Codexis, Inc. reported a total revenue of $59.3 million for the fiscal year ended December 31, 2024, a decrease of 15% from $70.1 million in 2023. The decline was attributed to lower product revenue, which fell to $36.8 million from $42.9 million, and a reduction in research and development revenue, which decreased to $22.6 million from $27.2 million. The company experienced a net loss of $65.3 million, or $0.89 per share, compared to a net loss of $76.2 million, or $1.12 per share, in the previous year. The reduction in net loss was primarily due to lower operating expenses.
In terms of operational changes, Codexis underwent a strategic restructuring in July 2023, which included the discontinuation of certain development programs in its biotherapeutics segment and a workforce reduction of approximately 25%. This restructuring led to a significant impairment charge of $9.2 million in 2023, primarily related to long-lived assets. The company also divested several non-core life science assets, including biotherapeutics, genomics, and next-generation sequencing applications, to focus on its core enzymatic solutions for pharmaceutical manufacturing.
Codexis reported a total of 188 employees as of December 31, 2024, with 47 engaged in research and development, 47 in operations and quality control, and 94 in selling, general, and administrative roles. The company continues to leverage its proprietary CodeEvolver technology platform to enhance enzyme performance for pharmaceutical applications, with a focus on its ECO Synthesis manufacturing platform for RNA interference therapeutics. The company completed the build-out of its ECO Synthesis Innovation Lab in late 2024, which is expected to support the manufacture of good laboratory practice-grade siRNA for preclinical testing in 2025.
Looking ahead, Codexis anticipates entering a partnership with a large-scale contract development and manufacturing organization to utilize its ECO Synthesis platform for the production of good manufacturing practices-grade siRNA drug substances. The company expects to expand its enzymatic tools and process offerings to meet the growing demand for scalable and sustainable RNAi manufacturing. Despite the challenges faced in 2024, Codexis remains focused on its strategic priorities and aims to enhance its market position in the pharmaceutical biocatalysis and RNAi manufacturing sectors.
About CODEXIS, INC.
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