# EDGAR Filing Document

**Accession Number:** 0001200375
**File Stem:** 0001193125-25-269716
**Filing Date:** 2025-11
**Character Count:** 33350
**Document Hash:** 1f832888134b55cfe584b8c55a5d4170
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269716.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269716

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CODEXIS, INC.
- **CENTRAL INDEX KEY:** 0001200375
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 710872999
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34705
- **FILM NUMBER:** 251458907

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PENOBSCOT DRIVE
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063
- **BUSINESS PHONE:** 650-421-8100

**MAIL ADDRESS:**
- **STREET 1:** 200 PENOBSCOT DRIVE
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CODEXIS INC
- **DATE OF NAME CHANGE:** 20021022

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): November 5, 2025

## Codexis, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34705** | **71-0872999** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### 200 Penobscot Drive

#### Redwood City, CA 94063

#### (Address of Principal Executive Offices) (Zip Code)
(650) 421-8100

#### Registrant's telephone number, including area code

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbols(s)** | **Name of Each Exchange**<br> **on Which Registered** |
| Common Stock, par value $0.0001 per share | CDXS | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On November 6, 2025, the Company announced its financial results for the quarter ended September 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 2.05** | **Costs Associated with Exit or Disposal Activities.**  |

---

On November 6, 2025, in alignment with its enhanced strategic focus, the Company publicly announced that it is implementing a workforce reduction of approximately 24%. This measure was implemented in support of the Company's organizational streamlining to focus on its ECO Synthesis platform.

The Company expects that the payment of post-employment benefits to impacted employees, as well as the payment of other expenses such as related tax costs, will result in the recognition of an additional expense of approximately $3.5 million. The Company anticipates this expense will be recognized in the fourth quarter of 2025 and paid primarily during the same period. The Company expects the workforce reduction to be substantially completed by January 2026.

These charges that the Company expects to incur are subject to a number of assumptions, including legal requirements in applicable jurisdictions, and actual expenses may differ materially from the estimates disclosed above.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

*Appointment of Director, President and Chief Executive Officer* 

On November 5, 2025, the Board of Directors (the "Board") of the Company, upon the recommendation of the Board's Nominating and Corporate Governance Committee, appointed Alison Moore, Ph.D., as a Class III director of the Board and as the President and Chief Executive Officer of the Company, replacing Stephen Dilly, M.B.B.S., Ph.D., effective as of November 7, 2025. Dr. Moore will serve as a Class III director of the Board for an initial term expiring at the 2028 annual meeting of stockholders or until her earlier death, resignation or removal.

Dr. Moore, age 59, served as the Company's Chief Technical Officer from September 2024 to November 2025 and previously served as a director of the Board from June 2020 until her resignation from the Board in September 2024. Dr. Moore served as the Chief Technical Officer of Allogene Therapeutics, Inc., a public biotechnology company, from June 2018 to April 2023. Prior to Allogene Therapeutics, Inc., she served as Senior Vice President, Process Development at Amgen Inc., a public biotechnology company, from January 2013 until June 2018. Dr. Moore has previously held senior roles at Amgen in Operations Technology from January 2013 until August 2014, Process and Product Engineering from January 2011 until January 2013, and Corporate Manufacturing from August 2008 until December 2010. Prior to these positions, she was Vice President of Site Operations at Amgen's Fremont, California, manufacturing facility, from March 2006 until August of 2008. Before re-joining Amgen, from 2005 to 2006, Dr. Moore was a Director in Chemistry, Manufacturing and Controls, and Regulatory Affairs at Genentech, Inc. Prior to Genentech, she held roles of increasing responsibility in Process Development at Amgen from 1996 through the end of 2004. Dr. Moore has served as a member of the technical advisory board of National Resilience, Inc., a private biomanufacturing company, since 2021. Additionally, Dr. Moore has served on the board of directors of Artiva Biotherapeutics, Inc., a public clinical-stage biotechnology company, since October 2024. Dr. Moore previously served as an executive board member for the Alliance for Regenerative Medicine, an international advocacy organization dedicated to realizing the promise of regenerative medicines and advanced therapies, from January 2022 to October 2023. Dr. Moore was a Postdoctoral Research Fellow at Genentech from 1993 to 1996, and prior to that, she was a Postdoctoral Research Fellow at the Medical University of Lübeck, Germany. Dr. Moore holds both a bachelor's degree in Pharmacology with Honors and a Ph.D. in Cell Biology from Manchester University, England.

