Exhibit 99.1
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Codexis Reports Second Quarter 2021 Financial Results

Record Product Revenue of $14.7M, up 227% YOY
Record Product Gross Margin of 71%
Company Raises Guidance for 2021 Total Revenue to $98 - 103 M and 2021 Product Revenue to $59 - 63 M

REDWOOD CITY Calif., August 5, 2021 — Codexis, Inc. (Nasdaq:CDXS), a leading enzyme engineering company enabling the promise of synthetic biology, today announced financial results for the second quarter ended June 30, 2021 and provided a business update.

“Codexis had an extraordinarily strong second quarter, with record product revenue that also drove our product gross margin to a new high,” said John Nicols, Codexis President and CEO. “Our Sustainable Manufacturing business showcased Codexis’ ability to translate our decades of R&D work designing high performance enzymes into impressive top line growth. We received a new order from a global pharmaceutical company for commercial-scale quantities of one of Codexis’ proprietary enzymes for delivery in the second half of 2021, which should culminate in the largest annual sales for a product in the Company’s history. In the second quarter, another facet of Codexis’ business model was highlighted by the receipt of a CodeEvolver® platform milestone payment from GlaxoSmithKline (GSK), our largest-ever backend license payment.

“Our Biotherapeutics business demonstrated its strategic value in Q2, with our partner Takeda expanding the collaboration to a fourth program. In addition to customer-driven projects, we are applying our R&D resources to advance Codexis’ self-funded programs further into development across all of our business segments, in order to capture even greater value in the future. This is a defining period of growth for Codexis, and we look forward to building upon this momentum as our proprietary platform and growing pipeline continue to deliver the promise of synthetic biology to improve the improve the health of people and the planet,” concluded Mr. Nicols.

Key Performance Indicators and Recent Business Highlights

•Product revenues increased 227% to $14.7 million in Q2’21, primarily driven by the sale of enzymes used to manufacture branded pharmaceutical products.

•Product gross margin climbed to 71% in Q2’21, driven by a shift in the sales mix to higher margin products.

•In the second quarter, Codexis had 22 customers who contributed over $100,000 in revenue, nine of which contributed over $1 million in revenue.

•In the Sustainable Manufacturing business, Codexis received a significant new order for commercial-scale quantities of a proprietary enzyme from an undisclosed global pharmaceutical company. The Company also earned a CodeEvolver® platform licensing milestone payment from GSK, related to the advancement of the commercialization of an enzyme, engineered by GSK, using CodeEvolver® to improve a key step in the manufacturing process for a currently undisclosed drug. In July, Codexis announced the completion of the technology transfer to Novartis Pharma AG for a non-exclusive license to the CodeEvolver® platform to develop novel performance enzymes for use in the manufacture of pharmaceutical products. In addition, last week the Company announced an expanded commercial supply agreement with Kalsec for an enzyme to sustainably produce their natural clean-label beverage ingredient.

•In the Life Science Tools market, the Company received an option payment on a program for an enzyme with an undisclosed partner. Customer interest in Codex® HiFi DNA polymerase and Codex® HiCap RNA polymerase remains strong. Codexis continues to drive both partnered and self-funded research and product development, notably making significant technical progress in its enzymatic DNA synthesis
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collaboration with Molecular Assemblies, which is on track for the enzyme engineering to be completed in the second half of 2021.

•In the Biotherapeutics segment, Codexis’ pipeline continued to expand during the second quarter as Takeda exercised the option to expand its strategic collaboration for the discovery of additional transgenes for a lysosomal storage disorder gene therapy program. CDX-7108, partnered with Nestlé Health Sciences and targeting an undisclosed GI disorder, has now been filed for approvals with regulatory authorities outside the U.S. for its first clinical trial, which we expect to initiate around the turn of the year.

Pipeline Update

Codexis published its annual pipeline snapshot as of June 30, 2021, which is available on the Presentations page of the Company’s investor relations website. Highlights include:

•Total Number of Programs: The total number of commercial products and pipeline programs as of June 30, 2021 increased to 78 from 65 a year ago.

•Commercial Products by Market: Codexis had 17 commercial products as of June 30, 2021 (up from 14 a year ago), with 12 in Pharma Manufacturing (up from 11), and 5 in Food and Life Science Tools (up from 3).

•Pre-Commercial Products by Market: The Company had 61 pre-commercial programs as of June 30, 2021 (up from 51 a year ago), with 24 in late-stage Pharma Manufacturing (flat compared to a year ago); 19 in Life Science Tools, Food & Industrials (up from 13); and 18 in Biotherapeutics (up from 14).

