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Codexis (CDXS)

Codexis is a leading enzyme engineering company that applies its proprietary CodeEvolver® technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. Codexis' proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes.

CDXS stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
24 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 92.18M 92.18M 92.18M 92.18M 92.18M 92.18M
Cash burn (monthly) 1.39M 3.29M 869.67K 1.59M 727K 1.07M
Cash used (since last report) 3.94M 9.31M 2.46M 4.49M 2.06M 3.05M
Cash remaining 88.24M 82.87M 89.71M 87.69M 90.12M 89.13M
Runway (months of cash) 63.5 25.2 103.2 55.3 124.0 82.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Aug 22 John J Nicols Common Stock Sell Dispose S No Yes 8.7841 39,000 342.58K 1,022,679
15 Aug 22 John J Nicols Common Stock Option exercise Acquire M No Yes 2.32 39,000 90.48K 1,061,679
15 Aug 22 John J Nicols Stock Option Common Stock Option exercise Dispose M No Yes 2.32 39,000 90.48K 0
12 Aug 22 John J Nicols Common Stock Sell Dispose S No Yes 8.6175 38,500 331.77K 1,022,679
12 Aug 22 John J Nicols Common Stock Option exercise Acquire M No Yes 2.32 38,500 89.32K 1,061,179
12 Aug 22 John J Nicols Stock Option Common Stock Option exercise Dispose M No Yes 2.32 38,500 89.32K 39,000
1 Aug 22 Dilly Stephen George Stock Option Common Stock Grant Acquire A No No 6.73 700,000 4.71M 700,000
14 Jun 22 Moore Alison Common Stock Grant Acquire A No No 0 11,273 0 33,974
14 Jun 22 Dorgan Byron L Common Stock Grant Acquire A No No 0 11,273 0 178,859
14 Jun 22 Smith David V Common Stock Grant Acquire A No No 0 11,273 0 11,273
13F holders Current Prev Q Change
Total holders 167 162 +3.1%
Opened positions 31 18 +72.2%
Closed positions 26 32 -18.8%
Increased positions 60 68 -11.8%
Reduced positions 45 49 -8.2%
13F shares Current Prev Q Change
Total value 678.97M 1.29B -47.2%
Total shares 64.82M 62.76M +3.3%
Total puts 21.5K 13.1K +64.1%
Total calls 92.9K 39.4K +135.8%
Total put/call ratio 0.2 0.3 -30.4%
Largest owners Shares Value Change
Baillie Gifford & Co 7.4M $77.4M +0.2%
BLK Blackrock 5.43M $56.83M +4.8%
ARK Investment Management 4.49M $47.92M +13.8%
Nantahala Capital Management 4.12M $43.1M +21.8%
Vanguard 3.49M $36.47M -4.0%
Allspring Global Investments 3.02M $31.58M +44.3%
Telemark Asset Management 2.5M $26.2M 0.0%
Gilder Gagnon Howe & Co 1.97M $20.62M -19.0%
FMR 1.79M $18.72M +29.3%
GS Goldman Sachs 1.69M $17.64M +14.5%
Largest transactions Shares Bought/sold Change
Victory Capital Management 0 -1.74M EXIT
AMP Ameriprise Financial 1.6M -1.15M -41.7%
Allspring Global Investments 3.02M +926.16K +44.3%
Millennium Management 923.66K +923.66K NEW
RTW Investments 920.45K +920.45K NEW
Assenagon Asset Management 1.49M +897.06K +151.5%
Driehaus Capital Management 499.43K -856.52K -63.2%
JHG Janus Henderson 11.78K -851.97K -98.6%
Wellington Management 1.64M +750.68K +84.7%
Nantahala Capital Management 4.12M +737.05K +21.8%

