Codexis (CDXS) TD Cowen 46th Annual Health Care Conference summary

Company evolution and strategic focus

• Transitioned from supplying biocatalytic enzymes for pharma to focusing on RNA medicines and innovative manufacturing technologies over the past 3-4 years.

• ECO Synthesis platform targets the growing RNA medicines market, addressing scale limitations in traditional oligonucleotide production.

• By 2030, total addressable market for RNA manufacturing is projected at $2 billion.

• Deprioritized legacy small molecule biocatalysis due to commoditization and competition, shifting resources to RNA-focused growth.

• Maintains a portfolio of Phase III assets in pharma biocatalysis, expecting low single-digit growth over the next 5-7 years.

Key partnerships and agreements

• Entered a $38 million supply assurance agreement with Merck, involving creation and escrow of critical enzyme cell banks.

• Holds three active agreements with CDMOs, supporting innovation lab work and tech transfer of ECO Synthesis platform.

• CDMO partnerships are integral to expansion, with plans for multi-way agreements involving innovators and their trusted CDMOs.

• Ongoing licensing arrangements with customers are expected to continue.

Technology and operational advancements

• ECO Synthesis platform offers scalability, operational simplicity, high product quality, and potential for stereoisomer-controlled products.

• Real-time in-process control enhances product fidelity and quality, attracting significant customer interest.

• Current production at 100-gram scale, aiming for kilo scale by year-end, with a new manufacturing facility operational by end of 2027.

• Facility investment of $20-25 million planned, with cash runway through 2027.