Earnings call transcript Q3 2022

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Operator

Welcome to the Codexis Third Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

At this time, I will now turn the conference over to Brendan Strong from Argot Partners, please go ahead.

Brendan Strong

operator. you, Thank are today With Dr. me Stephen Dilly, Norrett, Executive Kevin and Operating President Officer; Officer. Chief Chief Financial and Officer; Chief Codexis' Ross Taylor,

of forward-looking and revenues Act as prospects of and management a and including as our current of call, well be XXXX XXXX, successful margin Private statements revenue, for partnerships. on for of revenues, product the Reform this and meaning gross programs within revenue our Litigation During Securities execution strategies guidance growth the and will future number making product

To the expectations contained forward-looking in Codexis, are XXXX. of call statements historical the date, management are of of facts extent that statement they and statements not Xrd, the descriptions beliefs as reflecting the November regarding

forward-looking unknown in that known they You should statements control beyond actual not because results. risks, that are and place and other some factors cases materially affect and Codexis' these involve could undue uncertainties on reliance

filed could Codexis' XX-Q Commission about XXth, can on, the disclaims the except SEC XXXX, the information reports and Exchange under and results Risk on factors on SEC. that with Securities and with materially filed Form on Report XX-K by-law. Annual XXXX affect actual these the required Xth, Additional as in in obligation periodic filed February other found be Codexis including Factors expressly to or any Codexis' statements intent caption update August with Form forward-looking

turn now I'll call Stephen. to over the

Dr. Stephen Dilly

to long-term where where are review increase penetration success of best focus platform by joining. the have Codexis CodeEvolver equipped ultimately to for working us make choices earnings thanks intentional Since about and drive This and refine we should we've Brendan resources. everyone and competitive Codexis and clear market our markets our to to assessing second we you, strategy ongoing programs our been Thank a call, where Codexis advantage. proprietary quarter enable

providing to further the an an strategy of call a the of view I initial of exciting the to this ongoing anticipate in refreshed first have high the during process, company. into Operating Codexis Although also drilling with welcome the look who a Legal our Counsel, We're details this made Norrett, recent new for quarter us vision out delighted recently forward level is recently Chief we Meg of today's several, building appointments Board as We've blocks XXXX. and our Directors. Kevin our Officer on is and joined as Officer. Fitzgerald call rounding to today's Rahul leadership. as with additions new member Chief of Singhvi, General

and individuals for discipline commercial to opportunities prove segments we're brings critical team these most the on and heightening vision. business our our to expertise on valuable will our across very market executing of attractive now, Each focused prioritizing company. our the Right

exploratory has many projects enzyme and Our in many Performance both uses Biotherapeutics science potential platform Codexis undertaken in has rooted segments. our and interesting Enzymes engineering business

In initiated was R&D our increased years. the to these significantly investment easier during two access relatively fact, when capital many inexpensive. we and of efforts last We

market is today's Now reality different. significantly

our in a our invest react partnership deal forward. others. informed program apply moving or And insights we make to able those narrower accordingly how to a focus. about learned from and whether where pipeline need these great with we in We've each investments to choose and we're on make we So to decisions own

to on additional insight focus the share will see Codexis where we Kevin near-term. opportunities in for

and extensive scientific cash factors providing we we capabilities to is through our XXXX, maintain and that Codexis. flexibility end to property runway leverage ensure of have critical of the with guiding intellectual at time One us the

potential for near-term Our see comments in today we will success. focus on which opportunities strongest the economic the

generate pharmaceutical will in roughly focus revenue Science XX% today. of Enzymes which businesses, our manufacturing discussing Performance the we segment, represent and when we on that Specifically, our this Life segment

business, with Similarly, our as deeper our concentrated to market business, of value Sciences a and Biotherapeutics environment we we few is we assets. drive in within which will on potential of view create more rest the identify having set years. programs in analysis market greatest from value to Within competitive aim the highlight and of significant to invest based the of opportunity the the our next Life assets

a Codexis on at our can contribution continue when when in business. and to operating standalone XXXX. as know We we exclude with Furthermore, very pharmaceutical business investment. a to create project profitable how build margin will modest looked manufacturing profit PAXLOVID, entity we pharmaceutical Even a generate grow manufacturing we healthy from

therapeutic biocatalysts, enzyme to As to XX today are are reminder, currently commercial sales. for pharma that manufacturers we drugs a selling for approved

