Slide 1: Corporate Presentation
Corporate Presentation June 2026
Slide 2: Forward Looking Statements
Forward Looking Statements These slides contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial or operational performance and involve known and unknown risks, uncertainties and other factors that could cause our actua
Slide 3: Manufacturing Complex Therapeutics
Manufacturing Complex Therapeutics CodeEvolver Platform Delivers Scalable and Sustainable Enzymatic Solutions Revenue-Generating RNA Manufacturing Solutions Pharma Biocatalysis Solutions ECO Synthesis Manufacturing Platform: Foundational business in small molecule enzymatic oligonucleotide synthesis
Slide 4: Revenue Generating Pharma Biocatalysis Solutions
Revenue Generating Pharma Biocatalysis Solutions Two Paths to Revenue 1 “Off-the-shelf” Enzyme Solutions from Existing Libraries Custom Enzyme Evolution 2 Gram-level Kg scale as program R&D for specific Asset launches quantities at advances to Phase 2/3 enzyme evolution project clinical trials comme
Slide 5: RNA Manufacturing Solutions: ECO Synthesis
RNA Manufacturing Solutions: ECO Synthesis Enzymatic Synthesis of RNAi Therapeutics The ECO Synthesis Platform The Product Associated Revenue Streams Enzymes Regulatory & Quality Customized dsRNA ligases Power-house ISO 9001 enzyme enzymes built & GMP siRNA for performance siRNA production • Process
Slide 6: RNA Therapeutics: A Growing Modality
RNA Therapeutics: A Growing Modality
Slide 7: Key Benefits of siRNA Therapies
Key Benefits of siRNA Therapies Improved Patient Compliance • Durable therapeutic efficacy – sustained effect for 6+ months vs. daily dosing • In-office administration supports better patient adherence • Consistent therapeutic efficacy across patient populations minimizes unwanted side effects Targe
Slide 8: Expanding RNA Therapeutics Pipeline
Expanding RNA Therapeutics Pipeline 600 550 • 2024: 700+ oligonucleotides in pipeline 518 500 • 180+ drug modalities in Phases 1-3 450 429 448 (and growing ~10% YoY) 400 370 • ~50% of assets target at least one 350 common/large disease indication 323 # Assets 300 • Anticipated annual demand to 250 e
Slide 9: Approved siRNA Therapies Across Multiple Indications Today
8 Approved siRNA Therapies Across Multiple Indications Today Patisiran (2018) Givosiran (2019) Lumasiran (2020) Inclisiran (2021) Rare orphan indication Rare orphan indication Rare orphan indication Hypercholesterolemia Population: Hundreds of Population: Hundreds of Population: Tens of Population:
Slide 10: RNAi Therapeutics – the Next Therapeutic Wave
RNAi Therapeutics – the Next Therapeutic Wave Approved Antibody and RNAi Drugs FDA Approvals (Cumulative) 180 FDA approvals (cumulative) 160 140 120 100 6 approved RNAi drugs in first ~$40B value created 5 years – similar to antibodies (market cap and M&A) 80 60 40 20 0 1975 1980 1985 1990 1995 2000
Slide 11: Challenges in RNA Manufacturing
Challenges in RNA Manufacturing
Slide 12: Limitations of Traditional Chemical Synthesis
Limitations of Traditional Chemical Synthesis • Current batch size limited to approximately 5-10 kg Limited Scalability • Bottlenecks for development-stage assets • 1K kg of siRNA = 3K kg of toxic and flammable solvent use Toxic Solvent Use • Produces millions of liters of costly, harmful chemical w
Slide 13: Case Study: siRNA Demand for a Large Patient Indication
Case Study: siRNA Demand for a Large Patient Indication A Single Large Indication siRNA Asset can Translate into 1K+ kg of Annual Demand Single Large 5-10% siRNA Annual Total Annual Indication Market Share1 Dosing Demand 40M-200M 2M–20M 0.5 g of siRNA ~4,500 kg Patients Patients Dosed Per Patient/Ye
Slide 14: CapEx to Meet Anticipated Demand via Chemical Synthesis is Prohibitively High
CapEx to Meet Anticipated Demand via Chemical Synthesis is Prohibitively High Real World Example: Agilent • Agilent invested $725M in facility expansion1 to produce CapEx Required using Chemical Synthesis up to 1K kg of RNAi per year $725M = 1K kg of RNAi/year • $10B to $20B infrastructure investmen
