Codexis (CDXS) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34705
Entity Registrant Name	Codexis, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0872999
Entity Address, Address Line One	200 Penobscot Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	421-8100
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CDXS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 152.4
Entity Common Stock, Shares Outstanding		82,837,311
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement to be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2025 Annual Meeting of Stockholders (the “2025 Proxy Statement”), to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2024. Except with respect to information specifically incorporated by reference in this Form 10-K, the 2025 Proxy Statement is not deemed to be filed as part of this Form 10-K.
Entity Central Index Key	0001200375
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	San Francisco, CA
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 19,264	$ 65,116
Restricted cash, current	503	519
Short-term investments	54,194	0
Financial assets:
Accounts receivable	11,920	10,036
Contract assets	4,375	815
Unbilled receivables	2,751	9,142
Total financial assets	19,046	19,993
Less: allowances	(162)	(65)
Total financial assets, net	18,884	19,928
Inventories	1,799	2,685
Prepaid expenses and other current assets	4,128	5,218
Total current assets	98,772	93,466
Restricted cash	1,062	1,062
Investment in non-marketable equity securities	2,798	9,700
Right-of-use assets - Operating leases, net	28,700	13,137
Property and equipment, net	14,197	15,487
Goodwill	2,463	2,463
Other non-current assets	1,019	1,246
Total assets	149,011	136,561
Current liabilities:
Accounts payable	2,838	5,947
Accrued compensation	11,410	11,246
Other accrued liabilities	6,223	4,735
Current portion of lease obligations - Operating leases	2,827	3,781
Deferred revenue	350	10,121
Total current liabilities	23,648	35,830
Deferred revenue, net of current portion	100	640
Long-term lease obligations - Operating leases	28,163	12,243
Long-term debt	28,905	0
Other long-term liabilities	1,268	1,233
Total liabilities	82,084	49,946
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value per share; 200,000 shares authorized; 81,850 and 69,905 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	8	7
Additional paid-in capital	629,673	584,138
Accumulated other comprehensive income	52	0
Accumulated deficit	(562,806)	(497,530)
Total stockholders’ equity	66,927	86,615
Total liabilities and stockholders’ equity	$ 149,011	$ 136,561

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	81,850,000	69,905,000
Common stock, shares outstanding (in shares)	81,850,000	69,905,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 59,345	$ 70,143	$ 138,590
Costs and operating expenses:
Cost of product revenue	16,288	12,809	38,033
Research and development	46,263	58,885	80,099
Selling, general and administrative	55,148	53,250	52,172
Restructuring charges	0	3,284	3,167
Asset impairment and other charges	165	9,984	0
Total costs and operating expenses	117,864	138,212	173,471
Loss from operations	(58,519)	(68,069)	(34,881)
Interest income	3,670	4,172	1,441
Interest and other expense, net ($0, $0 and $208 from a related party)	(10,393)	(12,274)	124
Loss before income taxes	(65,242)	(76,171)	(33,316)
Provision for income taxes	34	69	276
Net loss	$ (65,276)	$ (76,240)	$ (33,592)
Net loss per share, basic (in dollars per share)	$ (0.89)	$ (1.12)	$ (0.51)
Net loss per share, diluted (in dollars per share)	$ (0.89)	$ (1.12)	$ (0.51)
Weighted average common stock shares used in computing net loss per share, basic (in shares)	73,408	68,131	65,344
Weighted average common stock shares used in computing net loss per share, diluted (in shares)	73,408	68,131	65,344
Product revenue ($0, $0 and $514 from a related party)
Revenues:
Total revenues	$ 36,786	$ 42,906	$ 116,676
Research and development revenue ($0, $0 and $1,245 from a related party)
Revenues:
Total revenues	$ 22,559	$ 27,237	$ 21,914

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 59,345	$ 70,143	$ 138,590
Interest and other expense, net	(10,393)	(12,274)	124
Related Party
Interest and other expense, net	0	0	208
Product revenue
Revenues	36,786	42,906	116,676
Product revenue | Related Party
Revenues	0	0	514
Research and development revenue
Revenues	22,559	27,237	21,914
Research and development revenue | Related Party
Revenues	$ 0	$ 0	$ 1,245

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Loss	$ (65,276)	$ (76,240)	$ (33,592)
Other comprehensive gain:
Unrealized gain on available-for-sale short-term investments, net of tax	52	0	0
Comprehensive loss	$ (65,224)	$ (76,240)	$ (33,592)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2021		65,109,000
Balance at beginning of period at Dec. 31, 2021	$ 164,391	$ 6	$ 552,083	$ 0	$ (387,698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	410,000	410,000
Issuance of common stock upon exercise of stock options	$ 955		955
Issuance of common stock upon release of stock awards (in shares)		373,000
Stock-based compensation	14,531		14,531
Taxes paid related to net share settlement of equity awards (in shares)		(81,000)
Taxes paid related to net share settlement of equity awards	(1,488)		(1,488)
Net Loss	(33,592)				(33,592)
Balance at end of period (in shares) at Dec. 31, 2022		65,811,000
Balance at end of period at Dec. 31, 2022	$ 144,797	$ 6	566,081	0	(421,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	283,000	283,000
Issuance of common stock upon exercise of stock options	$ 559		559
Issuance of common stock upon release of stock awards (in shares)		796,000
Issuance of common stock in connection with an equity sales agreement, net of issuance costs (in shares)	3,079,421	3,080,000
Issuance of common stock in connection with an equity sales agreement, net of issuance costs	$ 7,932	$ 1	7,931
Stock-based compensation	9,971		9,971
Taxes paid related to net share settlement of equity awards (in shares)		(65,000)
Taxes paid related to net share settlement of equity awards	(404)		(404)
Net Loss	(76,240)				(76,240)
Balance at end of period (in shares) at Dec. 31, 2023		69,905,000
Balance at end of period at Dec. 31, 2023	$ 86,615	$ 7	584,138	0	(497,530)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	399,000	399,000
Issuance of common stock upon exercise of stock options	$ 1,291		1,291
Issuance of common stock upon release of stock awards (in shares)		842,000
Issuance of common stock warrants in connection with debt issuance	859		859
Issuance of common stock under employee stock purchase plan (in shares)		264,000
Issuance of common stock under employee stock purchase plan	$ 563		563
Issuance of common stock in connection with an equity sales agreement, net of issuance costs (in shares)	0	10,440,000
Issuance of common stock in connection with an equity sales agreement, net of issuance costs	$ 29,736	$ 1	29,735
Stock-based compensation	13,087		13,087
Net Loss	(65,276)				(65,276)
Other comprehensive loss	52			52
Balance at end of period (in shares) at Dec. 31, 2024		81,850,000
Balance at end of period at Dec. 31, 2024	$ 66,927	$ 8	$ 629,673	$ 52	$ (562,806)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Costs incurred in connection with offering	$ 1,584	$ 721

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Operating activities:
Net Loss	$ (65,276)	$ (76,240)	$ (33,592)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,946	5,518	5,402
Reduction in the carrying amount of right-of-use assets	3,184	4,405	4,849
Stock-based compensation	13,087	9,971	14,531
Provision (recovery) for credit losses	97	(65)	4
Asset impairment and other charges	165	9,984	0
Impairment of investment in non-marketable securities	6,902	12,215	0
Equity securities earned from research and development activities ($0, $0, and ($1,245) from a related party)	0	(213)	(1,245)
Unrealized gain on non-marketable securities ($0, $0, and ($208) from a related party)	0	0	(208)
Non-cash interest expense	885	0	0
Amortization of discount on short-term investments	(1,380)	0	0
Other non-cash items	(4)	4	(29)
Changes in operating assets and liabilities:
Financial assets	1,252	20,247	(3,225)
Inventories	886	(656)	(869)
Prepaid expenses and other assets	893	(865)	181
Accounts payable	(2,567)	2,287	207
Accrued compensation and other accrued liabilities	1,982	(14,041)	5,983
Other long-term liabilities	(4,151)	(5,341)	(5,223)
Deferred revenue	(10,311)	(19,848)	24,518
Net cash provided by (used in) operating activities	(49,410)	(52,638)	11,284
Investing activities:
Purchase of property and equipment	(4,305)	(4,418)	(8,307)
Proceeds from sale of property and equipment	87	751	29
Purchases of short-term investments	(90,235)	0	0
Proceeds from maturity of short-term investments	35,500	0	0
Proceeds from sale of short-term investments	1,973	0	0
Investment in non-marketable securities	0	(1,191)	(5,300)
Net cash used in investing activities	(56,980)	(4,858)	(13,578)
Financing activities:
Proceeds from exercises of stock options	1,384	422	955
Proceeds from issuance of stock under employee stock purchase plan	646	0	0
Proceeds from issuance of common stock in connection with equity sales agreements	31,319	8,652	0
Costs incurred in connection with equity sales agreements	(1,706)	(503)	(42)
Proceeds from long-term debt	29,521	0	0
Payment of debt issuance costs	(642)	0	0
Taxes paid related to net share settlement of equity awards	0	(404)	(1,488)
Net cash provided by (used in) financing activities	60,522	8,167	(575)
Net decrease in cash, cash equivalents and restricted cash	(45,868)	(49,329)	(2,869)
Cash, cash equivalents and restricted cash at the beginning of the year	66,697	116,026	118,895
Cash, cash equivalents and restricted cash at the end of the year	20,829	66,697	116,026
Supplemental disclosure of cash flow information:
Interest paid	2,566	44	34
Income taxes	17	194	100
Supplemental non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	566	1,068	897
Cash reconciliation:
Cash and cash equivalents	19,264	65,116	113,984
Restricted cash, current and non-current	1,565	1,581	2,042
Total cash, cash equivalents and restricted cash at the end of the period	$ 20,829	$ 66,697	$ 116,026

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other noncash income	$ 0	$ 213	$ 1,245
Unrealized gain on non-marketable securities	0	0	208
Short-term investments	54,194	0
Cash, cash equivalents, and short-term investments	73,458	65,116
Related Party
Other noncash income	0	0	1,245
Unrealized gain on non-marketable securities	$ 0	$ 0	$ (208)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business In these notes to the consolidated financial statements, the “Company, ” “we, ” “us, ” and “our ” refers to Codexis, Inc. and its subsidiaries on a consolidated basis. We discover, develop, enhance, and commercialize novel, high performance enzymes and other classes of proteins leveraging our proprietary CodeEvolver directed evolution technology platform. We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the third and fourth quarters of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our Chief Executive Officer (“CEO”), our chief operating decision maker, assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. Effective October 1, 2023, the Company's operations are managed and reported to the CEO on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. We believe that these changes better align internal resources to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment since the fourth quarter of 2023. Comparative prior period disclosures that reflected the previous two segments' information have been revised to conform to this change in our reportable segment.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of Codexis, Inc. and its wholly-owned subsidiaries. The consolidated financial statements include the accounts of Codexis, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, deferred revenue, inventories, valuation of equity investments, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements. Foreign Currency Translation The USD is the functional currency for our operations outside the United States. Accordingly, non-monetary assets and liabilities originally acquired or assumed in other currencies are recorded in USD at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in other expense in the consolidated statements of operations. Gains and losses realized from non-USD transactions, including intercompany balances not considered as permanent investments, are included in other expense in the accompanying consolidated statements of operations. Revenue Recognition Our revenues are derived primarily from product revenue and collaborative research and development agreements. Some of our contracts with customers contain multiple products and services. We account for individual products and services separately if they are distinct-that is, if a product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our product revenue and collaborative research and development agreements, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) we satisfy each performance obligation. The majority of our collaborative contracts contain multiple revenue streams such as upfront and/or annual license fees, fees for research and development services, contingent milestone payments upon achievement of contractual criteria, and royalty fees based on the licensees' product revenue or usage, among others. We determine the stand-alone selling price (“SSP”) and allocate consideration to distinct performance obligations. Typically, we base our SSPs on our historical sales. If an SSP is not directly observable, then we estimate the SSP taking into consideration market conditions, forecasted sales, entity-specific factors and available information about the customer. We estimate the SSP for license rights by using historical information if licenses have been previously sold to customers. We account for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Non-cancellable purchase orders received from customers to deliver a specific quantity of product, when combined with our order confirmation, in exchange for future consideration, create enforceable rights and obligations on both parties and constitute a contract with a customer. We measure revenue based on the consideration specified in the contract with each customer, net of any sales incentives and taxes collected on behalf of government authorities. We recognize revenue in a manner that best depicts the transfer of promised goods or services to the customer, when control of the product or service is transferred to a customer. We make significant judgments when determining the appropriate timing of revenue recognition. The following is a description of principal activities from which we generate revenue: Product Revenue Product revenue consist of sales of biocatalysts, pharmaceutical intermediates and Codex biocatalyst panels and kits. A majority of our product revenue is made pursuant to purchase orders or supply agreements and is recognized either at a point in time when the control of the product has been transferred to the customer which generally aligns with shipping terms, or over time as the product is manufactured because we have a right to payment from the customer under a binding, non-cancellable purchase order, and there is no alternate use of the product for us as it is specifically made for the customer’s use. Certain of our agreements provide options to customers which they can exercise at a future date, such as the option to purchase our product during the contract duration at discounted prices and an option to extend their contract, among others. In accounting for customer options, we determine whether an option is a material right and this requires us to exercise significant judgment. If a contract provides the customer an option to acquire additional goods or services at a discount that exceeds the range of discounts that we typically give for that product or service for the same class of customer, or if the option provides the customer certain additional goods or services for free, the option may be considered a material right. If the contract gives the customer the option to acquire additional goods or services at their normal SSPs, we would likely determine that the option is not a material right and, therefore, account for it as a separate performance obligation when the customer exercises the option. We primarily account for options which provide material rights using the alternative approach available pursuant to the applicable accounting guidance, as we concluded we meet the criteria for using the alternative approach. Therefore, the transaction price is calculated as the expected consideration to be received for all the goods and services we expect to provide under the contract. We update the transaction price for expected consideration, subject to constraint, each reporting period if our estimates of future goods to be ordered by customers change. Research and Development Revenue We perform research and development activities as specified in each respective customer agreement. We identify each performance obligation in our research and development agreements at contract inception. We allocate the consideration to each distinct performance obligation based on the SSP of each performance obligation. Performance obligations included in our research and services agreements typically include research and development services for a specified term, periodic reports and small samples of enzyme produced. The majority of our research and development agreements are based on a contractual rate per dedicated project team working on the project. The underlying product that we develop for customers does not create an asset with an alternative use to us and the customer receives benefits as we perform the work towards completion. Thus, our performance obligations are generally satisfied over time as the service is performed. We utilize an appropriate method of measuring progress towards the completion of our performance obligations to determine the timing of revenue rec ognition. For each performance obligation that is satisfied over time, we recognize revenue using a single measure of progress either based on hours incurred or output of services provided. Our contracts frequently provide customers with rights to use or access our products or technology, along with other promises or performance obligations. We must first determine whether the license is distinct from other promises, such as our promise to manufacture a product. If we determine that the customer cannot benefit from the license without our manufacturing capability, the license will be accounted for as combined with the other performance obligations. If we determine that a license is distinct and has significant standalone functionality, we recognize revenues from a functional license at a point in time when the license is transferred to the customer, and the customer can use and benefit from it. We estimate the SSP for license rights by using historical information if licenses have been previously sold to customers. At the inception of each arrangement that includes variable consideration such as development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Our CodeEvolver technology platform transfer collaboration agreements typically include license fees, upfront fees, and variable consideration in the form of milestone payments, and sales or usage-based royalties. We have recognized revenues from our platform technology transfer agreements over time as our customer uses our technology. For license agreements that include sales or usage-based royalty payments to us, we do not recognize revenue until the underlying sales of the product or usage has occurred. At the end of each reporting period, we estimate the royalty amount. We recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. Practical Expedients, Elections, and Exemptions We apply certain practical expedients available which permit us not to adjust the amount of consideration for the effects of a significant financing component if, at contract inception, the expected period between the transfer of promised goods or services and customer payment is one year or less. We perform monthly services under our research and development agreements, and we use a practical expedient permitting us to recognize revenue at the same time that we have the right to invoice our customer for monthly services completed to date. We have elected to treat shipping and handling activities as fulfillment costs. We have elected to record revenue net of sales and other similar taxes. Contract Assets Contract assets include amounts related to our contractual right to consideration for completed performance obligations not yet invoiced. Contract assets are reclassified to receivables when the rights become unconditional. Contract Liabilities Contract liabilities are recorded as deferred revenues and include payments received in advance of performance under the contract. Contract liabilities are realized when the development services are provided to the customer or control of the products has been transferred to the customer. A portion of our contract liabilities relate to supply arrangements that contain material rights that are recognized using the alternative method, under which the aggregate amount invoiced to the customer for shipped products, including contractual fees, is higher than the amount of revenue recognized based on the transaction price allocated to the shipped products. Contract Costs We recognize a non-current asset for the incremental costs of obtaining a contract with a customer if the entity expects to recover such costs and if those costs would not have been incurred if the contract had not been obtained, such as commissions paid to sales personnel. We do not typically incur significant incremental costs because the compensation of our salespeople is not based on contracts closed but on a mixture of company goals, individual goals, and sales goals. If a commission paid is directly related to obtaining a specific contract, our policy is to capitalize and amortize such costs on a systematic basis, consistent with the pattern of transfer of the good or service to which the asset relates, and over a period beyond 12 months. Contract costs are reported in other non-current assets and were not significant in any of the periods presented. Cost of Product Revenue Cost of product revenue comprises both internal and third party fixed and variable costs including materials and supplies, labor, facilities, and other overhead costs associated with our product sales. Shipping costs are included in our cost of product revenue. Shipping costs were $1.0 million, $1.0 million, and $3.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Fulfillment costs, such as shipping and handling, are recognized at a point in time and are included in cost of product revenue. Cost of Research and Development Services Cost of research and development services related to services under research and development agreements approximate the research funding over the term of the respective agreements and is included in research and development expense. Costs of services provided under license and platform technology transfer agreements are included in research and development expenses and are expensed in the periods in which such costs are incurred. Research and Development Expenses Research and development expenses consist of costs incurred for internal projects and partner-funded collaborative research and development activities, as well as license and platform technology transfer agreements, as mentioned above. These costs include our direct and research-related overhead expenses, which include salaries and other personnel-related expenses (including stock-based compensation), occupancy-related costs, supplies, and depreciation of facilities and laboratory equipment, as well as external costs, and are expensed as incurred. Costs to acquire technologies that are utilized in research and development and that have no alternative future use are expensed when incurred. Advertising Advertising costs are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations. Advertising costs were nil, $0.3 million, and $0.3 million for each of the years ended December 31, 2024, 2023 and 2022, respectively. Stock-Based Compensation We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock options granted under our equity incentive plans and for our employee stock purchase plan ( “ ESPP ” ). The Black-Scholes-Merton option pricing model requires the use of assumptions, including the expected term of the award and the expected stock price volatility. The expected term is based on historical exercise behavior for similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. We use historical volatility to estimate expected stock price volatility. The risk-free rate assumption is based on United States Treasury instruments whose terms are consistent with the expected term of the stock options. The expected dividend assumption is based on our history and expectation of dividend payouts. Restricted Stock Units ( “ RSUs ” ), Restricted Stock Awards ( “ RSAs”) and performance-contingent restricted stock units ( “ PSUs”) are measured based on the fair market values of the underlying stock on the dates of grant. Performance based options ( “ PBOs ” ) are measured using the Black-Scholes-Merton option pricing model. The vesting of PBOs and PSUs awarded is conditioned upon the attainment of one or more performance objectives over a specified period and upon continued employment through the applicable vesting date. At the end of the performance period, shares of stock subject to the PBOs and PSUs vest based upon both the level of achievement of performance objectives within the performance period and continued employment through the applicable vesting date. Stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated annual forfeiture rates for stock options, RSUs, PSUs, PBOs, and RSAs are based on historical forfeiture experience. The estimated fair value of stock options, RSUs, RSAs and shares to be issued under the ESPP are expensed on a straight-line basis over the vesting term of the grant and the estimated fair value of PSUs and PBOs are expensed using an accelerated method over the term of the award once management has determined that it is probable that the performance objective will be achieved. Compensation expense is recorded over the requisite service period based on management's best estimate as to whether it is probable that the shares awarded are expected to vest. Management assesses the probability of the performance milestones being met on a continuous basis. Cash and Cash Equivalents We consider all highly liquid investments with maturity dates of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market funds. The majority of cash and cash equivalents is maintained with major financial institutions in the United States. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. Restricted Cash We are currently in the process of liquidating our Indian subsidiary. The local legal requirements for liquidation required us to maintain our subsidiary's cash balance in an account managed by a legal trustee to satisfy our financial obligations. This balance is recorded as current restricted cash on the consolidated balance sheets of $0.5 million as of December 31, 2024 and 2023. Pursuant to the terms of our lease agreements, we obtained letters of credit collateralized by cash deposit balances of $1.1 million as of December 31, 2024 and 2023. These cash deposits balances are recorded as non-current restricted cash on the consolidated balance sheets. For additional information, see Note 13, “Commitments and Contingencies.” Short-term Investments We classify all marketable debt securities that have effective maturities of three months or less from the date of purchase as cash equivalents and those with effective maturities of greater than three months as short-term investment securities in the consolidated balance sheets. We determine the appropriate classification of our short-term investments at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our short-term investments as available-for-sale. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their effective maturities. We carry these short-term investments at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for the changes in allowance for expected credit losses, which are included in “Interest and other expense, net” in the consolidated statements of operations. We determine any realized gains or losses on the sale of short-term investments on a specific identification method, and we record such gains and losses as a component of interest income. Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of the amortized cost basis. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and we consider counterparty credit risk in our assessment of fair value. Carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate their fair values as of the balance sheet dates because of their short maturities. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1: Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2: Inputs that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and unbilled receivables, contract assets, non-marketable securities, and restricted cash. Cash that is not required for immediate operating needs is invested principally in money market funds. Cash and cash equivalents are invested through banks and other financial institutions in the United States and India. Such deposits in those countries may be in excess of insured limits. The Company has not experienced material losses on its deposits of cash and cash equivalents. We perform ongoing credit evaluations of our customer's financial condition whenever deemed necessary. We maintain an allowance for doubtful accounts based on the expected collectability of all financial assets, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. As of December 31, 2024, we h ad four customers that accounted for 56% of our ac counts receivable balance. As of December 31, 2023, four customers accounted for 58% of our accounts receivable balance. We believe the accounts receivable balances from our largest customers do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. Financial Assets and Allowances W e currently sell enzymes primarily to pharmaceutical and fine chemicals companies throughout the world by the extension of trade credit terms based on an assessment of each customer's financial condition. Trade credit terms are generally offered without collateral and may include an insignificant discount for prompt payment for specific customers. To manage our credit exposure, we perform ongoing evaluations of our customers' financial conditions. In addition, accounts receivable include amounts owed to us under our collaborative research and development agreements. We recognize accounts receivable at invoiced amounts and we maintain a valuation allowance for credit losses using an impairment model (known as the “current expected credit loss model” or “CECL”) based on estimates and forecasts of future conditions requiring recognition of a lifetime of expected credit losses at inception on our financing receivables measured at amortized costs which consisted of accounts receivable, contract assets, and unbilled receivables. We have determined that our financing receivables share similar risk characteristics including: (i) customer origination in the pharmaceutical and fine chemicals industry, (ii) similar historical credit loss pattern of customers (iii) no meaningful trade receivable differences in terms, (iv) similar historical credit loss experience and (v) our belief that the composition of certain assets are comparable to our historical portfolio used to develop loss history. As a result, we measured the allowance for credit loss (“ACL”) on a collective basis. Our ACL methodology considers how long the asset has been past due, the financial condition of the customers, which includes ongoing quarterly evaluations and assessments of changes in customer credit ratings, and other market data that we believe are relevant to the collectability of the assets. Nearly all financing receivables are due from customers that are highly rated by major rating agencies and have a long history of no credit loss. We derive our ACL by establishing an impairment rate attributable to assets not yet identified as impaired. Unbilled Receivable The timing of revenue recognition may differ from the timing of invoicing to our customers. When we satisfy (or partially satisfy) a performance obligation, prior to being able to invoice the customer, we recognize an unbilled receivable when the right to consideration is unconditional. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a weighted-average approach, assuming full absorption of direct and indirect manufacturing costs, or based on cost of purchasing from our vendors. If inventory costs exceed expected net realizable value due to obsolescence or lack of demand, valuation adjustments are recorded for the difference between the cost and the expected net realizable value. Concentrations of Supply Risk We rely on a limited number of suppliers for our products. We believe that other vendors would be able to provide similar products; however, the qualification of such vendors may require substantial start-up time. In order to mitigate any adverse impacts from a disruption of supply, we attempt to maintain an adequate supply of critical single-sourced materials. For certain materials, our vendors maintain a supply for us. We outsource the large - scale manufacturing of our products to contract manufacturers with facilities in Austria and Italy. Property and Equipment Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization calculated using the straight-line method over their estimated useful lives as follows: Asset classification Estimated useful life Laboratory equipment 5 years Computer equipment and software 3 years Office equipment and furniture 5 years Leasehold improvements Lesser of useful life or lease term Property and equipment classified as construction in process includes equipment that has been received but not yet placed in service. Normal repairs and maintenance costs are expensed as incurred. Impairment of Long-Lived Assets We evaluate the carrying values of long-lived assets, which include property and equipment and right-of-use assets, whenever events, changes in business circumstances or our planned use of long-lived assets indicate that their carrying amounts may not be fully recoverable or that their useful lives are no longer appropriate. If these facts and circumstances exist, we assess for recovery by comparing the carrying values of long-lived assets with their future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. For additional information on the impairment charge recorded for the years ended December 31, 2024 and 2023 , s ee Note 8, “Balance Sheet Details” and Note 13, “Commitments and Contingencies.” No impairment charges for long-lived assets were recorded during the year ended December 31, 2022. Investment in Non-Marketable Equity Securities We measure investments in non-marketable equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in interest and other expense, net. We evaluate equity securities for impairment when circumstances indicate that we may not be able to recover the carrying value. We may impair these securities and establish an allowance for a credit loss when we determine that there has been an “other-than-temporary” decline in the estimated fair value of the equity security compared to its carrying value. We calculate the estimated fair value of these securities using information from the investee, which may include: • Audited and unaudited financial statements; • Projected technological developments of the company; • Projected ability of the company to service its debt obligations; • If a deemed liquidation event were to occur; • Current fundraising transactions; • Current ability of the company to raise additional financing if needed; • Changes in the economic environment which may have a material impact on the operating results of the company; • Contractual rights, obligations or restrictions associated with the investment; and • Other factors deemed relevant by our management to assess valuation. The valuation may be reduced if the company's potential has deteriorated significantly. If the factors that led to a reduction in valuation are overcome, the valuation may be readjusted. For additional information on the impairment charge recorded for the year ended December 31, 2024 and 2023, s ee Note 6, “Investments in Non-Marketable Securities.” Goodwill Goodwill represents the excess of the consideration transferred over the fair value of net assets of businesses acquired and is assigned to reporting units. We test goodwill for impairment, considering, among other factors, whether there have been sustained declines in our share price. If we conclude it is more likely than not that the fair value is less than its carrying amount

