Delaware | 001-34705 | 71-0872999 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statement and Exhibits |
CODEXIS, INC. | ||
By: | /s/ Gordon Sangster | |
Name: | Gordon Sangster | |
Title: | Senior Vice President and Chief Financial Officer |
• | Total revenues of $39 million to $42 million, representing a 10% to 19% increase over 2014. This revenue guidance assumes recognizing a $6.5 million milestone related to the company's non-exclusive licensing agreement with GSK expected towards the end of 2015. |
• | Continued gross margins as a percent of total sales in the range of 70% to 75%. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||
Revenues: | |||||||||||||||
Biocatalyst product sales | $ | 4,741 | $ | 5,263 | $ | 13,064 | $ | 20,423 | |||||||
Biocatalyst research and development | 7,769 | 1,931 | 14,945 | 6,868 | |||||||||||
Revenue sharing arrangement | 1,681 | 2,331 | 7,298 | 4,631 | |||||||||||
Total revenues | 14,191 | 9,525 | 35,307 | 31,922 | |||||||||||
Costs and operating expenses: | |||||||||||||||
Cost of biocatalyst product revenues | 3,547 | 4,764 | 9,726 | 14,554 | |||||||||||
Research and development | 5,047 | 8,829 | 22,755 | 31,606 | |||||||||||
Selling, general and administrative | 5,147 | 5,783 | 21,937 | 26,908 | |||||||||||
Total costs and operating expenses | 13,741 | 19,376 | 54,418 | 73,068 | |||||||||||
Income (loss) from operations | 450 | (9,851 | ) | (19,111 | ) | (41,146 | ) | ||||||||
Interest income | 3 | 8 | 18 | 60 | |||||||||||
Other expense | (50 | ) | (15 | ) | (234 | ) | (304 | ) | |||||||
Income (loss) before income taxes | 403 | (9,858 | ) | (19,327 | ) | (41,390 | ) | ||||||||
Benefit from income taxes | (58 | ) | (45 | ) | (256 | ) | (87 | ) | |||||||
Net income (loss) | $ | 345 | $ | (9,813 | ) | $ | (19,071 | ) | $ | (41,303 | ) | ||||
Net income (loss) per share, basic and diluted | $ | 0.01 | $ | (0.26 | ) | $ | (0.50 | ) | $ | (1.08 | ) | ||||
Shares used in computing basic earnings (loss) per share | 38,641 | 38,329 | 38,209 | 38,231 | |||||||||||
Shares used in computing diluted earnings (loss) per share | 39,592 | 38,329 | 38,209 | 38,231 |
December 31, | |||||||
2014 | 2013 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 26,487 | $ | 22,130 | |||
Short-term investments | — | 3,005 | |||||
Accounts receivable, net | 3,870 | 5,413 | |||||
Inventories | 1,395 | 1,487 | |||||
Prepaid expenses and other assets, current | 1,255 | 1,567 | |||||
Assets held for sale | — | 2,179 | |||||
Total current assets | 33,007 | 35,781 | |||||
Restricted cash | 711 | 711 | |||||
Marketable securities | 688 | 795 | |||||
Property and equipment, net | 3,995 | 8,446 | |||||
Intangible assets, net | 6,186 | 9,560 | |||||
Goodwill | 3,241 | 3,241 | |||||
Other assets, non-current | 294 | 306 | |||||
Total assets | $ | 48,122 | $ | 58,840 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,673 | $ | 3,961 | |||
Accrued compensation | 2,946 | 3,625 | |||||
Other accrued liabilities | 2,619 | 1,612 | |||||
Deferred revenues | 3,497 | 2,001 | |||||
Total current liabilities | 13,735 | 11,199 | |||||
Deferred revenues, net of current portion | 3,813 | 1,114 | |||||
Other liabilities | 4,263 | 5,044 | |||||
Total liabilities | 21,811 | 17,357 | |||||
Stockholders’ equity: | |||||||
Common stock | 4 | 4 | |||||
Additional paid-in capital | 302,379 | 298,370 | |||||
Accumulated other comprehensive loss | (142 | ) | (32 | ) | |||
Accumulated deficit | (275,930 | ) | (256,859 | ) | |||
Total stockholders’ equity | 26,311 | 41,483 | |||||
Total liabilities and stockholders’ equity | $ | 48,122 | $ | 58,840 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||
(i) Research and development expenses | ||||||||||||||||
Research and development expenses - GAAP | $ | 5,047 | $ | 8,829 | $ | 22,755 | $ | 31,606 | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Impairment of excess lab equipment and change in fair value of assets held for sale(a) | — | (1,582 | ) | (2,728 | ) | (1,582 | ) | |||||||||
Gain on sale of Hungarian subsidiary(b) | — | — | 760 | — | ||||||||||||
Depreciation expense(c) | (388 | ) | (1,321 | ) | (2,233 | ) | (5,453 | ) | ||||||||
Intangible asset amortization (d) | (844 | ) | (844 | ) | (3,374 | ) | (3,374 | ) | ||||||||
Employee stock-based compensation(e) | (219 | ) | (212 | ) | (953 | ) | (1,201 | ) | ||||||||
Research and development expenses - Non-GAAP | $ | 3,596 | $ | 4,870 | $ | 14,227 | $ | 19,996 | ||||||||
(ii) Selling, general and administrative expenses | ||||||||||||||||
Selling, general and administrative expenses - GAAP | $ | 5,147 | $ | 5,783 | $ | 21,937 | $ | 26,908 | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Depreciation expense(c) | (244 | ) | (317 | ) | (1,078 | ) | (1,491 | ) | ||||||||
Employee stock-based compensation(e) | (771 | ) | (816 | ) | (3,667 | ) | (3,188 | ) | ||||||||
Selling, general and administrative expenses - Non-GAAP | $ | 4,132 | $ | 4,650 | $ | 17,192 | $ | 22,229 | ||||||||
(iii) Net income (loss) | ||||||||||||||||
Net income (loss) - GAAP | $ | 345 | $ | (9,813 | ) | $ | (19,071 | ) | $ | (41,303 | ) | |||||
Non-GAAP adjustments: | ||||||||||||||||
Impairment of excess lab equipment and change in fair value of assets held for sale(a) | — | 1,582 | 2,728 | 1,582 | ||||||||||||
Gain on sale of Hungarian subsidiary(b) | — | — | (760 | ) | — | |||||||||||
Depreciation expense(c) | 632 | 1,638 | 3,311 | 6,944 | ||||||||||||
Intangible asset amortization(d) | 844 | 844 | 3,374 | 3,374 | ||||||||||||
Employee stock-based compensation(e) | 990 | 1,028 | 4,620 | 4,389 | ||||||||||||
Net income (loss) - Non-GAAP | $ | 2,811 | $ | (4,721 | ) | $ | (5,798 | ) | $ | (25,014 | ) | |||||
(iv) Earnings (loss) per share | ||||||||||||||||
GAAP earnings (loss) per share - basic and diluted | $ | 0.01 | $ | (0.26 | ) | $ | (0.50 | ) | $ | (1.08 | ) | |||||
Adjustments to GAAP net income (loss) (as detailed above) | 0.06 | 0.14 | 0.35 | 0.43 | ||||||||||||
Non-GAAP earnings (loss) per share - basic and diluted | $ | 0.07 | $ | (0.12 | ) | $ | (0.15 | ) | $ | (0.65 | ) |
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