•Partnered vs Self-Funded Programs: As of June 30, 2021, 45 of Codexis’ pre-commercial programs were partnered (up from 38 a year ago) and 16 were self-funded (up from 13).

Second Quarter 2021 Financial Highlights

•Total revenues for the second quarter 2021 were $25.5 million, an increase of 70% from $15.0 million in the second quarter 2020. On a segment basis, $21.6 million in revenue was from the Performance Enzymes segment and $3.9 million was from Biotherapeutics. Product revenues for the second quarter 2021 were $14.7 million compared to $4.5 million in the second quarter 2020; the increase was the result of higher sales of enzymes used to manufacture branded pharmaceutical products. R&D revenues were $10.7 million compared to $10.5 million last year.

•Product gross margin for the second quarter 2021 was 71% compared to 62% in the second quarter 2020. The increase was driven by increased sales of higher margin products.

•R&D expenses for the second quarter 2021 were $12.8 million compared to $10.9 million in the second quarter 2020. The increase was driven by higher compensation expenses driven primarily by higher headcount, higher expenses for outside services, cost of lab supplies and depreciation, partially offset by lower preclinical development and regulatory expenses.

•Selling, General & Administrative expenses for the second quarter 2021 were $12.8 million, compared to $8.5 million in the second quarter 2020. The increase was the result of higher expenses for compensation, primarily driven by higher headcount, and higher legal fees, partially offset by lower allocation expenses.

•The net loss for the second quarter 2021 was $4.3 million, or $0.07 per share, compared to $6.3 million, or $0.11 per share, for the second quarter 2020. As of June 30, 2021, the Company had $129.5 million in cash and cash equivalents.

Guidance
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Codexis is raising its financial guidance issued on June 17, 2021, as follows:
•FY 2021 total revenues are expected to be in the range of $98 - $103 million; up from prior guidance of $89 to $93 million
•FY 2021 product revenues are expected to be in the range of $59 - $63 million; up from prior guidance of $45 to $48 million
•FY 2021 gross margin on product revenue is expected to be in the range of 65% - 68%; up from prior guidance of a range of 60% - 64%

Conference Call and Webcast
Codexis will hold a conference call and webcast today beginning at 4:30 p.m. ET. A live webcast and slide presentation to accompany the conference call will be available on the Investor section of Company website. The conference call dial-in numbers are 877-705-2976 for domestic callers and 201-689-8798 for international callers, and the passcode is 13721066.

A recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers. Please use the passcode 13721066 to access the recording. A webcast replay will be available on the Investors section of www.codexis.com for 30 days, beginning approximately two hours after the completion of the call.

About Codexis
Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver® platform to discover and develop novel, high performance enzymes and novel biotherapeutics. Codexis enzymes have applications in the sustainable manufacturing of pharmaceuticals, food, and industrial products; the creation of the next generation of life science tools; and as biologic therapeutics and in gene therapy. The Company’s unique enzymes drive improvements such as reduced energy usage, waste generation and capital utilization, higher yields, higher fidelity diagnostics, and more efficacious therapeutics. Codexis enzymes enable the promise of synthetic biology to improve the health of people and the planet. For more information, visit www.codexis.com.

Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, among others: Codexis’ guidance on 2021 total revenues, product revenues and gross margin; prospects for product revenue growth in Codexis’ Sustainable Manufacturing business; Codexis’ expectations regarding record annual sales for a single proprietary Codexis enzyme; prospects for Codexis’ self-funded programs and Life Science Tools business and growth in its project pipeline and the anticipated initiation of a first clinical trial of CDX-7108. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators; Codexis’ dependence on a limited number of products and customers and potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2021, and in Codexis’ Quarterly Report on Form 10-Q filed with the SEC on May 7, 2021, including under the caption “Risk Factors,” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Investor Relations Contact:
Argot Partners
Stephanie Marks/Carrie McKim
(212) 600-1902
Codexis@argotpartners.com

Financial Tables to Follow
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Codexis, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In Thousands, Except Per Share Amounts)



 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Revenues:
Product revenue$14,717 $4,504 $24,943 $9,604 
Research and development revenue10,736 10,463 18,542 20,033 
Total revenues25,453 14,967 43,485 29,637 
Costs and operating expenses:
Cost of product revenue4,318 1,699 8,536 4,240 
Research and development12,826 10,853 24,397 21,820 
Selling, general and administrative12,795 8,522 24,193 17,512 
Total costs and operating expenses29,939 21,074 57,126 43,572 
Loss from operations(4,486)(6,107)(13,641)(13,935)
Interest income206 57 382 323 
Other income (expense), net23 13 (63)(72)
Loss before income taxes(4,257)(6,037)(13,322)(13,684)
Provision for income taxes8 307 11 312 
Net loss$(4,265)$(6,344)$(13,333)$(13,996)
Net loss per share, basic and diluted$(0.07)$(0.11)$(0.21)$(0.24)
Weighted average common stock shares used in computing net loss per share, basic and diluted64,434 59,000 64,363 58,944 