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services, and geographic regions, and includes a reconciliation of the disaggregated revenue. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China). Disaggregated information is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Major products and service: Product revenue $ 36,786 $ 42,906 $ 116,676 Research and development revenue 22,559 27,237 21,914 Total revenues $ 59,345 $ 70,143 $ 138,590 Primary geographical markets: Americas $ 21,278 $ 13,733 $ 17,000 EMEA 10,359 22,907 56,540 APAC 27,708 33,503 65,050 Total revenues $ 59,345 $ 70,143 $ 138,590 For additional information regarding revenue disaggregated by geography, see Note 15, “Segment, Geographical and Other Revenue Information. ” Contract Balances The following table presents balances of contract assets, unbilled receivables, and contract liabilities (in thousands): December 31, 2024 December 31, 2023 Contract assets $ 4,375 $ 815 Unbilled receivables $ 3,208 $ 9,904 Contract liabilities: deferred revenue $ 450 $ 10,761 We recognize accounts receivable when we have an unconditional right to recognize revenue and have issued an invoice to the customer. Our payment terms are generally between 30 and 90 days. We recognize unbilled receivables when we have an unconditional right to recognize revenue and have not issued an invoice to our customer. Unbilled receivables are transferred to accounts receivable on issuance of an invoice. Unbilled receivables are classified separately on the consolidated balance sheets as an asset. We maintain an allowance for credit losses on accounts receivables and unbilled receivables. As of December 31, 2024, we have $2.8 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.5 million of long-term unbilled receivables that is included within the other non-current assets line item in the consolidated balance sheets. As of December 31, 2023, we had $9.1 million of short-term unbilled receivables presented as unbilled receivables within current asset and $0.8 million of long-term unbilled receivables that is included within the other non-current assets line item in the consolidated balance sheets. Contract assets represent our right to recognize revenue for custom products with no alternate use and under binding non-cancellable contracts and are largely related to our procurement of product. We recognize contract assets when we have a conditional right to recognize revenue. The transfer of control of certain products occurs in advance of the invoicing process, which generates contract assets. In addition, we recognize a contract asset related to milestones when we assess it is probable of being achieved and there will be no significant reversal of cumulative revenues. Contract assets are classified separately on the consolidated balance sheets as an asset and transferred to accounts receivables when our rights to payment become unconditional. Contract liabilities, or deferred revenue, represent our obligation to transfer a product or service to the customer, and for which we have received consideration from the customer. We recognize a contract liability when we receive advance customer payments under development agreements for research and development services, upfront license payments, and from upfront customer payments received under product supply agreements. Contract liabilities are classified as a liability on the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022, we had no asset impairment charges related to contract assets. We recognized the following revenues (in thousands): Year Ended December 31, Revenue recognized in the period for: 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 10,121 $ 17,937 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods 314 4,165 Performance obligations satisfied from new activities in the period - contract revenue 48,910 48,041 Total revenues $ 59,345 $ 70,143 Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of December 31, 2024. The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts (in thousands): 2025 2026 2027 2028 and Thereafter Total Product revenue $ 350 $ 100 $ — $ — $ 450

Net Loss per Share

Net Loss per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding, less restricted stock awards ( “ RSAs ” ) subject to forfeiture. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock shares outstanding, less RSAs subject to forfeiture, plus all additional common shares that would have been outstanding, assuming dilutive potential common stock shares had been issued for other dilutive securities. For all periods presented, diluted and basic net loss per share are identical since potential common stock shares are excluded from the calculation, as their effect was anti-dilutive. Anti-Dilutive Securities In periods of net loss, the weighted average number of shares outstanding, prior to the application of the treasury stock method, excludes potentially dilutive securities from the computation of diluted net loss per common share because including such shares would have an anti-dilutive effect. The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Year Ended December 31, 2024 2023 2022 Shares issuable under the Equity Incentive Plans and ESPP (1) 13,613 9,028 7,442 Warrants (2) 424 — — Total potentially dilutive securities 14,037 9,028 7,442 (1) Included 665,160 and 568,224 of anti-dilutive potential common shares from ESPP for the years ended December 31, 2024 and 2023, respectively. (2) Pertains to the warrants issued in connection with the Innovatus Loan. For additional information, see Note 14, “Debt.”

Collaborative Arrangements

Collaborative Arrangements	12 Months Ended
	Dec. 31, 2024
Research and Development [Abstract]
Collaborative Arrangements	Collaborative Arrangements Merck Sitagliptin Catalyst Supply Agreement In February 2012, we entered into a five-year Sitagliptin Catalyst Supply Agreement (“Sitagliptin Supply Agreement”) with Merck whereby Merck may obtain commercial scale enzyme for use in the manufacture of Januvia, its product based on the active ingredient sitagliptin. In December 2015, Merck exercised its options under the terms of the Sitagliptin Supply Agreement to extend the agreement for an additional five years through February 2022. In September 2021, the Sitagliptin Supply Agreement was amended to extend the agreement through December 2026. Effective as of January 2016, we and Merck amended the Sitagliptin Supply Agreement to prospectively provide for variable pricing based on the cumulative volume of sitagliptin enzyme purchased by Merck. We have previously determined that the variable pricing, which provides a discount based on the cumulative volume of sitagliptin enzyme purchased by Merck, provides Merck material rights and we recognized product revenues using the alternative method wherein we estimated the total expected consideration and allocated it proportionately with the expected sales. Pursuant to the latest amendment of the Sitagliptin Supply Agreement, we have determined that the latest price per volume of sitagliptin enzyme to be purchased by Merck no longer provides Merck material rights, and as such we are recognizing product revenue based on contractually stated prices effective as of February 2022. We recognized $7.1 million, $4.4 million and $5.9 million in product revenue under this agreement in the years ended December 31, 2024, 2023 and 2022, respectively. This represented 12%, 6%, and 4% of our total revenues in the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, we recorded revenue of $2.5 million from sitagliptin enzyme sales that were recognized over time based on the progress of the manufacturing process. These products will be shipped within the three-month period following the end of 2024. Enzyme Supply Agreement and Commercial Agreement In November 2016, we entered into an enzyme supply agreement with a customer, receiving an upfront payment recorded as deferred revenue which was recognized as the customer purchased our enzyme. In April 2019, we entered into a multi-year commercial agreement with the same customer for the exclusive use of our enzymes in some of their products, with royalties to be earned. Both the enzyme supply agreement and commercial agreement were terminated in 2023. Due to the early termination of the enzyme supply agreement in 2023, we recognized $3.2 million of product revenue from the release of prior periods' product revenue deferrals and also recognized an additional $1.3 million of product revenue as settlement fee. Strategic Collaboration Agreement In October 2017, we entered into the Nestlé Strategic Collaboration Agreement (the “Nestlé SCA”) with Nestlé, pursuant to which we and Nestlé collaborated to leverage the CodeEvolver technology platform to develop novel enzymes for Nestlé’s established Consumer Care and Medical Nutrition business areas. In January 2020, we entered into a development agreement with Nestlé pursuant to which we and Nestlé collaborated to advance a lead candidate discovered through our Nestlé SCA, CDX-7108, targeting exocrine pancreatic insufficiency, into preclinical and early clinical studies. We, together with Nestlé Health Science, initiated a Phase 1 clinical trial of CDX-7108 in the fourth quarter of 2021, and on February 23, 2023, we and Nestlé announced interim results. In July 2023, we announced plans to discontinue our development support of CDX-7108. Both the Nestlé SCA and development agreement were terminated in January 2024 under the terms of the CDX-7108 Acquisition Agreement with Nestlé. Under the Nestlé SCA and the development agreement, we recognized nil , $4.1 million and $7.1 million in research and development revenue in the years ended December 31, 2024, 2023 and 2022, respectively. Acquisition Agreement In December 2023 , we entered into an acquisition agreement (the “Acquisition Agreement”) with Nestlé, pursuant to which we agreed to assign our interests in CDX-7108 (including associated agreements and intellectual property rights) to Nestlé. Under the terms of the Acquisition Agreement, Nestlé will be solely responsible for the continued development and commercialization of CDX-7108, including all associated costs, and Codexis will receive upfront payment, future potential milestone payments and net-sales based royalties. We recognized $5.0 million in research and development revenue f or the year ended December 31, 2023 related to the Acquisition Agreement, with the $5.0 million upfront fee received in January 2024. Platform Technology Transfer and License Agreement In May 2019, we entered into the Novartis CodeEvolver Agreement with Novartis. The Novartis CodeEvolver Agreement allows Novartis to use our proprietary CodeEvolver technology platform in the field of human healthcare. In July 2021, we announced the completion of the technology transfer period during which we transferred our proprietary CodeEvolver technology platform to Novartis (the “Technology Transfer Period”). As a part of this technology transfer, we provided to Novartis our proprietary enzymes, proprietary protein engineering protocols and methods, and proprietary software algorithms. In addition, our teams and Novartis scientists participated in technology training sessions and collaborative research projects at our laboratories in Redwood City, California and at a designated Novartis laboratory in Basel, Switzerland. Novartis has now installed the CodeEvolver technology platform at its designated laboratory. Pursuant to the agreement, we received an upfront payment of $5.0 million shortly after the effective date of the Novartis CodeEvolver Agreement. We completed the second technology milestone transfer under the agreement in 2020 and received a milestone payment of $4.0 million. We have also received an aggregate of $5.0 million for the completion of the third technology milestone in 2021. In consideration for the continued disclosure and license of improvements to the technology and materials during a multi-year period that began on the conclusion of the Technology Transfer Period (the “Improvements Term”), Novartis will pay Codexis annual payments over four years which amount to an additional $8.0 million in aggregate. We received an aggregate of $6.0 million for the first three annual payments in 2022 to 2024. The Company also has the potential to receive quantity-dependent, usage payments for each API that is manufactured by Novartis using one or more enzymes that have been developed or are in development using the CodeEvolver technology platform during the period beginning on the conclusion of the Technology Transfer Period and ending on the expiration date of the last to expire licensed patent. Revenue for the combined initial license and technology transfer performance obligation was recognized overtime based on hours incurred. Revenue allocated to improvements made during the Improvements Term is being recognized during the Improvements Term. We rec ognized $1.0 million , $1.1 million and $1.0 million in research and development revenue in the years ended December 31, 2024, 2023 and 2022, respectively. License Agreement In December 2019, we entered a license agreement with Roche to provide Roche with our evolved T4 DNA ligase high-performance molecular diagnostic enzyme. The royalty bearing license grants Roche worldwide rights to include the evolved T4 DNA ligase in its nucleic acid sequencing products and workflows. Under the license agreement, we received an initial collaboration fee payment of $0.8 million within 45 days of the effective date of the agreement, and we received an additional $0.9 million milestone payment after the completion of technology transfer in October 202 0. In February 2024, we entered into a new license agreement with Roche granting them rights to our newly engineered DNA ligase, superseding our prior 2019 agreement. Under the terms of the deal, we received upfront and technical milestones payments. We recognized research and development fees of $6.0 million in the year ended December 31, 2024 related to the license agreement. Strategic Collaboration and License Agreement In March 2020, we entered into a Strategic Collaboration and License Agreement (the “Takeda Agreement”) with Shire Human Genetic Therapies, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Co. Ltd. (“Takeda”), pursuant to which we have collaborated with Takeda to research and develop protein sequences for use in gene therapy products for certain diseases in accordance with each applicable program plan. On execution of the Takeda Agreement, we received an upfront non-refundable cash payment of $8.5 million and we initiated activities under three program plans for Fabry Disease, Pompe Disease, and an undisclosed blood factor deficiency, respectively (the “Initial Programs”). In May 2021, Takeda elected to exercise its option to initiate an additional program for a certain undisclosed rare genetic disorder; as a result we received the option exercise fee during the third quarter of 2021. We completed the research and development services relating to the fourth program with Takeda during the second quarter of 2023. Pursuant to the Takeda Agreement, we were eligible to receive other payments that included ( i) clinical development and commercialization-based milestones, per target gene, of up to $104.0 million and (ii) tiered royalty payments based on net sales of applicable products at percentages ranging from the mid-single digits to low single-digits. Takeda announced in April 2023 the discontinuation of these development programs, and in 2024 we divested our rights in some of the underlying assets to Crosswalk Therapeutics. Revenue relating to the functional licenses provided to Takeda was recognized at a point in time when the control of the license transferred to the customer. We recognized research and development revenue related to the Takeda Agreement of $0.8 million, $2.0 million and $4.9 million in the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, we had deferred revenue balances of nil . Master Collaboration and Research Agreement, Stock Purchase Agreement and Enzyme Supply Agreement In June 2020, we entered into a Stock Purchase Agreement with MAI in which we purchased 1,587,050 shares of MAI's Series A preferred stock for $1.0 million. Concurrently with our initial equity investment, we entered into the MAI Agreement, pursuant to which we performed services utilizing our CodeEvolver technology platform to improve DNA polymerase enzymes in exchange for compensation in the form of additional shares of MAI's Series A and B preferred stock which are valued based on the observed transaction price of similar securities of MAI issued to third parties. Under the MAI Agreement, we will have the right to use and sell the engineered enzymes to third parties for any purpose other than for the synthesis of native DNA. Under the MAI Agreement, we would make a $0.5 million payment to MAI upon our achievement of a milestone of $5.0 million in aggregate commercial sales to third parties of the engineered enzymes or any product incorporating or derived from the engineered enzymes for any purpose other than the synthesis of native DNA. As contemplated in the MAI Agreement, we executed the Commercial License and Enzyme Supply Agreement with MAI (“MAI Supply Agreement”) in July 2022 following the completion of certain timelines specified in the SOW. W e completed the R&D service with MAI pursuant to the MAI Agreement during the first quarter of 2022. In December 2021, we received the primary milestone payment pursuant to the MAI Agreement of $1.0 million in the form of an additional 1,587,049 shares of MAI Series B preferred stock. Upon execution of the MAI Supply Agreement in July 2022, we received the commercialization and enzyme supply agreement milestone payment pursuant to the MAI Agreement of $1.0 million in the form of an additional 1,587,049 shares of MAI Series B preferred stock. Pursuant to the MAI Agreement, we recognized nil , nil, and $1.2 million in research and development revenue from transactions with MAI in the years ended December 31, 2024, 2023, and 2022, respectively. Payment for the services rendered was received in the form of additional MAI Series A and Series B preferred stock. We received an aggregate of nil, nil, and 1,587,049 shares of MAI's Series A and B preferred stock in the years ended December 31, 2024, 2023, and 2022, respectively. In April 2022, we received a purchase order from MAI for the delivery of certain enzyme products to MAI in 2022. In July 2022, we and MAI executed the MAI Supply Agreement that will enable MAI to utilize an evolved terminal deoxynucleotidyl transferase enzyme in MAI’s Fully Enzymatic Synthesis technology. Pursuant to the MAI Supply Agreement, we recognized $0.1 million of minimum royalty as part of the research and development revenue in the year ended December 31, 2024. In January 2025, MAI assigned the MAI Supply Agreement to a third party in connection with the sale of its related assets to such third party. We recognized $0.2 million, $0.2 million, and $0.5 million in product revenue in the years ended December 31, 2024, 2023, and 2022, respectively . MAI was considered a related party until August 2022, when the related party relationship ended following the retirement of our former President and CEO, who also served on MAI’s board of directors. Pfizer Enzyme Supply Agreement During 2021 and 2022, we received purchase orders from Pfizer for large quantities of our proprietary enzyme product, CDX-616, for use by Pfizer in the manufacture of a critical intermediate for its proprietary active pharmaceutical ingredient, nirmatrelvir, used by Pfizer in combination with the active pharmaceutical ingredient ritonavir, as its PAXLOVID (nirmatrelvir tablets; ritonavir tablets) product for the treatment of COVID-19 infections in humans. We are a party to an Enzyme Supply Agreement with Pfizer Ireland Pharmaceuticals, a subsidiary of Pfizer, Inc. (the “Pfizer Supply Agreement”), covering the manufacture, sale and purchase of CDX-616 for use by Pfizer in the manufacture of nirmatrelvir. Under the terms of the Pfizer Supply Agreement, Pfizer paid us a fee of $25.9 million in August 2022 which was recorded as deferred revenue. Pursuant to the agreement, 90% of the fee ($23.3 million) is creditable against (i) future orders of CDX-616 used to manufacture its PAXLOVID with shipment dates prior to December 31, 2023, and (ii) fees associated with any new development and licensing agreements with Pfizer entered into prior to April 4, 2023. On March 31, 2023, we entered into a license agreement whereby Pfizer utilized a portion of the $23.3 million credit towards a license to develop future product candidates, for which we recognized $5.0 million as non-cash research and development revenue in the second quarter of 2023. Pfizer's ability to utilize the credit under item (i) above expired on December 31, 2023, and under item (ii) above expired on April 4, 2023. We also recognized $2.0 million of non-cash research and development revenue, and credited against the $25.9 million fee, for other services provided to Pfizer during the year ended December 31, 2023. Up to 50% of any portion of the $25.9 million which has not been credited under items (i) and (ii) was creditable against future orders of CDX-616 used to manufacture PAXLOVID with shipment dates in 2024. On December 20, 2024, we entered into a license agreement whereby Pfizer utilized the remaining credit toward the upfront fee under the license agreement, pursuant to the terms of the same-day amendment to the Pfizer Supply Agreement that allowed the product credit to be utilized for this license. We recognized $9.5 million of non-cash research and development revenue in the year ended December 31, 2024 related to the license agreement, and no further credit remains available for Pfizer. During the fourth quarter of 2023, and pursuant to the Pfizer Supply Agreement, we released the prior year deferrals for the unused portion of the retainer fee that is not creditable beyond 2023 and we recognized product revenue of $8.2 million in the year ended December 31, 2023. We recognized product revenue of $75.4 million in the year ended December 31, 2022, from the sale of quantities of CDX-616 to Pfizer. Product revenues recognized by us from the Pfizer Supply Agreement represented 0%, 12%, and 54% of our total revenues for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023

