Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company,
today announced financial results for the third quarter ended
September 30, 2023, and provided a business update.
“Over the past quarter, we have continued to
deliver on our plan to reduce our cash burn and put ourselves in an
enviable position of financial strength. Our core Pharmaceutical
Manufacturing business generates cash, we have a potentially
game-changing technology in the ECO Synthesis™ platform, and,
importantly, we have the financial resources to execute on our
plans,” said Stephen Dilly, MBBS, PhD, President and Chief
Executive Officer of Codexis. “With our current balance sheet, we
now expect to fund our planned operations to positive cash flow,
which is anticipated around the end of 2026. We look forward to
continuing to execute on our key milestones, including the
demonstration of gram-scale synthesis with our ECO Synthesis™
platform by the end of this year.”
Third Quarter and Recent Business
Highlights
- In July 2023, Codexis announced an
update to its strategy to focus resources on programs with the
strongest probability of creating significant value in the
near-term and beyond. Accordingly, the Company is prioritizing the
advancement and commercialization of its Enzyme-Catalyzed
Oligonucleotide (ECO) Synthesis™ technology platform, designed to
enable the commercial-scale manufacture of RNA interference (RNAi)
therapeutics, and its highly complementary Pharmaceutical
Manufacturing business. The Company also discontinued investment in
certain development programs across Biotherapeutics and Life
Sciences, consolidated operations to its headquarters in Redwood
City, California and reduced headcount by approximately 25%. These
actions enable a potential path to positive cash flow around the
end of 2026 based on the Company’s current planned operations.
- In September 2023, the Company
announced it had executed an Assignment and Assumption of Lease for
its San Carlos, California location. As a result of consolidating
operations, Codexis estimates it will realize cumulative cash
savings of more than $30 million through 2031.
- In September 2023, Dr. Dilly was
named winner of the prestigious 2023 Bloom Burton Award, which
honors an individual who made the greatest contribution to Canada’s
innovative healthcare industry the previous year. Dr. Dilly
was recognized for his leadership of Vancouver-headquartered Sierra
Oncology, where he led the company through Phase 3 clinical
development of momelotinib and its drive toward commercialization
up until the company’s $1.9 billion acquisition by GSK.
- In November 2023, Codexis presented
a technical update for its ECO Synthesis™ platform at the TIDES
Europe annual meeting. The presentation focused on the Company’s
broader enzyme evolution and process development efforts for both
the iterative nucleotide addition and the supply of critical
nucleotide reagents. Driving for high volumetric productivity, data
highlighted multiple, consecutive additions of 2’-modified RNA
nucleotides to a growing oligonucleotide sequence, achieving
significant coupling efficiencies with immobilized enzymes.
Additionally, proof-of-concept was presented for an enzymatic
“one-pot, two-step” phosphorylation cascade to manufacture
nucleotide reagents for supply with the ECO Synthesis™
platform.
Formation of Strategic Advisory Board
(SAB) and Key Opinion Leader (KOL) Event on December 8,
2023
- The Company announced the formation
of its SAB, chaired by Codexis Board Member Rahul Singhvi, ScD.
This group will play a pivotal role in guiding the Company’s
strategic direction and offer valuable insights to inform the
continued development of the ECO Synthesis™ platform. John
Maraganore, PhD, founder and former Chief Executive Officer of
Alnylam Pharmaceuticals, has joined the SAB as the inaugural
external member. Dr. Maraganore is a pioneer in the RNAi
therapeutics space, having built and led Alnylam from an early
research platform through the global approval and commercialization
of the first five RNAi therapeutic medicines.
- Codexis plans to host an ECO
Synthesis™ platform-focused KOL event at 10:00 am ET on December 8,
2023. In addition to updates from Codexis leadership, the agenda
will feature a presentation from John Maraganore. Dr. Maraganore
will share his perspective on the role an enzymatic solution like
the ECO Synthesis™ platform would play in the existing RNAi
therapeutics manufacturing landscape.
Key Upcoming Milestones
- The Company expects to achieve
gram-scale synthesis with its ECO Synthesis™ technology platform by
the end of 2023, where it will demonstrate the preparative-scale
manufacture of an oligoribonucleotide, composed of modified
nucleotide building blocks typically used in RNAi therapeutics,
under process-like conditions. This critical milestone provides a
key point of technical validation to enable pre-commercial customer
testing of the platform.
