In This Article:
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Total Revenue (Q4 2024): $21.5 million
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Product Revenue (Q4 2024): $9.8 million
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R&D Revenue (Q4 2024): $11.6 million
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Annual Revenue (2024): $59.3 million (excluding PAXLOVID)
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Product Gross Margin (Q4 2024): 63% (excluding PAXLOVID)
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Product Gross Margin (2024): 56% (excluding PAXLOVID)
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R&D Expenses (Q4 2024): $12.1 million
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R&D Expenses (2024): $46.3 million
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SG&A Expenses (Q4 2024): $13 million
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SG&A Expenses (2024): $55.1 million
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Net Loss (Q4 2024): $10.4 million
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Net Loss (2024): $65.3 million
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Cash and Equivalents (End of 2024): $73.5 million
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2025 Revenue Guidance: $64 million to $68 million
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Q1 2025 Revenue Guidance: $8 million to $10 million
Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Codexis Inc (NASDAQ:CDXS) has successfully returned its pharma manufacturing business to a healthy growth trajectory.
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Significant progress has been made in reducing costs, strengthening the balance sheet, and defining a path to profitability.
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The ECO Synthesis platform is set to achieve commercial liftoff in 2025, with revenue-generating contracts expected to start in early Q2.
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The company has completed feasibility studies with multiple leading siRNA innovator companies, indicating strong commercial traction.
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Codexis Inc (NASDAQ:CDXS) has established a new long-term agreement with Pfizer, providing future revenue opportunities.
Negative Points
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Revenue for the year ended December 31, 2024, was $59.3 million, down from $62 million the prior year, excluding PAXLOVID.
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Product gross margin decreased to 56% in 2024 from 63% in the prior year, excluding PAXLOVID, primarily due to product mix.
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R&D expenses increased in Q4 2024 compared to the previous year, driven by higher lab supplies and outside services costs.
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SG&A expenses rose to $13 million in Q4 2024, up from $12.2 million in Q4 2023, due to costs associated with executive departures.
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The net loss for the year ended December 31, 2024, was $65.3 million, compared to $84.4 million for the prior year, indicating ongoing financial challenges.
Q & A Highlights
Q: What do you think will drive the value proposition in rare disease markets for Codexis? A: Stephen Dilly, President and CEO, explained that it is a combination of having a validated platform with regulatory precedent and engaging with small companies. Codexis can offer enzymatic solutions that are difficult or impossible to achieve chemically, which can capture significant value from these assets.