Investments in Non-Marketable S

Investments in Non-Marketable Securities	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Non-Marketable Securities	Investments in Non-Marketable Securities Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies without readily determinable market value and primarily relate to our investments in MAI and seqWell. These investments are accounted for under the measurement alternative and are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer. Non-marketable equity securities are measured at fair value on a non-recurring basis and classified within Level 2 in the fair value hierarchy when we estimate the fair value of these investments using the observable transaction price paid by third party investors for the same or similar security of the same issuers. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using unobservable inputs such as when we remeasure due to impairment and we use discount rates, market data of comparable companies, and rights and obligations of the securities the Company holds, among others. We adjust the carrying value of non-marketable equity securities which have been remeasured during the period and recognize resulting gains or losses as a component interest and other expense, net in the consolidated statements of operations. In November 2023, the 207,070 shares of Arzeda’s Series B preferred stock were converted into 41,414 common stock pursuant to the Stock Purchase Agreement. In March 2023, we purchased an additional 985,545 shares of Series B preferred stock for $0.8 million in MAI, a privately held life sciences company . As of December 31, 2024 , we held an aggregate of 19,277,914 shares of MAI's Series A and B preferred stock that we have earned or purchased from MAI. In March 2022, we entered into a Stock Purchase Agreement with seqWell, a privately held life sciences company, pursuant to which we purchased 1,000,000 shares of seqWell's Series C preferred stock for $5.0 million. In March 2023, we entered into a Master Collaboration Agreement and Research Agreement with seqWell (the “seqWell Agreement”), pursuant to which we provided research and experimental screening and protein engineering activities in exchange for compensation in the form of additional shares of seqWell's common stock. In January 2025, we sold assets that were developed under the seqWell Agreement to seqWell in exchange for the right to receive a cash payment upon future events and a warrant to purchase seqWell’s common stock exercisable upon future events, and terminated the seqWell Agreement. In addition to our initial equity investment and the shares we have received under the seqWell Agreement, in September 2023, we purchased an additional 88,256 shares of seqWell's Series C-1 preferred stock and 44,128 common stock warrants for $0.4 million. We received 205,279 shares of seqWell's common stock from research and development services with seqWell and we recognized $0.2 million in research and development revenue from these services in the year ended December 31, 2023. As of December 31, 2024, we held an aggregate of 1,088,256 shares of Series C and C-1 preferred stock, 205,279 shares of common stock and 44,128 of common stock warrants that we have earned or purchased from seqWell. For the year ended December 31, 2024, we recognized an impairment charge of $6.9 million which is presented within interest and other expense, net in the consolidated statements of operations. This adjustment included the write-down of our investment in MAI by $3.9 million during the third quarter of 2024 to its related fair value as determined based on valuation methods using the latest observed transaction price of MAI’s preferred stock securities anticipated to be issued during the fourth quarter of 2024 and adjusted for the rights and obligations of the preferred stock securities the Company holds, and an additional $2.8 million impairment charge during the fourth quarter of 2024 to adjust the carrying value of our investment to zero as the investee ceased its operations during the fourth quarter of 2024 due to liquidity position and lack of access to additional capital . The other $0.2 million of impairment charge on our investment in seqWell is related to the write-down to its estimated fair value using the recent transaction price of similar preferred stock securities issued by the investee and adjusted for the rights and obligations of the preferred stock securities the Company holds. For the year ended December 31, 2023, we recognized an impairment charge of $12.2 million and included this as adjustment to the carrying value of our investments in seqWell, Arzeda and MAI. This adjustment, which is presented within other income (expense), net in the consolidated statements of operations, included the write-down of the carrying value of our investment in seqWell by $3.0 million during the third quarter of 2023 to its estimated fair value as determined based on valuation methods using the recent transaction price of similar preferred stock securities issued by seqWell and adjusted for the rights and obligations of the preferred stock securities the Company holds. The $1.2 million of impairment charge on our investment in Arzeda is related to the write-down to its estimated fair value based on the latest observed transaction price of Arzeda's preferred stock securities issued during the fourth quarter of 2023 and the subsequent conversion of our existing Series B preferred stock into Arzeda's common stock during the fourth quarter of 2023. The other $8.0 million of impairment charge represents the difference between the estimated fair value and carrying value of our investment in MAI as of December 31, 2023 based on quantitative and qualitative analysis. This analysis involved use of judgment, estimates and assumptions, such as the near-term prospects of the investee in the market in which it operates, evaluation of the investee’s financial condition in relation to its outstanding obligations, and probabilities of securing additional capital through various alternative scenarios. For the year ended December 31, 2022, we recogniz ed a $0.2 million u nrealized gain in interest and other expense, net, and included as adjustment to the carrying value of our investment in MAI, for the remeasurement of the additional 1,587,049 shares of Series B preferred stock received as a milestone payment during the third quarter of 2022 based on the latest observed transaction price of MAI's preferred stock. Other than as disclosed above, there were no remeasurement events for our investments in non-marketable equity securities in 2024 and 2023 . We recognized no realized gains or losses during the years ended December 31, 2024 and 2023. The following table presents the carrying value of our non-marketable equity securities (in thousands): December 31, 2024 December 31, 2023 seqWell $ 2,416 $ 2,625 MAI — 6,693 Other investments in non-marketable equity securities 382 382 Total non-marketable equity securities $ 2,798 $ 9,700

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category (in thousands): December 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 3,284 $ — $ — $ 3,284 $ 3,284 $ — Level 1: Money market funds 15,980 — — 15,980 15,980 — Level 2 (1) : Commercial paper 6,768 1 — 6,769 — 6,769 Corporate debt 17,187 8 (15) 17,180 — 17,180 U.S. agency securities 1,989 2 — 1,991 — 1,991 U.S. treasury securities 28,198 56 — 28,254 — 28,254 Subtotal 54,142 67 (15) 54,194 — 54,194 Total $ 73,406 $ 67 $ (15) $ 73,458 $ 19,264 $ 54,194 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 8,742 $ — $ — $ 8,742 $ 8,742 $ — Level 1: Money market funds 56,374 — — 56,374 56,374 — Total $ 65,116 $ — $ — $ 65,116 $ 65,116 $ — We limit the credit risk associated with our cash equivalents and short-term investments by placing them with banks and institutions we believe are highly credit-worthy and investing in highly-rated investments. As of December 31, 2024, the contractual maturity of all investments held was less than one year.

Balance Sheet Details

Balance Sheet Details	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Details	Balance Sheet Details Inventories Inventories consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ — $ 108 Work in process 29 7 Finished goods 1,770 2,570 Total inventories $ 1,799 $ 2,685 Prepaid expenses and other current assets As of December 31, 2024, prepaid expenses and other current assets consists of prepaid expenses of $3.7 million and other current assets of $0.5 million. As of December 31, 2023, prepaid expenses and other current assets consists of prepaid expenses of $4.6 million and other current assets of $0.6 million. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): December 31, 2024 2023 Laboratory equipment (1) $ 35,949 $ 37,216 Leasehold improvements 12,159 11,912 Computer equipment 2,459 2,565 Office furniture and equipment 1,124 1,469 Construction in progress (2) 3,441 1,636 Property and Equipment 55,132 54,798 Less: accumulated depreciation (40,935) (39,311) Property and equipment, net $ 14,197 $ 15,487 (1) Fully depreciated property and equipment with a cost of $2.6 million and $3.0 million were retired during the years ended December 31, 2024 and 2023, respectively. (2) Construction in progress includes equipment received but not yet placed into service pending installation. In July 2023, we announced our plan to consolidate operations from our San Carlos facility to our headquarters in Redwood City. As part of this plan, we entered into agreements to sell certain laboratory equipment located in our San Carlos facility through an asset auction and as part of the lease assignment of the San Carlos facility to Vaxcyte (see further discussion at Note 13, “Commitments and Contingencies”). These certain items of laboratory equipment met the assets held for sale criteria and were sold during the fourth quarter of 2023. Using a fair value estimate based on Level 3 inputs in the fair value hierarchy, the Company determined that the carrying value of these assets exceeded fair value less costs to sell, which resulted in a write-down o f $1.5 million, presented within the asset impairment and other charges line item in the consolidated statements of operations in the year ended December 31, 2023. During the year ended December 31, 2023, the Company recorded a n on-cash impairment charge of $4.7 million associated with the San Carlos facility leasehold improvements. For additional information, see Note 13, “Commitments and Contingencies.” Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands): Year Ended December 31, 2024 2023 2022 Research and development $ 3,964 $ 4,594 $ 4,556 Selling, general and administrative 881 924 846 Total depreciation expense $ 4,845 $ 5,518 $ 5,402 Goodwill December 31, 2024 2023 Goodwill at beginning of period $ 2,463 $ 3,241 Impairment — (778) Goodwill at end of period $ 2,463 $ 2,463 Goodwill was previously allocated to each of the Company's reporting units. In July 2023, we announced a restructuring of our business and that we are discontinuing investment in certain development programs, primarily in Novel Biotherapeutics. As a result of this plan, the Company determined that a triggering event had occurred that required an interim goodwill impairment test during the third quarter of 2023. The fair value estimate used in the interim goodwill impairment test was primarily based on Level 3 inputs in the fair value hierarchy. Based on the results of the impairment evaluation, the Company determined that the goodwill within the Novel Biotherapeutics reporting unit was impaired, which resulted in a non-cash impairment charge of $0.8 million to write off all of the associated goodwill. The impairment charge is recorded within the asset impairment and other charges in the consolidated statements of operation in the year ended December 31, 2023 . Goodwill had a carrying value of $2.5 million as of December 31, 2024 and 2023, respectively. Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): December 31, 2024 2023 Accrued professional and outside service fees $ 3,064 $ 2,330 Accrued purchases 2,908 1,402 Other 251 1,003 Total other accrued liabilities $ 6,223 $ 4,735

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Equity Incentive Plans In August 2024, our Board of Directors (the “Board”) approved the 2024 Employment Inducement Award Plan (the “2024 Inducement Plan”) which provides for the grant of non-qualified stock options, RSAs, restricted stock units (“RSUs”), and performance awards to eligible employees with respect to an aggregate of up to 1,000,000 shares of our common stock. In January 2023, our Board approved the 2022 Employment Inducement Award Plan (the “2022 Inducement Plan”) which provides for the grant of non-qualified stock options, RSAs, RSUs, performance awards, other stock awards and dividend equivalents to eligible employees with respect to an aggregate of up to 2,000,000 shares of our common stock. In June 2023, the 2022 Inducement Plan was terminated upon the approval of an amendment to the Company's 2019 Incentive Award Plan (the “2019 Plan”) at the Annual Meeting of Stockholders in June 2023 (the “2023 Annual Meeting”). In 2019, the Board and stockholders approved the 2019 Plan. The 2019 Plan superseded and replaced in its entirety our 2010 Equity Incentive Plan (the “2010 Plan”) which was effective in March 2010, and no further awards will be granted under the 2010 Plan; however, the terms and conditions of the 2010 Plan will continue to govern any outstanding awards thereunder. The 2010 Plan provided for the grant of incentive stock options, non-statutory stock options, RSUs, RSAs, PSUs, PBOs, stock appreciation rights, and stock purchase rights to our employees, non-employee directors and consultants. The 2019 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, RSAs, RSUs, PSUs, PBOs, other stock or cash based awards and dividend equivalents to eligible employees and consultants of the Company or any parent or subsidiary, as well as members of the Board. The number of shares of our common stock that were initially available for issuance under the 2019 Plan is equal to the sum of (i) 7,897,144 shares, and (ii) any shares subject to awards granted under the 2010 Plan that were outstanding as of April 22, 2019 and thereafter terminate, expire, lapse or are forfeited. In June 2019, 8.1 million shares authorized for issuance under the 2019 Plan were registered under the Securities Act. In April 2023, the Board approved an amendment to the 2019 Plan (the “2019 Amended Plan”) which became effective upon stockholders' approval at the 2023 Annual Meeting. The 2019 Amended Plan included the (i) increase in the number of shares available by 8,000,000 shares, such that an aggregate of 15,897,144 shares are reserved for issuance under the 2019 Amended Plan and any shares subject to awards granted under the 2010 Plan, and (ii) increase in the number of shares that may be granted as incentive stock options under the 2019 Amended Plan such that an aggregate of 22,000,000 shares of common stock may be granted as incentive stock options under the 2019 Amended Plan. As of December 31, 2024, total shares remaining available for issuance under the 2019 Plan and 2024 Inducement Plan were 3,937,070 s hares. Employee Stock Purchase Plan In April 2023, the Board approved an employee stock purchase plan (as may be amended from time to time, the “ESPP”) which became effective upon approval at the 2023 Annual Meeting. The ESPP allows eligible employees of the Company to purchase shares of our common stock through payroll deductions. Offering periods are generally over a 24-month period and begin in May and November of each year. The per share purchase price will be the lower of 85% of the closing trading price per share of our common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date. Participant purchases are limited to a maximum of $25,000 of fair value of our stock per calendar year. The Company is authorized to grant up to 2,000,000 shares of common stock under the ESPP. The first offering period of the ESPP commenced in December 2023. For the year ended December 31, 2024, 263,157 shares of our common stock were purchased under the ESPP. As of December 31, 2024, 1,736,843 shares of common stock were available for future issuance under the ESPP. We recognized $0.3 million of stock-based compensation expenses related to the ESPP for the year ended December 31, 2024. As of December 31, 2024, the total unrecognized stock-based compensation expense, net of expected forfeitures, related to the ESPP was $0.6 million and is expected to be recognized over the remaining offering period. Stock Options Stock options granted to employees generally have a maximum term of ten years and vest over four years from the date of grant, of which 25% vest at the end of one year, and 75% vest monthly over the remaining three years. We may grant options with different vesting terms from time to time. In January 2024, the Board approved the grants of stock options with a vesting term over three years from the date of grant, of which 33% vest at the end of one year, and 67% vest monthly over the remaining two years. Unless an employee's termination of service is due to disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of three months or the expiration of the option, whichever is earlier. Restricted Stock Units (“RSUs”) We also grant employees RSUs, which generally vest over either a three-year period with 33% of the shares subject to the RSUs vesting on each yearly anniversary of the vesting commencement date or over a four-year period with 25% of the shares subject to the RSU vesting on each yearly anniversary of the vesting commencement date, in each case contingent upon such employee’s continued service on such vesting date. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. We may grant RSUs with different vesting terms from time to time. Performance-contingent Restricted Stock Units (“PSUs”) and Performance Based Options (“PBOs”) In prior years, the compensation committee of the Board approved grants of PBOs and PSUs to our executives, and solely in respect of non-executive employees, delegated to our CEO the authority to approve grants of PSUs. The PSUs and PBOs vest based upon both the successful achievement of certain corporate operating milestones in specified timelines and continued employment through the applicable vesting date. When the performance goals are deemed to be probable of achievement for these types of awards, recognition of stock-based compensation expense commences. Once the number of shares eligible to vest is determined, those shares vest in two equal installments with 50% vesting upon achievement, as determined by the compensation committee of the Board, and the remaining 50% vesting on the first anniversary of achievement, in each case, subject to the recipient’s continued service through the applicable vesting date. If the performance goals are achieved at the threshold level, the number of shares eligible to vest in respect of the PSUs and PBOs would be equal to half the number of PSUs granted and one-quarter the number of shares underlying the PBOs granted. If the performance goals are achieved at the target level, the number of shares eligible to vest in respect of the PSUs and PBOs would be equal to the number of PSUs granted and half of the shares underlying the PBOs granted. If the performance goals are achieved at the superior level, the number of shares eligible to vest in respect of the PSUs would be equal to two times the number of PSUs granted and equal to the number of PBOs granted. The number of shares issuable upon achievement of the performance goals at the levels between the threshold and target levels for the PSUs and PBOs or between the target level and superior levels for the PSUs would be determined using linear interpolation. Achievement below the threshold level would result in no shares being eligible to vest in respect of the PSUs and PBOs. No PSUs and PBOs were granted in 2024 and 2023. In 2022, we awarded PSUs (“2022 PSUs”) and PBOs (“2022 PBOs”), each of which commence vesting based upon the achievement of various weighted performance go als, including finance and corporate strategy, performance enzymes and biotherapeutics deliverables, research plans, and organizational development. In the first quarter of 2023, the compensation committee of the Board determined that the 2022 PSUs and 2022 PBOs performance goals had been achieved at 85.0% and 42.5% of the target level, respectively, and recognized stock-based compensation expenses accordingly. Accordingly, 50% of the shares underlying the 2022 PSUs and PBOs vested in the first quarter of 2023 and 50% of the shares underlying the 2022 PSUs and PBOs vested in the first quarter of 2024, in each case, subject to the recipient’s continued service on each vesting date. Stock-Based Compensation Expense Stock-based compensation expense is included in the consolidated statements of operations as follows (in thousands): Year Ended December 31, 2024 2023 2022 Costs of product revenue $ 429 $ 354 $ 452 Research and development 2,928 2,631 3,907 Selling, general and administrative 9,730 6,986 10,172 Total $ 13,087 $ 9,971 $ 14,531 The following table presents total stock-based compensation expense by security type included in the consolidated statements of operations (in thousands): Year Ended December 31, 2024 2023 2022 Stock options $ 6,423 $ 3,962 $ 4,167 RSUs and RSAs 4,717 4,447 4,807 PSUs 247 1,649 3,268 PBOs 1,357 $ (112) 2,289 ESPP 343 25 — Total $ 13,087 $ 9,971 $ 14,531 During the fourth quarter of 2024, we entered into Separation and Consulting Agreements with Sri Ryali, our former Chief Financial Officer, and two other former executives. Under these agreements, the outstanding unvested options and awards for each of the three former executives will continue to vest through the end of their consultancy period, which concludes on February 28, 2025. This modification resulted in a reduction of stock-based compensation expense of $0.4 million recognized in selling, general and administrative expenses during the year ended December 31, 2024. On June 29, 2024, we entered into an Advisory Services Agreement with a former executive of the Company. Pursuant to the advisory agreement, the exercise period for the former executive’s vested stock options and performance-based options was also extended. This modification resulted in a stock-based compensation expense of $2.0 million recognized in selling, general and administrative expenses during the year ended December 31, 2024. In connection with the retirement of John Nicols, our former President and Chief Executive Officer, in August 2022, and the Transition and Separation Agreement between Mr. Nicols and the Company, certain supplementary modifications were made to Mr. Nicols' vested and unvested stock option and PBOs awards including voluntary forfeiture of certain unvested stock option and PBOs awards and the extension of the post-termination exercise period of certain vested stock option and PBOs awards. During the year ended December 31, 2022, we recorded a one-time, non-cash incremental compensation expense of $1.0 million, net of the required reversal of previously recognized stock-based compensation expenses attributed to unvested shares, in selling, general and administrative expenses related to these stock option award modifications. Grant Award Activities: Stock Option Awards We estimated the fair value of stock options using the Black-Scholes-Merton option-pricing model based on the date of grant. The following summarizes the weighted-average assumptions used to estimate the fair value of employee stock options granted: Year Ended December 31, 2024 2023 2022 Expected life (years) 5.9 5.8 5.7 Volatility 73.3 % 66.2 % 62.1 % Risk-free interest rate 3.9 % 4.0 % 3.1 % Expected dividend yield 0.0 % 0.0 % 0.0 % The following summarizes the weighted-average assumptions used to estimate the fair value of 20,000 and 50,000 shares of stock options granted to non-employees for services valued at $44 thousand and $0.1 million during the years ended December 31, 2024 and 2023, respectively: Year Ended December 31, 2024 2023 Expected life (years) 5.8 5.8 Volatility 74.7 % 70.1 % Risk-free interest rate 4.4 % 4.7 % Expected dividend yield 0.0 % 0.0 % The weighted average grant date fair value per share of non-employee stock options granted respectively in 2024 and 2023 was $2.19 and $1.05, respectively. The following tables summarize s stock option activities: Number Weighted Average (In Thousands) Outstanding at December 31, 2021 2,935 $ 8.90 Granted 2,000 $ 8.90 Exercised (410) $ 2.33 Forfeited/Expired (275) $ 19.01 Outstanding at December 31, 2022 4,250 $ 8.88 Granted 2,046 $ 5.23 Exercised (283) $ 1.97 Forfeited/Expired (839) $ 12.08 Outstanding at December 31, 2023 5,174 $ 7.31 Granted 4,837 $ 3.08 Exercised (399) $ 3.24 Forfeited/Expired (484) $ 8.75 Outstanding at December 31, 2024 9,128 $ 5.17 Number Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic (In Thousands) (In Years) (In Thousands) Outstanding at December 31, 2024 9,128 $ 5.17 6.3 $ 8,497 Exercisable at December 31, 2024 2,840 $ 8.05 4.5 $ 402 Vested and expected to vest at December 31, 2024 8,508 $ 5.27 6.2 $ 7,724 The weighted average grant date fair value per share of employee stock options granted in 2024, 2023, and 2022 were $2.05, $3.31 and $4.99, respectively. The total intrinsic value of options exercised in 2024, 2023, and 2022 were $0.6 million, $0.7 million and $3.1 million, respectively. As of December 31, 2024, the re was $11.3 million of unrecognized stock-based compensation, net of expected forfeitures, related to unvested stock options, which we expect to recognize over a weighted average period of 2.3 years. Restricted Stock Awards (“RSAs”) The following table summarizes RSA activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 80 $ 17.53 Granted 159 $ 7.53 Vested (58) $ 18.42 Non-vested balance at December 31, 2022 181 $ 8.45 Granted 277 $ 2.89 Vested (133) $ 9.04 Non-vested balance at December 31, 2023 325 $ 3.48 Granted 211 $ 3.32 Vested (302) $ 3.31 Non-vested balance at December 31, 2024 234 $ 3.56 The total fair value, as of the vesting date, of RSAs vested in fiscal years 2024, 2023 and 2022 were $1.0 million, $0.4 million and $0.5 million respectively. As of December 31, 2024, there was $0.4 million of unrecognized stock-based compensation cost related to non-vested RSAs, which we expect to recognize over a weighted average period of 0.5 years. Restricted Stock Units (“RSUs”) The following table summarizes RSU activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 232 $ 21.83 Granted 518 $ 17.46 Vested (106) $ 21.21 Forfeited/Expired (126) $ 19.55 Non-vested balance at December 31, 2022 518 $ 18.15 Granted 1,049 $ 5.24 Vested (204) $ 18.42 Forfeited/Expired (343) $ 9.71 Non-vested balance at December 31, 2023 1,020 $ 7.66 Granted 1,530 $ 3.08 Vested (383) $ 8.96 Forfeited/Expired (157) $ 4.66 Non-vested balance at December 31, 2024 2,010 $ 4.16 The total fair value, as of the vesting date, of RSUs vested in fiscal years 2024, 2023 and 2022 were $1.1 million , $1.1 million and $1.8 million respectively. As of December 31, 2024, there was $4.2 million of unrecognized stock-based compensation cost related to non-vested RSUs, which we expect to recognize over a weighted average period of 1.8 years. Performance-Contingent Restricted Stock Units (“PSUs”) The following table summarizes PSU activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 128 $ 21.24 Granted 686 $ 9.55 Vested (107) $ 20.52 Forfeited/Expired (40) $ 19.93 Non-vested balance at December 31, 2022 667 $ 9.41 Vested (315) $ 11.02 Forfeited/Expired (75) $ 12.49 Other 15 $ 25.05 Non-vested balance at December 31, 2023 292 $ 7.69 Vested (248) $ 7.69 Forfeited/Expired (44) $ 7.69 Non-vested balance at December 31, 2024 — $ — The total fair value, as of the vesting date, of PSUs vested in the years ended December 31, 2024, 2023, and 2022 were $0.9 million, $1.6 million, and $2.1 million, respectively. As of December 31, 2024, there was nil of unrecognized stock-based compensation cost related to non-vested PSUs. Performance Based Options (“PBOs”) We estimated the fair value of PBOs using the Black-Scholes-Merton option-pricing model based on the date of grant. No PBOs were granted to employees for their services during the year ended December 31, 2024. The following summarize the weighted-average assumptions used to estimate the fair value of PBOs granted: Year Ended December 31, 2022 Expected life (years) 5.6 Volatility 54.9 % Risk-free interest rate 1.8 % Expected dividend yield 0.0 % The following tables summarizes PBOs activities: Number Weighted Average (In Thousands) Outstanding at December 31, 2021 1,840 $ 4.11 Granted 733 $ 9.89 Forfeited/Expired (747) $ 8.29 Outstanding at December 31, 2022 1,826 $ 4.70 Forfeited/Expired (178) $ 9.73 Outstanding at December 31, 2023 1,648 $ 5.64 Forfeited/Expired (73) $ 10.23 Outstanding at December 31, 2024 1,575 $ 5.43 Number Weighted Average Weighted Average Aggregate Intrinsic (In Thousands) (In Years) (In Thousands) Exercisable at December 31, 2024 1,575 $ 10.62 3.4 $ 114 Vested and expected to vest at December 31, 2024 1,575 $ 10.62 3.4 $ 114 The total fair value of e xercised PBOs for 2024, 2023 and 2022, was nil. As of December 31, 2024, there was nil of unrecognized stock-based compensation cost related to non-vested PBOs. Employee Stock Purchase Plan (“ESPP”) The fair value of shares to be issued under the ESPP is computed using the Black-Scholes-Merton option pricing model at the commencement of the offering period. The following summarizes the weighted-average assumptions used to estimate the fair value of ESPP for the initial offering period: Year Ended December 31, 2024 2023 Expected life (years) 1.2 0.4 Volatility 89.4 % 89.6 % Risk-free interest rate 4.6 % 5.3 % Expected dividend yield 0.0 % 0.0 %