In connection with her promotion to President and Chief Executive Officer, Dr. Moore's base salary was increased to $650,000 and her annual cash incentive opportunity was increased to 75% of base salary earnings. She will be granted 85,000 restricted stock units that will vest in substantially equal installments on each of the first three anniversaries of the date of grant and 500,000 stock options that will vest 25% of the shares on the first anniversary of the date of grant and thereafter as to 1/48th of the shares per month for the following 36 months, in each case, subject to Dr. Moore's continued service with the Company through the applicable vesting date. Dr. Moore's Change of Control Severance Agreement was amended and restated to increase the cash severance payable on a qualifying termination without "cause" or for "good reason" outside of the change in control period to the sum of 12 months of base salary and 100% of her annual target bonus opportunity and the cash severance payable on a qualifying termination without "cause" or for "good reason" within the change in control period to the sum of 18 months of base salary and 150% of her annual target bonus opportunity.

------

There are no arrangements or understandings between Dr. Moore and any other persons pursuant to which Dr. Moore was appointed as a director, President and Chief Executive Officer. There are no family relationships between Dr. Moore and any director, director nominee or executive officer of the Company that would be required to be disclosed pursuant to Item 401(d) of Regulation S-K, and there are no current or proposed transactions between Dr. Moore and the Company that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.

*Continued Service as Chair of the Board* 

Stephen Dilly, M.B.B.S., Ph.D., the Board's current Chairman and the Company's current President and Chief Executive Officer, will continue as Chair of the Board. For his service as Chair of the Board, Dr. Dilly will receive cash fees consistent with the Board Chair fee set forth in the Company's Non-Employee Director Compensation Program, which is currently $110,000 per calendar year, and will be eligible to be granted annual equity awards consistent with the terms of the "Annual Awards" set forth in the Company's Non-Employee Director Compensation Program. Dr. Dilly will be entitled to his 2025 annual bonus based on actual performance. His outstanding equity awards will continue to vest in accordance with their terms based on his continued service and will be subject to accelerated vesting on a change in control.

*Chief Operation Officer Separation Agreement and Consulting Agreement* 

On November 6, 2025, in connection with Kevin Norrett's ceasing to serve as Chief Operations Officer, Mr. Norrett and the Company entered into a Separation Agreement and Release of Claims and a Consulting Agreement. The Separation Agreement and Release of Claims memorializes Mr. Norrett's entitlement to severance benefits based on a qualifying termination of employment under the terms of his existing Change of Control Severance Agreement, which is described in the Company's Definitive Proxy Statement filed with the SEC on April 24, 2025. Mr. Norrett will also receive a bonus equal to 100% of his target bonus in recognition of his service during the fiscal 2025 bonus year. Pursuant to the Consulting Agreement, Mr. Norrett is also expected to provide transitional consulting services to the Company until November 6, 2026 (or such earlier date as provided for in the Consulting Agreement). During this period, Mr. Norrett will receive an hourly consulting fee, and his outstanding equity awards will continue to vest in accordance with their terms based on his continued service.

*Forward-Looking Statements* 

This Current Report on Form 8-K contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements regarding the intended benefits of the Company's refined corporate strategy; the number of employees impacted by the reduction in force; and the Company's expectations regarding the timing of such costs and the timing of completion of the reduction in force. Undue reliance should not be placed on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and that could materially affect actual results. Information about factors that could materially affect actual results can be found in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 6, 2025, including under the caption "Risk Factors," and in the Company's other periodic reports filed with the SEC. The Company expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press release dated November 6, 2025 relating to the financial results for the quarter ended September 30, 2025.](d80118dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | CODEXIS, INC. | CODEXIS, INC. |
| Date: November 6, 2025 | By: | /s/ Georgia Erbez |
|  |  | Georgia Erbez |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g80118g1106125835789.jpg)

**Codexis Reports Third Quarter 2025 Financial Results** 

*Announces signing of $37.8m Supply Assurance Agreement with Merck* 

*Organizational changes streamline company and reduce operational expenses* 

*Cash runway extended through 2027* 

REDWOOD CITY, Calif., November 6, 2025 — Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for the efficient and scalable manufacturing of complex therapeutics, today announced financial results for the third quarter ended September 30, 2025. The company also provided a business update that includes signing a $37.8m Supply Assurance Agreement with Merck and organizational changes, together will allow the company to extend its cash runway through 2027.

