Codexis, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Codexis, Inc. has submitted its 2023 10-K filing, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CODEXIS, INC. (CDXS) filed a Annual Report (10-K) with the SEC on February 28, 2024. Codexis, Inc. filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 200 Penobscot Drive, Redwood City, CA 94063. Codexis, Inc. is classified under the Industrial Organic Chemicals sector (SIC 2860). The filing was submitted on February 28, 2024.

Why It Matters

For investors and stakeholders tracking CODEXIS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Codexis's financial health, operational results, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for investors and stakeholders to make informed decisions regarding their investments in Codexis, Inc.

Risk Assessment

Risk Level: medium — CODEXIS, INC. shows moderate risk based on this filing. The company's financial performance and future growth are subject to various market and operational risks inherent in the biotechnology and chemical industries, as detailed in the 10-K filing.

Analyst Insight

Investors should carefully review the financial statements and risk factors in the 10-K to understand Codexis's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 001-34705 — SEC File Number (SEC registration number)
• 24696143 — Film Number (SEC film identifier)

Key Players & Entities

• CODEXIS, INC. (company) — Filer name
• 200 PENOBSCOT DRIVE (location) — Business address
• REDWOOD CITY (location) — Business address city
• CA (location) — Business address state
• 94063 (location) — Business address zip
• 650-421-8100 (phone) — Business phone
• 2860 (industry_code) — Standard Industrial Classification
• 2024-02-28 (date) — Filing date

FAQ

Industry Context

Codexis, Inc. operates in the industrial organic chemicals sector, focusing on enzyme engineering and biocatalysis for various applications.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the 2023 performance metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — ch Registered: Common Stock, par value $0.0001 per share CDXS The Nasdaq Global Select
• $2.0 million — PAXLOVID, generated on average between $2.0 million to $9.0 million annually per enzyme bet
• $9.0 million — ated on average between $2.0 million to $9.0 million annually per enzyme between 2021 and 20
• $1.0 million — ed into the MAI Agreement, we purchased $1.0 million in MAI's Series A financing. In April 2
• $0.6 million — il 2021, Codexis invested an additional $0.6 million in MAI's Series A financing and, in Sep
• $7.0 million — er 2021, Codexis invested an additional $7.0 million in MAI's Series B financing. In April 2

Filing Documents

• cdxs-20231231.htm (10-K) — 2185KB
• exhibit44cdxs-20231231.htm (EX-4.4) — 31KB
• codexis-ex1011codexis_nest.htm (EX-10.11) — 837KB
• codexis-ex1017codexis_inno.htm (EX-10.17) — 535KB
• exhibit231auditconsent2023.htm (EX-23.1) — 3KB
• exhibit311cdxs-20231231.htm (EX-31.1) — 9KB
• exhibit312cdxs-20231231.htm (EX-31.2) — 10KB
• exhibit321cdxs-20231231.htm (EX-32.1) — 6KB
• codexis-ex971policyonrecou.htm (EX-97.1) — 18KB
• cdxs-20231231_g1.jpg (GRAPHIC) — 155KB
• 0001200375-24-000009.txt (&nbsp;) — 14059KB
• cdxs-20231231.xsd (EX-101.SCH) — 84KB
• cdxs-20231231_cal.xml (EX-101.CAL) — 87KB
• cdxs-20231231_def.xml (EX-101.DEF) — 507KB
• cdxs-20231231_lab.xml (EX-101.LAB) — 1056KB
• cdxs-20231231_pre.xml (EX-101.PRE) — 804KB
• cdxs-20231231_htm.xml (XML) — 1782KB

Risk Factors

Item 1A Risk Factors 16

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 44

Cybersecurity

Item 1C Cybersecurity 44

Properties

Item 2 Properties 45

Legal Proceedings

Item 3 Legal Proceedings 45

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 45 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46

[Reserved]

Item 6 [Reserved] 47

Management's Discussion and Analysis of Financial Condition and Results of Operation s

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operation s 48

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 60

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 61

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 104

Controls and Procedures

Item 9A Controls and Procedures 104

Other Information

Item 9B Other Information 104

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 105

Executive Compensation

Item 11 Executive Compensation 105

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 105

Principal Accounting Fees and Services

Item 14 Principal Accounting Fees and Services 105 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 106

Form 10-K Summary

Item 16 Form 10-K Summary 111

Signatures

Signatures 112 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and the related Notes that appear elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), particularly in Part I, Item 1: "Business," Part I, Item 1A: "Risk Factors" and Part 2, Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations." These statements are often identified by the use of words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "should," "estimate" or "continue," and similar expressions or variations. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to: any projections of financial information or performance; any statements about historical results that may suggest trends for our business; any statements of the plans, strategies, and objectives of management for future operations; any statements of expectation or belief regarding future events, technology developments, our products and product candidates, product sales, revenues, expenses, liquidity, cash flow, commercial reach, market growth rates or enforceability of our intellectual property rights and related litigation expenses; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, we caution you not to place undue reliance on these statements. For a discussion of some of the factors that could cause actual results to differ materially from our

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW We are a leading enzyme engineering company leveraging our proprietary CodeEvolver directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Enzymes are naturally occurring biological molecules critical to almost all biochemical reactions that sustain life. They can be precisely engineered and optimized for specific functions, and to have particular characteristics, such as an ability to survive environments in which natural enzymes cannot, or to perform (bio)chemical transformations different than those for which they naturally evolved. We focus on leveraging our capacity to enhance the properties and performance of enzymes to drive pivotal improvements across two key focus areas: our foundational, revenue-generating biocatalysis pharmaceutical manufacturing business and our Enzyme-Catalyzed Oligonucleotide Synthesis ("ECO Synthesis") manufacturing platform, which is currently in development to enable the commercial scale manufacture of RNA interference ( " RNAi " ) therapeutics. In July 2023, we announced that we discontinued investment in certain development programs, primarily in our novel biotherapeutics business segment and that we are actively exploring options to drive value by potentially monetizing non-core life science assets, including in genomics and next generation sequencing ("NGS"). In o ur revenue-generating pharmaceutical manufacturing business, we utilize our CodeEvolver technology platform to develop optimized enzymes that are used by some of the world's largest pharmaceutical companies to reduce their costs and improve the efficiency and productivity of their manufacturing processes for small molecule therapeutics. Our unique enzymes drive improvements such as higher yields, increased purity, reduced energy usage and waste generation, and improved efficiency in manufacturing. We also use the CodeEvolver platform techn

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View this 10-K filing on SEC EDGAR