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Capital Stock	Capital Stock Sales Agreements In May 2021, we filed a Registration Statement on Form S-3 with the SEC (the “2021 Registration Statement”), that automatically became effective upon its filing, under which we were permitted to sell common stock, preferred stock, debt securities, warrants, purchase contracts, and units from time to time in one or more offerings. On February 27, 2023, we filed a post-effective amendment to the 2021 Registration Statement. Pursuant to that post-effective amendment, we registered an aggregate $200.0 million of securities. In May 2021, we entered into an Equity Distribution Agreement (“EDA”) with Piper Sandler & Co (“PSC”), under which PSC, as our exclusive agent, at our discretion and at such times that we determined from time to time, may have sold over a three-year period from the execution of the EDA up to a maximum of $50.0 million of shares of our common stock. Under the terms of the EDA, PSC was permitted to sell the shares at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act. We were not required to sell any shares at any time during the term of the EDA. On April 24, 2024, we terminated the EDA. No shares of our common stock were issued and sold pursuant to the EDA during the year ended December 31, 2024. During the year ended December 31, 2023, 3,079,421 shares of our common stock were issued and sold pursuant to the EDA. During the year ended December 31, 2023, we received gross proceeds of $8.7 million or $7.9 million in net proceeds after PSC's commissions and direct offering expenses of $0.7 million. On May 2, 2024, we entered into a Controlled Equity Offering℠ Sales Agreement (the “Cantor Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), under which Cantor, at our discretion and at such times that we may determine from time to time, may sell up to a maximum of $75.0 million of shares of our common stock. Under the terms of the Cantor Sales Agreement, Cantor may sell the shares at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act. On May 2, 2024, we filed a registration statement on Form S-3 registering the offer and sale of these shares under the Securities Act which became effective on May 14, 2024. We will pay a commission of up to 3.0% of gross sales proceeds of any common stock sold under the Cantor Sales Agreement. During the year ended December 31, 2024, 10,440,000 shares of our common stock were issued and sold pursuant to the Cantor Sales Agreement. During the year ended December 31, 2024, we received gross proceeds of $31.3 million or $29.7 million in net proceeds after Cantor’s commissions and direct offering expenses of $1.6 million. As of December 31, 2024, $43.7 million remained available for sale under the Cantor Sales Agreement.

401(k) Plan

401(k) Plan	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan In January 2005, we implemented a 401(k) Plan covering certain employees. Currently, all of our United States based employees over the age of 18 are eligible to participate in the 401(k) Plan. Under the 401(k) Plan, eligible employees may elect to reduce their current compensation up to a certain annual limit and contribute these amounts to the 401(k) Plan. We may make matching or other contributions to the 401(k) Plan on behalf of eligible employees. We recorded employer matching contributions expense o f $1.2 million, $1.4 million, and $1.6 million in the years ended December 31, 2024, 2023, and 2022, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our loss before provision for income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 United States $ (65,231) $ (76,169) $ (33,269) Foreign (11) (2) (47) Loss before provision for income taxes $ (65,242) $ (76,171) $ (33,316) The tax provision for the year ended December 31, 2024 and 2023 consists primarily of current year state and foreign income taxes. The tax provision for the year ended December 31, 2022 consists primarily of taxes attributable to foreign operations. The components of the provision for income taxes are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current provision: State $ (6) $ 27 $ 141 Foreign 42 42 142 Total current provision 36 69 283 Deferred benefit: Foreign (2) — (7) Total deferred benefit (2) — (7) Provision for income taxes $ 34 $ 69 $ 276 Reconciliation of the provision for income taxes calculated at the statutory rate to our provision for income taxes is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Tax benefit at federal statutory rate $ (13,701) $ (15,995) $ (6,996) State taxes (3,133) (2,208) (494) Research and development credits (419) (925) (1,793) Foreign operations taxed at different rates — — 78 Stock-based compensation 1,930 1,967 239 Other nondeductible items (108) 438 (238) Executive compensation 306 152 80 Change in valuation allowance 15,159 16,640 9,400 Provision for income taxes $ 34 $ 69 $ 276 Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. Significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 82,925 $ 72,586 Credits 17,660 16,412 Deferred revenues 48 176 Stock-based compensation 4,786 4,445 Reserves and accruals 2,650 2,774 Property and Equipment 830 457 Intangible assets 244 532 Capital losses 452 424 R&D Capitalization 28,471 26,821 Unrealized gain/loss 2 — Lease liability 7,445 3,608 Other assets 4,362 2,542 Total deferred tax assets: 149,875 130,777 Valuation allowance (142,994) (127,835) Deferred tax liabilities: Right-of-use assets (6,895) (2,958) Total deferred tax liabilities: (6,895) (2,958) Net deferred tax liabilities $ (14) $ (16) ASC 740 requires that the tax benefit of NOLs, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carryforward period. Because of our history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not more likely than not to be realized and, accordingly, has provided a valuation allowance against our deferred tax assets. Accordingly, the net deferred tax assets in all our jurisdictions have been fully reserved by a valuation allowance. The net valuation allowance increased by $15.2 million d uring the year ended December 31, 2024, increased by $16.7 million during the year ended December 31, 2023, and increased by $9.4 million during the year ended December 31, 2022. At such time as it is determined that it is more likely than not that the deferred tax assets are realizable, the valuation allowance will be reduced. The following table sets forth our federal, state and foreign NOL carryforwards and federal research and development tax credits as of December 31, 2024 (in thousands): December 31, 2024 Amount Expiration Net operating losses, federal $ 182,918 2026-2037 Net operating losses, federal $ 158,554 Do not expire Net operating losses, state $ 175,040 2028-2044 Tax credits, federal $ 19,073 2024-2044 Tax credits, state $ 20,791 Do not expire Current U.S. federal and California tax laws include substantial restrictions on the utilization of NOLs and tax credit carryforwards in the event of an ownership change of a corporation. Accordingly, the Company's ability to utilize NOLs and tax credit carryforwards may be limited as a result of such ownership changes . We performed an analysis in 2024 and determined that there was not a limitation that would result in the expiration of carryforwards before they are utilized. We apply the provisions of ASC 740 to account for uncertain income tax es. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2024 2023 2022 Balance at beginning of year $ 20,204 $ 18,571 $ 15,261 Additions based on tax positions related to current year 1,332 2,164 3,553 Additions to tax position of prior years 82 — — Reductions to tax position of prior years — (531) (243) Balance at end of year $ 21,618 $ 20,204 $ 18,571 We recognize interest and penalties as a co mponent of our income tax expense. Total interest and penalties recognized in the consolidated statements of operations were $42 thousand, $42 thousand and $42 thousand in 2024, 2023 and 2022, respectively. Total penalties and interest recognized in the balance sheet was $0.6 million, $0.6 million and $0.5 million as of December 31, 2024, 2023 and 2022, respectively. The total unrecognized tax benefits that, if recognized currently, would impact our company’s effective tax rate were $0.3 million as of December 31, 2024, 2023 and 2022. We do not expect any material changes to our uncertain tax positions within the next 12 months. We are not subject t o examination by United States federal or state tax authorities for years prior to 2002 and foreign tax authorities for years prior to 2014.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases Our headquarters are located in Redwood City, California, where we occupy approximately 77,300 square feet of office and laboratory space in multiple buildings within the same business park operated by Metropolitan Life Insurance Company (“MetLife”). Our lease agreement with MetLife (“RWC Lease”) includes approximately 28,200 square feet of space located at 200 and 220 Penobscot Drive, Redwood City, California (the “200/220 Penobscot Space”) and approximately 37,900 square feet of space located at 400 Penobscot Drive, Redwood City, California (the “400 Penobscot Space”) (the 200/220 Penobscot Space and the 400 Penobscot Space are collectively referred to as the “Penobscot Space”), and approximately 11,200 square feet of space located at 501 Chesapeake Drive, Redwood City, California (the “Chesapeake Space”). We entered into the initial lease with MetLife for our facilities in Redwood City in 2003 and the RWC Lease has been amended multiple times since then to adjust the leased space and terms of the Lease. In December 2024, we entered into a Ninth Amendment to the Lease (the “Ninth Amendment”) with MetLife with respect to the Penobscot Space and the Chesapeake Space to extend the term of the Lease for additional periods. Pursuant to the Ninth Amendment, the term of the lease of for both the Penobscot Space and the Chesapeake Space has been extended through August 2032. We have one (1) option to extend the term of the lease for the Penobscot Space for five (5) years, and one (1) separate option to extend the term of the lease for the Chesapeake Space for five (5) years. The Ninth Amendment provided a net tenant improvement allowance of $3.0 million. As a result of the lease extension, the Company remeasured the lease liability and adjusted the corresponding right-of-use asset based on the updated lease payments. The impact of this remeasurement, which included a non-cash increase in both the lease liability and right-of-use asset, was recorded as of December 31, 2024. The tables below show the balance of right-of-use assets and lease obligations as of January 1, 2024 and the balance as of December 31, 2024, including the changes during the period (in thousands): Right-of-use Assets - Operating Lease, net Right-of-use assets - Operating leases, net, at January 1, 2024 $ 13,137 Amortization of right-of-use assets (3,184) Addition due to lease modification 18,747 Right-of-use assets - Operating leases, net, at December 31, 2024 $ 28,700 Lease Obligations - Operating Leases Lease obligations - Operating leases, net, at January 1, 2024 $ 16,024 Lease payments (4,727) Interest accretion 946 Addition due to lease modification 18,747 Lease obligations - Operating leases, net, at December 31, 2024 $ 30,990 In July 2023, we announced our plan to consolidate operations from our previous San Carlos facility to our headquarters in Redwood City. On September 1, 2023, the Company entered into an Assignment and Assumption of Lease (the “Assignment Agreement”) with Vaxcyte, Inc. (“Vaxcyte”) to assign to Vaxcyte all of the Company’s right, title and interest in, under and to the San Carlos facility and the related Lease Agreement, dated as of January 29, 2021. On September 6, 2023, the Company, Vaxcyte and ARE-San Francisco No. 63, LLC (“ARE”) entered into a Consent to Assignment and First Amendment pursuant to which ARE consented to the Assignment Agreement and the assignment by the Company and the assumption by Vaxcyte of the Company’s interest as tenant in the lease. The effective date of the assignment was October 1, 2023. As a result of the Assignment Agreement, the Company remeasured the lease obligation for the San Carlos facility to its present value of $3.1 million and wrote off the remaining lease liability of $19.6 million and the corresponding right of use asset balance. Simultaneously, the Company determined that indicators of impairment existed because the lease assignment impacts the utilization of the related right of use assets and leasehold improvements in the San Carlos facility, and therefore performed a recoverability test by estimating future undiscounted net cash flows expected to be generated from the use of these assets. As there were no substantial future cash inflows associated with these assets, the carrying values of these assets were deemed unrecoverable. As a result, during the third quarter of 2023, the Company recognized a non-cash impairment charge of $7.7 million, of which $4.7 million was related to leasehold improvements and $3.0 million for the right of use assets, presented within the asset impairment and other charges line item in the consolidated statements of operations in the year ended December 31, 2023. As part of the plan, the Company entered into agreements to sell certain laboratory equipment previously located in the San Carlos facility through an asset auction and as part of the lease assignment of the San Carlos facility to Vaxcyte. These certain items of laboratory equipment met the assets held for sale criteria and were sold during the fourth quarter of 2023. Using a fair value estimate based on Level 3 inputs in the fair value hierarchy, the Company determined that the carrying value of these assets exceeds fair value less costs to sell, which resulted in a write-down of $1.5 million, presented within the asset impairment and other charges line item in the consolidated statements of operations in the year ended December 31, 2023. Pursuant to the terms of the RWC Lease, we exercised our right to deliver a letter of credit in lieu of a security deposit. The letter of credit is collateralized by deposit balances held by the bank in the amount of $1.1 million as of December 31, 2024 and 2023, and are recorded as non-current restricted cash on the consolidated balance sheets. We are required to restore certain areas of the Redwood City facility that we are renting to its original form. We are expensing the asset retirement obligation over the term of the Redwood City lease. We review the estimated obligation each reporting period and make adjustments if our estimates change. We recorded asset retirement obligations of $0.3 million as of December 31, 2024 and 2023, which are included in other liabilities on the consolidated balance sheets. Accretion expense related to our asset retirement obligations was nominal in the years ended December 31, 2024 and 2023. Lease and other information Lease costs amounts included in measurement of lease obligations and other information related to non-cancellable operating leases and finance leases were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Finance lease costs $ — $ — $ 18 Operating lease cost 4,130 6,310 7,321 Short-term lease costs (1) — — 40 Total lease cost (2) $ 4,130 $ 6,310 $ 7,379 (1) Short-term lease costs on leases with terms of over one month and less than one year. (2) The Company had no variable lease costs. Amounts included in the measurement of lease obligations (in thousands): Year Ended December 31, 2024 2023 2022 Cash paid: Operating cash flows from operating leases $ 4,727 $ 9,897 $ 6,506 Operating Lease Other information: Weighted-average remaining lease term (in years) 7.6 Weighted-average discount rate 7.0 % As of December 31, 2024, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years ending December 31, Operating Leases 2025 $ 4,868 2026 5,014 2027 4,053 2028 5,400 2029 5,365 Thereafter 15,695 Total minimum lease payments 40,395 Less: imputed interest 9,405 Lease obligations $ 30,990 Reconciliation of operating lease liabilities as shown within the consolidated balance sheets: Current portion of lease obligations - Operating leases $ 2,827 Long-term lease obligations - Operating leases 28,163 Total operating lease liabilities $ 30,990 Other Commitments We enter into supply and service arrangements in the normal course of business. Supply arrangements are primarily for fixed-price manufacture and supply. Service agreements are primarily for the development of manufacturing processes and certain studies. Commitments under service agreements are subject to cancellation at our discretion which may require payment of certain cancellation fees. The timing of completion of service arrangements is subject to variability in estimates of the time required to complete the work. As of December 31, 2024, the future minimum payments that we expect to pay, including potential obligations under services agreements subject to risk of cancellation by us, is minimal. Credit Facility On June 30, 2017, we entered into a credit facility (the “Credit Facility”) with Western Alliance Bank consisting of term loans (“Term Debt”) up to $10.0 million, and advances under a revolving line of credit of up to $5.0 million with an accounts receivable borrowing base of 80% of eligible accounts receivable. The right to take draws on the Term Debt expired on December 31, 2022. In March 2023, we terminated the Credit Facility with Western Alliance Bank. Legal Proceedings We may be involved in legal actions in the ordinary course of business, including inquiries and proceedings concerning business practices and intellectual property infringement, employee relations and other claims. We will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. We will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a material loss may have been incurred. Gain contingencies are not recorded until they are realized. We are currently not a party to any material pending litigation or other material legal proceedings that management believes could have a material adverse effect on our financial statements. Indemnifications We are required to recognize a liability for the fair value of any obligations we assume upon the issuance of a guarantee. We have certain agreements with licensors, licensees and collaborators that contain indemnification provisions. In such provisions, we typically agree to indemnify the licensor, licensee and collaborator against certain types of third party claims. The maximum amount of the indemnifications is not limited. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any periods presented.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Innovatus Loan Agreement On February 13, 2024 (the “Closing Date”), we entered into a five -year term loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP (“Innovatus”), an affiliate of Innovatus Capital Partners, LLC, for an aggregate principal amount of up to $40.0 million and with a maturity date of February 13, 2029 (the “Innovatus Loan”). The Innovatus Loan consists of two tranches, of which the first tranche of $30.0 million was funded on February 13, 2024. We will be eligible to draw down the second tranche of $10.0 million upon achievement of certain milestones including certain pre-specified revenue thresholds and subject to a payment of a facility fee equal to 1.00% of the amount of such term loan. The floating per annum interest rate of the Innovatus Loan is equal to the sum of (a) the greater of (i) prime rate published in the Money Rates section of the Wall Street Journal and (ii) 7.50 , plus (b) 3.25 The Innovatus Loan contains customary representations and warranties and covenants, subject to customary carve outs, and includes financial covenants related to liquidity and net product revenue, with the latter beginning with the period ended December 31, 2024. The Innovatus Loan is secured by perfected first priority liens on the Company's assets, and the Loan Agreement includes a negative pledge by the Company which prohibits the Company from permitting liens to be placed upon the Company's intellectual property in favor of any party other than Innovatus. In connection with the issuance of the Innovatus Loan, we recorded a debt discount of $1.3 million and capitalized debt issuance costs of $0.6 million . The discount and issuance costs will be amortized over the life of the Innovatus Loan. Interest expense for the Innovatus Loan for the year ended December 31, 2024 was $3.5 million, and is inclusive of non-cash amortization of the debt discount, debt issuance costs, payable in-kind interest, and accretion of final payment. The carrying amount of the Innovatus Loan approximates fair value given its recent issuance and the interest rate is based on the current prime rate. The effective interest rate for the Innovatus Loan was 13.1% as of December 31, 2024 . Additionally, in connection with entering into the Innovatus Loan, we entered into a Warrant Agreement with Innovatus on February 13, 2024 and issued to Innovatus a warrant to purchase an aggregate of 424,028 shares of the Company’s common stock at an exercise price of $2.83 per share. The warrants may be exercised on a cashless basis, and are immediately exercisable through the 10th anniversary of the issuance date. At the time of issuance, the Company determined the estimated fair value of the warrants of $0.9 million using the Black-Scholes model. As the warrants represent a freestanding equity instrument, the Company recorded the fair value of the warrants in additional paid-in capital during the first quarter of 2024 . The Company accounts for the amortization of the debt discount and issuance costs utilizing the effective interest method. Long-term debt consisted of the following at December 31, 2024 (in thousands): December 31, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 483 Add: amortized exit fee 125 Less: unamortized debt discount (1,151) Less: unamortized debt issuance costs (552) Total long-term debt $ 28,905 The future principal payments under the Innovatus Loan are as follows (in thousands): Years Ending December 31, 2025 $ — 2026 — 2027 13,264 2028 15,917 2029 2,653 Total principal payments 31,834 Add: amortized exit fee 125 Less: uncapitalized payment in-kind interest (1,351) Less: unamortized debt issuance fee (1,151) Less: unamortized debt issuance costs (552) Total long-term debt $ 28,905