"We've had a very exciting and important few months that have set us up very well for the changes we are announcing today" said Stephen Dilly, MBBS, PhD, CEO and Chairman at Codexis. "Our ECO Synthesis and ligase businesses have evolved to the point where we are confident of their market potential. We also signed an important agreement with Merck that provides a substantial non-dilutive cash infusion into the company. We feel it is the right time to complete our transition to an innovative manufacturing solutions provider in the field of oligonucleotide manufacturing. We have taken definitive steps to reduce our expenses and focus our efforts on the future businesses of Codexis. This also includes evolving our senior leadership team to prepare for the next phase of Codexis' growth. I am extremely proud to announce that Alison Moore is succeeding me as CEO of Codexis. Alison has been dedicated to Codexis for the last five years as a board member, and the last year, as a member of our executive leadership team. Alison's deep domain experience and leadership skills are a great match for the next stage of our journey. I look forward to continuing my partnership with Alison in my role as Executive Chair of the Board."

"I am honored to be assuming the CEO role at an exciting time in the company's progression," said Alison Moore, PhD, Chief Technology Officer. "Much of my career has involved the development, deployment, and scaling of novel production technologies in various therapeutic areas. I have been fortunate enough to have been part of bringing several advanced medicines, some of which are billion-dollar drugs, to hundreds of thousands of patients. Our ECO Synthesis technology is a powerful production solution which has the potential to truly expand the use of advanced medicines, such as siRNA and other oligonucleotides."

------

**Recent Business Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, Codexis signed a $37.8 million Supply Assurance Agreement with Merck. Cash from this
Agreement is anticipated to be received by year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, Codexis signed an evaluation agreement with Nitto Denko Avecia, the Company's second ECO
Synthesis evaluation contract with a third party CDMO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2025, Codexis enacted several changes to its executive leadership team. Dr. Stephen Dilly will
transition to Chairman of the Board and will be succeeded as President and Chief Executive Officer by Dr. Alison Moore. Dr. Moore will also rejoin the board of Codexis. Dr. Stefan Lutz has been promoted to Chief Scientific Officer.
Georgia Erbez, Chief Financial Officer, will take on the additional title of Chief Business Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Norrett, Codexis Chief Operating Officer, having completed the commercial realignment of Codexis and
defined the ECO Synthesis strategy, is exiting Codexis to pursue other opportunities. Britton Jiminez, Senior Vice President, Sales and Marketing, will assume leadership for Codexis's commercial activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2025, Codexis eliminated 46 positions, or approximately 24% of its workforce. The company expects to
recognize an additional expense of approximately $3.5 million in the fourth quarter of 2025.

**Upcoming Milestones** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Codexis will be making presentations at the 2025 TIDES Europe Annual Meeting, being held from November 11-13 in Basel, Switzerland.

**Third Quarter 2025 Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues were $8.6 million for the third quarter of 2025 compared to $12.8 million in the third
quarter of 2024. The decrease was primarily due to variability in customers' manufacturing schedules and clinical trial progression.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product gross margin was 64% for the third quarter of 2025 compared to 61% in the third quarter of 2024. The
increase in gross margin was largely due to a shift in sales toward more profitable products, and declines in less profitable, legacy products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research and Development expenses for the third quarter of 2025 were $13.9 million compared to
$11.5 million in the third quarter of 2024. The increase was primarily driven by higher headcount, higher lab supplies expense, and the internal reclassification of certain employees to the Research and Development function.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling, General & Administrative expenses for the third quarter of 2025 were $11.2 million
compared to $13.6 million in the third quarter of 2024. The decrease was primarily due to lower employee-related costs and legal expenses, and reduced use of outside services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss for the third quarter of 2025 was $19.6 million, or $0.22 per share, compared to a net loss of
$20.6 million, or $0.29 per share, for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, the Company had $58.7 million in cash, cash equivalents and short-term
investments.

**Conference Call and Webcast** 

Codexis will hold a conference call and webcast today beginning at 4:30 pm 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 at least 90 days, beginning approximately two hours after the completion of the call.