Another their chemistry candidates use in Phase in enzymes II currently XX Phase manufacturing trials and our clinical drug process. control III

the confidence to our reinforces pipeline, continue in time. potential approvals ability This sector this over our grow to

To add Although, our continue increase must a larger the to to have reach we will of this effectively, business have value new improve work proposition. to growing we capability. biocatalytic companies compete responsiveness soon tirelessly commercial is our customers own developed healthy work many do, develop their and and and efforts already or to

broad ourselves our applications. this business, others. means with to of choose carefully we can in for important Life potential CodeEvolver this and Shifting our Codexis and need range Inevitably, Science believe growth leverage Life invest XXXX make to we now We where technology beyond. to significant to area Sciences contributions across where is believe an a

we and synthesis view sequencing strong Specifically, and advantage. in deliver as DNA competitive attractive products which can technology genomic Codexis RNA markets and

new well licensing to commercialization Molecular Assemblies. has what improved a enzyme we this terminal DNA best-in-class in synthesis development kids, our with believe collaboration publicly progress to which an our NGS by date, ligase be Roche To DNA transferase of for demonstrated enzymatic as towards prep, to as library for been in continues

either customers developing We customers will leverage or our continue to offerings or or improve strengths our indeed biopharma manufacturing enzymes genomics processes. of enable core our that unique product suites thereof engineered

our providing offerings. end-to-end Our solutions for standalone ultimately opportunities to partner, on act identifying goal to is opposed product to as long-term Codexis as customer enzyme to focus needs being limited for a

optimistic will role key innovative remain Life that value our in the to arena. we're of our Assemblies about path Sequel a the also to the bring play Sciences partners Molecular success confident in equation and We they

Now there technology performance and raving other such the in food, enzymes for industrial areas enzymes. segment, applications nutrition our are as out clearly

component this represent these of current and revenue investment very a end-markets and business. considerable a in However, of small our terms turn profitable both there need expertise is to if into

we'll here very reality the forward. resources about I how spend Given we earlier, market be moving outlined thoughtful

Shifting to our business. Biotherapeutics

advanced assay when produce a our leads and sufficient at to disturbances pancreatic most in weight-loss, protein digest cannot fat asset treatment EPI partners of candidate malabsorption. for or insufficiency drug Health fat, Science. and to specifically being patient enzymes to occurs digest is to co-developed digest a sugars exocrine is with This Our metabolic the EPI. lipase CDX-XXXX, amylase pancreatic protease Nestle

to EPI enteric of is currently treated preparations the stomach. that enzymes with coated survive porcine are acidity of derived pancreatic

effective fat therapies Although, continuing delivering protease existing activity, achieving malabsorption. challenging lipase reasonably are patients of often the at symptoms and experiencing, levels adequate is of amylase and activity

lipase remain of stomach has their a leading billion. less therapeutics acid with the engineered limitations, market the that current the burdensome limitations stable existing dosing that CDX-XXXX in $X.X sales potent Despite today on lipase two schedule. improved annual activity a highly specifically have of is by to been delivering overcome therapies combined roughly

We We're trial first that in Phase quarter the completed partners sufficient data late trial assuming in proven that biotherapeutic II study. multi-dose patient space. achieved a to clinical having existing volunteer forward with success. trial in expect Phase Our we'd successfully of Ib Phase improve entry the Nestle support in approach XXXX is partner a CDX-XXXX data we'll to at dosing positive currently the dollar commercial start already the Health and portion upon have to our a first of our anticipate Science are using multi-billion is a technology with an II attractive first into the market a moving XXXX.

CDX-XXXX, Nestle to approach them IEMs. Phase clinical performance Our benefit around a the metabolism initiate an is collaboration stage patients Science other is fully demonstrate trial [IEMs]. treat patients Health decisions of with or I successfully formulation will Nestle our second enzyme we of the in one asset improve clinical areas can the out-license in inborn common candidate this PKU to CDX-XXXX If XXXX. to of and to currently CDX-XXXX this with enzyme oral most expect phenylketonuria, Science inform oral optimizing Health

Switching now therapy. to gene

potential gene we While in that undoubtedly therapy, and many has complex applications arena. very well aware our this competitive CodeEvolver technology are is a

transgenes Specifically, we CodeEvolver when current an to can offering disease, Pompe options disease use potentially therapies and Fabry like conditions improve A. as treatment proteins gene expression may in the compared that targeting improved Hemophilia for benefit within as therapeutic administered the for to body engineer