Financial report summary

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Competition
Ginkgo Bioworks
Risks
  • We have a history of net losses and we may not achieve or maintain profitability.
  • We are dependent on our collaborators, and our failure to successfully manage these relationships could prevent us from developing and commercializing many of our products and achieving or sustaining profitability, and could lead to disagreements with our current or former collaborators.
  • We are dependent on a limited number of customers, including Pfizer.
  • With respect to customers purchasing our products for the manufacture of active pharmaceutical ingredients ("API") for which they have exclusivity due to patent protection, the termination or expiration of such patent protection and any resulting generic competition may materially and adversely affect our revenues, financial condition or results of operations.
  • We are dependent on a limited number of contract manufacturers for large scale production of substantially all of our enzymes, including CDX-616. We are working to qualify new contract manufacturers to produce certain of our enzymes, including CDX-616, however those efforts may not be successful and therefore we may experience limitations on our ability to supply our enzymes to customers.
  • If we are unable to develop and commercialize new products for the pharmaceutical, fine chemicals, biotherapeutics, diagnostics and life science tools markets, our business and prospects will be harmed.
  • Our biotherapeutic programs are early stage, highly regulated and expensive. Our ability to obtain additional development partners or additional funding for the programs, to advance our product candidates to clinical trials and to ultimately receive regulatory approvals is highly uncertain.
  • If either Nestlé Health Science or Takeda terminate their development programs under their respective license agreements with us, any potential revenue from those license agreements will be significantly reduced or non-existent, and our results of operations and financial condition will be materially and adversely affected.
  • Our efforts to deploy our technology platform in the fine chemicals market may fail.
  • We may need additional capital in the future in order to expand our business.
  • We have investments in non-marketable securities, which may subject us to significant impairment charges.
  • Competitors and potential competitors who have greater resources and experience than we do may develop products and technologies that make ours obsolete or may use their greater resources to gain market share at our expense.
  • Ethical, legal and social concerns about genetically engineered products and processes could limit or prevent the use of our products, processes, and technologies and limit our revenues.
  • If we engage in any acquisitions, we will incur a variety of costs and may potentially face numerous risks that could adversely affect our business and operations.
  • We use hazardous materials in our business and we must comply with environmental laws and regulations. Any claims relating to improper handling, storage or disposal of these materials or noncompliance of applicable laws and regulations could be time consuming and costly and could adversely affect our business and results of operations.
  • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
  • We or our customers may not be able to obtain regulatory approval for the use of our products in food and food ingredients, if required, and, even if approvals are obtained, complying on an ongoing basis with the numerous regulatory requirements applicable to these products will be time-consuming and costly.
  • Our ongoing efforts to deploy our technology in the life science tools markets may fail.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • Clinical trials are difficult to design and implement, expensive, time-consuming and involve an uncertain outcome, and the inability to successfully conduct clinical trials and obtain regulatory approval for our product candidates would substantially harm our business.
  • Results of preclinical studies and early clinical trials of product candidates may not be predictive of results of later studies or trials. Our product candidates may not have favorable results in later clinical trials, if any, or receive regulatory approval.
  • Even if we obtain regulatory approval for any products that we develop alone or with collaborators, such products will remain subject to ongoing regulatory requirements, which may result in significant additional expense.
  • Our business operations and future relationships with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties.
  • The successful commercialization of product candidates developed by us or our partners will depend in part on the extent to which governmental authorities and health insurers establish adequate coverage, reimbursement levels and pricing policies. Failure to obtain or maintain coverage and adequate reimbursement for such product candidates, if approved, could limit our or our partners’ ability to market those products and decrease our ability to generate revenue.
  • We rely on third parties to conduct our clinical trials and perform some of our research and preclinical studies. If these third parties do not satisfactorily carry out their contractual duties or fail to meet expected deadlines, our development programs may be delayed or subject to increased costs, each of which may have an adverse effect on our business and prospects.
  • We contract with third parties for the manufacturing and supply of product candidates for use in preclinical testing and clinical trials and related services, which supply may become limited or interrupted or may not be of satisfactory quality and quantity.
  • Our efforts to prosecute and protect our intellectual property may not be successful.
  • Our ability to compete may decline if we do not adequately protect our proprietary technologies or if we lose some of our intellectual property rights.
  • Third parties may claim that we are infringing their intellectual property rights or other proprietary rights, which may subject us to costly and time consuming litigation and prevent us from developing or commercializing our products.
  • We may be involved in lawsuits to protect or enforce our intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • If our biocatalysts, or the genes that code for our biocatalysts, are stolen, misappropriated or reverse engineered, others could use these biocatalysts or genes to produce competing products.
  • We are subject to anti-takeover provisions in our certificate of incorporation and bylaws and under Delaware law that could delay or prevent an acquisition of our company, even if the acquisition would be beneficial to our stockholders.
  • Our quarterly or annual operating results may fluctuate in the future. As a result, we may fail to meet or exceed the expectations of research analysts or investors, which could cause our stock price to decline.
  • We do not intend to pay cash dividends for the foreseeable future.
  • If securities or industry analysts do not publish research or reports about our business, or publish negative reports about our business, our stock price and trading volume could decline.
  • We face risks associated with our international business.
  • Confidentiality agreements with employees and others may not adequately prevent disclosures of trade secrets and other proprietary information.
  • We are dependent on information technology systems, infrastructure and data, and any failure of these systems could harm our business. Security breaches, loss of data, and other disruptions could compromise sensitive information related to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business, results of operations and financial condition.
  • Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.
Management Discussion
  • Revenues were $38.4 million in the second quarter of 2022, a 51% increase from $25.5 million in the second quarter of 2021.
  • Product revenue, which consists primarily of sales of biocatalysts, pharmaceutical intermediates, and Codex® biocatalyst panels and kits, was $34.6 million in the second quarter of 2022, an increase of 135% from $14.7 million in the second quarter of 2021. The increase in product revenue was primarily due to revenue from Pfizer related to the purchase of our CDX-616 enzyme products, but partially offset by lower revenue from the sales of other enzyme products used in the manufacture of branded pharmaceutical products. We expect the sale of CDX-616 enzyme products to Pfizer under the Pfizer Supply Agreement to remain a significant component of our product revenue in 2022.
  • Research and development revenues, which include license, technology access and exclusivity fees, research service fees, milestone payments, royalties, and optimization and screening fees, totaled $3.8 million in the second quarter of 2022, a 65% decrease compared with $10.7 million in the second quarter of 2021. The decrease in research and development revenue was primarily due to lower research and development fees from Takeda under the Takeda Agreement and lower research and development fees from other existing collaboration agreements being recognized in the second quarter of 2022 as compared to the same period in the prior year.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: advisor, appointed, appointment, Byron, Chair, deoxynucleotidyl, Dilly, Dorgan, Dr, employed, escalate, evolved, Exocrine, FES, fill, implementing, lived, mild, moderate, notified, Pancreatic, prove, reconstituted, retainer, seat, shelf, sooner, Stephen, TdT, transferase, variation, wrong
Removed: comprising, gastrointestinal, initiation