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 $50 million to $53 million, which assumes the revenues related to the company’s third non-exclusive CodeEvolver® license agreement, which is expected in the second half of 2017. |
• | Product sales of $21 million to $23 million, an increase of 37% to 50% over 2016. |
• | Gross margin on product sales between 37% and 39%. |
• | Total operating expenses for R&D and SG&A to increase by 6% to 8%. |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Product sales | $ | 4,249 | $ | 4,462 | $ | 15,321 | $ | 11,376 | |||||||
Research and development revenues | 5,345 | 6,352 | 31,316 | 25,599 | |||||||||||
Revenue sharing arrangement | 375 | 773 | 2,200 | 4,829 | |||||||||||
Total revenues | 9,969 | 11,587 | 48,837 | 41,804 | |||||||||||
Costs and operating expenses: | |||||||||||||||
Cost of product sales | 2,287 | 2,578 | 9,753 | 6,586 | |||||||||||
Research and development | 5,964 | 5,216 | 22,229 | 20,673 | |||||||||||
Selling, general and administrative | 6,968 | 6,026 | 25,419 | 22,315 | |||||||||||
Total costs and operating expenses | 15,219 | 13,820 | 57,401 | 49,574 | |||||||||||
Loss from operations | (5,250 | ) | (2,233 | ) | (8,564 | ) | (7,770 | ) | |||||||
Interest income | 20 | 7 | 60 | 19 | |||||||||||
Other expense | (55 | ) | (21 | ) | (94 | ) | (168 | ) | |||||||
Loss before income taxes | (5,285 | ) | (2,247 | ) | (8,598 | ) | (7,919 | ) | |||||||
Benefit from income taxes | (25 | ) | (194 | ) | (40 | ) | (338 | ) | |||||||
Net loss | $ | (5,260 | ) | $ | (2,053 | ) | $ | (8,558 | ) | $ | (7,581 | ) | |||
Net loss per share, basic and diluted | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.21 | ) | $ | (0.19 | ) | |||
Weighted average common shares used in computing net loss per share, basic and diluted | 41,002 | 39,840 | 40,629 | 39,438 |
December 31, | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 19,240 | $ | 23,273 | |||
Accounts receivable, net | 5,924 | 7,329 | |||||
Inventories | 825 | 992 | |||||
Prepaid expenses and other current assets | 1,238 | 1,245 | |||||
Total current assets | 27,227 | 32,839 | |||||
Restricted cash | 1,624 | 787 | |||||
Marketable securities | 1,142 | 1,549 | |||||
Property and equipment, net | 2,155 | 3,109 | |||||
Intangible assets, net | — | 2,812 | |||||
Goodwill | 3,241 | 3,241 | |||||
Other non-current assets | 259 | 310 | |||||
Total assets | $ | 35,648 | $ | 44,647 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,232 | $ | 3,399 | |||
Accrued compensation | 4,314 | 3,331 | |||||
Other accrued liabilities | 2,111 | 2,013 | |||||
Deferred revenues | 1,710 | 6,098 | |||||
Total current liabilities | 12,367 | 14,841 | |||||
Deferred revenues, net of current portion | 1,066 | 3,120 | |||||
Lease incentive obligation, net of current portion | 885 | 1,310 | |||||
Other liabilities | 2,231 | 2,497 | |||||
Total liabilities | 16,549 | 21,768 | |||||
Stockholders’ equity: | |||||||
Common stock | 4 | 4 | |||||
Additional paid-in capital | 311,164 | 305,981 | |||||
Accumulated other comprehensive income | — | 405 | |||||
Accumulated deficit | (292,069 | ) | (283,511 | ) | |||
Total stockholders’ equity | 19,099 | 22,879 | |||||