Takeda. have fruitful we a with front, this On partnership

derisk, in cover of where unmet engineering and introduce options high. with collaborations Takeda partnership new is to leverage structured help learn, to our markets the with our with remains Nestle, As rare us need for ultimately our transgene diseases and capabilities therapeutic the power cost

We and XXXX one updates. should gene we forward our are with clinical for or Phase assets hopeful Takeda look transgene providing therapy XXXX enter that partnered in to therapy trials further late of I

a carefully on need we have an but small value relatively of as take resources. chosen abundance our both summary, In company, partnerships, much and opportunities we can to own how disciplined we about in be our finite on given to build successfully

detail like commercial turn to the forward greater Kevin our call discuss to I'd in over Now to strategy. go

Kevin Norrett

Stephen. Thank you,

and October and best variety understanding with then opportunities know, of science, a I've validating since determine business profitable have time you joined my I growth for capabilities vast been future of beginning life to partnerships, science of core impressive I commercials. existing for markets. assessing the our Codexis potential many our As the across bets of and because spending current market been since Codexis

are the revenue creation opportunity our recognize driving five and consistent within increase through is opportunities strategy. manufacturing to as value the well weeks, commercial our life As refine focused sciences, and our over pipeline. that there I've on delivering short-term past to gotten customer know I to as the My Biotherapeutics long-term understanding of pharmaceutical work growth company

proposition throughout I customers will the an We have process. real to and the in focus organization a increased value be driving further the to downstream communicate opportunity Codexis commercial

you with provide me some Let examples.

identification can manufacturing, with many upon have we world, pharmaceutical our building the leverage support a foundation, targeted pharmaceutical customers on DNA require strong pharma of end manufacturers manufacturing the relationships our with RNA quickly process, engagement. expertise the goal markets, drive strong to In customers and my improve is in on we that By both synthesis. to focusing focus commercial adjacent and for

increasing sales for manufacturer selling area plan make refinements looking One be some our will do To model pharma to our reach who modestly companies increase our mid-size to and we near-term footprint. to cost this, to solutions drugs. effective are focus their

process efficiency increase organized geographically relates are a we at begun have ensure customer take we addition, to to touchpoints. to how it closer look In a as

specific on workflows for focused In typically for a insertion into replacements enzymes particular customer initial Life step. Sciences, our forays have as

a remains aspect of market. this key approach to strategy, far our this While only it's from the

we combination with kits, this solution. our co-optimizing expect holistically, developing more evolve enzymes a workflows our and could customers customers in to and complete As by we our space, several selling longer-term target for consider provide more strategy which

strategy from here work is recurring in this, streams sales. develop that we enzymes product overall end move customers. need of Our tandem to accomplish To revenue R&D-focused suites towards to our for

prep or for library improved approaches PCR-based example, RNA For for sequencing sequencing. next-generation workflows

to we when competition, point Finally, much have in forward is though, we pipeline time we prioritizing pricing, development. to opportunity, clear Codexis value develop or process investment asset, in we Codexis and as a to inflection our and critical partnering time required reimbursement, want for exciting the are deep greatest of an of stop to the when to of convey committed clinical With is understanding we the about our areas we opportunity resources This biotherapeutics the commercial in next the the where support on shape reach to plan probability clarifying invest investment. our go and strongest how a parameters the and partner focus success. business, key prioritizing today and financial market to thing and I on an potential driven are the plan, to believe assets

Ross to results over quarter. call the discuss for our turn financial now to will I that, With the

Ross Taylor

everyone. Thank Kevin afternoon, good and you,

decrease third respectively into which USDXX.X Performance million and from and results, a million me a was period. XXXX for for million, our quarter revenue X% segment revenues compares the of year of dive was segments were for the On the in segment period. summarized basis, million prior third Let are here. to from financial USDX.X the quarter Total XXXX Performance prior Enzymes year This $XX.X $X.X Biotherapeutics. million and Enzymes the Biotherapeutics from $XX.X

decrease in to to million were to for the $XX.X PAXLOVID, quarter the million third $XX.X million XXXX. quarter revenues in was XXXX sales of quarter Product quarter related The third of $XX.X the due XXXX XXXX. to were compared third the enzyme in million $XX.X which of of third compared lower

in Excluding PAXLOVID periods, product grew XX%. both revenues

to of quarter product declines XX%. mix, months by third large compared Product across $X.X nine largely The particularly first million costs. PAXLOVID, by driven third revenue the decline prices XX% of growth for revenue in XX% change shipping higher million the XXXX, customers. to variations The in sold were revenues XXXX gross year. For last of margin a was and driven existing was product excluding $X.X in was compared related from in of enzyme sales number PAXLOVID to decrease the XXXX. R&D changes for volume the was quarter

