Codexis Announces Enhanced Strategic Focus and Extends Projected Cash Runway to Mid-2026

Organization Streamlined to Focus on Continued Advancement and Commercialization of ECO Synthesis Platform for RNAi Therapeutics Production

Codexis Expects its Pharmaceutical Manufacturing Business to Return to Growth in 2024

Company Reiterates 2023 Product Revenue Guidance and Announces Preliminary Unaudited Revenue for the Second Quarter of 2023

Management to Host Conference Call Today at 4:30 p.m. ET

REDWOOD CITY, Calif., July 20, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced that, in alignment with its previously announced strategy to focus resources on programs with the strongest probability of creating significant value in the near-term and beyond, the Company intends to prioritize the advancement and commercialization of its Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis platform and its highly complementary Pharmaceutical Manufacturing business. As part of this enhanced strategic focus, the Company is streamlining operations, including discontinuing investment in certain development programs, primarily in Biotherapeutics, consolidating operations to its headquarters and reducing headcount by approximately 25%. Codexis had $92.1 million in cash and cash equivalents as of June 30, 2023, and with these changes expects that this balance will be sufficient to fund its planned operations to mid-2026, providing the Company the opportunity to deliver on critical milestones related to its ECO Synthesis platform.

“As a result of our disciplined portfolio streamlining, Codexis now reflects a built-to-win, focused organization with cash runway to fuel our strategic priorities through mid-2026, including the commercialization of our ECO Synthesis platform,” said Stephen Dilly, MBBS, PhD, President and Chief Executive Officer of Codexis. “By building upon our existing strength in enzyme engineering, we believe we have identified a concentrated group of potential high-impact programs where our enzymes and expertise can drive meaningful differences for life science and pharmaceutical customers. Our ECO Synthesis technology sits at the top of this list, given its potential to create tremendous value for Codexis and our customers by enabling commercial-scale manufacture of RNAi therapeutics, a powerful, growing class of medicines being developed to address difficult to treat diseases impacting millions of patients.”