REDWOOD CITY, Calif., Nov. 29, 2022 (GLOBE NEWSWIRE) — Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced that the company is prioritizing time and resources in specific areas. We just announced an update on our ongoing plans. Where we believe we have the strongest commercial opportunities and the greatest potential for success. As part of this plan, the company has decided to stop investing in certain internal development programs, increase investment in high-potential development programs, and reduce its workforce by approximately 18%.
“Since taking over as CEO three months ago, the leadership team and I have explored short- and long-term commercial opportunities with the goal of identifying programs that Codexis believes are best positioned to win. Dr. Stephen Dilly, President and CEO of Codexis, said: “The changes we are making will allow us to maintain our cash runway through the end of 2024, ensuring long-term commercial growth. It allows us to focus on the programs we deem to have the highest potential for commercial success.”
The company expects the change to be substantially complete by December 31, 2022, and estimates that the action will save approximately $15 million in operating expenses in 2023. Estimated Impact of Expenses Incurred Related to Postretirement Benefit Payments to Affected Employees on 2022 Total Revenue, Product Revenue, and Gross Product Revenue, published November 3, 2022 , and other related charges we anticipate. The company will discuss its outlook for 2023 in conjunction with its fourth quarter results.
Codexis is a leading enzyme engineering company that leverages its proprietary CodeEvolver.® A platform for discovering and developing new high-performance enzymes and biopharmaceuticals. Codexis enzymes have applications in the sustainable manufacturing of pharmaceuticals, food, and industrial products. Creating the next generation of life science tools. and as gene therapy and oral enzyme therapy. Our proprietary Performance Enzyme drives improvements in: higher yield; higher fidelity diagnosis; and more effective therapy. Codexis enzymes enable the promise of synthetic biology to improve the health of people and the planet. For more information, please visit www.codexis.com.
Statements contained in this press release, unless they are statements of historical fact regarding Codexis, are forward-looking statements that reflect management’s current beliefs and expectations made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This is a description about Such forward-looking statements include statements regarding our potential cash runway, reduced operating expenses in 2023 due to workforce reductions, and whether our focused corporate strategies will enhance long-term growth and value. including, but not limited to, statements as to whether These forward-looking statements involve known and unknown risks, uncertainties and other factors, possibly beyond, and you should not place undue reliance on these forward-looking statements. should not be placed. It is under the control of Codexis and may materially affect actual results. Additional information regarding factors that may have a material effect on actual results is contained in Codexis’ annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2022. and in Codexis’ quarterly reports on Form 10-. Q filed with the SEC on November 4, 2022 and includes Codexis’ other periodic reports filed with the SEC under the caption “Risk Factors.” Codexis expressly disclaims any intention or obligation to update these forward-looking statements, except as required by law.
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