Slide 1: Q1 2024 Results
Q1 2024 Results May 2, 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 Enable Consistent Execution
Strong Fundamentals Enable Consistent Execution 01 Strong Q1 2024 Financial Results Remain on track for 10%+ YoY growth in product revenue On track to achieve enzymatic synthesis of full-length 02 Historic Technical Milestone Expected oligonucleotides by TIDES USA Secured first order of engineered d
Slide 4: ECO Synthesis Manufacturing Platform: Planned Presentation at Upcoming TIDES USA
ECO Synthesis Manufacturing Platform: Planned Presentation at Upcoming TIDES USA Major milestone: very close to enzymatically synthesizing full-length oligonucleotide; expect to complete by TIDES USA Share performance improvements across the ECO Synthesis manufacturing platform Demonstrate successfu
Slide 5: ECO Synthesis Technology: Modularity to Maximize Versatility
Core Technology Sequential Enzymatic Synthesis of Oligos Enzymatic Synthesis of NQPs ECO Synthesis Composed of Modified Building Blocks & Starter Oligo Technology: Modularity to Maximize Versatility Enzymatic Ligation Approach Attachment of (dsRNA Ligase Program) Targeting Moieties 4
Slide 6: dsRNA Ligase Program: Multi-Pronged Commercial Strategy
dsRNA Ligase Program: Multi-Pronged Commercial Strategy Variety of Approaches to Meet Customers Where They Are Expected to Launch in Ongoing Launching at 2024 TIDES USA 2H 2024 Customized dsRNA ligase programs dsRNA ligase screening service ecoRNA ligase kit o Current programs in partnership o Lever
Slide 7: ECO Synthesis Innovation Lab: First Step to Becoming a Full-Service Provider
ECO Synthesis Innovation Lab: First Step to Becoming a Full-Service Provider Establishing a Center of Excellence for Enzymatic RNA Synthesis Offers Customers Enables Process Supports GMP Path to GLP- Development & Scale Up Grade Material Optimization - “Show and tell” bridges gap between - Informs d
Slide 8: Strong Q1; On Track for FY Double Digit Product Revenue Growth
Strong Q1; On Track for FY Double Digit Product Revenue Growth Fill pipeline with new programs Early Development-Stage R&D – Preclinical, Phase 1 R&D Revenue Later Development-Stage Phase 2/3 Clinical Trials Product Revenue Commercial -Stage Product Revenue Ongoing discussions for Continued progress
Slide 9: Q1 2024 Financial Results
Q1 2024 Financial Results YoY Expense Trends ($M) $M, Except Per Share Amounts Q1 2023 Q1 2024 25 Product Revenue $8.4 $9.6 Down R&D Revenue $4.6 $7.5 32% 20 Down Total Revenue $13.0 $17.1 16% Cost of Product Revenue $4.5 $4.9 16.7 Product Gross Margin 46% 49% 15.4 15 R&D Expenses $16.7 $11.2 12.9 1
Slide 10: Q1 2024 Product Revenue
Q1 2024 Product Revenue YoY Product Revenue ($M) Reiterating 2024 Product Revenue Guidance $10 $9.6M • Q1 2024 product revenue up 14% YoY 5% $9 $8.4M 1% $8 11% Life Sciences & other portfolio programs • Q2 2024 expected to be lowest product 34% revenue quarter of the year and down $7 7% 9% Enzymes s
Slide 11: Q1 2024 R&D Revenue
Q1 2024 R&D Revenue Reiterating 2024 R&D Revenue Guidance Q1 2023 R&D Revenue ($M) Q1 2024 R&D Revenue ($M) • Recognized $6M in Q1 2024 related to dsDNA ligase agreement with Roche $8 $8 $7.5M $7 $7 • Q1 expected to be highest R&D $6M in $6 $6 revenue revenue quarter of 2024 $5 $4.6M $5 related to $
Slide 12: 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 13: Nasdaq: CDXS www.codexis.com
Nasdaq: CDXS www.codexis.com