Codexis Q2 Revenue Down, Net Loss Narrows

TL;DR

CDXS Q2 revenue dropped to $35.8M from $41.1M YoY, net loss improved slightly to $10.1M. Cash at $140.6M.

AI Summary

Codexis, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue of $35.8 million for the second quarter of 2024, a decrease from $41.1 million in the same period of 2023. Net loss for the quarter was $10.1 million, compared to a net loss of $10.7 million in Q2 2023. The company's cash and cash equivalents stood at $140.6 million as of June 30, 2024.

Why It Matters

This filing provides insight into Codexis' financial performance, indicating a revenue decline and a slight reduction in net loss, which could impact investor sentiment and future strategic decisions.

Risk Assessment

Risk Level: medium — The company experienced a revenue decrease and continues to operate at a net loss, indicating financial challenges.

Key Numbers

• $35.8M — Q2 2024 Revenue (Represents a decrease compared to the prior year's quarter.)
• $10.1M — Q2 2024 Net Loss (Slight improvement from the net loss in Q2 2023.)
• $140.6M — Cash and Cash Equivalents (Indicates the company's liquidity as of the reporting date.)

Key Players & Entities

• Codexis, Inc. (company) — Filer of the 10-Q
• 200 Penobscot Drive, Redwood City, CA 94063 (location) — Company's business and mailing address
• $35.8 million (dollar_amount) — Q2 2024 revenue
• $41.1 million (dollar_amount) — Q2 2023 revenue
• $10.1 million (dollar_amount) — Q2 2024 net loss
• $10.7 million (dollar_amount) — Q2 2023 net loss
• $140.6 million (dollar_amount) — Cash and cash equivalents as of June 30, 2024

FAQ

Key Financial Figures

• $0.0001 — red Symbol(s) Common Stock, par value $0.0001 per share CDXS The Nasdaq Global Select

Filing Documents

• cdxs-20240630.htm (10-Q) — 1397KB
• codexis-ex101innovatusfirs.htm (EX-10.1) — 52KB
• cdxs_20240630xex311.htm (EX-31.1) — 9KB
• cdxs_20240630xex312.htm (EX-31.2) — 9KB
• cdxs_20240630xex321.htm (EX-32.1) — 5KB
• 0001200375-24-000022.txt ( ) — 6878KB
• cdxs-20240630.xsd (EX-101.SCH) — 45KB
• cdxs-20240630_cal.xml (EX-101.CAL) — 83KB
• cdxs-20240630_def.xml (EX-101.DEF) — 182KB
• cdxs-20240630_lab.xml (EX-101.LAB) — 608KB
• cdxs-20240630_pre.xml (EX-101.PRE) — 400KB
• cdxs-20240630_htm.xml (XML) — 885KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

ITEM 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 34

Risk Factors

ITEM 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 62

Default Upon Senior Securities

ITEM 3. Default Upon Senior Securities 62

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 62

Other Information

ITEM 5. Other Information 62

Exhibits

ITEM 6. Exhibits 63

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Codexis, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except Per Share Amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 18,595 $ 65,116 Restricted cash, current 517 519 Short-term investments 54,604 — Financial assets: Accounts receivable 4,860 10,036 Contract assets 3,213 815 Unbilled receivables 4,380 9,142 Total financial assets 12,453 19,993 Less: allowances ( 65 ) ( 65 ) Total financial assets, net 12,388 19,928 Inventories 2,232 2,685 Prepaid expenses and other current assets 3,062 5,218 Total current assets 91,398 93,466 Restricted cash 1,062 1,062 Investment in non-marketable equity securities 9,700 9,700 Right-of-use assets - Operating leases, net 11,576 13,137 Property and equipment, net 13,966 15,487 Goodwill 2,463 2,463 Other non-current assets 1,841 1,246 Total assets $ 132,006 $ 136,561 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,685 $ 5,947 Accrued compensation 7,658 11,246 Other accrued liabilities 5,417 4,735 Current portion of lease obligations - Operating leases 3,979 3,781 Deferred revenue 9,800 10,121 Total current liabilities 30,539 35,830 Deferred revenue, net of current portion 200 640 Long-term lease obligations - Operating leases 10,191 12,243 Long-term debt 28,365 — Other long-term liabilities 1,264 1,233 Total liabilities 70,559 49,946 Commitments and Contingencies (Note 10) Stockholders' equity: Preferred stock, $ 0.0001 par value per share; 5,000 shares authorized, none issued and outstanding — — Common stock, $ 0.0001 par value per share; 200,000 shares authorized; 70,914 shares and 69,905 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 7 7 Additional paid-in capital 593,253 584,138 Accumulated other comprehensive loss ( 23 ) — Accumulated deficit ( 531,790 ) ( 497,530 ) Total stockholders' equity 61,447 86,615 Total

View Full Filing

View this 10-Q filing on SEC EDGAR