Segment, Geographical and Other

Segment, Geographical and Other Revenue Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment, Geographical and Other Revenue Information	Segment, Geographical and Other Revenue Information Segment Information We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the fourth quarter of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker (“CODM”), assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. We believe that these changes better align internal resources and external go to market activities in order to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment since the fourth quarter of 2023. Effective October 1, 2023, the Company's operations are managed and reported to the CODM on a consolidated basis. The CODM uses consolidated income (loss) from operations and net income (loss) to assess financial performance and make resource allocation decisions. These financial measures are used by the CODM to balance short-term financial results with long-term strategic goals, guiding the allocation of budget between product costs, research and development, and general, selling and administrative expenses. As a result of the restructuring of our business, the Company determined that a triggering event had occurred that required an interim goodwill impairment test during the third quarter of 2023. The fair value estimate used in the interim goodwill impairment test was primarily based on Level 3 inputs in the fair value hierarchy. Based on the results of the impairment evaluation, the Company determined that the goodwill within the Novel Biotherapeutics reporting unit was impaired, which resulted in a non-cash impairment charge of $0.8 million to write off all of the associated goodwill. The impairment charge is recorded within asset impairment and other charges in the consolidated statements of operation for the year ended December 31, 2023 . Significant Customers Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues 2024 2023 2022 Customer A 18 % 22 % 56 % Customer B 13 % * * Customer C 10 % * * Customer D 10 % * * Customer E * 13 % * * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows: As of December 31, 2024 2023 Customer B 16 % 12 % Customer D 18 % 12 % Customer F 12 % * Customer G 10 % * Customer H * 21 % Customer I * 13 % * Percentage was less than 10% Geographical Information Geographic revenues are identified by the location of the customer and consist of the following (in thousands): Year Ended December 31, 2024 2023 2022 Revenues Americas (1) $ 21,278 $ 13,733 $ 17,000 EMEA (2)(3) 10,359 22,907 56,540 APAC (4)(5)(6) 27,708 33,503 65,050 Total revenues $ 59,345 $ 70,143 $ 138,590 (1) United States revenue was $21.3 million, $13.7 million, and $17.0 million, for the years ended December 31, 2024, 2023, and 2022, respectively (2) Ireland revenue was $1.8 million, $0.5 million, and $37.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively (3) Switzerland revenue was $3.4 million, $11.1 million, and $9.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively (4) China revenue was $9.8 million, $20.3 million, and $48.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively (5) India revenue was $7.3 million, $5.7 million, and $8.8 million, for the years ended December 31, 2024, 2023, and 2022, respectively (6) Singapore revenue was $6.2 million, $2.4 million, and $3.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively Identifiable long-lived assets by location was as follows (in thousands): December 31, 2024 2023 United States $ 43,098 $ 28,624

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges In July 2023, in alignment with our enhanced strategic focus, we announced a restructuring of our business, including a plan for a workforce reduction of approximately 25%. During the year ended December 31, 2023 , w e recorded a restructuring charge related to this workforce reduction of $3.1 million related to severance and related benefit costs. The plan was substantially completed in September 2023 and severance costs were paid through the fourth quarter of 2023. We do not expect to record any significant future charges related to the restructuring plan. In November 2022, we announced a plan for a workforce reduction of approximately 18% to realign and optimize our workforce requirements in alignment with our refined corporate strategy. The plan was substantially completed in December 2022 and severance costs were paid through the third quarter of 2023. During the years ended December 31, 2023 and 2022 , we recorded restructuring charges of $0.2 million and $3.2 million, respectively, related to severance, bonus and other termination benefits in connection with the workforce reduction announced in November 2022. We do not expect to record any future charges related to the restructuring plans initiated in 2023 and 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Loss	$ (65,276)	$ (76,240)	$ (33,592)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy In the normal course of business, we may collect and store personal information and other sensitive information, including proprietary and confidential business information, trade secrets, intellectual property, sensitive third-party information and employee information. We assess and identify cybersecurity risk to such information by maintaining cybersecurity policies that require continuous monitoring and detection programs and network security precautions. Our program incorporates industry-standard frameworks, policies and practices designed to protect the privacy and security of our sensitive information. We manage cybersecurity risks by maintaining various protections designed to safeguard against cyberattacks, including firewalls and virus detection software, and periodic end user training on common cybersecurity threats (e.g. phishing exercises and interactive trainings). We have established our disaster recovery plan and we protect against business interruption by backing up our major systems. In addition, we periodically scan our environment for any vulnerabilities, perform penetration testing and engage third parties to assess effectiveness of our data security practices. A third party security consultant conducts regular network security reviews, scans and audits, and we may consult with other external experts as warranted by a particular cybersecurity incident or threat. In addition, we maintain insurance that includes cybersecurity coverage. Areas of cybersecurity risk are assessed bi-annually, and updates are reported by our Chief Financial Officer to the Board’s Audit Committee and senior management annually. Where our bi-annual cybersecurity risk assessment identifies areas for improvement, we document and track our remediation activities, which are also reported to the Audit Committee and senior management annually. In this way, our program to manage cybersecurity risk integrates with our overall risk management processes. With respect to third parties who provide services affecting critical business management systems, we collect and maintain SOC2 or SOC1 type II reports (attestation of controls at a service organization over a minimum six-month period). For other third-party service providers, cybersecurity risk is addressed as appropriate. As of the date of this report, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition. Despite the implementation of our cybersecurity program, our security measures cannot guarantee that a significant cyberattack will not occur. A successful attack on our information technology systems could have significant consequences to the business. While we devote resources to our security measures to protect our systems and information, these measures cannot provide absolute security. See “Risk Factors – General Risk Factors” for additional information about the risks to our business associated with a breach or compromise to our information technology systems.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In the normal course of business, we may collect and store personal information and other sensitive information, including proprietary and confidential business information, trade secrets, intellectual property, sensitive third-party information and employee information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Company’s Board of Directors has visibility into cybersecurity risks through its Audit Committee and through the process described below. The Audit Committee has oversight of the Company’s cybersecurity risk management programs and the design and operating effectiveness thereof, and reviews reports from Company management on cybersecurity, data privacy and other risks relevant to the Company’s computerized information system controls and security. Areas of cybersecurity risk are assessed bi-annually, and updates are reported by the Chief Financial Officer to the Audit Committee and senior management annually. Where our bi-annual cybersecurity risk assessment identifies areas for improvement, we document and track our remediation activities, which are also reported to the Audit Committee and senior management annually. Senior management has appointed a Cybersecurity Council that is responsible for identifying, escalating, and facilitating the assessment and determination of the materiality of cybersecurity incidents and threats. The Cybersecurity Council is made up of representatives of IT, Legal and Finance, as well as ad hoc additional members depending on the circumstances of the incident or threat. The members of the Cybersecurity Council do not have specific expertise in cybersecurity risk other than the Vice President of Information Technology (“VP IT”) who has more than 20 years of experience, and engages with trusted third-party experts for support and guidance when additional expertise is required. In December 2024, the VP IT exited the company, and IT expert advice to the Cybersecurity Council is currently provided by an external cybersecurity specialist. This specialist has extensive experience managing cybersecurity functions in his prior external roles, where he was responsible for overseeing cybersecurity strategy and operations, including incident response, threat intelligence, security awareness training programs, risk assessments and remediation, and regulatory and compliance matters. An actual or suspected cybersecurity incident that jeopardizes the confidentiality, integrity, or availability of Codexis' information systems or any information residing therein (or threat that presents significant risk to our information systems as identified by IT) is reported to the Cybersecurity Council by our IT Department. The focus of the Cybersecurity Council is on the investigation and facilitation of senior management’s assessment and determination of materiality of an incident or threat, and such investigation is separate but contemporaneous with the investigation(s) done under other applicable programs, policies, and plans regarding cybersecurity. The Cybersecurity Council will liaise directly with other investigation(s) and share information and assessments. Along with assistance from the Cybersecurity Council as necessary, senior management reports its materiality determination and analysis, including necessary facts to support its determination, to the Audit Committee of the Board of Directors. Pursuant to its charter, the Audit Committee may, along with senior management, report such determination to the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee has oversight of the Company’s cybersecurity risk management programs and the design and operating effectiveness thereof, and reviews reports from Company management on cybersecurity, data privacy and other risks relevant to the Company’s computerized information system controls and security.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee has oversight of the Company’s cybersecurity risk management programs and the design and operating effectiveness thereof, and reviews reports from Company management on cybersecurity, data privacy and other risks relevant to the Company’s computerized information system controls and security.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Board of Directors has visibility into cybersecurity risks through its Audit Committee and through the process described below. The Audit Committee has oversight of the Company’s cybersecurity risk management programs and the design and operating effectiveness thereof, and reviews reports from Company management on cybersecurity, data privacy and other risks relevant to the Company’s computerized information system controls and security.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Senior management has appointed a Cybersecurity Council that is responsible for identifying, escalating, and facilitating the assessment and determination of the materiality of cybersecurity incidents and threats. The Cybersecurity Council is made up of representatives of IT, Legal and Finance, as well as ad hoc additional members depending on the circumstances of the incident or threat.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The members of the Cybersecurity Council do not have specific expertise in cybersecurity risk other than the Vice President of Information Technology (“VP IT”) who has more than 20 years of experience, and engages with trusted third-party experts for support and guidance when additional expertise is required. In December 2024, the VP IT exited the company, and IT expert advice to the Cybersecurity Council is currently provided by an external cybersecurity specialist. This specialist has extensive experience managing cybersecurity functions in his prior external roles, where he was responsible for overseeing cybersecurity strategy and operations, including incident response, threat intelligence, security awareness training programs, risk assessments and remediation, and regulatory and compliance matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	An actual or suspected cybersecurity incident that jeopardizes the confidentiality, integrity, or availability of Codexis' information systems or any information residing therein (or threat that presents significant risk to our information systems as identified by IT) is reported to the Cybersecurity Council by our IT Department. The focus of the Cybersecurity Council is on the investigation and facilitation of senior management’s assessment and determination of materiality of an incident or threat, and such investigation is separate but contemporaneous with the investigation(s) done under other applicable programs, policies, and plans regarding cybersecurity. The Cybersecurity Council will liaise directly with other investigation(s) and share information and assessments. Along with assistance from the Cybersecurity Council as necessary, senior management reports its materiality determination and analysis, including necessary facts to support its determination, to the Audit Committee of the Board of Directors. Pursuant to its charter, the Audit Committee may, along with senior management, report such determination to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of Codexis, Inc. and its wholly-owned subsidiaries. The consolidated financial statements include the accounts of Codexis, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, deferred revenue, inventories, valuation of equity investments, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the consolidated financial statements.
Foreign Currency Translation	Foreign Currency Translation The USD is the functional currency for our operations outside the United States. Accordingly, non-monetary assets and liabilities originally acquired or assumed in other currencies are recorded in USD at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in other expense in the consolidated statements of operations. Gains and losses realized from non-USD transactions, including intercompany balances not considered as permanent investments, are included in other expense in the accompanying consolidated statements of operations.
Revenue Recognition	Revenue Recognition Our revenues are derived primarily from product revenue and collaborative research and development agreements. Some of our contracts with customers contain multiple products and services. We account for individual products and services separately if they are distinct-that is, if a product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our product revenue and collaborative research and development agreements, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) we satisfy each performance obligation. The majority of our collaborative contracts contain multiple revenue streams such as upfront and/or annual license fees, fees for research and development services, contingent milestone payments upon achievement of contractual criteria, and royalty fees based on the licensees' product revenue or usage, among others. We determine the stand-alone selling price (“SSP”) and allocate consideration to distinct performance obligations. Typically, we base our SSPs on our historical sales. If an SSP is not directly observable, then we estimate the SSP taking into consideration market conditions, forecasted sales, entity-specific factors and available information about the customer. We estimate the SSP for license rights by using historical information if licenses have been previously sold to customers. We account for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Non-cancellable purchase orders received from customers to deliver a specific quantity of product, when combined with our order confirmation, in exchange for future consideration, create enforceable rights and obligations on both parties and constitute a contract with a customer. We measure revenue based on the consideration specified in the contract with each customer, net of any sales incentives and taxes collected on behalf of government authorities. We recognize revenue in a manner that best depicts the transfer of promised goods or services to the customer, when control of the product or service is transferred to a customer. We make significant judgments when determining the appropriate timing of revenue recognition. The following is a description of principal activities from which we generate revenue: Product Revenue Product revenue consist of sales of biocatalysts, pharmaceutical intermediates and Codex biocatalyst panels and kits. A majority of our product revenue is made pursuant to purchase orders or supply agreements and is recognized either at a point in time when the control of the product has been transferred to the customer which generally aligns with shipping terms, or over time as the product is manufactured because we have a right to payment from the customer under a binding, non-cancellable purchase order, and there is no alternate use of the product for us as it is specifically made for the customer’s use. Certain of our agreements provide options to customers which they can exercise at a future date, such as the option to purchase our product during the contract duration at discounted prices and an option to extend their contract, among others. In accounting for customer options, we determine whether an option is a material right and this requires us to exercise significant judgment. If a contract provides the customer an option to acquire additional goods or services at a discount that exceeds the range of discounts that we typically give for that product or service for the same class of customer, or if the option provides the customer certain additional goods or services for free, the option may be considered a material right. If the contract gives the customer the option to acquire additional goods or services at their normal SSPs, we would likely determine that the option is not a material right and, therefore, account for it as a separate performance obligation when the customer exercises the option. We primarily account for options which provide material rights using the alternative approach available pursuant to the applicable accounting guidance, as we concluded we meet the criteria for using the alternative approach. Therefore, the transaction price is calculated as the expected consideration to be received for all the goods and services we expect to provide under the contract. We update the transaction price for expected consideration, subject to constraint, each reporting period if our estimates of future goods to be ordered by customers change. Research and Development Revenue We perform research and development activities as specified in each respective customer agreement. We identify each performance obligation in our research and development agreements at contract inception. We allocate the consideration to each distinct performance obligation based on the SSP of each performance obligation. Performance obligations included in our research and services agreements typically include research and development services for a specified term, periodic reports and small samples of enzyme produced. The majority of our research and development agreements are based on a contractual rate per dedicated project team working on the project. The underlying product that we develop for customers does not create an asset with an alternative use to us and the customer receives benefits as we perform the work towards completion. Thus, our performance obligations are generally satisfied over time as the service is performed. We utilize an appropriate method of measuring progress towards the completion of our performance obligations to determine the timing of revenue rec ognition. For each performance obligation that is satisfied over time, we recognize revenue using a single measure of progress either based on hours incurred or output of services provided. Our contracts frequently provide customers with rights to use or access our products or technology, along with other promises or performance obligations. We must first determine whether the license is distinct from other promises, such as our promise to manufacture a product. If we determine that the customer cannot benefit from the license without our manufacturing capability, the license will be accounted for as combined with the other performance obligations. If we determine that a license is distinct and has significant standalone functionality, we recognize revenues from a functional license at a point in time when the license is transferred to the customer, and the customer can use and benefit from it. We estimate the SSP for license rights by using historical information if licenses have been previously sold to customers. At the inception of each arrangement that includes variable consideration such as development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Our CodeEvolver technology platform transfer collaboration agreements typically include license fees, upfront fees, and variable consideration in the form of milestone payments, and sales or usage-based royalties. We have recognized revenues from our platform technology transfer agreements over time as our customer uses our technology. For license agreements that include sales or usage-based royalty payments to us, we do not recognize revenue until the underlying sales of the product or usage has occurred. At the end of each reporting period, we estimate the royalty amount. We recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. Practical Expedients, Elections, and Exemptions We apply certain practical expedients available which permit us not to adjust the amount of consideration for the effects of a significant financing component if, at contract inception, the expected period between the transfer of promised goods or services and customer payment is one year or less. We perform monthly services under our research and development agreements, and we use a practical expedient permitting us to recognize revenue at the same time that we have the right to invoice our customer for monthly services completed to date. We have elected to treat shipping and handling activities as fulfillment costs. We have elected to record revenue net of sales and other similar taxes. Contract Assets Contract assets include amounts related to our contractual right to consideration for completed performance obligations not yet invoiced. Contract assets are reclassified to receivables when the rights become unconditional. Contract Liabilities Contract liabilities are recorded as deferred revenues and include payments received in advance of performance under the contract. Contract liabilities are realized when the development services are provided to the customer or control of the products has been transferred to the customer. A portion of our contract liabilities relate to supply arrangements that contain material rights that are recognized using the alternative method, under which the aggregate amount invoiced to the customer for shipped products, including contractual fees, is higher than the amount of revenue recognized based on the transaction price allocated to the shipped products. Contract Costs We recognize a non-current asset for the incremental costs of obtaining a contract with a customer if the entity expects to recover such costs and if those costs would not have been incurred if the contract had not been obtained, such as commissions paid to sales personnel. We do not typically incur significant incremental costs because the compensation of our salespeople is not based on contracts closed but on a mixture of company goals, individual goals, and sales goals. If a commission paid is directly related to obtaining a specific contract, our policy is to capitalize and amortize such costs on a systematic basis, consistent with the pattern of transfer of the good or service to which the asset relates, and over a period beyond 12 months. Contract costs are reported in other non-current assets and were not significant in any of the periods presented. Cost of Product Revenue Cost of product revenue comprises both internal and third party fixed and variable costs including materials and supplies, labor, facilities, and other overhead costs associated with our product sales. Shipping costs are included in our cost of product revenue. Shipping costs were $1.0 million, $1.0 million, and $3.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Fulfillment costs, such as shipping and handling, are recognized at a point in time and are included in cost of product revenue. Cost of Research and Development Services Cost of research and development services related to services under research and development agreements approximate the research funding over the term of the respective agreements and is included in research and development expense. Costs of services provided under license and platform technology transfer agreements are included in research and development expenses and are expensed in the periods in which such costs are incurred.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred for internal projects and partner-funded collaborative research and development activities, as well as license and platform technology transfer agreements, as mentioned above. These costs include our direct and research-related overhead expenses, which include salaries and other personnel-related expenses (including stock-based compensation), occupancy-related costs, supplies, and depreciation of facilities and laboratory equipment, as well as external costs, and are expensed as incurred. Costs to acquire technologies that are utilized in research and development and that have no alternative future use are expensed when incurred.
Advertising	Advertising
Stock-Based Compensation	Stock-Based Compensation We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock options granted under our equity incentive plans and for our employee stock purchase plan ( “ ESPP ” ). The Black-Scholes-Merton option pricing model requires the use of assumptions, including the expected term of the award and the expected stock price volatility. The expected term is based on historical exercise behavior for similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. We use historical volatility to estimate expected stock price volatility. The risk-free rate assumption is based on United States Treasury instruments whose terms are consistent with the expected term of the stock options. The expected dividend assumption is based on our history and expectation of dividend payouts. Restricted Stock Units ( “ RSUs ” ), Restricted Stock Awards ( “ RSAs”) and performance-contingent restricted stock units ( “ PSUs”) are measured based on the fair market values of the underlying stock on the dates of grant. Performance based options ( “ PBOs ” ) are measured using the Black-Scholes-Merton option pricing model. The vesting of PBOs and PSUs awarded is conditioned upon the attainment of one or more performance objectives over a specified period and upon continued employment through the applicable vesting date. At the end of the performance period, shares of stock subject to the PBOs and PSUs vest based upon both the level of achievement of performance objectives within the performance period and continued employment through the applicable vesting date. Stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated annual forfeiture rates for stock options, RSUs, PSUs, PBOs, and RSAs are based on historical forfeiture experience. The estimated fair value of stock options, RSUs, RSAs and shares to be issued under the ESPP are expensed on a straight-line basis over the vesting term of the grant and the estimated fair value of PSUs and PBOs are expensed using an accelerated method over the term of the award once management has determined that it is probable that the performance objective will be achieved. Compensation expense is recorded over the requisite service period based on management's best estimate as to whether it is probable that the shares awarded are expected to vest. Management assesses the probability of the performance milestones being met on a continuous basis.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash
Short-term Investments and Investment in Non-Marketable Equity Securities	Short-term Investments We classify all marketable debt securities that have effective maturities of three months or less from the date of purchase as cash equivalents and those with effective maturities of greater than three months as short-term investment securities in the consolidated balance sheets. We determine the appropriate classification of our short-term investments at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our short-term investments as available-for-sale. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their effective maturities. We carry these short-term investments at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for the changes in allowance for expected credit losses, which are included in “Interest and other expense, net” in the consolidated statements of operations. We determine any realized gains or losses on the sale of short-term investments on a specific identification method, and we record such gains and losses as a component of interest income. Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of the amortized cost basis. Investment in Non-Marketable Equity Securities We measure investments in non-marketable equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in interest and other expense, net. We evaluate equity securities for impairment when circumstances indicate that we may not be able to recover the carrying value. We may impair these securities and establish an allowance for a credit loss when we determine that there has been an “other-than-temporary” decline in the estimated fair value of the equity security compared to its carrying value. We calculate the estimated fair value of these securities using information from the investee, which may include: • Audited and unaudited financial statements; • Projected technological developments of the company; • Projected ability of the company to service its debt obligations; • If a deemed liquidation event were to occur; • Current fundraising transactions; • Current ability of the company to raise additional financing if needed; • Changes in the economic environment which may have a material impact on the operating results of the company; • Contractual rights, obligations or restrictions associated with the investment; and • Other factors deemed relevant by our management to assess valuation.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and we consider counterparty credit risk in our assessment of fair value. Carrying amounts of financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate their fair values as of the balance sheet dates because of their short maturities. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1: Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2: Inputs that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and unbilled receivables, contract assets, non-marketable securities, and restricted cash. Cash that is not required for immediate operating needs is invested principally in money market funds. Cash and cash equivalents are invested through banks and other financial institutions in the United States and India. Such deposits in those countries may be in excess of insured limits. The Company has not experienced material losses on its deposits of cash and cash equivalents. We perform ongoing credit evaluations of our customer's financial condition whenever deemed necessary. We maintain an allowance for doubtful accounts based on the expected collectability of all financial assets, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. As of December 31, 2024, we h ad four customers that accounted for 56% of our ac counts receivable balance. As of December 31, 2023, four customers accounted for 58% of our accounts receivable balance. We believe the accounts receivable balances from our largest customers do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience.
Financial Assets and Allowances	Financial Assets and Allowances W e currently sell enzymes primarily to pharmaceutical and fine chemicals companies throughout the world by the extension of trade credit terms based on an assessment of each customer's financial condition. Trade credit terms are generally offered without collateral and may include an insignificant discount for prompt payment for specific customers. To manage our credit exposure, we perform ongoing evaluations of our customers' financial conditions. In addition, accounts receivable include amounts owed to us under our collaborative research and development agreements. We recognize accounts receivable at invoiced amounts and we maintain a valuation allowance for credit losses using an impairment model (known as the “current expected credit loss model” or “CECL”) based on estimates and forecasts of future conditions requiring recognition of a lifetime of expected credit losses at inception on our financing receivables measured at amortized costs which consisted of accounts receivable, contract assets, and unbilled receivables. We have determined that our financing receivables share similar risk characteristics including: (i) customer origination in the pharmaceutical and fine chemicals industry, (ii) similar historical credit loss pattern of customers (iii) no meaningful trade receivable differences in terms, (iv) similar historical credit loss experience and (v) our belief that the composition of certain assets are comparable to our historical portfolio used to develop loss history. As a result, we measured the allowance for credit loss (“ACL”) on a collective basis. Our ACL methodology considers how long the asset has been past due, the financial condition of the customers, which includes ongoing quarterly evaluations and assessments of changes in customer credit ratings, and other market data that we believe are relevant to the collectability of the assets. Nearly all financing receivables are due from customers that are highly rated by major rating agencies and have a long history of no credit loss. We derive our ACL by establishing an impairment rate attributable to assets not yet identified as impaired.
Unbilled Receivable	Unbilled Receivable
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a weighted-average approach, assuming full absorption of direct and indirect manufacturing costs, or based on cost of purchasing from our vendors. If inventory costs exceed expected net realizable value due to obsolescence or lack of demand, valuation adjustments are recorded for the difference between the cost and the expected net realizable value.
Concentrations of Supply Risk	Concentrations of Supply Risk We rely on a limited number of suppliers for our products. We believe that other vendors would be able to provide similar products; however, the qualification of such vendors may require substantial start-up time. In order to mitigate any adverse impacts from a disruption of supply, we attempt to maintain an adequate supply of critical single-sourced materials. For certain materials, our vendors maintain a supply for us. We outsource the large - scale manufacturing of our products to contract manufacturers with facilities in Austria and Italy.
Property and Equipment	Property and Equipment Property and equipment classified as construction in process includes equipment that has been received but not yet placed in service. Normal repairs and maintenance costs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate the carrying values of long-lived assets, which include property and equipment and right-of-use assets, whenever events, changes in business circumstances or our planned use of long-lived assets indicate that their carrying amounts may not be fully recoverable or that their useful lives are no longer appropriate. If these facts and circumstances exist, we assess for recovery by comparing the carrying values of long-lived assets with their future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. For additional information on the impairment charge recorded for the years ended December 31, 2024 and 2023 , s
Goodwill	Goodwill
Lease Accounting	Lease Accounting We determine if an arrangement is a lease at inception. Where an arrangement is a lease, we determine if it is an operating lease or a finance lease. At lease commencement, we record a lease liability and ROU asset. Lease liabilities represent the present value of our future lease payments over the expected lease term which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. ROU assets represent our right to control the use of the leased asset during the lease and are recognized in an amount equal to the lease liability for leases with an initial term greater than 12 months. Over the lease term, we use the effective interest rate method to account for the lease liability as lease payments are made and the ROU asset is amortized to the consolidated statement of operations in a manner that results in straight-line expense recognition. We do not apply lease recognition requirements for short-term leases. Instead, we recognize payments related to these arrangements in the consolidated statement of operations as lease costs on a straight-line basis over the lease term.
Income Taxes	Income Taxes We use the liability method of accounting for income taxes, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits and deductions and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenues and expenses for tax and financial statement purposes. Significant changes to these estimates may result in an increase or decrease to our tax provision in a subsequent period. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized on a jurisdiction by jurisdiction basis. The ultimate realization of deferred tax assets is dependent upon the generation of taxable income in the future. In the event that it is determined that these deferred tax assets are not more likely than not to be realized, a valuation allowance is recorded against these deferred tax assets. As of December 31, 2024 and 2023, we maintain a full valuation allowance in all jurisdictions against the net deferred tax assets as we believe that it is more likely than not that the majority of deferred tax assets will not be realized. We make estimates and judgments about our future taxable income that are based on assumptions that are consistent with our plans and estimates. Should the actual amounts differ from our estimates, the amount of our valuation allowance may be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the statements of operations for the periods in which the adjustment is determined to be required. We account for uncertainty in income taxes as required by the provisions of Accounting Standards Update ( “ ASU ” ) 2009-06, Income Taxes (Topic 740) Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities , which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various possible outcomes. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately anticipate actual outcomes. The Tax Reform Act of 1986 and similar state provisions limit the use of net operating loss (“NOL ” ) carryforwards in certain situations where equity transactions result in a change of ownership as defined by Internal Revenue Code Section 382. In the event we should experience such a change of ownership, utilization of our federal and state NOL carryforwards could be limited.
Accounting Pronouncements	Accounting Pronouncements Recently adopted accounting pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted ASU No. 2023-07 during the year ended December 31, 2024. For additional information, see Note 15, “Segment, Geographical and Other Revenue Information.” Aside from those recently issued accounting pronouncements adopted and described above and not yet adopted and described below, there have not been any recent accounting pronouncements or changes in accounting pronouncements during the year ended December 31, 2024 that are of significance or potential significance to us. Recently issued accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment in the ASU will require additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. This guidance is effective for the Company for fiscal years beginning after December 15, 2026. Early adoption is permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements . The amendments in the ASU amends the FASB Accounting Standard Codification (the “ASC”) to remove references to various concepts statements and impacts a variety of topics in the ASC. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in the ASU require public companies, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In October 2023, FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in the ASU are intended to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, as announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures.
Segment Reporting	Segment Information We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the fourth quarter of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker (“CODM”), assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. We believe that these changes better align internal resources and external go to market activities in order to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment since the fourth quarter of 2023. Effective October 1, 2023, the Company's operations are managed and reported to the CODM on a consolidated basis. The CODM uses consolidated income (loss) from operations and net income (loss) to assess financial performance and make resource allocation decisions. These financial measures are used by the CODM to balance short-term financial results with long-term strategic goals, guiding the allocation of budget between product costs, research and development, and general, selling and administrative expenses.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Estimated Ranges of Useful Lives of Property and Equipment	Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization calculated using the straight-line method over their estimated useful lives as follows: Asset classification Estimated useful life Laboratory equipment 5 years Computer equipment and software 3 years Office equipment and furniture 5 years Leasehold improvements Lesser of useful life or lease term Property and equipment, net consisted of the following (in thousands): December 31, 2024 2023 Laboratory equipment (1) $ 35,949 $ 37,216 Leasehold improvements 12,159 11,912 Computer equipment 2,459 2,565 Office furniture and equipment 1,124 1,469 Construction in progress (2) 3,441 1,636 Property and Equipment 55,132 54,798 Less: accumulated depreciation (40,935) (39,311) Property and equipment, net $ 14,197 $ 15,487 (1) Fully depreciated property and equipment with a cost of $2.6 million and $3.0 million were retired during the years ended December 31, 2024 and 2023, respectively. (2) Construction in progress includes equipment received but not yet placed into service pending installation. Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands): Year Ended December 31, 2024 2023 2022 Research and development $ 3,964 $ 4,594 $ 4,556 Selling, general and administrative 881 924 846 Total depreciation expense $ 4,845 $ 5,518 $ 5,402