Total liabilities and stockholders’ equity | $ | 35,648 | $ | 44,647 |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(i) Gross margin | ||||||||||||||||
Product Sales | $ | 4,249 | $ | 4,462 | $ | 15,321 | $ | 11,376 | ||||||||
Cost of Product Sales | 2,287 | 2,578 | 9,753 | 6,586 | ||||||||||||
Gross Margin ($) - GAAP | 1,962 | 1,884 | 5,568 | 4,790 | ||||||||||||
Gross Margin (%) - GAAP | 46 | % | 42 | % | 36 | % | 42 | % | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Research and development revenue | $ | 5,345 | $ | 6,352 | $ | 31,316 | $ | 25,599 | ||||||||
Revenue sharing arrangement | 375 | 773 | 2,200 | 4,829 | ||||||||||||
Gross Margin ($) - Non-GAAP | $ | 7,682 | $ | 9,009 | $ | 39,084 | $ | 35,218 | ||||||||
Total revenue for Non-GAAP gross margin | $ | 9,969 | $ | 11,587 | $ | 48,837 | $ | 41,804 | ||||||||
Gross Margin (%) - Non-GAAP | 77 | % | 78 | % | 80 | % | 84 | % | ||||||||
(ii) Research and development expenses | ||||||||||||||||
Research and development expenses - GAAP | $ | 5,964 | $ | 5,216 | $ | 22,229 | $ | 20,673 | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Depreciation expense (b) | (198 | ) | (240 | ) | (887 | ) | (1,099 | ) | ||||||||
Intangible asset amortization (c) | (281 | ) | (842 | ) | (2,812 | ) | (3,374 | ) | ||||||||
Employee stock-based compensation (d) | (345 | ) | (225 | ) | (1,033 | ) | (935 | ) | ||||||||
Research and development expenses - Non-GAAP | $ | 5,140 | $ | 3,909 | $ | 17,497 | $ | 15,265 | ||||||||
(iii) Selling, general and administrative expenses | ||||||||||||||||
Selling, general and administrative expenses - GAAP | $ | 6,968 | $ | 6,026 | $ | 25,419 | $ | 22,315 | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Depreciation expense (b) | (171 | ) | (226 | ) | (847 | ) | (936 | ) | ||||||||
Employee stock-based compensation (d) | (1,467 | ) | (1,142 | ) | (4,640 | ) | (4,191 | ) | ||||||||
Selling, general and administrative expenses - Non-GAAP | $ | 5,330 | $ | 4,658 | $ | 19,932 | $ | 17,188 | ||||||||
(iv) Net income (loss) | ||||||||||||||||
Net income (loss) - GAAP | $ | (5,260 | ) | $ | (2,053 | ) | $ | (8,558 | ) | $ | (7,581 | ) | ||||
Non-GAAP adjustments: | ||||||||||||||||
Depreciation expense (b) | 369 | 466 | 1,734 | 2,035 | ||||||||||||
Intangible asset amortization (c) | 281 | 842 | 2,812 | 3,374 | ||||||||||||
Employee stock-based compensation (d) | 1,812 | 1,367 | 5,673 | 5,126 | ||||||||||||
Net income (loss) - Non-GAAP | $ | (2,798 | ) | $ | 622 | $ | 1,661 | $ | 2,954 | |||||||
(v) Net income (loss) per share | ||||||||||||||||
Net income (loss) per share - GAAP, basic | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.21 | ) | $ | (0.19 | ) | ||||
Adjustments to GAAP net income (loss) per share (as detailed above) | 0.06 | 0.07 | 0.25 | 0.27 | ||||||||||||
Net income (loss) per share - Non-GAAP, basic | $ | (0.07 | ) | $ | 0.02 | $ | 0.04 | $ | 0.07 | |||||||
Net income (loss) per share - GAAP, diluted | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.21 | ) | $ | (0.19 | ) | ||||
Adjustments to GAAP net income (loss) per share (as detailed above) | 0.06 | 0.07 | 0.24 | 0.27 | ||||||||||||
Net income (loss) per share - Non-GAAP, diluted | $ | (0.07 | ) | $ | 0.02 | $ | 0.04 | $ | 0.07 |
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