Codexis ( (CDXS) ) has released its Q4 earnings. Here is a breakdown of the information Codexis presented to its investors.
Codexis, Inc. is a prominent provider of enzymatic solutions aimed at enhancing the efficiency and scalability of therapeutics manufacturing, primarily operating within the biotechnology sector. The company leverages its proprietary CodeEvolver technology platform to develop novel enzymes that address manufacturing challenges in small molecule and nucleic acid therapeutics.
Codexis recently announced its financial results for the fourth quarter and fiscal year 2024, highlighting a total revenue of $59.3 million for the year. The company anticipates double-digit revenue growth in 2025, driven by advancements in its ECO Synthesis platform and the expansion of its commercial capabilities.
Key financial metrics for 2024 include a 4% decrease in total revenues compared to 2023, excluding enzyme sales related to PAXLOVID. Product revenues increased by 6%, while R&D revenues declined due to lower non-recurring items. The company reported a net loss of $65.3 million for the fiscal year, an improvement from the previous year’s loss of $76.2 million. Codexis also strengthened its cash reserves with a $31 million capital raise, positioning itself for future growth.
Strategically, Codexis made significant progress with the commissioning of its ECO Synthesis Innovation Lab and the completion of feasibility studies with key partners. The company aims to secure a GMP scale-up partner and achieve pilot scale production of GLP-grade siRNA material in 2025, further enhancing its service offerings to siRNA innovators.
Looking ahead, Codexis remains focused on expanding its ECO Synthesis platform capabilities and securing development contracts to drive future revenue growth. The company expects to achieve positive cash flow by the end of 2026, supported by its robust financial position and strategic initiatives.