Codexis Files 8-K on Operations & Financial Condition

TL;DR

**CDXS just dropped an 8-K on financials, new info coming.**

AI Summary

Codexis, Inc. filed an 8-K on January 9, 2024, to report on its results of operations and financial condition, as well as to make a Regulation FD disclosure. This filing indicates that the company is providing an update on its financial performance, which is crucial for investors to understand the company's current health and future prospects. For shareholders, this means new financial information is available that could influence the stock's valuation and their investment decisions.

Why It Matters

This filing signals that new financial information about Codexis, Inc. (CDXS) is being released, which could impact investor sentiment and stock price.

Risk Assessment

Risk Level: low — This 8-K is a routine disclosure of financial information and does not inherently present a high risk, though the content of the disclosed financials could be positive or negative.

Analyst Insight

Investors should look for the actual financial results and disclosures that will follow this 8-K to understand the full impact on Codexis, Inc.'s valuation and future outlook.

Key Players & Entities

• Codexis, Inc. (company) — the registrant filing the 8-K
• January 9, 2024 (date) — date of earliest event reported and filing date
• 001-34705 (other) — Commission File Number for Codexis, Inc.
• CDXS (other) — trading symbol for Codexis, Inc.

FAQ

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share CDXS The Nasdaq Global Se
• $70 million — h and cash equivalents of approximately $70 million as of December 31, 2023, which figure i
• $65 million — h and cash equivalents of approximately $65 million as of December 31, 2023 and a $5 millio
• $5 million — 5 million as of December 31, 2023 and a $5 million upfront payment (the "CDX-7108 Payment"
• $30 million — the upper end of the guidance range of $30 million to $35 million, excluding enzyme sales
• $35 m — of the guidance range of $30 million to $35 million, excluding enzyme sales related t
• $25 million — are now expected to be in the range of $25 million to $27 million compared to previous gui
• $27 million — ed to be in the range of $25 million to $27 million compared to previous guidance of $21 mi
• $21 million — illion compared to previous guidance of $21 million to $24 million, which reflects revenue
• $24 m — to previous guidance of $21 million to $24 million, which reflects revenue from the

Filing Documents

• d710983d8k.htm (8-K) — 32KB
• 0001193125-24-004882.txt ( ) — 149KB
• cdxs-20240109.xsd (EX-101.SCH) — 3KB
• cdxs-20240109_lab.xml (EX-101.LAB) — 17KB
• cdxs-20240109_pre.xml (EX-101.PRE) — 11KB
• d710983d8k_htm.xml (XML) — 3KB

02

Item 2.02. Results of Operations and Financial Condition. On January 9, 2024, Codexis, Inc. (the "Company") reported unaudited pro forma cash and cash equivalents of approximately $70 million as of December 31, 2023, which figure includes cash and cash equivalents of approximately $65 million as of December 31, 2023 and a $5 million upfront payment (the "CDX-7108 Payment") received in January 2024 in connection with the Company's previously announced acquisition agreement with Nestl Health Science ("Nestl"), executed in December 2023, pursuant to which the Company agreed to assign its interests in its partnered product candidate CDX-7108 for the treatment of exocrine pancreatic insufficiency (including associated agreements and intellectual property rights) to Nestl. The Company continues to expect that its existing cash and cash equivalents will be sufficient to fund its planned operations to positive cash flow, expected around the end of 2026. In addition, the Company announced that it is revising the full year 2023 guidance that it originally provided in a press release announcing preliminary financial results for the second quarter of 2023, dated July 20, 2023, and reiterated in its financial results press release for the third quarter of 2023, dated November 2, 2023. Product revenues for 2023 are expected to be toward the upper end of the guidance range of $30 million to $35 million, excluding enzyme sales related to PAXLOVID . R&D revenues are now expected to be in the range of $25 million to $27 million compared to previous guidance of $21 million to $24 million, which reflects revenue from the CDX-7108 Payment received in January 2024. Gross margin on product revenue is now expected to be in the range of 60% to 65%, excluding enzyme sales related to PAXLOVID , compared to previous guidance of 55% to 65%. This preliminary 2023 financial information reflects estimates and represents the most current information available to the Company's managemen

01

Item 7.01. Regulation FD Disclosure. The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference. The information in this Current Report on Form 8-K is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.

Forward-Looking Statements

Forward-Looking Statements This current report 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. To the extent that statements contained in this current report are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management, including but not limited to statements regarding Codexis' cash and cash equivalents as of December 31, 2023 and financial results for the full year ended December 31, 2023, Codexis' having sufficient cash to fund operations to positive cash flow and the anticipated timeline on which Codexis may achieve positive cash flow 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; if any of its collaborators terminate their development programs under their respective license agreements with Codexis; Codexis may need additional capital in the future in order to expand its business; if Codexis is unable to successfully develop new technology such as its ECO Synthesis platform and dsRNA; Codexis' dependence on a limited number

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CODEXIS, INC. Date: January 9, 2024 By: /s/ Sriram Ryali Sriram Ryali Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR