diluted	$	(0.50	)	$	(0.15	)	$	(1.02	)	$	(0.32	)
Weighted average common stock shares used in computing net loss per share, basic and diluted		69,466			65,426			67,670			65,271


	September 30, 2023			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	74,577		$	113,984
Restricted cash, current		991			521
Financial assets:
Accounts receivable		11,629			31,904
Contract assets		1,936			2,116
Unbilled receivables		5,661			7,016

Total financial assets		19,226			41,036
Less: allowances		(133	)		(163	)

Total financial assets, net		19,093			40,873
Inventories		2,305			2,029
Prepaid expenses and other current assets		5,402			5,487
Assets held for sale		646			—

Total current assets		103,014			162,894
Restricted cash		1,062			1,521
Investment in non-marketable equity securities		18,013			20,510
Right-of-use assets - Operating leases, net		13,895			39,263
Property and equipment, net		15,282			22,614
Goodwill		2,463			3,241
Other non-current assets		726			350

Total assets	$	154,455		$	250,393

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,098		$	3,246
Accrued compensation		10,521			11,453
Other accrued liabilities		8,796			15,279
Current portion of lease obligations - Operating leases		6,764			5,360
Deferred revenue		9,236			13,728

Total current liabilities		38,415			49,066
Deferred revenue, net of current portion		10,100			16,881
Long-term lease obligations - Operating leases		13,215			38,278
Other long-term liabilities		1,219			1,371

Total liabilities		62,949			105,596
Stockholders’ equity:
Common stock		6			6
Additional paid-in capital		581,838			566,081
Accumulated deficit		(490,338	)		(421,290	)

Total stockholders’ equity		91,506			144,797

Total liabilities and stockholders’ equity	$	154,455		$	250,393


	Three Months Ended September 30, 2023									Three Months Ended September 30, 2022
	Performance Enzymes			Novel Biotherapeutics			Total			Performance Enzymes		Novel Biotherapeutics			Total
Revenues:
Product revenue	$	5,395		$	—		$	5,395		$	28,042	$	—		$	28,042
Research and development revenue		3,315			567			3,882			3,104		3,324			6,428

Total revenues		8,710			567			9,277			31,146		3,324			34,470
Costs and operating expenses:
Cost of product revenue		2,249			—			2,249			9,786		—			9,786
Research and development⁽¹⁾		8,146			4,377			12,523			6,782		13,855			20,637
Selling, general and administrative⁽¹⁾		1,748			386			2,134			3,791		888			4,679
Restructuring charges		1,182			1,217			2,399			—		—			—
Asset impairment and other charges⁽²⁾		—			778			778			—		—			—

Total segment costs and operating expenses		13,325			6,758			20,083			20,359		14,743			35,102

Income (loss) from operations	$	(4,615	)	$	(6,191	)		(10,806	)	$	10,787	$	(11,419	)		(632	)

Corporate costs⁽²⁾								(22,736	)							(7,947	)
Unallocated depreciation and amortization								(1,357	)							(1,405	)

Loss before income taxes							$	(34,899	)						$	(9,984	)


	Nine Months Ended September 30, 2023									Nine Months Ended September 30, 2022
	Performance Enzymes			Novel Biotherapeutics			Total			Performance Enzymes		Novel Biotherapeutics			Total
Revenues:
Product revenue	$	24,807		$	—		$	24,807		$	93,376	$	—		$	93,376
Research and development revenue		12,696			6,079			18,775			7,398		7,441			14,839

Total revenues		37,503			6,079			43,582			100,774		7,441			108,215
Costs and operating expenses:
Cost of product revenue		9,947			—			9,947			29,577		—			29,577
Research and development⁽¹⁾		24,100			19,929			44,029			19,833		37,279			57,112
Selling, general and administrative⁽¹⁾		6,578			1,528			8,106			11,208		2,288			13,496
Restructuring charges		1,182			1,362			2,544			—		—			—
Asset impairment and other charges⁽²⁾		—			778			778			—		—			—

Total segment costs and operating expenses		41,807			23,597			65,404			60,618		39,567			100,185

Income (loss) from operations	$	(4,304	)	$	(17,518	)		(21,822	)	$	40,156	$	(32,126	)		8,030

Corporate costs⁽³⁾								(42,890	)							(24,940	)
Unallocated depreciation and amortization								(4,302	)							(3,953	)

Loss before income taxes							$	(69,014	)						$	(20,863	)