operating expenses. to Turning

increases services. to compared The salaries, as higher facilities by Our $XX.X offset but in R&D this third expenses XXXX essentially costs higher was third last related for of legal with lower million associated increase and third expenses of SG&A of million XXXX. XXXX. and XXXX by year, was well $XX.X and with of compensation quarter the outside expenses million were $XX.X the for in the costs. driven quarter third expenses in than as with primarily headcount for quarter higher million, quarter were flat Headcount $XX.X were the

loss quarter for compared quarter The to $X.XX per of million third net XXXX of XXXX. $XX.X share a net third of million for the share of the $X.X per loss for was or income $X.XX

$XXX XXXX, equivalents. cash million As the and of September had XXth, company in

our equity that ATM facility have $XX any year. May place in funds million we In in we last put from not addition, of drawn

a to business $XX.X results by on Enzymes third XXXX. spend here breaking in to like as segment, quarter seven. decreased Revenue million would our moment I our down financial of outlined the Slide Performance X% in

margin million corporate quarter of we overhead XX%. $XX.X biotherapeutics $XX.X operating the expense, In for allocation of in of overhead before for segment million income the and an business, corporate operating revenue generated of third again million, was an the profit Before $X.X allocation our this operating loss expenses. was

increased we this losses self-funded business grew programs. operating year-over-year in advanced Our as our and

X, to guidance Xth. on XX reiterated our XXXX Slide previously on we Moving July August and are issued reiterating

to be XXXX expect to million range year We in revenues full total a of million. $XXX $XXX

product related $XXX used be expect $XX manufacture We to Codexis' revenues to the proprietary enzyme which in range of Pfizer $XXX approximately by to million million, solidly PAXLOVID. to million includes

to revenues be R&D expect We lower.

the We of $XX lower expect of million our million R&D the to revenues that to range be during in call. provided half we $XX QX

range be of We in Performance last range expense be a for $XXX will prudence call, prior continued to range continue due in $XXX year burn. the around to in product and million million to and reduction on combined Gross anticipate with SG&A expenses compared we cash our consistent of million to to expected the million see $XXX disclosed to and the that We full is $XXX earnings softness XX% our XX%, R&D Enzymes biotherapeutic R&D in revenue revenues guidance. to in both margin segments. of

Also CEO expense in million compensation I to non-cash expense is included expectations transition, outlined. the stock which we just in our revised related incurred that in $X approximately QX,

equivalents, expect cash of any As existing Stephen future R&D will new through expense we our operations noted, contribution be product with combined sufficient and our expectations without end to financing. the for revenues, planned from fund our XXXX management revenues and

call I'll back the Stephen. to Now turn

Dr. Stephen Dilly

is on and aim to ongoing our execute closing, In Ross. we're what good you, at. Thank focus, simplify

our the positioned and and making programs where strategic, spends win. our focus, to we opportunities short refresh both our are of long-term we're best of revenue enhance to part commercial and on As changes Codexis refine cultural organizational strategy, concentrate

questions. your happy be we'd Operator? to Now take

Operator

Jefferies. is [Operator first with Please Instructions] question question. your Brandon Couillard proceed with line the of from coming Our

Unidentified Analyst

you thanks. the Brandon over the months. reshaped to of Matt Appreciate Kevin, there one the just commercial what for to corporate on some about vision maybe in good bit forward on color the near-term look today. maybe more This might is Hey, coming initial kind Can and here the all color focus. the that's I lot the enhanced guess focus actionable But team? together on coming mid you a for little really for more details more slides and be talk longer-term what's Thanks. of in versus more

Kevin Norrett

thing manufacturing, you, terms base The actual our add at Sure. really near-term biocatalysis pipe. additional products with Matt. to [technical in Nice our in of customer looking to difficulty] potentially the down pharma focus existing is meet can on pharmaceutical some value coming experience. We our

terms for create medium-size a pipeline to on eventually of II, future III pharma backlog in that us The in for later so well this development emerging second probably XX of term. on that products products we as the Phase coming down. revenues a about revenue the turn the are could making is in real Phase terms order years products talk thing have that coming focus of in in near We sure or the in into