- Codexis anticipates that the ECO
Synthesis™ platform will enter pre-commercial testing with select
customers in 2024. Feedback from this early access program will
provide valuable insights and could lead to initial commercial
licensing opportunities with those customers in 2025. The full ECO
Synthesis™ platform is expected to be widely available to customers
in 2026.
- The Company anticipates making its
newly engineered, double-stranded RNA (dsRNA) ligase widely
available for customers in the second half of 2024. As part of
Codexis’ initial market entry into the RNAi therapeutics space, the
dsRNA ligase is designed to augment and improve traditional
phosphoramidite chemistry by stitching together small, manufactured
strands of RNA.
Third Quarter
2023 Financial Highlights
- Total revenues, excluding enzyme
sales related to PAXLOVID™, decreased by 57% to $9.3 million for
third quarter 2023 compared to $21.5 million in third quarter 2022.
Including enzyme sales related to PAXLOVID™, total revenues were
$9.3 million in third quarter 2023 compared to $34.5 million in
third quarter 2022. On a segment basis, $8.7 million in revenue was
from the Performance Enzymes segment and $0.6 million was from
Biotherapeutics in third quarter 2023.
- Product revenues, excluding enzyme
sales related to PAXLOVID™, decreased by 64% to $5.4 million for
third quarter 2023 compared to $15.1 million in third quarter 2022.
Including enzyme sales related to PAXLOVID™, product revenues were
$5.4 million in third quarter 2023 compared to $28.0 million in
third quarter 2022.
- R&D revenues for third quarter
2023 were $3.9 million compared to $6.4 million in third quarter
2022; the decrease was primarily due to lower research and
development fees from existing collaboration agreements being
recognized in 2023 as compared to the same period in the prior
year.
- Product gross margin, excluding
enzyme sales related to PAXLOVID™, was 58% for third quarter 2023
compared to 55% in third quarter 2022. Including enzyme sales
related to PAXLOVID™, product gross margin for third quarter 2023
was 58% compared to 65% in third quarter 2022; the decrease was
largely due to variability in product mix, partially offset by
revenue recognized with no related cost in the third quarter of
2023.
- R&D expenses for third quarter
2023 were $13.7 million compared to $21.8 million in third quarter
2022; the decrease was primarily driven by a decrease in costs
associated with lower headcount, lower lab supply costs, lower
stock-based compensation costs and a decrease in outside services
related to manufacturing and regulatory expenses.
- Selling, General &
Administrative expenses for third quarter 2023 were $12.3 million
compared to $13.5 million in third quarter 2022; the decrease was
primarily due to lower stock-based compensation costs and fees for
outside services.
- Third quarter 2023 expenses also
included one-time restructuring charges of $3.1 million related to
the reduction in force announced in July 2023, $9.2 million related
to a non-cash impairment charge from the exit of the facility
located in San Carlos, California and $0.8 million from a non-cash
write-down of goodwill related to the Biotherapeutics segment.
- Third quarter 2023 other expense
included one-time, non-cash impairment charges of $3.9 million
related to investments the Company previously made in private life
sciences companies.
- The net loss for third quarter 2023
was $34.9 million, or $0.50 per share, compared to a net loss of
$10.0 million, or $0.15 per share, for third quarter 2022.
Excluding enzyme sales related to PAXLOVID™, net loss for third
quarter 2022 would have been $20.0 million, or $0.31 per
share.
- Excluding all charges related to
the restructuring and impairments, net loss for third quarter 2023
was $17.9 million, or $0.26 per share.
- As of September 30, 2023, the
Company had $74.6 million in cash and cash equivalents. Codexis
expects its existing cash and cash equivalents will be sufficient
to fund its planned operations to positive cash flow, expected
around the end of 2026.
2023 Financial
Guidance
Codexis reiterated its 2023 financial guidance
ranges originally issued on July 20, 2023, and reiterated on August
3, 2023, as follows:
- Product revenues are expected to be
in the range of $30 million to $35 million, excluding enzyme sales
related to PAXLOVID™.
- R&D revenues are expected to be
in the range of $21 million to $24 million.
- Gross margin on product revenue is
expected to be in the range of 55% to 65%, excluding enzyme sales
related to PAXLOVID™.
Conference Call and Webcast
Codexis will hold a conference call and webcast
today beginning at 4:30 p.m. ET. A live webcast and slide
presentation to accompany the conference call will be
available on the Investors section of the Company website
at www.codexis.com/investors. The conference call dial-in
numbers are 877-705-2976 for domestic callers and 201-689-8798 for
international callers.