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Disaggregated information is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Major products and service: Product revenue $ 36,786 $ 42,906 $ 116,676 Research and development revenue 22,559 27,237 21,914 Total revenues $ 59,345 $ 70,143 $ 138,590 Primary geographical markets: Americas $ 21,278 $ 13,733 $ 17,000 EMEA 10,359 22,907 56,540 APAC 27,708 33,503 65,050 Total revenues $ 59,345 $ 70,143 $ 138,590
Schedule of Contract with Customer	The following table presents balances of contract assets, unbilled receivables, and contract liabilities (in thousands): December 31, 2024 December 31, 2023 Contract assets $ 4,375 $ 815 Unbilled receivables $ 3,208 $ 9,904 Contract liabilities: deferred revenue $ 450 $ 10,761 We recognized the following revenues (in thousands): Year Ended December 31, Revenue recognized in the period for: 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 10,121 $ 17,937 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods 314 4,165 Performance obligations satisfied from new activities in the period - contract revenue 48,910 48,041 Total revenues $ 59,345 $ 70,143
Schedule of Performance Obligation, Expected Timing of Satisfaction	The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts (in thousands): 2025 2026 2027 2028 and Thereafter Total Product revenue $ 350 $ 100 $ — $ — $ 450

Net Loss per Share (Tables)

Net Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Shares Not Included in Computation of Diluted Net Loss Per Share	The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Year Ended December 31, 2024 2023 2022 Shares issuable under the Equity Incentive Plans and ESPP (1) 13,613 9,028 7,442 Warrants (2) 424 — — Total potentially dilutive securities 14,037 9,028 7,442 (1) Included 665,160 and 568,224 of anti-dilutive potential common shares from ESPP for the years ended December 31, 2024 and 2023, respectively. (2) Pertains to the warrants issued in connection with the Innovatus Loan. For additional information, see Note 14, “Debt.”

Investments in Non-Marketable_2

Investments in Non-Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Carrying Value of Non-marketable Equity Securities	The following table presents the carrying value of our non-marketable equity securities (in thousands): December 31, 2024 December 31, 2023 seqWell $ 2,416 $ 2,625 MAI — 6,693 Other investments in non-marketable equity securities 382 382 Total non-marketable equity securities $ 2,798 $ 9,700

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule Of Cash, Cash Equivalents, And Short-Term Investments	The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category (in thousands): December 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 3,284 $ — $ — $ 3,284 $ 3,284 $ — Level 1: Money market funds 15,980 — — 15,980 15,980 — Level 2 (1) : Commercial paper 6,768 1 — 6,769 — 6,769 Corporate debt 17,187 8 (15) 17,180 — 17,180 U.S. agency securities 1,989 2 — 1,991 — 1,991 U.S. treasury securities 28,198 56 — 28,254 — 28,254 Subtotal 54,142 67 (15) 54,194 — 54,194 Total $ 73,406 $ 67 $ (15) $ 73,458 $ 19,264 $ 54,194 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 8,742 $ — $ — $ 8,742 $ 8,742 $ — Level 1: Money market funds 56,374 — — 56,374 56,374 — Total $ 65,116 $ — $ — $ 65,116 $ 65,116 $ —

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory Components	Inventories consisted of the following (in thousands): December 31, 2024 2023 Raw materials $ — $ 108 Work in process 29 7 Finished goods 1,770 2,570 Total inventories $ 1,799 $ 2,685
Schedule of Property and Equipment, Net	Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization calculated using the straight-line method over their estimated useful lives as follows: Asset classification Estimated useful life Laboratory equipment 5 years Computer equipment and software 3 years Office equipment and furniture 5 years Leasehold improvements Lesser of useful life or lease term Property and equipment, net consisted of the following (in thousands): December 31, 2024 2023 Laboratory equipment (1) $ 35,949 $ 37,216 Leasehold improvements 12,159 11,912 Computer equipment 2,459 2,565 Office furniture and equipment 1,124 1,469 Construction in progress (2) 3,441 1,636 Property and Equipment 55,132 54,798 Less: accumulated depreciation (40,935) (39,311) Property and equipment, net $ 14,197 $ 15,487 (1) Fully depreciated property and equipment with a cost of $2.6 million and $3.0 million were retired during the years ended December 31, 2024 and 2023, respectively. (2) Construction in progress includes equipment received but not yet placed into service pending installation. Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the consolidated statements of operations was as follows (in thousands): Year Ended December 31, 2024 2023 2022 Research and development $ 3,964 $ 4,594 $ 4,556 Selling, general and administrative 881 924 846 Total depreciation expense $ 4,845 $ 5,518 $ 5,402
Schedule of Goodwill	Goodwill December 31, 2024 2023 Goodwill at beginning of period $ 2,463 $ 3,241 Impairment — (778) Goodwill at end of period $ 2,463 $ 2,463
Schedule of Accrued Liabilities	Other accrued liabilities consisted of the following (in thousands): December 31, 2024 2023 Accrued professional and outside service fees $ 3,064 $ 2,330 Accrued purchases 2,908 1,402 Other 251 1,003 Total other accrued liabilities $ 6,223 $ 4,735

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense is included in the consolidated statements of operations as follows (in thousands): Year Ended December 31, 2024 2023 2022 Costs of product revenue $ 429 $ 354 $ 452 Research and development 2,928 2,631 3,907 Selling, general and administrative 9,730 6,986 10,172 Total $ 13,087 $ 9,971 $ 14,531 The following table presents total stock-based compensation expense by security type included in the consolidated statements of operations (in thousands): Year Ended December 31, 2024 2023 2022 Stock options $ 6,423 $ 3,962 $ 4,167 RSUs and RSAs 4,717 4,447 4,807 PSUs 247 1,649 3,268 PBOs 1,357 $ (112) 2,289 ESPP 343 25 — Total $ 13,087 $ 9,971 $ 14,531
Schedule of Assumptions Used to Estimate the Fair Value of Option Grants	The following summarizes the weighted-average assumptions used to estimate the fair value of employee stock options granted: Year Ended December 31, 2024 2023 2022 Expected life (years) 5.9 5.8 5.7 Volatility 73.3 % 66.2 % 62.1 % Risk-free interest rate 3.9 % 4.0 % 3.1 % Expected dividend yield 0.0 % 0.0 % 0.0 % The following summarizes the weighted-average assumptions used to estimate the fair value of 20,000 and 50,000 shares of stock options granted to non-employees for services valued at $44 thousand and $0.1 million during the years ended December 31, 2024 and 2023, respectively: Year Ended December 31, 2024 2023 Expected life (years) 5.8 5.8 Volatility 74.7 % 70.1 % Risk-free interest rate 4.4 % 4.7 % Expected dividend yield 0.0 % 0.0 % Year Ended December 31, 2022 Expected life (years) 5.6 Volatility 54.9 % Risk-free interest rate 1.8 % Expected dividend yield 0.0 %
Schedule of Share-based Compensation, Stock Options, Activity	The following tables summarize s stock option activities: Number Weighted Average (In Thousands) Outstanding at December 31, 2021 2,935 $ 8.90 Granted 2,000 $ 8.90 Exercised (410) $ 2.33 Forfeited/Expired (275) $ 19.01 Outstanding at December 31, 2022 4,250 $ 8.88 Granted 2,046 $ 5.23 Exercised (283) $ 1.97 Forfeited/Expired (839) $ 12.08 Outstanding at December 31, 2023 5,174 $ 7.31 Granted 4,837 $ 3.08 Exercised (399) $ 3.24 Forfeited/Expired (484) $ 8.75 Outstanding at December 31, 2024 9,128 $ 5.17 Number Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic (In Thousands) (In Years) (In Thousands) Outstanding at December 31, 2024 9,128 $ 5.17 6.3 $ 8,497 Exercisable at December 31, 2024 2,840 $ 8.05 4.5 $ 402 Vested and expected to vest at December 31, 2024 8,508 $ 5.27 6.2 $ 7,724
Schedule of Share-based Compensation, RSA Activity	The following table summarizes RSA activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 80 $ 17.53 Granted 159 $ 7.53 Vested (58) $ 18.42 Non-vested balance at December 31, 2022 181 $ 8.45 Granted 277 $ 2.89 Vested (133) $ 9.04 Non-vested balance at December 31, 2023 325 $ 3.48 Granted 211 $ 3.32 Vested (302) $ 3.31 Non-vested balance at December 31, 2024 234 $ 3.56
Schedule of Share-based Compensation, RSU Activity	The following table summarizes RSU activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 232 $ 21.83 Granted 518 $ 17.46 Vested (106) $ 21.21 Forfeited/Expired (126) $ 19.55 Non-vested balance at December 31, 2022 518 $ 18.15 Granted 1,049 $ 5.24 Vested (204) $ 18.42 Forfeited/Expired (343) $ 9.71 Non-vested balance at December 31, 2023 1,020 $ 7.66 Granted 1,530 $ 3.08 Vested (383) $ 8.96 Forfeited/Expired (157) $ 4.66 Non-vested balance at December 31, 2024 2,010 $ 4.16
Schedule of Share-based Compensation, Performance Shares Award Outstanding Activity	The following table summarizes PSU activities: Number Weighted Average (In Thousands) Non-vested balance at December 31, 2021 128 $ 21.24 Granted 686 $ 9.55 Vested (107) $ 20.52 Forfeited/Expired (40) $ 19.93 Non-vested balance at December 31, 2022 667 $ 9.41 Vested (315) $ 11.02 Forfeited/Expired (75) $ 12.49 Other 15 $ 25.05 Non-vested balance at December 31, 2023 292 $ 7.69 Vested (248) $ 7.69 Forfeited/Expired (44) $ 7.69 Non-vested balance at December 31, 2024 — $ — The following tables summarizes PBOs activities: Number Weighted Average (In Thousands) Outstanding at December 31, 2021 1,840 $ 4.11 Granted 733 $ 9.89 Forfeited/Expired (747) $ 8.29 Outstanding at December 31, 2022 1,826 $ 4.70 Forfeited/Expired (178) $ 9.73 Outstanding at December 31, 2023 1,648 $ 5.64 Forfeited/Expired (73) $ 10.23 Outstanding at December 31, 2024 1,575 $ 5.43 Number Weighted Average Weighted Average Aggregate Intrinsic (In Thousands) (In Years) (In Thousands) Exercisable at December 31, 2024 1,575 $ 10.62 3.4 $ 114 Vested and expected to vest at December 31, 2024 1,575 $ 10.62 3.4 $ 114
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The fair value of shares to be issued under the ESPP is computed using the Black-Scholes-Merton option pricing model at the commencement of the offering period. The following summarizes the weighted-average assumptions used to estimate the fair value of ESPP for the initial offering period: Year Ended December 31, 2024 2023 Expected life (years) 1.2 0.4 Volatility 89.4 % 89.6 % Risk-free interest rate 4.6 % 5.3 % Expected dividend yield 0.0 % 0.0 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes, Domestic and Foreign	Our loss before provision for income taxes were as follows (in thousands): Year Ended December 31, 2024 2023 2022 United States $ (65,231) $ (76,169) $ (33,269) Foreign (11) (2) (47) Loss before provision for income taxes $ (65,242) $ (76,171) $ (33,316)
Schedule of Components of Provision for Income Taxes	The components of the provision for income taxes are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Current provision: State $ (6) $ 27 $ 141 Foreign 42 42 142 Total current provision 36 69 283 Deferred benefit: Foreign (2) — (7) Total deferred benefit (2) — (7) Provision for income taxes $ 34 $ 69 $ 276
Schedule of Reconciliation of Provision for Income Taxes Calculated at the Statutory Rate to Provision for Income Taxes	Reconciliation of the provision for income taxes calculated at the statutory rate to our provision for income taxes is as follows (in thousands): Year Ended December 31, 2024 2023 2022 Tax benefit at federal statutory rate $ (13,701) $ (15,995) $ (6,996) State taxes (3,133) (2,208) (494) Research and development credits (419) (925) (1,793) Foreign operations taxed at different rates — — 78 Stock-based compensation 1,930 1,967 239 Other nondeductible items (108) 438 (238) Executive compensation 306 152 80 Change in valuation allowance 15,159 16,640 9,400 Provision for income taxes $ 34 $ 69 $ 276
Schedule of Significant Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, 2024 2023 Deferred tax assets: Net operating losses $ 82,925 $ 72,586 Credits 17,660 16,412 Deferred revenues 48 176 Stock-based compensation 4,786 4,445 Reserves and accruals 2,650 2,774 Property and Equipment 830 457 Intangible assets 244 532 Capital losses 452 424 R&D Capitalization 28,471 26,821 Unrealized gain/loss 2 — Lease liability 7,445 3,608 Other assets 4,362 2,542 Total deferred tax assets: 149,875 130,777 Valuation allowance (142,994) (127,835) Deferred tax liabilities: Right-of-use assets (6,895) (2,958) Total deferred tax liabilities: (6,895) (2,958) Net deferred tax liabilities $ (14) $ (16)
Schedule of Federal, State and Foreign NOL Carryforwards and Federal Research and Development Tax Credits	The following table sets forth our federal, state and foreign NOL carryforwards and federal research and development tax credits as of December 31, 2024 (in thousands): December 31, 2024 Amount Expiration Net operating losses, federal $ 182,918 2026-2037 Net operating losses, federal $ 158,554 Do not expire Net operating losses, state $ 175,040 2028-2044 Tax credits, federal $ 19,073 2024-2044 Tax credits, state $ 20,791 Do not expire
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2024 2023 2022 Balance at beginning of year $ 20,204 $ 18,571 $ 15,261 Additions based on tax positions related to current year 1,332 2,164 3,553 Additions to tax position of prior years 82 — — Reductions to tax position of prior years — (531) (243) Balance at end of year $ 21,618 $ 20,204 $ 18,571