Unidentified Analyst

July driving Thanks, in that's few you client for in kind this the and new outlook, the still a unchanged kind outlook was slowdown R&D on those conversations back when reasons Performance helpful. in noted thoughts around of conversations And of of where change, then a activity partnering them impact today, Enzymes and choppy, one worse, Biotherapeutics. kind cadence the macro of reduced of is then get as your for those we updated improving, side to kind on I'd end both those love of pretty sit macro year? just different

Ross Taylor

overall Ross, seemed that to our environment put add several in materially not deals terms and really it's this our to the months what we some afterwards. ago. were Yes, macro certainly fairly I'll R&D have color were partnering we large There some year from outlined may changed get think revenue, expecting been I sure, of Stephen in at our of It's Matt. and -- and start But now and year, for note just would the I much to have to deals our don't issues cash runway anticipating as end as have that not there. any on hand the off of due change be is that years reliant expectation outlook. macro or specifics in we send to in future our terms partner deals of conservative this two really large expectations with

Dr. Stephen Dilly

good Stephen hang they and can is on thing the bit and product to add Yes we because a tracking of to I'd margin to are thanks that that is bottom the revenues and Matt, revenues have color a hat which like very here, and our line. little bring money really product the

really of or of of shared work, fee-for-service for kind our R&D they is which revenues, which In consist negative is expenses, terms breakeven reimbursement margin. actually

a of profit to future line. So for partners, increasingly decrease good barriers it commercial it's not bottom Also we driver future to and to to our change sales. less entry becomes a as focus revenues metric

So really we product of our the focus story. line part the want as most important on revenue to

Unidentified Analyst

Thanks. quick And one, then one just you. Ross, maybe, for last

and XXXX three events gene the those tied pipeline in On you. XXXX, pipeline? clinical potential could items 'XX, there are the therapeutic the Takeda Thank happen then along to different any therapy outlined milestones that moving revenue

Ross Taylor

Potentially, size, not in they're a there get, there but overly there. would opportunities material we I potential or say could two is milestone Matt. are milestone some

Unidentified Analyst

I'll Super, there. leave guys. Thanks, it

Operator

line Cowen. next the from your Please proceed of with with is Our question. question Wiatrowski Chad

Chad Wiatrowski

just Chad be materially? Ma. then commercial in of date? on maybe on I [beats], of the commercial expansion for ballpark a everyone. the much Hey, organization you size of that Congrats to sort terms give Yeah, appreciate will Can efforts, how And the there. the prudence it's Stephen

Kevin Norrett

as as meet as in We're geographically, service organization, just and to look expansion We're in to specifically It's we five organization a commercial to the to other The our able Nice working manufacturing commercial of of smooth organization around folks modest sciences. organized completely on at ten we're not that specific areas, but another, looking at well. it's today. is both sales as effort. say, so pharma Kevin. also be we're folks that order through pieces life reach, how still at support or looking running Chad. a expand is you at a efficient XX looking This well Sure. our

about it. good So to net-net, a that's way think probably

Chad Wiatrowski

the to tech seeing sensitive in I've other some in could selling from partnerships Biocatalysts, how view? Great. differentiated itself? the just the you organization competitive space. And there's point to maybe to then versus are speak just tech And business speak of that how a namely that an expanding you environment is commercial stack sort Could you're you seen guys of

Dr. Stephen Dilly

Yes, great question. it's a

recently back is to big set. converted to short really short products short to So answer affect And relationships our III for in Phase is announced the -- XX XXXX, had pharma don't that the partnership the already seven which pretty look in trajectory of well for medium-term got deals vast II commercial we you We've to molecules the our perspective. with of and be medium-term, now. the have We've if majority Phase companies. manufacturing,

Right we've you Phase the in III. Phase if XX now, take II and products got cut, same

or about to So those we'd years. five expect convert over the XX of four next

of sort those terms in medium-term So our are trajectory, of already. bag short the in to

are it's happening partnering that own baseline the big and big players. capability it companies developing for the is what's for of a or Now, sort biocatalysis capability either becoming their they're

why need that's like are they interested looking of towards ours. and much of the technology Kevin So medium-sized companies sort so a more in more where have team

spent And reductase made if they in are the really zero. than where these and such Also do from keto years good one, to we're enables defined starting make fairly if you we enzymes. effectively because one be as what tend more you much more really, for many narrowly we've to rapidly next instance, it evolving at you've families, much ground

as to we're responsive. well-placed in can So a be a biocatalysis good the moving those shape and entry, to that companies companies route decision they're Because II. the barriers we remember, to taking been Phase very these the think I base we Kevin, other partner lot easy increase feel us. to are so customer talking decision you've our into is with actually provided And in about lowering the short-term, go

players. So not of constrained relatively one they're big cash the they're often if

reasons not I made R&D one I very the the indicator forward-looking future. of about the a did good So we being -- revenues in have to that's comment

