Codexis sees FY23 product revenue $30M-$35M

The company said, “Codexis is reiterating its 2023 product revenue and gross margin guidance as outlined in the Company’s first quarter earnings release issued on May 4, 2023. Specifically, product revenues are expected to be in the range of $30 million to $35 million and gross margin on product revenue is expected to be in the range of 55% to 65%; both metrics exclude enzyme sales related to PAXLOVID. R&D revenues are now expected to be in the range of $21 million to $24 million, compared to previous guidance of $28 million to $33 million. The change is the result of the workforce reduction and reduced R&D expenses subject to reimbursement related to the discontinuation of the Company’s Biotherapeutics programs. As of June 30, 2023, the Company had an estimated $92.1 million in cash and cash equivalents. Codexis expects the portfolio prioritization, operational streamlining and reduction in workforce to significantly reduce the Company’s annual cash burn rate for its planned operations, extending cash runway into mid-2026 and funding critical upcoming milestones for its priority programs.”