**About Codexis** 

Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver<sup>®</sup> technology platform to discover, develop and enhance novel, high-performance enzymes. 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<sup>®</sup> manufacturing 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 anticipated milestones, including product launches, technical milestones, data releases and

------

public announcements related thereto; Codexis' ability to extend its cash runway through 2027; the market potential of Codexis' ECO Synthesis and ligase businesses; the expected receipt of cash under the Supply Assurance Agreement with Merck; the expected severance expense; and Codexis' plan to make presentations at the 2025 TIDES Europe Annual Meeting. 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<sup>®</sup> manufacturing platform and dsRNA ligase; 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; Codexis' ability to comply with debt covenants under its loan facility; if Codexis is unable to accurately forecast financial and operational performance; if market, political and economic conditions negatively impact Codexis' business, financial condition and share price; and if international trade policies, including tariffs, sanctions and trade barriers, adversely affect Codexis' business. 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, 2025 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 year and quarter ended September 30, 2025, are not necessarily indicative of our operating results for any future periods.

For More Information

Investor Contact

Georgia Erbez

(650) 421-8100

ir@codexis.com

------

**Codexis, Inc.** 

**Condensed Consolidated Statements of Operations** 

**(Unaudited)** 

**(In Thousands, Except Per Share Amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product revenue | $6807 | $11158 | $20246 | $26968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development revenue | 1794 | 1675 | 11226 | 10917 |
|  Total revenues | 8601 | 12833 | 31472 | 37885 |
|  **Costs and operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of product revenue | 2465 | 4317 | 7295 | 12634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 13868 | 11505 | 40525 | 34164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 11217 | 13568 | 35950 | 42100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset impairment and other charges |  |  |  | 165 |
|  Total costs and operating expenses | 27550 | 29390 | 83770 | 89063 |
|  Loss from operations | (18949) | (16557) | (52298) | (51178) |
|  Interest income | 634 | 849 | 1969 | 2730 |
|  Interest and other expense, net | (1292) | (4922) | (3217) | (6421) |
|  Loss before income taxes | (19607) | (20630) | (53546) | (54869) |
|  Provision for income taxes | 8 | 10 | 29 | 31 |
|  Net loss | $(19615) | $(20640) | $(53575) | $(54900) |
|  Net loss per share, basic and diluted | $(0.22) | $(0.29) | $(0.62) | $(0.78) |
|  Weighted average common stock shares used in computing net loss per share, basic and diluted | 90251 | 72032 | 86045 | 70759 |

---

------

**Codexis, Inc.** 

**Condensed Consolidated Statements of Comprehensive Loss** 

**(Unaudited)** 

**(In Thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Net loss | $(19615) | $(20640) | $(53575) | $(54900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive gain: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on available-for-sale short-term investments, net of tax | 15 | 149 | (40) | 126 |
|  Comprehensive loss | $(19600) | $(20491) | $(53615) | $(54774) |

---

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**Codexis, Inc.** 

**Condensed Consolidated Balance Sheets** 

**(Unaudited)** 

**(In Thousands)** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $25351 | $19264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash, current | 485 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 33350 | 54194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 6030 | 11920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 2130 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivables | 1622 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial assets | 9782 | 19046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: allowances | (49) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial assets, net | 9733 | 18884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 1936 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 5337 | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 76192 | 98772 |
|  Restricted cash | 1062 | 1062 |
|  Investment in non-marketable equity securities | 2798 | 2798 |
|  Right-of-use assets - Operating leases, net | 26522 | 28700 |
|  Property and equipment, net | 14012 | 14197 |
|  Goodwill | 2463 | 2463 |
|  Other non-current assets | 912 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $123961 | $149011 |
|  **Liabilities and Stockholders' Equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $2425 | $2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation | 9676 | 11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued liabilities | 2987 | 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease obligations - Operating leases | 3091 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 296 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 18475 | 23648 |
|  Deferred revenue, net of current portion | 100 | 100 |
|  Long-term lease obligations - Operating leases | 25801 | 28163 |
|  Long-term debt | 39729 | 28905 |
|  Other long-term liabilities | 1312 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 85417 | 82084 |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 654904 | 629673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 12 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (616381) | (562806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 38544 | 66927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $123961 | $149011 |

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