A telephone recording of the call will be
available for 48 hours beginning approximately two hours after the
completion of the call by dialing 877-660-6853 for domestic callers
or 201-612-7415 for international callers. Please use the passcode
13726635 to access the recording. A webcast replay will be
available on the Investors section of the Company
website for 90 days, beginning approximately two hours after
the completion of the call.
About Codexis
Codexis is a leading enzyme engineering company
leveraging its proprietary CodeEvolver® technology platform to
discover, develop and enhance novel, high-performance enzymes and
other classes of proteins. Codexis enzymes solve for real-world
challenges associated with small molecule pharmaceuticals
manufacturing and nucleic acid synthesis. The Company is currently
developing its proprietary ECO Synthesis™ platform to enable the
scaled manufacture of RNAi therapeutics through an enzymatic route.
Codexis’ unique enzymes can drive improvements such as higher
yields, reduced energy usage and waste generation, improved
efficiency in manufacturing and greater sensitivity in genomic and
diagnostic applications. For more information,
visit https://www.codexis.com.
Forward-Looking Statements
This press release 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 press release 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 whether Codexis will be able to, and the
timing of it demonstrating gram-scale synthesis with its ECO
Synthesis™ technology by the end of 2023, entering pre-commercial
testing with select customers in 2024, entering into initial
commercial licensing opportunities in 2025 and the subsequent
expected commercial launch in 2026; Codexis’ expectations regarding
2023 total revenues, R&D revenues and gross margin on product
revenue, as well as its ability to fund planned operations to the
end of 2026; Codexis’ ability to achieve positive cash flow around
the end of 2026; anticipated cumulative cash savings as a result of
consolidating operations; the potential of the ECO Synthesis™
platform, including its ability to be broadly utilized, and it
providing an opportunity for Codexis to efficiently capture
meaningful market share; and expectations regarding future demand
for siRNA and dsRNA. 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 of products and
customers, and potential adverse effects to Codexis’ business if
its customers’ products are not received well in the markets; if
Codexis is unable to develop and commercialize new products for its
target markets; if competitors and potential competitors who have
greater resources and experience than Codexis develop products and
technologies that make Codexis’ products and technologies obsolete;
if Codexis is unable to accurately forecast financial and
operational performance; and market and economic conditions may
negatively impact Codexis' business, financial condition and share
price. Additional information about factors that could materially
affect actual results can be found in Codexis’ Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on February 27, 2023 and in Codexis’ Quarterly Report on Form 10-Q
filed with the SEC on or about the date hereof, including under the
caption “Risk Factors,” and in Codexis’ other periodic reports
filed with the SEC. Codexis expressly disclaims any intent or
obligation to update these forward-looking statements, except as
required by law. Codexis’ results for the quarter ended September
30, 2023, are not necessarily indicative of our operating results
for any future periods.
For More Information
Investor ContactCarrie McKim(336)
608-9706ir@codexis.com
Media ContactLauren Musto(781)
572-1147media@codexis.com
Codexis, Inc.Condensed Consolidated
Statements of
Operations(Unaudited)(In
