Slide 1: Q2 2024 Results
Q2 2024 Results August 8, 2024 We engineer enzymes
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: Strong Fundamentals; On Track for FY Double Digit Product Revenue Growth
Strong Fundamentals; On Track for FY Double Digit Product Revenue Growth Q2 revenues exactly in-line with expectations; reiterating full year 2024 guidance Revenue Generating ECO Synthesis Pharma Manufacturing Business Manufacturing Platform Foundational biocatalysis business in Enzymatic RNA synthe
Slide 4: Continued Momentum Across Key Strategic Priorities
Continued Momentum Across Key Strategic Priorities Strengthening Commercial • Recently hired Senior Vice President, Commercial Operations with Organization 20+ years of CDMO expertise Pharmaceutical Manufacturing • Anticipate strong 2H 2024 product revenues On Track for Growth in 2024 & Beyond ECO S
Slide 5: Accelerated Technical Progress Drives Commercial Momentum
Accelerated Technical Progress Drives Commercial Momentum 1 Demonstrated sequential synthesis of a full-length oligonucleotide 2 Launched dsRNA ligase Screening and Optimization Services 4 Provided August 8, 2024, as part of an oral presentation and is qualified by such, contains forward- looking st
Slide 6: TIDES USA 2024: Demonstrated Capabilities and Flexibility of ECO Synthesis Manufacturing Platform
TIDES USA 2024: Demonstrated Capabilities and Flexibility of ECO Synthesis Manufacturing Platform Presented data on synthesis of lumasiran and givosiran ✓Successfully incorporated all necessary nucleotide modifications ✓Consistently achieved coupling efficiency of >98% (on par with phosphoramidite c
Slide 7: Engineered Ligases Enable Lower Manufacturing Costs
Engineered Ligases Enable Lower Manufacturing Costs CDXS Variant Drives Valuable Economics through Improved Performance Metrics Improved Superior Performance Across 20+ Oligo • TIDES USA takeaway: large pharma & CDMOs are Catalytic Activity Substrates increasingly exploring ligation ~18x in siRNA ma
Slide 8: dsRNA Ligase: Significant Per Asset Revenue Opportunity
dsRNA Ligase: Significant Per Asset Revenue Opportunity Pharma dsRNA Ligase Large Indication siRNA Manufacturing Program Therapeutic Example2 ~$1B Projected peak sales of large indication siRNA asset ~$5M $10M+ ~$100M COGS is ~10% Ligation is already per Asset1 per Asset2 being widely 20% explored P
Slide 9: ECO Synthesis Manufacturing Platform Revenue Potential of a Single siRNA Therapeutic by Stage
ECO Synthesis Manufacturing Platform Revenue Potential of a Single siRNA Therapeutic by Stage Preclinical Phase I Phase II Phase III & Launch Peak Commercial Avg. Qty. per Asset (kg)1 0.25 kg 1.0 kg 2.5 kg 50 kg 150 kg Illustrative Price/kg1 $5M $4M $3M $2M $1M Total Revenue/Asset $1.25M $4M $7.5M $
Slide 10: ECO Synthesis Platform: Commercialization Roadmap
ECO Synthesis Platform: Commercialization Roadmap Climbing the Value Chain to Become a Full-Service Provider of GMP-Grade siRNA 1 2 3 4 5 dsRNA ligase Deliver specific Consolidate Use ECO Establish program constructs via RNA service Synthesis Codexis GMP Screening and ligation and/or capabilities in
Slide 11: ECO Synthesis Platform: Anticipated Revenue Streams
ECO Synthesis Platform: Anticipated Revenue Streams 2024 2025 2026+ dsRNA Ligase Screening and Optimization Services (R&D and Product Revenue) ECO Synthesis Innovation Lab – customer development projects (R&D Revenue) ECO Synthesis Innovation Lab – pre-clinical GLP-grade siRNA (Product Revenue) GMP-
Slide 12: Anticipated News Flow for ECO Synthesis Manufacturing Platform
Anticipated News Flow for ECO Synthesis Manufacturing Platform 2024 2025 2026 Demonstrate full-length, named siRNA oligo synthesized enzymatically Launch dsRNA ligase Screening and Achieve pilot scale Optimization Services production with ECO ECO Synthesis Synthesis Innovation Lab manufacturing plat
Slide 13: Q2 2024 Financial Results: In-Line with Expectations
Q2 2024 Financial Results: In-Line with Expectations $M, Except Per Share Amounts Q2 2023 Q2 2024 Q2 Takeaways Product Revenue $11.0 $6.3 R&D Revenue $10.3 $1.7 • Q2’24 revenue in-line with guidance Total Revenue $21.3 $8.0 • Anticipate strong 2H’24 revenues Cost of Product Revenue $3.2 $3.5 Product
Slide 14: As Guided: 2024 Revenue Distribution Weighted To 2H'24
As Guided: 2024 Revenue Distribution Weighted To 2H’24 Uneven Distribution of Revenues 1H vs. 2H Driven by Timing of Customer Orders % of Product Revenue1 1H vs. 2H: 2020-2024 YTD 70% 68% ~60% 60% 57% 56% 49% 51% 50% 44% 43% ~40% 40% 32% 30% 20% 10% 0% 2020A 2021A 2022A 2023A 2024E 1H 2H 1Excludes C
Slide 15: Product Revenue – Increased Diversification Away from "Big 3" and Reiterating FY 2024 Guidance
Product Revenue – Increased Diversification Away from “Big 3” and Reiterating FY 2024 Guidance Product Revenue by Major Category (%) – YTD1 Reiterating 2024 Product Revenue Guidance1 100% $M % of FY1 80% 51% 65% 1H’24 actual 15.8 ~40% 60% 72% 2H’24 projected1 ~22–26 ~60% Existing and expected 40% 14
Slide 16: R&D Revenue – Reiterating FY 2024 Guidance
R&D Revenue – Reiterating FY 2024 Guidance R&D Revenue ($M) – Base Business1 Reiterating 2024 R&D Revenue Guidance $2.0 $M $1.5 2024 base business1 run rate 6–7 $1.0 Roche license fee (Q1’24) 6 1.8 1.7 1.5 2H’24 new projects (projected) 4–5 Making progress to $0.5 2H’24 other license fees (projected
Slide 17: Reiterating 2024 Guidance
Reiterating 2024 Guidance $56M–$64M $38M–$42M $18M–$22M Total Revenue1 Product Revenue1 R&D Revenue +10% YOY growth vs. 2023 ~28% YOY excluding Biotherapeutics and one- +23% YOY growth excluding exit from food & feed time Pfizer application of retainer fee credit Cash, Cash Equivalents and Investmen
Slide 18: Path to Cash Flow Positive Around End of 2026: Three Key Factors
Path to Cash Flow Positive Around End of 2026: Three Key Factors Existing and expected orders – including first dsRNA ligase Strong 2H’24 product 1 revenues order from large pharma customer – projected to drive near- term growth Pharma Manufacturing pipeline + 2 additional dsRNA ligase orders Positi
Slide 19: Nasdaq: CDXS www.codexis.com
Nasdaq: CDXS www.codexis.com