(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading | Name of Each Exchange on Which Registered | ||||||
Symbols(s) | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statement and Exhibits. |
Exhibit No. | Exhibit Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
CODEXIS, INC. | ||||||||
By: | /s/ Sriram Ryali | |||||||
Name: | Sriram Ryali | |||||||
Title: | Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenue | $ | 11,048 | $ | 34,645 | $ | 19,412 | $ | 65,335 | |||||||||||||||
Research and development revenue | 10,275 | 3,761 | 14,893 | 8,411 | |||||||||||||||||||
Total revenues | 21,323 | 38,406 | 34,305 | 73,746 | |||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of product revenue | 3,178 | 11,270 | 7,698 | 19,791 | |||||||||||||||||||
Research and development | 17,334 | 19,089 | 33,988 | 38,590 | |||||||||||||||||||
Selling, general and administrative | 13,365 | 10,656 | 28,765 | 26,360 | |||||||||||||||||||
Restructuring charges | 72 | — | 145 | — | |||||||||||||||||||
Total costs and operating expenses | 33,949 | 41,015 | 70,596 | 84,741 | |||||||||||||||||||
Loss from operations | (12,626) | (2,609) | (36,291) | (10,995) | |||||||||||||||||||
Interest income | 1,121 | 140 | 2,209 | 182 | |||||||||||||||||||
Other expense, net | (9) | (63) | (33) | (66) | |||||||||||||||||||
Loss before income taxes | (11,514) | (2,532) | (34,115) | (10,879) | |||||||||||||||||||
Provision for income taxes | 9 | 108 | 25 | 117 | |||||||||||||||||||
Net loss | $ | (11,523) | $ | (2,640) | $ | (34,140) | $ | (10,996) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.17) | $ | (0.04) | $ | (0.51) | $ | (0.17) | |||||||||||||||
Weighted average common stock shares used in computing net loss per share, basic and diluted | 67,573 | 65,288 | 66,756 | 65,193 | |||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 92,093 | $ | 113,984 | |||||||
Restricted cash, current | 524 | 521 | |||||||||
Financial assets: | |||||||||||
Accounts receivable | 8,806 | 31,904 | |||||||||
Contract assets | 2,248 | 2,116 | |||||||||
Unbilled receivables | 10,691 | 7,016 | |||||||||
Total financial assets | 21,745 | 41,036 | |||||||||
Less: allowances | (133) | (163) | |||||||||
Total financial assets, net | 21,612 | 40,873 | |||||||||
Inventories | 2,052 | 2,029 | |||||||||
Prepaid expenses and other current assets | 3,763 | 5,487 | |||||||||
Total current assets | 120,044 | 162,894 | |||||||||
Restricted cash | 1,530 | 1,521 | |||||||||
Investment in non-marketable equity securities | 21,378 | 20,510 | |||||||||
Right-of-use assets - Operating leases, net | 36,745 | 39,263 | |||||||||
Property and equipment, net | 23,325 | 22,614 | |||||||||
Goodwill | 3,241 | 3,241 | |||||||||
Other non-current assets | 498 | 350 | |||||||||
Total assets | $ | 206,761 | $ | 250,393 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 4,042 | $ | 3,246 | |||||||
Accrued compensation | 8,538 | 11,453 | |||||||||
Other accrued liabilities | 7,001 | 15,279 | |||||||||
Current portion of lease obligations - Operating leases | 5,626 | 5,360 | |||||||||
Deferred revenue | 10,529 | 13,728 | |||||||||
Total current liabilities | 35,736 | 49,066 | |||||||||
Deferred revenue, net of current portion | 10,110 | 16,881 | |||||||||
Long-term lease obligations - Operating leases | 35,379 | 38,278 | |||||||||
Other long-term liabilities | 1,405 | 1,371 | |||||||||
Total liabilities | 82,630 | 105,596 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 6 | 6 | |||||||||
Additional paid-in capital | 579,555 | 566,081 | |||||||||
Accumulated deficit | (455,430) | (421,290) | |||||||||
Total stockholders' equity | 124,131 | 144,797 | |||||||||
