CDXS - Earnings call 3 2023

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Operator

Welcome to Codexis Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. And now I'll turn the call over to Carrie McKim, Director of Investor Relations. Please go ahead.

Carrie McKim

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

future of During and revenues of as partnerships, prospects To of platform be extent statements this including as X, our November this Reform will well number and and XXXX they XXXX, successful and margin call, statements the forward-looking pharmaceutical revenue, of that for in are XXXX. on Synthesis current our ECO for of revenues Codexis, reflecting descriptions product beliefs Act making of programs and within gross Private including contained facts revenue our statement the not manufacturing a the call meaning as execution and the strategies guidance growth date, regarding forward-looking Securities management historical expectations and Litigation business. the are management statements product of

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

Commission. filings Additional results can Codexis the over as except affect And information I'll materially Securities law. intent now with obligation disclaims expressly to actual turn the call these factors and in found about forward-looking statements, any be that Stephen. Exchange or Codexis update could to required by

Stephen Dilly

the We Thank of you, Carrie, approached in end a and joining. for of everyone, XXXX position strength. thanks,

resources we on plans. manufacturing end very so in enhanced put Synthesis path XXXX of financial the and potentially with worked positive financial around technology position our ECO game-changing cash core that a execute ourselves strategic platform a a our pharmaceutical of we've in financial have to potential the to in a current have resources. that security business flow announcing hard now July, focus cash, generates We Since importantly, the to

a how strong starts recap get balance sheet. there. we with It me Let briefly

for that cash XX% over we're within commercialization streamlining The by bring by pharma progress hard to burn reduce CDX-XXX go-forward As largest X date the from windfall are $XXX consolidating size generate growth We the taken years, the core that business, September combined commercial our existing of global XX. the opportunity was to operations on and to it for the in value, meticulous generated our of efforts the Pfizer to will last organization of right to we've $XX Codexis this focusing cash success We've tons of and and very return product with our of received pandemic. sale This in business ECO balance burn and still to quick our revenue strong over CDX-XXX the plan for manufacturer a roughly resources. represents to reduced support dramatically foundation, sheet pleased single for trajectory, to strong product a by metric Synthesis we extraordinary year-on-year. technology of as in excited creates cash our working facility. potential. the and we supply with future million Paxlovid. with and to the result cash sheet manufacturing did been programs the pharmaceutical the you'll today, recall, manufacturing of the that top our greatest single our a million to our balance have the our execution also central strong generated in revenues approximately our to invest On steps growth of for

together, platform rollout us is generate commercial exciting should XXXX, ligate early the Putting potential platform runway. XXXX path potential balance, ECO the of of our followed Synthesis ECO of all commercial in by platform, pieces positive growth to in revenue double-stranded ECO Synthesis first to within gives anticipated reduced RNA licenses next The these XXXX. reach the cash Synthesis the element in the of the and the of complete cash start a which end existing and manufacturing cash pharmaceutical burn, flow around year,

We Synthesis advancing TIDES on team at ECO returned technical the progress members our meeting. from of many technology, are just rapidly and the our presenting Europe

potential our Our we partners conversations revenue is confidence the this as continue and experts. with opportunity in potential increasing of

a and real in the needs the we're future forming market. have advisory that that As an the of of ECO make is the process possible so the Synthesis adjunct platform to tailored landscape existing to board strategic to those we conversations, of best sure the understanding meet

inaugural are welcome our external to SAB John honored We truly member. delighted as Maraganore and

perspective our Alnylam during our As from December. therapeutics the on John Founder Synthesis Alongside also focused hearing look RNAi Chief pioneered Officer class Executive KOL translation virtual John's forward of Advisory we landscape event participation in RNAi Strategic upcoming entirely and tool into laboratory of a an the in to Pharmaceuticals, his of ECO Board, new medicines.

me ECO Before event, reasons to platform. outline briefly Synthesis I let over Kevin for the our hand to enthusiasm recap that it about the

is will X. the developers landscape. pipeline coming demand. continuing manufacturing to indications a current projected standard, continue is dependable, are doubt Moving to disease Drug important no play large chemistry of like Alzheimer's and hypertension, advance established for role and therapeutics and The an wave well Slide innovative to RNAi phosphoramidite there of in

investment, However, of and lead toxic enormous at lipases capital solvent scale, requires high commercial nitrile. time volumes also extensive it

annually. kilos contract about leading to build of invested to a reference, million RNAi For a $XXX for plant organization recently chemistry manufacture phosphoramidite capacity manufacturing X,XXX the

grow end Most more Our that the take process comes dollars of the phosphoramidite complement an vastly are large-scale of chemistry in. today's platform working on like investment to manufacturing of level that Synthesis to decade. investment, the approximately designed of capital closing solution billions realities kind market around of we by reduce of is given and the annually to Today, That's It ECO and resources capital make expected for XX,XXX research to required plants where have in many would production. companies broader enzymatic particularly kilos meet the that don't markets. necessary an to these indicates demand capacity. aqueous-based elegant the