Thousands, Except Per Share Amounts) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
Product revenue |
$ |
5,395 |
|
|
$ |
28,042 |
|
|
$ |
24,807 |
|
|
$ |
93,376 |
|
Research and development revenue |
|
3,882 |
|
|
|
6,428 |
|
|
|
18,775 |
|
|
|
14,839 |
|
Total revenues |
|
9,277 |
|
|
|
34,470 |
|
|
|
43,582 |
|
|
|
108,215 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
Cost of product revenue |
|
2,249 |
|
|
|
9,786 |
|
|
|
9,947 |
|
|
|
29,577 |
|
Research and development |
|
13,662 |
|
|
|
21,821 |
|
|
|
47,651 |
|
|
|
60,410 |
|
Selling, general and administrative |
|
12,302 |
|
|
|
13,499 |
|
|
|
41,066 |
|
|
|
39,859 |
|
Restructuring charges |
|
3,140 |
|
|
|
— |
|
|
|
3,284 |
|
|
|
— |
|
Asset impairment and other charges |
|
9,984 |
|
|
|
— |
|
|
|
9,984 |
|
|
|
— |
|
Total costs and operating
expenses |
|
41,337 |
|
|
|
45,106 |
|
|
|
111,932 |
|
|
|
129,846 |
|
Loss from operations |
|
(32,060 |
) |
|
|
(10,636 |
) |
|
|
(68,350 |
) |
|
|
(21,631 |
) |
Interest income |
|
1,056 |
|
|
|
436 |
|
|
|
3,266 |
|
|
|
618 |
|
Other income (expense), net |
|
(3,895 |
) |
|
|
216 |
|
|
|
(3,930 |
) |
|
|
150 |
|
Loss before income taxes |
|
(34,899 |
) |
|
|
(9,984 |
) |
|
|
(69,014 |
) |
|
|
(20,863 |
) |
Provision for income
taxes |
|
9 |
|
|
|
8 |
|
|
|
34 |
|
|
|
125 |
|
Net loss |
$ |
(34,908 |
) |
|
$ |
(9,992 |
) |
|
$ |
(69,048 |
) |
|
$ |
(20,988 |
) |
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.50 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.02 |
) |
|
$ |
(0.32 |
) |
Weighted average common stock
shares used in computing net loss per share, basic and diluted |
|
69,466 |
|
|
|
65,426 |
|
|
|
67,670 |
|
|
|
65,271 |
|
|
|
|
|
|
|
|
|
Codexis, Inc.Condensed Consolidated
Balance Sheets(Unaudited)(In
Thousands) |
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
74,577 |
|
|
$ |
113,984 |
|
Restricted cash, current |
|
991 |
|
|
|
521 |
|
Financial assets: |
|
|
|
Accounts receivable |
|
11,629 |
|
|
|
31,904 |
|
Contract assets |
|
1,936 |
|
|
|
2,116 |
|
Unbilled receivables |
|
5,661 |
|
|
|
7,016 |
|
Total financial assets |
|
19,226 |
|
|
|
41,036 |
|
Less: allowances |
|
(133 |
) |
|
|
(163 |
) |
Total financial assets, net |
|
19,093 |
|
|
|
40,873 |
|
Inventories |
|
2,305 |
|
|
|
2,029 |
|
Prepaid expenses and other current assets |
|
5,402 |
|
|
|
5,487 |
|
Assets held for sale |
|
646 |
|
|
|
— |
|
Total current assets |
|
103,014 |
|
|
|
162,894 |
|
Restricted cash |
|
1,062 |
|
|
|
1,521 |
|
Investment in non-marketable
equity securities |
|
18,013 |
|
|
|
20,510 |
|
Right-of-use assets -
Operating leases, net |
|
13,895 |
|
|
|
39,263 |
|
Property and equipment,
net |
|
15,282 |
|
|
|
22,614 |
|
Goodwill |
|
2,463 |
|
|
|
3,241 |
|
Other non-current assets |
|
726 |
|
|
|
350 |
|
Total assets |
$ |
154,455 |
|
|
$ |
250,393 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,098 |
|
|
$ |
3,246 |
|
Accrued compensation |
|
10,521 |
|
|
|
11,453 |
|
Other accrued liabilities |
|
8,796 |
|
|
|
15,279 |
|
Current portion of lease obligations - Operating leases |
|
6,764 |
|
|
|
5,360 |
|
Deferred revenue |
|
9,236 |
|
|
|
13,728 |
|
Total current liabilities |
|
38,415 |
|
|
|
49,066 |
|
Deferred revenue, net of
current portion |
|
10,100 |
|
|
|
16,881 |
|
Long-term lease obligations -
Operating leases |
|
13,215 |
|
|
|
38,278 |
|
Other long-term
liabilities |
|
1,219 |
|
|
|
1,371 |
|
Total liabilities |
|
62,949 |
|
|
|
105,596 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
581,838 |
|
|
|
566,081 |
|
Accumulated deficit |
|
(490,338 |
) |
|
|
(421,290 |
) |
Total stockholders' equity |
|
91,506 |
|
|
|
144,797 |
|
Total liabilities and stockholders' equity |
$ |
154,455 |
|
|
$ |
250,393 |
|
Codexis, Inc.Segmented
Information(Unaudited)(In
Thousands) |
|
|
|
|
|