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Right-of-use Assets and Lease Obligations	The tables below show the balance of right-of-use assets and lease obligations as of January 1, 2024 and the balance as of December 31, 2024, including the changes during the period (in thousands): Right-of-use Assets - Operating Lease, net Right-of-use assets - Operating leases, net, at January 1, 2024 $ 13,137 Amortization of right-of-use assets (3,184) Addition due to lease modification 18,747 Right-of-use assets - Operating leases, net, at December 31, 2024 $ 28,700 Lease Obligations - Operating Leases Lease obligations - Operating leases, net, at January 1, 2024 $ 16,024 Lease payments (4,727) Interest accretion 946 Addition due to lease modification 18,747 Lease obligations - Operating leases, net, at December 31, 2024 $ 30,990
Schedule of Lease Cost	Lease costs amounts included in measurement of lease obligations and other information related to non-cancellable operating leases and finance leases were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Finance lease costs $ — $ — $ 18 Operating lease cost 4,130 6,310 7,321 Short-term lease costs (1) — — 40 Total lease cost (2) $ 4,130 $ 6,310 $ 7,379 (1) Short-term lease costs on leases with terms of over one month and less than one year. (2) The Company had no variable lease costs. Amounts included in the measurement of lease obligations (in thousands): Year Ended December 31, 2024 2023 2022 Cash paid: Operating cash flows from operating leases $ 4,727 $ 9,897 $ 6,506 Operating Lease Other information: Weighted-average remaining lease term (in years) 7.6 Weighted-average discount rate 7.0 %
Schedule of Operating Lease Maturity	As of December 31, 2024, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years ending December 31, Operating Leases 2025 $ 4,868 2026 5,014 2027 4,053 2028 5,400 2029 5,365 Thereafter 15,695 Total minimum lease payments 40,395 Less: imputed interest 9,405 Lease obligations $ 30,990 Reconciliation of operating lease liabilities as shown within the consolidated balance sheets: Current portion of lease obligations - Operating leases $ 2,827 Long-term lease obligations - Operating leases 28,163 Total operating lease liabilities $ 30,990

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The Company accounts for the amortization of the debt discount and issuance costs utilizing the effective interest method. Long-term debt consisted of the following at December 31, 2024 (in thousands): December 31, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 483 Add: amortized exit fee 125 Less: unamortized debt discount (1,151) Less: unamortized debt issuance costs (552) Total long-term debt $ 28,905
Schedule of Maturities of Long-Term Debt	The future principal payments under the Innovatus Loan are as follows (in thousands): Years Ending December 31, 2025 $ — 2026 — 2027 13,264 2028 15,917 2029 2,653 Total principal payments 31,834 Add: amortized exit fee 125 Less: uncapitalized payment in-kind interest (1,351) Less: unamortized debt issuance fee (1,151) Less: unamortized debt issuance costs (552) Total long-term debt $ 28,905

Segment, Geographical and Oth_2

Segment, Geographical and Other Revenue Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Customers That Contributed 10% or More of Total Accounts Receivable	Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues 2024 2023 2022 Customer A 18 % 22 % 56 % Customer B 13 % * * Customer C 10 % * * Customer D 10 % * * Customer E * 13 % * * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows: As of December 31, 2024 2023 Customer B 16 % 12 % Customer D 18 % 12 % Customer F 12 % * Customer G 10 % * Customer H * 21 % Customer I * 13 % * Percentage was less than 10%
Schedule of Revenues by Geographical Area	Geographic revenues are identified by the location of the customer and consist of the following (in thousands): Year Ended December 31, 2024 2023 2022 Revenues Americas (1) $ 21,278 $ 13,733 $ 17,000 EMEA (2)(3) 10,359 22,907 56,540 APAC (4)(5)(6) 27,708 33,503 65,050 Total revenues $ 59,345 $ 70,143 $ 138,590 (1) United States revenue was $21.3 million, $13.7 million, and $17.0 million, for the years ended December 31, 2024, 2023, and 2022, respectively (2) Ireland revenue was $1.8 million, $0.5 million, and $37.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively (3) Switzerland revenue was $3.4 million, $11.1 million, and $9.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively (4) China revenue was $9.8 million, $20.3 million, and $48.6 million, for the years ended December 31, 2024, 2023, and 2022, respectively (5) India revenue was $7.3 million, $5.7 million, and $8.8 million, for the years ended December 31, 2024, 2023, and 2022, respectively (6) Singapore revenue was $6.2 million, $2.4 million, and $3.2 million, for the years ended December 31, 2024, 2023, and 2022, respectively
Schedule of Long-lived Assets by Geographical Area	Identifiable long-lived assets by location was as follows (in thousands): December 31, 2024 2023 United States $ 43,098 $ 28,624

Description of Business (Detail

Description of Business (Details) - segment	12 Months Ended		15 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	2	1

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Shipping and distribution cost	$ 1,000	$ 1,000	$ 3,000
Advertising expense	0	300	300
Current restricted cash	500	500
Impairment of long-lived assets held-for-use			0
Goodwill	2,463	2,463	$ 3,241
Goodwill impairment	0	778
Novel Biotherapeutics
Accounting Policies [Line Items]
Goodwill impairment	$ 0	$ 800
Four Customers | Accounts Receivable | Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk, percentage	56%	58%
Letter of Credit | Cash Deposit
Accounting Policies [Line Items]
Restricted cash	$ 1,100	$ 1,100

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details)	Dec. 31, 2024
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 59,345	$ 70,143	$ 138,590
Americas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	21,278	13,733	17,000
EMEA [Member]
Disaggregation of Revenue [Line Items]
Total revenues	10,359	22,907	56,540
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Total revenues	27,708	33,503	65,050
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	36,786	42,906	116,676
Research and development revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 22,559	$ 27,237	$ 21,914

Revenue Recognition - Contracts

Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 4,375	$ 815
Unbilled receivables	3,208	9,904
Contract liabilities: deferred revenue	$ 450	$ 10,761

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Impairment charges related to contract assets	$ 0	$ 0	$ 0
Short-Term Unbilled Receivables
Disaggregation of Revenue [Line Items]
Unbilled receivables, not billable	2,800,000	9,100,000
Long-Term Unbilled Receivables
Disaggregation of Revenue [Line Items]
Unbilled receivables, not billable	$ 500,000	$ 800,000
Minimum | Accounts Receivable
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum | Accounts Receivable
Disaggregation of Revenue [Line Items]
Payment terms	90 days

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$ 10,121	$ 17,937
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	314	4,165
Performance obligations satisfied from new activities in the period - contract revenue	48,910	48,041
Total revenues	$ 59,345	$ 70,143

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) - Product revenue $ in Thousands	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Performance obligation	$ 450
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Performance obligation	$ 350
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Performance obligation	$ 100
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Performance obligation	$ 0
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Disaggregation of Revenue [Line Items]
Performance obligation	$ 0
Expected timing of satisfaction, period	1 year

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	14,037,000	9,028,000	7,442,000
Shares issuable under the Equity Incentive Plans and ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	13,613,000	9,028,000	7,442,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	424,000	0	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	665,160	568,224

Collaborative Arrangements - Na

Collaborative Arrangements - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2024 USD ($)

Aug. 31, 2022 USD ($)

Jul. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($) shares

Jun. 30, 2020 USD ($) shares

Dec. 31, 2019 USD ($)

May 31, 2019 USD ($)

Dec. 31, 2015

Feb. 29, 2012

Jun. 30, 2023 USD ($)

Sep. 30, 2022 shares

Dec. 31, 2024 USD ($) payment shares

Dec. 31, 2023 USD ($) payment shares

Dec. 31, 2022 USD ($) payment shares

Mar. 31, 2023 USD ($)

Dec. 31, 2020 USD ($)

Oct. 31, 2020 USD ($)

Mar. 31, 2020 USD ($) plan

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Performance obligations satisfied

$ 10,121

$ 17,937

Revenues

59,345

70,143

$ 138,590

Contract liabilities: deferred revenue

450

10,761

Investments in non-marketable securities

0

1,191

5,300

Milestone Payment Per Target Gene

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contingent receivable

$ 104,000

Product revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

36,786

42,906

116,676

Product revenue | Related Party

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

$ 0

$ 0

$ 514

Sitagliptin Enzyme | Revenue Benchmark | Collaborative Arrangement Concentration Risk

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Concentration risk, percentage

12%

6%

4%

Research and development revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

$ 22,559

$ 27,237

$ 21,914

Research and development revenue | Related Party

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

0

0

1,245

Supply Agreement | Product revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contract liabilities: deferred revenue

1,300

Enzyme Supply Agreement | Product revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

3,200

Merck | Sitagliptin Enzyme

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

2,500

Merck | Supply Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Term of collaborative research and development agreement

5 years

5 years

Merck | Supply Agreement | Product revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Performance obligations satisfied

7,100

4,400

5,900

Nestec Ltd. (Nestle Health Sciences) | Strategic Collaboration Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

0

4,100

7,100

Nestlé Health Science | Acquisition Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

5,000

Collaborative arrangement, upfront fee amount

$ 5,000

Novartis

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Performance obligations satisfied

1,000

1,100

1,000

Contract liabilities: deferred revenue

$ 5,000

Novartis | Milestone One

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contingent receivable

$ 4,000

Novartis | Milestone Two

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contingent receivable

$ 5,000

Novartis | Computer equipment and software

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contingent annual payments, term

4 years

Contingent annual receivable increase

$ 8,000

Revenue recognition, annual payment

$ 6,000

$ 6,000

$ 6,000

Revenue recognition, number of annual payment | payment

3

3

3

Roche | Milestone One

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contract liabilities: deferred revenue

$ 800

Number of days for payment

45 days

Roche | Milestone Two

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contingent receivable

$ 900

Roche | Research and development revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

$ 6,000

Takeda

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contract liabilities: deferred revenue

0

$ 0

Number of program plans | plan

3

Revenue recognized, including opening balance

800

2,000

$ 4,900

Takeda | Up-front Payment

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contract liabilities: deferred revenue

$ 8,500

MAI | Commercialization And Enzyme Supply Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Aggregate commercial sales, milestone

$ 5,000

MAI | Master Collaboration & Research Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenue recognized from transactions

$ 0

$ 0

$ 1,200

MAI | Series A Preferred Stock

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Investment owned, balance (in shares) | shares

1,587,050

Investments in non-marketable securities

$ 1,000

MAI | Series B Preferred Stock | Related Party

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Milestone payments received (in shares) | shares

1,587,049

1,587,049

1,587,049

MAI | Series A and B Preferred Stock | Master Collaboration & Research Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Investment owned, balance (in shares) | shares

0

0

1,587,049

MAI | Product revenue | Master Collaboration & Research Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenue recognized from transactions

$ 200

$ 200

$ 500

MAI | Revenue sharing arrangement | Commercialization And Enzyme Supply Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Contract liabilities: deferred revenue

$ 500

MAI | Revenue sharing arrangement | Master Collaboration & Research Agreement

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenue recognized from transactions

100

MAI Agreement | Related Party

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

MAI agreement milestone payment received

$ 1,000

$ 1,000

Pfizer | Research and development revenue

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Revenues

$ 5,000

9,500

2,000

Pfizer | Enzyme Product

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Performance obligations satisfied

8,200

$ 75,400

Contract liabilities: deferred revenue

0

9,500

Contract with customer, liability, retainer fee

$ 25,900

$ 25,900

$ 25,900

Contract with customer, liability, retainer fee, creditable percentage

90%

Contract with customer, liability, portion of retainer fee

$ 23,300

$ 23,300

Contract with customer, liability, retainer fee, non-creditable percentage

50%

Pfizer | Enzyme Product | Revenue from Contract with Customer Benchmark | Customer Concentration Risk

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Concentration risk, percentage

0%

12%

54%

Investments in Non-Marketable_3

Investments in Non-Marketable Securities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended					12 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Dec. 31, 2021	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2023	Mar. 31, 2022
Equity Securities without Readily Determinable Fair Value [Line Items]
Investments in non-marketable securities									$ 0	$ 1,191	$ 5,300
Investment in non-marketable equity securities				$ 2,798		$ 9,700			2,798	9,700
Revenues									59,345	70,143	138,590
Impairment of investment in non-marketable securities									6,902	12,215	0
Equity securities without readily determinable fair value, upward price adjustment, annual amount											200
Equity securities without readily determinable fair value, upward (downward) price adjustment, annual amount									0	0
Research and development revenue
Equity Securities without Readily Determinable Fair Value [Line Items]
Revenues									22,559	27,237	21,914
seqWell | Research and development revenue
Equity Securities without Readily Determinable Fair Value [Line Items]
Revenues									$ 200
Common Stock | seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Stock issued during period, shares, issued for services (in shares)									205,279
seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)													1,000,000
Investment in non-marketable equity securities				2,416		2,625			$ 2,416	2,625			$ 5,000
Impairment of investment in non-marketable securities				$ (2,800)			$ 3,000		200
Arzeda
Equity Securities without Readily Determinable Fair Value [Line Items]
Impairment of investment in non-marketable securities						$ 1,200
Related Party | Research and development revenue
Equity Securities without Readily Determinable Fair Value [Line Items]
Revenues									$ 0	0	$ 1,245
MAI
Equity Securities without Readily Determinable Fair Value [Line Items]
Impairment of investment in non-marketable securities					$ (3,900)
MAI
Equity Securities without Readily Determinable Fair Value [Line Items]
Impairment of investment in non-marketable securities										$ 8,000
Series B Preferred Stock | MAI | Related Party
Equity Securities without Readily Determinable Fair Value [Line Items]
Milestone payments received (in shares)		1,587,049	1,587,049					1,587,049
Series B Preferred Stock | Arzeda
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)												207,070
Series B Preferred Stock | MAI
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment owned, balance (in shares)	985,545
Investments in non-marketable securities	$ 800
Common Stock | seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)				205,279					205,279
Common Stock | Arzeda
Equity Securities without Readily Determinable Fair Value [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)												41,414
Series A and B Preferred Stock | MAI | Related Party
Equity Securities without Readily Determinable Fair Value [Line Items]
Noncash or part noncash acquisition, noncash financial or equity instrument consideration, shares issued (in shares)									19,277,914
Series C-1 Preferred Stock | seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)							88,256
Common Stock Warrants | seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)				44,128			44,128		44,128
Investment in non-marketable equity securities							$ 400
Series C And C-1 Preferred Stock | seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value (in shares)				1,088,256					1,088,256

Investments in Non-Marketable_4

Investments in Non-Marketable Securities - Carrying Value and Fair Value of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2022
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment in non-marketable equity securities	$ 2,798	$ 9,700
seqWell
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment in non-marketable equity securities	2,416	2,625	$ 5,000
MAI
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment in non-marketable equity securities	0	6,693
Other investments in non-marketable equity securities
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment in non-marketable equity securities	$ 382	$ 382

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	$ 3,284	$ 8,742
Unrealized Gains	67	0
Unrealized Losses	(15)	0
Total	73,406	65,116
Total	73,458	65,116
Fair Value, Inputs, Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15,980	56,374
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	15,980	56,374
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	54,142
Unrealized Gains	67
Unrealized Losses	(15)
Fair Value	54,194
Fair Value, Inputs, Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	6,768
Unrealized Gains	1
Unrealized Losses	0
Fair Value	6,769
Fair Value, Inputs, Level 2 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	17,187
Unrealized Gains	8
Unrealized Losses	(15)
Fair Value	17,180
Fair Value, Inputs, Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,989
Unrealized Gains	2
Unrealized Losses	0
Fair Value	1,991
Fair Value, Inputs, Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	28,198
Unrealized Gains	56
Unrealized Losses	0
Fair Value	28,254
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	3,284	8,742
Total	19,264	65,116
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15,980	56,374
Cash and Cash Equivalents | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Short-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	0	0
Total	54,194	0
Short-term Investments | Fair Value, Inputs, Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 0
Short-term Investments | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	54,194
Short-term Investments | Fair Value, Inputs, Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,769
Short-term Investments | Fair Value, Inputs, Level 2 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	17,180
Short-term Investments | Fair Value, Inputs, Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,991
Short-term Investments | Fair Value, Inputs, Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 28,254

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Convertible Debt - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit losses	$ 0	$ 0
Other-than-temporary impairment losses	$ 0	$ 0

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Inventory Components (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Inventory Components
Raw materials	$ 0	$ 108
Work in process	29	7
Finished goods	1,770	2,570
Total inventories	$ 1,799	$ 2,685

Balance Sheet Details - Narrati

Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Prepaid expense, current		$ 3,700	$ 4,600
Other assets, current		500	600
Asset impairment and other charges		165	9,984	$ 0
Goodwill impairment		0	778
Goodwill		2,463	2,463	$ 3,241
Novel Biotherapeutics
Cash and Cash Equivalents [Line Items]
Goodwill impairment		$ 0	800
San Carlos
Cash and Cash Equivalents [Line Items]
Asset impairment and other charges	$ 7,700		1,500
Impairment of leasehold			$ 4,700

Balance Sheet Details - Propert

Balance Sheet Details - Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	$ 55,132	$ 54,798
Less: accumulated depreciation	(40,935)	(39,311)
Property and equipment, net	14,197	15,487
Depreciation	4,845	5,518	$ 5,402
Research and development
Property, Plant and Equipment, Net, by Type [Abstract]
Depreciation	3,964	4,594	4,556
Selling, general and administrative
Property, Plant and Equipment, Net, by Type [Abstract]
Depreciation	881	924	$ 846
Laboratory equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	35,949	37,216
Equipment retired during period	2,600	3,000
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	12,159	11,912
Computer equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	2,459	2,565
Office furniture and equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	1,124	1,469
Construction in progress
Property, Plant and Equipment, Net, by Type [Abstract]
Property and Equipment	$ 3,441	$ 1,636

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 2,463	$ 3,241
Impairment	0	(778)
Goodwill at end of period	$ 2,463	$ 2,463

Balance Sheet Details - Other A

Balance Sheet Details - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued professional and outside service fees	$ 3,064	$ 2,330
Accrued purchases	2,908	1,402
Other	251	1,003
Total other accrued liabilities	$ 6,223	$ 4,735

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2024

Jun. 30, 2023 USD ($) shares

Apr. 30, 2023 shares

Dec. 31, 2024 USD ($) executive installment shares

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2024 USD ($) installment time $ / shares shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) $ / shares shares