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Codexis, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands)
June 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents$129,506 $149,117 
Restricted cash, current585 638 
Investment in non-marketable debt security1,289 1,000 
Financial assets:
     Accounts receivable19,488 13,894 
     Contract assets4,528 4,526 
Unbilled receivables12,417 10,942 
        Total financial assets36,433 29,362 
             Less: allowances(74)(74)
         Total financial assets, net36,359 29,288 
Inventories1,078 964 
Prepaid expenses and other current assets3,578 3,416 
Total current assets172,395 184,423 
Restricted cash1,519 1,062 
Investment in non-marketable equity securities3,430 1,450 
Right-of-use assets - Operating leases, net20,124 21,382 
Right-of-use assets - Finance leases, net68 119 
Property and equipment, net11,232 9,675 
Goodwill3,241 3,241 
Other non-current assets301 294 
Total assets$212,310 $221,646 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$3,164 $2,970 
Accrued compensation6,859 7,288 
Other accrued liabilities9,082 10,272 
Current portion of lease obligations - Operating leases2,672 2,627 
Deferred revenue2,313 1,824 
Total current liabilities24,090 24,981 
Deferred revenue, net of current portion3,166 2,967 
Long-term lease obligations - Operating leases20,992 22,324 
Other long-term liabilities1,289 1,271 
Total liabilities49,537 51,543 
Stockholders' equity:
Common stock6 6 
Additional paid-in capital542,519 536,516 
Accumulated deficit(379,752)(366,419)
Total stockholders' equity162,773 170,103 
Total liabilities and stockholders' equity$212,310 $221,646 

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Codexis, Inc.
Segmented Information
(Unaudited)
(In Thousands)
 Three months ended June 30, 2021Three months ended June 30, 2020
 Performance EnzymesNovel BiotherapeuticsTotalPerformance EnzymesNovel BiotherapeuticsTotal
Revenues:
Product revenue$14,717 $— $14,717 $4,504 $— $4,504 
Research and development revenue6,868 3,868 10,736 3,002 7,461 10,463 
Total revenues21,585 3,868 25,453 7,506 7,461 14,967 
Costs and operating expenses:
Cost of product revenue4,318 — 4,318 1,699 — 1,699 
Research and development (1)
5,057 7,194 12,251 4,997 5,490 10,487 
Selling, general and administrative(1)
3,170 620 3,790 2,375 621 2,996 
Total segment costs and operating expenses12,545 7,814 20,359 9,071 6,111 15,182 
Income (loss) from operations$9,040 $(3,946)5,094 $(1,565)$1,350 (215)
Corporate costs (2)
(8,610)(5,316)
Unallocated depreciation and amortization(741)(506)
Loss before income taxes$(4,257)$(6,037)
(1) Research and development expenses and selling, general and administrative expenses exclude depreciation and amortization of finance leases.
(2) Corporate costs include unallocated selling, general and administrative expense, interest income, and other income (expense), net.


 Six months ended June 30, 2021Six months ended June 30, 2020
 Performance EnzymesNovel BiotherapeuticsTotalPerformance EnzymesNovel BiotherapeuticsTotal
Revenues:
Product revenue$24,943 $— $24,943 $9,604 $— $9,604 
Research and development revenue10,872 7,670 18,542 8,775 11,258 20,033 
Total revenues35,815 7,670 43,485 18,379 11,258 29,637 
Costs and operating expenses:
Cost of product revenue8,536 — 8,536 4,240 — 4,240 
Research and development (1)
11,502 11,799 23,301 10,693 10,415 21,108 
Selling, general and administrative(1)
5,988 1,221 7,209 4,720 1,213 5,933 
Total segment costs and operating expenses26,026 13,020 39,046 19,653 11,628 31,281 
Income (loss) from operations$9,789 $(5,350)4,439 $(1,274)$(370)(1,644)
Corporate costs (2)
(16,335)(11,042)
Unallocated depreciation and amortization(1,426)(998)
Loss before income taxes$(13,322)$(13,684)
(1) Research and development expenses and selling, general and administrative expenses exclude depreciation and amortization of finance leases.
(2) Corporate costs include unallocated selling, general and administrative expense, interest income, and other income (expense), net.



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