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What factors drove the changes in Codexis's revenue and profit?

- **Strategic Shift Confirmed**: Transition to manufacturing partner with Merck deal and new facility, reducing legacy enzyme focus.
- **Financial Resilience**: $58.7M cash (pre-Merck) with 25% burn reduction, extending runway to 2027.
- **Pipeline Momentum**: 11 active contracts, 40 in pipeline, and 14 Phase III drugs leveraging enzyme tech.
- **Operational Excellence**: 64% gross margin, cost controls driving efficiency improvements.
- **Upcoming Catalysts**: TIDES EU presentations on scalability and analytics, Q1 2026 guidance update.

**【CEO Summary Section】**
- Signed a supply assurance agreement with Merck, providing nondilutive cash to support business plans.
- Leasing a new GMP facility for kilogram-scale siRNA manufacturing using ECO Synthesis.
- Transitioning from enzyme supplier to full-service manufacturing partner, with 11 revenue-generating contracts and 40 in pipeline.
- Leadership transition: Alison Moore becomes CEO, Stephen Dilly remains Executive Chair.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $8.6 million (down 33% YoY) due to legacy business decline.
- Gross margin: 64% (up 3% YoY) from shift to more profitable products.
- R&D expenses: $13.9 million (up 21% YoY) due to headcount and reclassification.
- SG&A expenses: $11.2 million (down 18% YoY) from cost reductions.
- Net loss: $19.6 million, cash position: $58.7 million (excluding Merck funds).
- Restructuring reduces burn by 25%, extending cash runway to 2027.

**【Q&A Key Highlights】**
- **Partnership Strategy**: Maintaining flexibility with Nitto Avecia for scaling, while exploring direct manufacturing and royalty-based models.
- **Revenue Contribution**: Service revenue expected to remain stable, with siRNA contracts in service segment.
- **TIDES EU Presentations**: Focus on platform scalability and in-process analytics, positioning as first-in-class for siRNA developers.
- **Legacy Business**: 14 drugs in Phase III using Codexis enzymes, providing long-term growth potential despite reduced focus.
- **Cash Outlook**: Merck funds to be recognized in Q4 2025 and Q1 2026, supporting 2026 guidance release post-year end.

Codexis, Inc. (CDXS) Q3 2025 Earnings Call Transcript

Revenue

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CDXS

CDXS fundamentals

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