Slide 15: RNA Manufacturing Solutions: ECO Synthesis
RNA Manufacturing Solutions: ECO Synthesis
Slide 16: Enzymatic Solutions Provide Optionality in siRNA Synthesis
Enzymatic Solutions Provide Optionality in siRNA Synthesis ECO Synthesis Chemical Hybrid Enzymatic Complete Enzymatic Traditional siRNA Synthesis Fragments + Synthesis Using Phosphoramidite Ligation Chemistry 16
Slide 17: ECO Synthesis vs. Traditional Chemistry: Potential Impact
ECO Synthesis vs. Traditional Chemistry: Potential Impact Comparing Production of 1K kg of RNAi Phosphoramidite ECO Synthesis Potential Chemistry Platform Impact Maximum 5x + Synthesis ~5-10 kg ~25-50 kg Batch Size (kg) bigger Production ~12-22 ~6-11 50% Time (months) months months faster CapEx Requ
Slide 18: ECO Synthesis Platform: Double-Stranded RNA Ligase Solutions
ECO Synthesis Platform: Double-Stranded RNA Ligase Solutions
Slide 19: Hybrid dsRNA Ligase Approach: Near Term Revenues
Hybrid dsRNA Ligase Approach: Near Term Revenues ECO Synthesis Chemical Hybrid Enzymatic Complete Enzymatic Traditional siRNA Synthesis Fragments + Synthesis Using Phosphoramidite Ligation Chemistry 19
Slide 20: Codexis’ Engineered dsRNA Ligases Enable Higher Purity and Lower Manufacturing Costs
Codexis’ Engineered dsRNA Ligases Enable Higher Purity and Lower Manufacturing Costs • Using chemical synthesis, purity and yield go down with longer siRNA strands • dsRNA ligases enable shorter fragments to be stitched together into a full-length siRNA Reduces costs and improves purity and yield •
Slide 21: ECO Synthesis: Complete Enzymatic Synthesis Solutions
ECO Synthesis: Complete Enzymatic Synthesis Solutions
Slide 22: ECO Synthesis Manufacturing Platform: The Complete Enzymatic Solution
ECO Synthesis Manufacturing Platform: The Complete Enzymatic Solution ECO Synthesis Chemical Hybrid Enzymatic Complete Enzymatic Traditional siRNA Synthesis Fragments + Synthesis Using Phosphoramidite Ligation Chemistry 22
Slide 23: A Novel Enzymatic Synthesis Method for RNA Manufacturing
A Novel Enzymatic Synthesis Method for RNA Manufacturing ECO Synthesis Manufacturing Platform Overview Core Sequential addition of modified Technology RNA nucleotides Enzymatically generated Raw NQPs* (building blocks) Materials & starter oligos Enzymatic attachment of Conjugation targeting moieties
Slide 24: Staged Approach to Providing siRNA Material From non-Clinical through GMP-Grade
Staged Approach to Providing siRNA Material From non-Clinical through GMP-Grade Future Kg-Scale GMP Facility ECO Innovation Lab Operational end of 2027 Offers Customers Path Supports GMP Provides siRNA for to pre-clinical Material Scale-Up Early-Stage Clinical Trials • Enables in-house manufacture o
Slide 25: Key Highlights
CODEXIS' Key Highlights
Slide 26: TIDES USA 2026: Key Technical Highlights
TIDES USA 2026: Key Technical Highlights Presentations Showcased Expanding Applications of ECO Synthesis Platform • Demonstrated control of stereochemistry by enzymatic synthesis of siRNA • Delivers improved product quality and the potential to improve potency • Highlighted first ever fully enzymati
Slide 27: Positioned to Win in Enzymatic Synthesis of RNAi Therapeutics
Positioned to Win in Enzymatic Synthesis of RNAi Therapeutics 1 CodeEvolver Platform: leading protein engineering technology 2 20-year history engineering solutions for complex therapeutics 3 Significant market opportunity of growing demand for RNAi therapeutics 4 Strong foundation of large pharma c
Slide 28: Anticipated 2026 Milestones
Anticipated 2026 Milestones TIDES USA annual meeting demonstrating stereo-control of siRNA product • Progress from 100-500g pilot scale production of siRNA in ECO Innovation Lab • Expand a CDMO scale-up partnership for ECO Synthesis • Secure ECO Synthesis raw materials supply chain • Maintain pharma
Slide 29: Thank you
Thank you Nasdaq: CDXS www.codexis.com