Three Months Ended September 30, 2023 |
|
Three Months Ended September 30, 2022 |
|
PerformanceEnzymes |
|
NovelBiotherapeutics |
|
Total |
|
PerformanceEnzymes |
|
NovelBiotherapeutics |
|
Total |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
5,395 |
|
|
$ |
— |
|
|
$ |
5,395 |
|
|
$ |
28,042 |
|
$ |
— |
|
|
$ |
28,042 |
|
Research and development revenue |
|
3,315 |
|
|
|
567 |
|
|
|
3,882 |
|
|
|
3,104 |
|
|
3,324 |
|
|
|
6,428 |
|
Total revenues |
|
8,710 |
|
|
|
567 |
|
|
|
9,277 |
|
|
|
31,146 |
|
|
3,324 |
|
|
|
34,470 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
2,249 |
|
|
|
— |
|
|
|
2,249 |
|
|
|
9,786 |
|
|
— |
|
|
|
9,786 |
|
Research and development(1) |
|
8,146 |
|
|
|
4,377 |
|
|
|
12,523 |
|
|
|
6,782 |
|
|
13,855 |
|
|
|
20,637 |
|
Selling, general and administrative(1) |
|
1,748 |
|
|
|
386 |
|
|
|
2,134 |
|
|
|
3,791 |
|
|
888 |
|
|
|
4,679 |
|
Restructuring charges |
|
1,182 |
|
|
|
1,217 |
|
|
|
2,399 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Asset impairment and other charges(2) |
|
— |
|
|
|
778 |
|
|
|
778 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Total segment costs and
operating expenses |
|
13,325 |
|
|
|
6,758 |
|
|
|
20,083 |
|
|
|
20,359 |
|
|
14,743 |
|
|
|
35,102 |
|
Income (loss) from
operations |
$ |
(4,615 |
) |
|
$ |
(6,191 |
) |
|
|
(10,806 |
) |
|
$ |
10,787 |
|
$ |
(11,419 |
) |
|
|
(632 |
) |
Corporate costs(2) |
|
|
|
|
|
(22,736 |
) |
|
|
|
|
|
|
(7,947 |
) |
Unallocated depreciation and
amortization |
|
|
|
|
|
(1,357 |
) |
|
|
|
|
|
|
(1,405 |
) |
Loss before income taxes |
|
|
|
|
$ |
(34,899 |
) |
|
|
|
|
|
$ |
(9,984 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2022 |
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
|
Performance Enzymes |
|
Novel Biotherapeutics |
|
Total |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
24,807 |
|
|
$ |
— |
|
|
$ |
24,807 |
|
|
$ |
93,376 |
|
$ |
— |
|
|
$ |
93,376 |
|
Research and development revenue |
|
12,696 |
|
|
|
6,079 |
|
|
|
18,775 |
|
|
|
7,398 |
|
|
7,441 |
|
|
|
14,839 |
|
Total revenues |
|
37,503 |
|
|
|
6,079 |
|
|
|
43,582 |
|
|
|
100,774 |
|
|
7,441 |
|
|
|
108,215 |
|
Costs and operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
9,947 |
|
|
|
— |
|
|
|
9,947 |
|
|
|
29,577 |
|
|
— |
|
|
|
29,577 |
|
Research and development(1) |
|
24,100 |
|
|
|
19,929 |
|
|
|
44,029 |
|
|
|
19,833 |
|
|
37,279 |
|
|
|
57,112 |
|
Selling, general and administrative(1) |
|
6,578 |
|
|
|
1,528 |
|
|
|
8,106 |
|
|
|
11,208 |
|
|
2,288 |
|
|
|
13,496 |
|
Restructuring charges |
|
1,182 |
|
|
|
1,362 |
|
|
|
2,544 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Asset impairment and other charges(2) |
|
— |
|
|
|
778 |
|
|
|
778 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Total segment costs and
operating expenses |
|
41,807 |
|
|
|
23,597 |
|
|
|
65,404 |
|
|
|
60,618 |
|
|
39,567 |
|
|
|
100,185 |
|
Income (loss) from
operations |
$ |
(4,304 |
) |
|
$ |
(17,518 |
) |
|
|
(21,822 |
) |
|
$ |
40,156 |
|
$ |
(32,126 |
) |
|
|
8,030 |
|
Corporate costs(3) |
|
|
|
|
|
(42,890 |
) |
|
|
|
|
|
|
(24,940 |
) |
Unallocated depreciation and
amortization |
|
|
|
|
|
(4,302 |
) |
|
|
|
|
|
|
(3,953 |
) |
Loss before income taxes |
|
|
|
|
$ |
(69,014 |
) |
|
|
|
|
|
$ |
(20,863 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Research and development expenses and selling, general and
administrative expenses exclude depreciation and amortization of
finance leases.(2) Impairment charge of $0.8 million is
related to the goodwill allocated to the Novel Biotherapeutics
segment.(3) Corporate costs include unallocated selling, general
and administrative expenses, unallocated asset impairment and
restructuring charges, interest income, and other income (expense),
net.
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