Aug. 31, 2024 shares

Jan. 31, 2023 shares

Jun. 30, 2019 shares

Apr. 22, 2019 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based payment arrangement, expense | $

$ 2,000,000

$ 1,000,000

Number of other former executive | executive

2

Number of former executives | executive

3

Share-based payment arrangement, expense, increase (decrease) | $

$ (400,000)

Granted (in shares)

4,837,000

2,046,000

2,000,000

Aggregate intrinsic value of options exercised | $

$ 600,000

$ 700,000

$ 3,100,000

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 2.05

$ 3.31

$ 4.99

Unrecognized compensation cost, options | $

$ 11,300,000

$ 11,300,000

Nonemployee Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

20,000

50,000

Aggregate intrinsic value of options exercised | $

$ 44,000

$ 100,000

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 2.19

$ 1.05

2022 Inducement Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

2,000,000

2019 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

8,100,000

Total shares remaining available for issuance (in shares)

7,897,144

2019 Amended Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

15,897,144

Share-based compensation arrangement by share-based payment ward, number of additional shares authorized (in shares)

8,000,000

Shares reserved for future issuance (in shares)

22,000,000

2019 and 2024 Inducement Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total shares remaining available for issuance (in shares)

3,937,070

3,937,070

2024 Inducement Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

1,000,000

ESPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

2,000,000

Shares reserved for future issuance (in shares)

1,736,843

1,736,843

Share-based compensation arrangement by share-based payment award, consecutive offering period

24 months

Option price as a percent of common stock

85%

Share-based compensation arrangement by share-based payment award, maximum employee subscription amount | $

$ 25,000

Share-based compensation arrangement by share-based payment award, shares issued in period

263,157

Share-based payment arrangement, expense | $

$ 300,000

Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $

$ 600,000

$ 600,000

Stock options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expiration period

10 years

Vesting period of units granted

3 years

4 years

Expiration period of options upon employee's termination of service

3 months

Weighted-average remaining amortization period

2 years 3 months 18 days

Stock options | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period of units granted

1 year

1 year

Award vesting rights percentage

33%

25%

Stock options | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period of units granted

2 years

3 years

Award vesting rights percentage

67%

75%

RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

1,530,000

1,049,000

518,000

Weighted-average remaining amortization period

1 year 9 months 18 days

Equity instruments other than options, aggregate intrinsic value, vested | $

$ 1,100,000

$ 1,100,000

$ 1,800,000

Unrecognized compensation cost, awards other than options | $

$ 4,200,000

$ 4,200,000

RSUs | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period of units granted

3 years

Award vesting rights percentage

33%

RSUs | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period of units granted

4 years

Award vesting rights percentage

25%

PBOs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, number of installments | installment

2

2

Threshold level multiplier

0

PBOs | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting rights percentage

50%

PBOs | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting rights percentage

50%

PBOs | 2022 PSU

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Estimated performance goal achievement rate

85%

PBOs | 2022 PBO

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Estimated performance goal achievement rate

42.50%

PBOs | 2022 PSU And 2022 PBO | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting rights percentage

50%

PBOs | 2022 PSU And 2022 PBO | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting rights percentage

50%

Performance Share Units (PSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, performance goals achieved, superior level, shares eligible to vest, multiplier | time

2

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

0

PBOs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

0

0

733,000

Aggregate intrinsic value of options exercised | $

$ 0

$ 0

$ 0

Unrecognized compensation cost, awards other than options | $

$ 0

$ 0

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

211,000

277,000

159,000

Weighted-average remaining amortization period

6 months

Equity instruments other than options, aggregate intrinsic value, vested | $

$ 1,000,000

$ 400,000

$ 500,000

Unrecognized compensation cost, awards other than options | $

400,000

400,000

PSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period

686,000

Equity instruments other than options, aggregate intrinsic value, vested | $

900,000

$ 1,600,000

$ 2,100,000

Unrecognized compensation cost, awards other than options | $

$ 0

$ 0

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 13,087	$ 9,971	$ 14,531
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	6,423	3,962	4,167
RSUs and RSAs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	4,717	4,447	4,807
PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	247	1,649	3,268
PBOs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,357	(112)	2,289
ESPP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	343	25	0
Costs of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	429	354	452
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	2,928	2,631	3,907
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 9,730	$ 6,986	$ 10,172

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	5 years 10 months 24 days	5 years 9 months 18 days	5 years 8 months 12 days
Volatility	73.30%	66.20%	62.10%
Risk-free interest rate	3.90%	4%	3.10%
Expected dividend yield	0%	0%	0%
Nonemployee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	5 years 9 months 18 days	5 years 9 months 18 days
Volatility	74.70%	70.10%
Risk-free interest rate	4.40%	4.70%
Expected dividend yield	0%	0%
PBOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)			5 years 7 months 6 days
Volatility			54.90%
Risk-free interest rate			1.80%
Expected dividend yield			0%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	1 year 2 months 12 days	4 months 24 days
Volatility	89.40%	89.60%
Risk-free interest rate	4.60%	5.30%
Expected dividend yield	0%	0%

Stock-based Compensation - Opti

Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, beginning of period (in shares)	5,174	4,250	2,935
Granted (in shares)	4,837	2,046	2,000
Exercised (in shares)	(399)	(283)	(410)
Forfeited/Expired (in shares)	(484)	(839)	(275)
Outstanding, end of period (in shares)	9,128	5,174	4,250
Options exercisable (in shares)	2,840
Options vested and expected to vest (in shares)	8,508
Weighted Average Exercise Price Per Share
Outstanding, beginning of period (in dollars per share)	$ 7.31	$ 8.88	$ 8.90
Granted (in dollars per share)	3.08	5.23	8.90
Exercised (in dollars per share)	3.24	1.97	2.33
Forfeited/Expired (in dollars per share)	8.75	12.08	19.01
Outstanding, end of period (in dollars per share)	5.17	$ 7.31	$ 8.88
Options exercisable (in dollars per share)	8.05
Options vested and expected to vest (in dollars per share)	$ 5.27
Additional Disclosures
Weighted average remaining contractual terms	6 years 3 months 18 days
Weighted average remaining contractual terms, exercisable options	4 years 6 months
Weighted average remaining contractual terms, vested and expected to vest options	6 years 2 months 12 days
Aggregate intrinsic value, outstanding	$ 8,497
Aggregate intrinsic value, exercisable options	402
Aggregate intrinsic value, options vested and expected to vest	$ 7,724

Stock-based Compensation - Awar

Stock-based Compensation - Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Exercisable and Expected to Vest
Options exercisable (in shares)	2,840,000
Options vested and expected to vest (in shares)	8,508,000
Options exercisable (in dollars per share)	$ 8.05
Options vested and expected to vest (in dollars per share)	$ 5.27
Weighted average remaining contractual terms, exercisable options	4 years 6 months
Weighted average remaining contractual terms, vested and expected to vest options	6 years 2 months 12 days
Aggregate intrinsic value, exercisable options	$ 402
Aggregate intrinsic value, options vested and expected to vest	$ 7,724
RSAs
Number of Shares
Non-vested, beginning of period (in shares)	325,000	181,000	80,000
Granted (in shares)	211,000	277,000	159,000
Vested (in shares)	(302,000)	(133,000)	(58,000)
Non-vested, end of period (in shares)	234,000	325,000	181,000
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of period (in dollars per share)	$ 3.48	$ 8.45	$ 17.53
Granted (in dollars per share)	3.32	2.89	7.53
Vested (in dollars per share)	3.31	9.04	18.42
Non-vested, end of period (in dollars per share)	$ 3.56	$ 3.48	$ 8.45
RSUs
Number of Shares
Non-vested, beginning of period (in shares)	1,020,000	518,000	232,000
Granted (in shares)	1,530,000	1,049,000	518,000
Vested (in shares)	(383,000)	(204,000)	(106,000)
Forfeited/Expired (in shares)	(157,000)	(343,000)	(126,000)
Non-vested, end of period (in shares)	2,010,000	1,020,000	518,000
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of period (in dollars per share)	$ 7.66	$ 18.15	$ 21.83
Granted (in dollars per share)	3.08	5.24	17.46
Vested (in dollars per share)	8.96	18.42	21.21
Forfeited/Expired (in dollars per share)	4.66	9.71	19.55
Non-vested, end of period (in dollars per share)	$ 4.16	$ 7.66	$ 18.15
PSUs
Number of Shares
Non-vested, beginning of period (in shares)	292,000	667,000	128,000
Granted (in shares)			686,000
Vested (in shares)	(248,000)	(315,000)	(107,000)
Forfeited/Expired (in shares)	(44,000)	(75,000)	(40,000)
Other (in shares)		15,000
Non-vested, end of period (in shares)	0	292,000	667,000
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of period (in dollars per share)	$ 7.69	$ 9.41	$ 21.24
Granted (in dollars per share)			9.55
Vested (in dollars per share)	7.69	11.02	20.52
Forfeited/Expired (in dollars per share)	7.69	12.49	19.93
Other (in dollars per share)		25.05
Non-vested, end of period (in dollars per share)	$ 0	$ 7.69	$ 9.41
PBOs
Number of Shares
Non-vested, beginning of period (in shares)	1,648,000	1,826,000	1,840,000
Granted (in shares)	0	0	733,000
Forfeited/Expired (in shares)	(73,000)	(178,000)	(747,000)
Non-vested, end of period (in shares)	1,575,000	1,648,000	1,826,000
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning of period (in dollars per share)	$ 5.64	$ 4.70	$ 4.11
Granted (in dollars per share)			9.89
Forfeited/Expired (in dollars per share)	10.23	9.73	8.29
Non-vested, end of period (in dollars per share)	$ 5.43	$ 5.64	$ 4.70
Exercisable and Expected to Vest
Options exercisable (in shares)	1,575,000
Options vested and expected to vest (in shares)	1,575,000
Options exercisable (in dollars per share)	$ 10.62
Options vested and expected to vest (in dollars per share)	$ 10.62
Weighted average remaining contractual terms, exercisable options	3 years 4 months 24 days
Weighted average remaining contractual terms, vested and expected to vest options	3 years 4 months 24 days
Aggregate intrinsic value, exercisable options	$ 114
Aggregate intrinsic value, options vested and expected to vest	$ 114

Capital Stock (Details)

Capital Stock (Details) $ in Thousands		1 Months Ended	12 Months Ended
	May 02, 2024 USD ($)	May 31, 2021 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Feb. 27, 2023 USD ($)
Class of Stock [Line Items]
Sale of stock, securities registered aggregate amount					$ 200,000
Issuance of common stock, net of issuance costs (in shares) | shares			0	3,079,421
Gross proceeds from public offering				$ 8,700
Proceeds from public offering				7,900
Costs incurred in connection with offering			$ 1,584	$ 721
Cantor Sales Agreement
Class of Stock [Line Items]
Proceeds from public offering	$ 75,000
Sale of stock, commission fee, percent	0.030
PSC
Class of Stock [Line Items]
Sale of stock, period		3 years
PSC | Maximum
Class of Stock [Line Items]
Sale of stock, value of shares for issuance		$ 50,000
Cantor
Class of Stock [Line Items]
Sale of stock, value of shares for issuance			$ 43,700
Issuance of common stock, net of issuance costs (in shares) | shares			10,440,000
Gross proceeds from public offering			$ 31,300
Proceeds from public offering			29,700
Costs incurred in connection with offering			$ 1,600

401(k) Plan (Details)

401(k) Plan (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2005 security	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Defined contribution plan, participant eligibility, age | security	18
Defined contribution plan, cost | $		$ 1.2	$ 1.4	$ 1.6

Income Taxes - Components of Lo

Income Taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (65,231)	$ (76,169)	$ (33,269)
Foreign	(11)	(2)	(47)
Loss before income taxes	$ (65,242)	$ (76,171)	$ (33,316)

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision:
State	$ (6)	$ 27	$ 141
Foreign	42	42	142
Total current provision	36	69	283
Deferred benefit:
Foreign	(2)	0	(7)
Total deferred benefit	(2)	0	(7)
Provision for income taxes	$ 34	$ 69	$ 276

Income Taxes - Tax Rate Reconci

Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Rate Reconciliation
Tax benefit at federal statutory rate	$ (13,701)	$ (15,995)	$ (6,996)
State taxes	(3,133)	(2,208)	(494)
Research and development credits	(419)	(925)	(1,793)
Foreign operations taxed at different rates	0	0	78
Stock-based compensation	1,930	1,967	239
Other nondeductible items	(108)	438	(238)
Executive compensation	306	152	80
Change in valuation allowance	15,159	16,640	9,400
Provision for income taxes	$ 34	$ 69	$ 276

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 82,925	$ 72,586
Credits	17,660	16,412
Deferred revenues	48	176
Stock-based compensation	4,786	4,445
Reserves and accruals	2,650	2,774
Property and Equipment	830	457
Intangible assets	244	532
Capital losses	452	424
R&D Capitalization	28,471	26,821
Unrealized gain/loss	2	0
Lease liability	7,445	3,608
Other assets	4,362	2,542
Total deferred tax assets:	149,875	130,777
Valuation allowance	(142,994)	(127,835)
Deferred tax liabilities:
Right-of-use assets	(6,895)	(2,958)
Total deferred tax liabilities:	(6,895)	(2,958)
Net deferred tax liabilities	$ (14)	$ (16)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Increase (decrease) in deferred tax asset valuation allowance	$ 15,200	$ 16,700	$ 9,400
Interest and penalties recognize in income tax expense	42	42	42
Interest and penalties recognized on the balance sheet	600	600	500
Unrecognized tax benefits that would impact effective tax rate	$ 300	$ 300	$ 300

Income Taxes - NOL Carryforward

Income Taxes - NOL Carryforwards and Federal Research and Development Tax Credits (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Federal
Operating Loss and Tax Credit Carryforwards [Line Items]
Net operating losses, amount	$ 182,918
Net operating losses, not subject to expiration, amount	158,554
Tax credits, amount	19,073
State
Operating Loss and Tax Credit Carryforwards [Line Items]
Net operating losses, amount	175,040
Tax credits, amount	$ 20,791

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 20,204	$ 18,571	$ 15,261
Additions based on tax positions related to current year	1,332	2,164	3,553
Additions to tax position of prior years	82	0	0
Reductions to tax position of prior years	0	(531)	(243)
Balance at end of year	$ 21,618	$ 20,204	$ 18,571

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2024 USD ($) ft² renewal_option	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Area of real estate property (in square feet) | ft²		77,300		77,300
Allowance for tenant improvements		$ 3,000		$ 3,000
Lease obligations		30,990		30,990	$ 16,024
Operating lease, write-off due to lease modification				(18,747)
Asset impairment and other charges				165	9,984	$ 0
Asset retirement obligation		300		300	300
Indemnification agreement
Long-term Purchase Commitment [Line Items]
Accruals for expenses related to indemnification issues		0		0	0	$ 0
Term Loan
Long-term Purchase Commitment [Line Items]
Current borrowing capacity	$ 10,000
Revolving Credit Facility
Long-term Purchase Commitment [Line Items]
Current borrowing capacity	$ 5,000
Accounts receivable borrowing base percentage	80%
Demand deposits
Long-term Purchase Commitment [Line Items]
Restricted cash and investments, noncurrent		$ 1,100		$ 1,100	1,100
200-220 Penobscot
Long-term Purchase Commitment [Line Items]
Area of real estate property (in square feet) | ft²		28,200		28,200
200-220 Penobscot | Penobscot Space, Five Year Renewal Option | Land
Long-term Purchase Commitment [Line Items]
Number of options to extend lease term | renewal_option		1
Renewal term		5 years		5 years
400 Penoscot
Long-term Purchase Commitment [Line Items]
Area of real estate property (in square feet) | ft²		37,900		37,900
501 Chesapeake
Long-term Purchase Commitment [Line Items]
Area of real estate property (in square feet) | ft²		11,200		11,200
501 Chesapeake | Chesapeake Space, Five Year Renewal Option | Land
Long-term Purchase Commitment [Line Items]
Number of options to extend lease term | renewal_option		1
Renewal term		5 years		5 years
San Carlos
Long-term Purchase Commitment [Line Items]
Lease obligations		$ 3,100		$ 3,100
Operating lease, write-off due to lease modification				$ 19,600
Asset impairment and other charges			$ 7,700		1,500
Impairment of leasehold					4,700
Operating lease, impairment loss					$ 3,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Right-of-use Assets and Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Right-of-Use Asset [Roll Forward]
Beginning balance, right-of-use assets - operation leases, net	$ 13,137
Amortization of right-of-use assets	(3,184)	$ (4,405)	$ (4,849)
Addition due to lease modification	18,747
Ending balance, right-of-use assets - operation leases, net	28,700	13,137
Operating Lease, Liability [Roll Forward]
Beginning balance, lease obligations - operating leases, net	16,024
Lease payments	(4,727)	(9,897)	$ (6,506)
Interest accretion	946
Addition due to lease modification	18,747
Ending balance, lease obligations - operating leases, net	$ 30,990	$ 16,024

Commitments and Contingencies_3

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Finance lease costs	$ 0	$ 0	$ 18
Operating lease cost	4,130	6,310	7,321
Short-term lease costs	0	0	40
Total lease cost	4,130	6,310	7,379
Variable lease, cost	$ 0	$ 0	$ 0

Commitments and Contingencies_4

Commitments and Contingencies - Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid:
Operating cash flows from operating leases	$ 4,727	$ 9,897	$ 6,506
Other information:
Weighted-average remaining lease term (in years)	7 years 7 months 6 days
Weighted-average discount rate	7%

Commitments and Contingencies_5

Commitments and Contingencies - Maturity Analysis of Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 4,868
2026	5,014
2027	4,053
2028	5,400
2029	5,365
Thereafter	15,695
Total minimum lease payments	40,395
Less: imputed interest	9,405
Lease obligations	30,990	$ 16,024
Current portion of lease obligations - Operating leases	2,827	3,781
Long-term lease obligations - Operating leases	$ 28,163	$ 12,243

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 13, 2024 USD ($) tranche $ / shares shares	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face value of debt		$ 30,000
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Debt instrument, unamortized discount		1,151
Unamortized debt issuance expense		552
Class of warrant or right, fair value		900
Secured Debt | Innovatus Loan Warrants
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares	424,028
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 2.83
Term Loan
Debt Instrument [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Term Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, facility fee, percent	1%
Innovatus Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, term	5 years
Face value of debt	$ 40,000
Debt instrument, number of tranches | tranche	2
Stated interest rate	7.50%
Basis spread on variable rate	3.25%
Debt instrument, interest, paid in kind	0.020
Debt instrument, interest payable, term	3 years
Debt instrument, exit fee, percent	0.030
Debt instrument, unamortized discount	$ 1,300
Unamortized debt issuance expense	$ 600
Interest expense, debt		$ 3,500
Debt instrument, interest rate, effective percentage		13.10%
Innovatus Loan | Secured Debt | Maximum
Debt Instrument [Line Items]
Early repayment fee, percentage	0.030
Innovatus Loan | Secured Debt | Minimum
Debt Instrument [Line Items]
Early repayment fee, percentage	0.010
Innovatus Loan - First Tranche | Secured Debt
Debt Instrument [Line Items]
Face value of debt	$ 30,000
Innovatus Loan - Second Tranche | Secured Debt
Debt Instrument [Line Items]
Face value of debt	$ 10,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Face value of debt	$ 30,000
Add: payment in-kind interest	483
Add: amortized exit fee	125
Less: unamortized debt issuance fee	(1,151)
Less: unamortized debt issuance costs	(552)
Total long-term debt	$ 28,905

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	13,264
2028	15,917
2029	2,653
Total principal payments	31,834
Add: amortized exit fee	125
Less: uncapitalized payment in-kind interest	(1,351)
Less: unamortized debt issuance fee	(1,151)
Less: unamortized debt issuance costs	(552)
Total long-term debt	$ 28,905

Segment, Geographical and Oth_3

Segment, Geographical and Other Revenue Information - Narrative (Details) $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 segment	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of business segments			2
Number of reportable segments	1	2		1
Goodwill impairment | $	$ 0	$ 778

Segment, Geographical and Oth_4

Segment, Geographical and Other Revenue Information - Concentration Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Customer A | Revenue, Product and Service Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	18%	22%	56%
Customer B | Revenue, Product and Service Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	13%
Customer B | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	16%	12%
Customer C | Revenue, Product and Service Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Customer D | Revenue, Product and Service Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Customer D | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	18%	12%
Customer E | Revenue, Product and Service Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage		13%
Customer F | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	12%
Customer G | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Customer H | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		21%
Customer I | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		13%

Segment, Geographical and Oth_5

Segment, Geographical and Other Revenue Information - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Revenues	$ 59,345	$ 70,143	$ 138,590
Americas
Revenues [Abstract]
Revenues	21,278	13,733	17,000
EMEA
Revenues [Abstract]
Revenues	10,359	22,907	56,540
APAC
Revenues [Abstract]
Revenues	27,708	33,503	65,050
UNITED STATES
Revenues [Abstract]
Revenues	21,300	13,700	17,000
Long-lived assets	43,098	28,624
IRELAND
Revenues [Abstract]
Revenues	1,800	500	37,200
SWITZERLAND
Revenues [Abstract]
Revenues	3,400	11,100	9,200
CHINA
Revenues [Abstract]
Revenues	9,800	20,300	48,600
India
Revenues [Abstract]
Revenues	7,300	5,700	8,800
SINGAPORE
Revenues [Abstract]
Revenues	$ 6,200	$ 2,400	$ 3,200

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2023	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 0	$ 3,284	$ 3,167
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	25%	18%
Restructuring charges				200	$ 3,200
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 3,100