Codexis Inc Stock Price, News & Analysis

Codexis, Inc. (NASDAQ: CDXS) announced the appointment of Sri Ryali as Chief Financial Officer, effective immediately. With 20 years in finance and commercial experience in life sciences, Ryali will oversee all financial operations, reporting directly to Dr. Stephen Dilly, President and CEO. Dr. Dilly highlighted that Ryali's expertise will enhance the strategic leadership team as the company focuses on high-potential programs in 2023. Ryali previously served as CFO at Eiger BioPharmaceuticals and held senior finance roles in other biotech firms. His experience is expected to drive long-term shareholder value through commercial opportunities.

Codexis has appointed H. Stewart Parker to its Board of Directors. Parker brings extensive experience in gene therapy and biopharmaceuticals, previously serving in leadership roles at notable organizations such as Targeted Genetics and the Infectious Disease Research Institute. Her expertise will support Codexis as it aims to enhance its board diversity and drive significant value through its enzyme engineering programs. Parker expresses enthusiasm for leveraging her insights to promote the company’s growth and innovation in biotherapeutics.

Codexis (NASDAQ: CDXS) announced a strategic shift to focus on high-potential commercial opportunities, leading to workforce reduction by 18% and discontinuation of certain internal development programs. Under CEO Dr. Stephen Dilly's leadership, the company aims to enhance value and preserve its cash runway through the end of 2024 with expected annual savings of approximately $15 million. Codexis reiterated its financial guidance for 2022 while anticipating that these changes will be largely implemented by December 31, 2022.

Codexis, a leader in enzyme engineering, will engage in a fireside chat at the Piper Sandler 34th Annual Healthcare Conference from November 29 to December 1, 2022, in New York City. The chat is scheduled for December 1, 2022, at 1:30 p.m. ET and will be webcast live, with an archive available for 90 days post-event. Codexis focuses on developing innovative enzymes and biotherapeutics that enhance sustainability in pharmaceuticals and food production, promising significant operational improvements.

Codexis, a leader in enzyme engineering, announced management's participation in three investor conferences. The events are: the Stephens Annual Investment Conference on November 15, 2022, the Stifel 2022 Healthcare Conference on November 16, 2022, and the 13th Annual Craig-Hallum Alpha Select Conference on November 17, 2022.

Live webcasts of the fireside chats will be available on the company's website, with replays archived for 90 days post-event.

Codexis reported Q3 2022 financial results, revealing total revenues of $34.5 million, down 6% year-over-year. Product revenues decreased by 2% to $28 million, driven by reduced enzyme sales related to Pfizer's PAXLOVID. R&D revenues fell to $6.4 million, while R&D expenses rose to $21.8 million. The company's net loss was $10 million, translating to a loss of $0.15 per share. Codexis reiterated its total revenue guidance for 2022 at $135-$141 million, expecting product revenues of $112-$118 million, alongside a gross margin of 65%-70%. Cash reserves stand at $108.7 million.

Codexis (NASDAQ: CDXS) has appointed Margaret Fitzgerald as Chief Legal Officer and General Counsel. Effective immediately, she will oversee the company’s legal and compliance functions, reporting to President and CEO Dr. Stephen Dilly. Fitzgerald brings over 20 years of experience in the biotechnology sector, previously serving as General Counsel at Allakos, Inc. Her extensive background in legal matters, product development, and compliance is expected to bolster Codexis's strategic growth in enzyme engineering, enhancing its capacity for innovation across core markets.

Codexis, Inc. (Nasdaq: CDXS) will report its Q3 2022 financial results on November 3, 2022, after market close. A conference call and webcast for discussing the results and providing a business update will follow at 4:30 p.m. ET. Participants can access the live webcast via Codexis' Investor Relations website. Codexis specializes in enzyme engineering, with applications in pharmaceuticals, food, and industrial products, aimed at improving sustainability and health outcomes.

Codexis, Inc. (NASDAQ: CDXS) has appointed Kevin Norrett as Chief Operating Officer (COO) to spearhead corporate growth and operational strategies. Norrett, with over 20 years in the biotech sector, including roles at Sierra Oncology and Angion Biomedica, will work with CEO Dr. Stephen Dilly. His appointment aims to strengthen Codexis' leadership in Performance Enzymes and Biotherapeutics, particularly in sustainable manufacturing for life sciences. Norrett expressed enthusiasm for converting Codexis' scientific innovations into commercial outcomes.