Slide 1: Q4 & FY'2023 Results
Q4 & FY’2023 Results February 28, 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: Significant Momentum Entering 2024
Significant Momentum Entering 2024 Recent validating announcements highlight consistent execution ✓ Achieved gram-scale synthesis with ECO Synthesis manufacturing platform ✓ Exclusive licensing agreement with Aldevron for Codex® HiCap RNA Polymerase ✓ Purchase agreement with Nestlé for CDX-7108 Stro
Slide 4: Codexis' Path to Success: Value Chain
Codexis’ Path to Success ECO Synthesis Manufacturing Platform True break-out opportunity for Codexis Value Chain ecoRNA Ligase Program Critical stepping stone on Pharmaceutical the way to fully enzymatic Manufacturing siRNA synthesis Foundational business; anticipate 10%+ revenue growth from 20231 C
Slide 5: ECO Synthesis Manufacturing Platform: Our Recent Progress & Updates to Come
ECO Synthesis Manufacturing Platform: Our Recent Progress & Updates to Come Gram-Scale Achieved gram-scale synthesis with ECO Synthesis manufacturing platform Enables initial assessment of impurity profile for oligonucleotides produced with the ECO Synthesis manufacturing platform Provides foundatio
Slide 6: Additional Appointments to Codexis Strategic Advisory Board
Additional Appointments to Codexis Strategic Advisory Board Masad Damha, PhD Jim Lalonde, PhD John Maraganore, PhD Distinguished James McGill Professor, Biotechnology Consultant and Founder and Former Chief Executive Officer, McGill University Director Alnylam Pharmaceuticals 5
Slide 7: Business Development Update
Business Development Update Codex® HiCap RNA Polymerase • Represents meaningful improvement over enzymes currently on the market • Offers significant reductions in double stranded contamination and improved capping efficiency For Aldevron… • Asset is compelling from both a technical and commercial p
Slide 8: Business Development Update (Continued)
Business Development Update (Continued) Purchase agreement for CDX-7108 Exclusive, global license agreement for newly engineered dsDNA ligase • In-line with previous decision to discontinue investment in Biotherapeutics • Consistent with strategy to exit genomics and leverage partners with broader c
Slide 9: Pharma Manufacturing: Two Paths to Revenue
Pharma Manufacturing: Two Paths to Revenue Customer Engagement Screening program identifies “off-the-shelf” enzyme for customer from existing kits and enzyme collections Project requires additional enzyme evolution R&D Revenue Product Revenue Gram-level quantities Kg scale enzyme Dedicate small team
Slide 10: Pharma Manufacturing: Steady Pipeline to Drive Annual Growth
Pharma Manufacturing: Steady Pipeline to Drive Annual Growth GOAL: maintain consistent volume of pipeline programs YOY to support ongoing product revenue growth Fill pipeline with new programs Early Development-Stage Existing development-stage R&D – Preclinical, Phase 1 programs will fund future gro
Slide 11: Anticipated News Flow for ECO Synthesis Manufacturing Platform
Anticipated News Flow for ECO Synthesis Manufacturing Platform TIDES USA - demonstrate clinically Early commercial licenses to ECO ECO Synthesis manufacturing relevant, full-length siRNA Synthesis manufacturing platform platform and process widely synthesized enzymatically available for customers Ac
Slide 12: Strategic Debt Financing
Strategic Debt Financing • Rapid technical progress and increased commercial engagement with the ECO Synthesis manufacturing platform created a strong business case to accelerate value creation • Capital funds the build-out and operation of the ECO Synthesis Innovation Lab for the next several years
Slide 13: Fourth Quarter and Full Year 2023 Financial Results
Fourth Quarter and Full Year 2023 Financial Results (Excluding enzyme sales related to PAXLOVID ) $M, Except Per Share Amounts Three Months Ended December 31 Year Ended December 31 2023 2022 2023 2022 Product Revenue1 $9.9 $5.9 $34.8 $41.3 R&D Revenue $8.5 $7.1 $27.2 $21.9 Total Revenue1 $18.4 $13.0
Slide 14: 2023 Product Revenue Breakdown
2023 Product Revenue Breakdown (Excluding enzyme sales related to PAXLOVID ) 2023 Product Revenue $34.8M 6% 11% Life Sciences & other portfolio programs 5% Food & feed 25% Enzymes supplying generic products Enzymes supplying clinical trials 3% Enzymes supplying other commerically approved products B
Slide 15: 2024 Guidance: Product Revenue
2024 Guidance: Product Revenue (Excluding enzyme sales related to PAXLOVID ) Product Revenue, Excluding PAXLOVID ($M) 50 $3.9M one-time benefit in 2023 for ~10% YOY acceleration of deferred revenue and (at low end of 45 milestones from exiting food & feed guidance range) $38M-$42M 2024 guidance rang
Slide 16: 2024 Guidance: R&D Revenue
2024 Guidance: R&D Revenue R&D Revenue ($M) 30 $27.2M Non-cash Pfizer application 25 of retainer fee credit to 7 new program $18M-$22M 2024 guidance range 20 Biotherapeutics 6.1 business 15 5.6 ~28% YOY 10 (at low end of guidance range) 5 8.5 0 2023 Results 2024 Guidance Base Business Nestlé & Aldev
Slide 17: 2024 Guidance
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 Pro Forma Cash as of 12/31/23 = $70 Million2 58%
Slide 18: Nasdaq: CDXS www.codexis.com
Nasdaq: CDXS www.codexis.com