Business
Codexis Reports Second Quarter 2023 Financial Results
Company Recently Announced Enhanced Strategic Focus and Portfolio Prioritization Anticipate Demonstrating Gram-Scale Synthesis of ECO Synthesis™ Technology
About this update from Codexis, Inc.
[{"type":"text","content":"Company Recently Announced Enhanced Strategic Focus and Portfolio Prioritization Anticipate Demonstrating Gram-Scale Synthesis of ECO Synthesis™ Technology for RNAi Therapeutics Production by End of Year Projected Cash Runway to Mid-2026 Funds Important ECO Synthesis™ Milestones Through Commercialization REDWOOD CITY, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced financial results for the second quarter ended June 30, 2023, and provided a business update. “We recently implemented pivotal changes as we further prioritized our portfolio based on where we believe our longstanding enzyme engineering expertise can drive the most significant and sustained value creation,” said Stephen Dilly, MBBS, PhD, President and Chief Executive Officer of Codexis. “After considering a range of the highest potential impact applications of our CodeEvolver® platform, we determined that our utmost priority is finalizing and working to bring to market our ECO Synthesis™ technology to enable commercial scale manufacture of RNAi therapeutics. Unlike our historical focus on one-to-one custom enzyme engineering projects, this platform has the potential to be broadly utilized by many customers to synthesize any siRNA, presenting an opportunity for Codexis to efficiently capture a meaningful share of this growing market. As a result of these strategic decisions, we have projected cash runway to mid-2026 and look forward to sharing further updates as we work to realize the potential value of the ECO Synthesis™ platform.” Second Quarter and Recent Business Highlights In May 2023, at the TIDES USA annual meeting, Codexis unveiled its proprietary Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis™ technology platform designed to enable the commercial scale manufacture of RNA interference (RNAi) therapeutics, including small interfering RNA (siRNA). With over 450 RNAi therapies currently in clinical development, including more than 40 assets in Phase 2 and Phase 3 clinical trials targeting disease indications impacting millions of patients, demand for siRNA is projected to outpace current production capabilities in the coming years. Codexis’ ECO Synthesis™ technology is specifically engineered to address the scalability and sustainability challenges associated with traditional phosphora...