Chad Wiatrowski

for congrats yeah, again. questions. Super helpful, Thanks the

Operator

Hewitt Capital. Please Instructions] with next is [Operator line Craig-Hallum Matt proceed the The of question. question from with your

Matthew Hewitt

and Good license strategy platform. it CodeEvolver out? for -- afternoon, that Or still update. that this the Is intend with now is out you didn't going I the in-house things hear the guess taking focus the of to questions for up, you first something is Maybe potentially they on commercial items today? the is one kept and be to that listed thanks

Dr. Stephen Dilly

So don't footprint any we are need do to like improve further responsive. the The on don't plans is cycle and focus that licenses time that CodeEvolver do metrics to that really our have very step, you an continuous we that, so right we need that do things now. our to platform. can And of improvement be things evolution actually like can

want the has think that we those and deals. now and people is the specific world actually changed So enzymes what

So we're now. not planning on further CodeEvolver licenses right

Matthew Hewitt

of you the will is Understood. you producing think up? quickly could business you do and And bit Is selling thinking new something it Or should kits. the that one items we type do then be than longer about that? of 'XX? in a How your focus maybe regarding take actually a think little ramp -- that

Kevin Norrett

lot highlighted that success had in this the to success this a with into and terms stages can know are early that first here We full some Roche DNA what what market. Stephen fit we as to next I key customer to workflows understand ligase there We've couple the of over test able as a be need is. customer and the sets we exactly is looking we co-optimize be No, ensuring of at needs more kits. the months need think of enzymes to ensure the

in but it strategic is a at test kits, terms forward. on we're our the full early I stages going as strategy think something key of radar our of investment

that want and So really full than we enzymes term I test of with the into for of customer some kits. dive other new think evolving terms continuing to make our that before understand preparing we set, needs headfirst of not customer sure we necessarily in near but

Dr. Stephen Dilly

to one increasing of the Yes, R&D the in that interesting we've I'm R&D that downplayed of having the kind enzymes earlier, got of space collaborations, stuff. people revenue one importance on the is their is got going NGS we've now -- what signal platforms, of say testing our number

here go-to-market have we investments opportunity kits. So think six months to to strategy and make you we next going significant pretty the choose three because if spend we're these really real to the nailing are

until the So going right to it's not do know forward. we're that we way

Matthew Hewitt

Got Thank pharma. it. hop science Maybe the tools the you've forward? should an sounds about It last one deemphasizing business life & one profitable back Lyle. Tate on relationship beverage I'll you're and we like larger, and How in thinking markets focus then food that more queue. you. the But to got in existing going with and be

Dr. Stephen Dilly

terms and So the Tate I'll answer expectations in the specifics larger might Lyle. picture then & on Ross of you the want to talk about

is there looking are on good we we're to lift how are which enzyme is at, big a And through improved from lenses the market. it a go of synergies addressing focusing to is extremely an actually what areas. One particular in inventing

make, into how space. enzyme. you making the just you have the rather like use, things the the move of do So the address, we this that customer expression amount to know all you it complicated impacts in kind the to have When than pharma you're really structure manufacturing of it's more food, trying to to system

we now, I'm our in about and the what right have so it's spot, to when understand we we're sweet we core emphasis going and for just of the saying move market is, life And that pharma cautious manufacturing areas be super that of out sciences.

Ross Taylor

well it's of about food, as our spread X% business, of Yes and as I both across the R&D, revenue would industrial our add, just part Matt, product today revenue.

much. customer. not specifically, a Lyle support & that's Tate well but kind relationship but we to some of give mentioned that, established. that There's It's an in investment existing You is

assume So that that, I would quo. status

Matthew Hewitt

you. helpful. it. Got That's Thank

Operator

showing are there I'm the turn I'll call no you. Dilly back further Stephen Thank questions, to closing remarks. for

Dr. Stephen Dilly

conferences thanks in thank meeting forward looking Nashville. are many and all really of and you with us. for New the Kevin, Ross again joining investor to in Well, you I and York person,

So tuning for thanks in.

Operator

today's you. This concludes Thank call.

You disconnect time. this your at may lines now

Codexis (CDXS) 3 Nov 222022 Q3 Earnings call transcript