Q4 & FY’2020 Results February 25, 2021 We engineer enzymes to improve health… of people and the planet
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Strong 2020 Results 3 Positioned for Strong 2021 Top line growth 19-23% Product gross margin expansion Investment in growth opportunities 7th Consecutive Year of YOY Revenue Growth Quarterly Product Revenue (Q4’20) Annual product gross margin Cash balance HIGHEST EVER
Sustainable Manufacturing: Solid, Growing Base 4 Life Sciences Tools 8% Sustainable Manufacturing - Food & Industrial 4% % Total 2020 Performance Enzymes Revenue • 22% product sales 5-year CAGR • Key customers • 21 of top 25 pharma companies • Tate & Lyle, other large industrials emerging • 15 customers > $100K avg quarterly 2020 revenue • Growth drivers • New market extensions – food, industrials • Faster to commercialize products • Larger products • Higher product gross margins • CodeEvolver® licensing 100% margin backends$48 Million Total 2020 Performance Enzymes Revenue
Life Science Tools: High Growth 5 • From $0 revenue in 2018 to $3.6 M in 2020 • Three commercial enzymes • Enzymes marketed to multiple customers: • Primary target: next gen sequencing users • Closer to end market • Select partnerships: Roche, Alphazyme, Molecular Assemblies • Growth Drivers: • Commercial enzymes customer adoption • Additional new product launches • Early-stage, private company partnership investment opportunities Sustainable Manufacturing - Pharma 88% Life Sciences Tools 8% Sustainable Manufacturing - Food & Industrial 4% % Total 2020 Performance Enzymes Revenue $48 Million Total 2020 Performance Enzymes Revenue
Biotherapeutics: Rapid Pipeline Expansion and Validation 6 • Key Partnerships: • Nestlé Health Science • Takeda • Growth Drivers: • Accelerating number of candidates entering clinical trials • Partnered assets generating milestones and royalties • Increasing Codexis ownership of pipeline assets • Holding select assets deeper to clinical PoC in future 1 1 1 4 8 2 1 1 1 Discovery IND EnablingResearch ClinicalPreclinical Phase I 2016 2018 2020 # of Program
Strong 2020 Results 7 $69M FY’20 Total Revenue +1% 54.5% Gross Product Margin vs. 47% in FY’19 $149M Cash Available for Growth. No Debt $30M FY’20 Product Revenue +3% Novel Biotherapeutics Performance Enzymes $21M$48M $44M R&D Expense $35M SG&A Expense $24M Net Loss
2021 Guidance $82-85M Total Revenue 54-58% Product Gross Margin $36-39M Product Revenue
2021 Corporate Goals and Catalysts Life Science Tools 9 CDX-7108 for GI Disorder begins clinical development Preclinical proof-of-concept data generation for our wholly owned pipeline assets Deliver on strategic partnerships with Nestlé Health Science and Takeda Biotherapeutics Sustainable Manufacturing Continue widening pharma adoption, and advancing clients to new CodeEvolver® platform deals Enzymes for Phase 2 / 3 pharma processes commercialize into new recurring product revenues $M+ food enzymes revenues from Tate & Lyle’s recently commercialized sweeteners Broaden into other food and industrial applications $M+ product sales from recently commercialized Codex® DNA and RNA polymerases Launch reverse transcriptase; finish DNA synthesis enzyme engineering to enable 2022 launch Additional new product development & SynBio Innovation Accelerator announcements
Growth Accelerators in Motion, in Parallel 1 Corporate pipeline snapshots , as of June 30, published August every year. As of June 30, 2020, pipeline included 38 customer partnered and 13 Codexis-funded programs. 2 Performance Enzyme, non-pharma programs in respective annual pipeline snapshots 3 Select Performance Enzyme programs in respective annual pipeline snapshots 10 100% Discovery capacity (# of R&D teams)More times at bat 2016 2020 8 16 200% Programs in pre-commercial pipeline1More players on base 2016 2020 17 51 200+% Programs commercializable in <3yrs2More runs per inning 2016 2020 5 16 Programs w/ $10m+ peak revenue potential if commercialized3 More 2B, 3B, HR 2016 2020 1 6 500%
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