Total liabilities and stockholders' equity | $ | 206,761 | $ | 250,393 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Performance Enzymes | Novel Biotherapeutics | Total | Performance Enzymes | Novel Biotherapeutics | Total | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 11,048 | $ | — | $ | 11,048 | $ | 34,645 | $ | — | $ | 34,645 | |||||||||||||||||||||||
Research and development revenue | 8,260 | 2,015 | 10,275 | 1,885 | 1,876 | 3,761 | |||||||||||||||||||||||||||||
Total revenues | 19,308 | 2,015 | 21,323 | 36,530 | 1,876 | 38,406 | |||||||||||||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||||||||||||||
Cost of product revenue | 3,178 | — | 3,178 | 11,270 | — | 11,270 | |||||||||||||||||||||||||||||
Research and development(1) | 7,856 | 8,240 | 16,096 | 6,929 | 11,078 | 18,007 | |||||||||||||||||||||||||||||
Selling, general and administrative(1) | 2,032 | 191 | 2,223 | 3,876 | 680 | 4,556 | |||||||||||||||||||||||||||||
Restructuring charges | — | 72 | 72 | — | — | — | |||||||||||||||||||||||||||||
Total segment costs and operating expenses | 13,066 | 8,503 | 21,569 | 22,075 | 11,758 | 33,833 | |||||||||||||||||||||||||||||
Income (loss) from operations | $ | 6,242 | $ | (6,488) | (246) | $ | 14,455 | $ | (9,882) | 4,573 | |||||||||||||||||||||||||
Corporate costs(2) | (9,788) | (5,789) | |||||||||||||||||||||||||||||||||
Unallocated depreciation and amortization | (1,480) | (1,316) | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (11,514) | $ | (2,532) | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Performance Enzymes | Novel Biotherapeutics | Total | Performance Enzymes | Novel Biotherapeutics | Total | ||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 19,412 | $ | — | $ | 19,412 | $ | 65,335 | $ | — | $ | 65,335 | |||||||||||||||||||||||
Research and development revenue | 9,382 | 5,511 | 14,893 | 4,294 | 4,117 | 8,411 | |||||||||||||||||||||||||||||
Total revenues | 28,794 | 5,511 | 34,305 | 69,629 | 4,117 | 73,746 | |||||||||||||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||||||||||||||
Cost of product revenue | 7,698 | — | 7,698 | 19,791 | — | 19,791 | |||||||||||||||||||||||||||||
Research and development(1) | 15,955 | 15,552 | 31,507 | 13,051 | 23,424 | 36,475 | |||||||||||||||||||||||||||||
Selling, general and administrative(1) | 4,830 | 1,142 | 5,972 | 7,416 | 1,400 | 8,816 | |||||||||||||||||||||||||||||
Restructuring charges | — | 145 | 145 | — | — | — | |||||||||||||||||||||||||||||
Total segment costs and operating expenses | 28,483 | 16,839 | 45,322 | 40,258 | 24,824 | 65,082 | |||||||||||||||||||||||||||||
Income (loss) from operations | $ | 311 | $ | (11,328) | (11,017) | $ | 29,371 | $ | (20,707) | 8,664 | |||||||||||||||||||||||||
Corporate costs(2) | (20,152) | (16,994) | |||||||||||||||||||||||||||||||||
Unallocated depreciation and amortization | (2,946) | (2,549) | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (34,115) | $ | (10,879) | |||||||||||||||||||||||||||||||
Cover |
Aug. 03, 2023 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001200375 |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2023 |
Entity Registrant Name | Codexis, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34705 |
Entity Tax Identification Number | 71-0872999 |
Entity Address, City or Town | Redwood City |
Entity Address, Postal Zip Code | 94063 |
City Area Code | 650 |
Local Phone Number | 421-8100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | CDXS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Address, Address Line One | 200 Penobscot Drive |
Entity Address, State or Province | CA |
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