Codexis (CDXS) Jefferies Global Healthcare Conference summary

ECO Synthesis platform progress

• Achieved significant technical milestones, including gram-scale and full-length enzymatic synthesis of clinically relevant siRNA molecules in the past year.

• Demonstrated the ability to enzymatically synthesize commercialized oligos, highlighting the universality and scalability of the platform.

• Engaged in active dialogues with potential partners and customers, learning about the evolving siRNA manufacturing ecosystem.

• Introduced both full-length enzymatic synthesis and a ligase optimization service at TIDES, bridging chemical and enzymatic synthesis.

• ECO Synthesis Innovation Lab set to open late 2024, enabling production of GLP-grade material and enhancing customer engagement.

Customer and market feedback

• TIDES conference generated high customer engagement, especially from siRNA innovators and CDMO players seeking improved manufacturing processes.

• Customers value the platform's ability to simplify scaling and improve yields, with particular interest in the ligation strategy.

• First commercial order for engineered double-stranded RNA ligase secured with a large pharma company for a phase 2/3 asset.

• Ligase optimization service is expected to become a major revenue stream by 2027, potentially surpassing traditional pharma manufacturing revenues.

• Multiple customers are interested in both asset-specific and platform-wide adoption of the ligase technology.

Competitive landscape and partnerships

• Shifted from viewing major oligo CDMO players as competitors to potential partners, facilitating process improvements in existing facilities.

• Ligation steps can enhance productivity and reduce costs in large-scale phosphoramidite chemistry plants.

• Cooperation with industry leaders is now a key strategy, leveraging the platform to improve existing manufacturing processes.

• Partnership with Aldevron for HiCap RNA polymerase is progressing, with revenue ramp expected in 2025 as GMP production begins.