with will will think As naive disruptive with market Codexis be our that the platform. to command any technology, it entire

in have our been together could our complete cases, chemically about collaborations sIRNA. with thinking technology within existing the the the augmenting ECO synthesized. critically we're where efficient the synthesize In of space. can which In stitch RNA short might So we existing of RNAi RNA like and used exactly fits look more have with ligase, to that use much few manufacturing cases, chemical landscape. approach key strands that facilities, many enables This this other players platform be synthesis currently a double-stranded

combination platform ECO why such of Synthesis That Synthesis And best platform, and demand of to strategic even role and siRNA. ECO is flexibility beauties future chemistry. the be and has approach for promising ligation underscores critical sometimes, the a our one optionality a meeting play the will potential of in

Now, seemingly our bluntly, of innovators while technical real-life piece pay why important, need have and deliver continuing our a reliable barriers Put to siRNA the to trust assets also will is when their chemistry. technology valuable we to adoption platform. full in refine perfect phosphoramidite to alternative they attention for

can facilitate. level demonstrating it's therapeutics, we the RNAi about we developing already those purity of can the and produce ease For adoption of

to platform couldn't the opens need RNAi aren't, who large door emphasize we companies therapeutics Synthesis the indications pursue. how ECO those develop smaller to otherwise for For for they

mind We weigh questions options. be well developers as of their will key these are makers and that aware top for manufacturers drug decision

ongoing Virtual the investment customers Kevin, on efforts, and who the in pass incumbent our solution. to event KOL enzymatic process. and our TIDES has a an for that over community missing. our to To play help December us this on critical market detail it's just cover think returned will So education need business it Europe the understand role Kevin? recent development We I'll additional from

Kevin Norrett

Thanks, Stephen.

Amsterdam mentioned, and TIDES we Europe was the potential just the collaborators. customers by in meeting, where As energized seeing was of interest high I from I levels are at

conviction in sharing to and Stephen directly months the solution technical a opportunity that, hear and for RNAi mentioned revenue technology. forward reinforced key very coming to be our will with significant has more with real terrific engagement progress KOL for a space virtual enzymatic Codexis Continued there look only We X. the is decision-makers to in a December need players Slide those detail on my this event from our Shifting the that and from who recent benefit would opportunity

he the this from technical highly well overview Lutz, In will the as share major Vice will you'll X, our forward participation of Stefan status our commercial landscape On We education like innovation manufacturing and The platform discussions anticipated I'd opportunity to we anticipated virtually Codexis, around today's join growth. as will key feature a as to addition class, demand agenda plan on recap Senior where a believe is the for driver and be President on quickly perspective valuable SAB, event we Slide growth RNAi see RNAi milestones. update for to his we our hope for the to resource milestones ECO around Synthesis this in also therapeutics what as and December. welcoming need John growing of in event a the of importance to us a look Maraganore our Research. his

ECO scale synthesis the of of technology. approach end grand we nearing XXXX, we are As the our demonstration with Synthesis

during milestone precommercial us under proof select it will the December to an this potential prepared by project from first deeper dive our scale But This year, R&D modified level, all a high of light do manufacture commercial we enter of at enable represents take applications, composed licenses in used the key And to followed step next with typically to it technological early with to event. commercial to this and building technology RNAi plan in of an the XXXX. the means nucleotide we process significance will anticipated blocks customers therapeutics. conditions. something testing We plan a demonstrate the into of oligonucleotide point

commercial we phases, customers we necessary RNA XXXX. tweaks planned our collect to available double-stranded parallel to or XXXX. ligase feedback in progress, to those the before will that of During launch the for In make engineered plan second in widely full inform valuable modifications half also any

requiring sequences. first processes. near-term In point many providing a a as of to of existing addition customers longer manufacturing RNA their using customers but This incorporating on based in the our complement chemistry educating phosphoramidite approaches to a foot with for door product step gets benefits market enzymatic entry us, the meaningful for is in synthesis currently ligation solutions the this

July. Before to an on I call discuss me our activities for update the let Sri to strategic turn pivot in the our results financial following provide over quarter, development business our

clinical the with economic to costs. Codexis but and this sharing We CDX-XXXX Nestle develop development no to are commercialization longer an continue whereby and program restructure retains they in in in discussions active our collaboration, interest is

We expect the traditional an potential deal a Phase milestones payment, for I sales-based growth. a with and molecule upfront path would follow clinical

accelerate I'll execute or value able and within partners updated turn to to one progress. is to we as year, broader We previously diagnostics. partners in with other the be our announced call assets of or year more where consistent look keeping we are Sri. We this channel portfolio, end over focused and strategy also With to This be sciences potential you reach to our Codexis. and active that of life segments that, forward to the on anticipate we such by will negotiations that no will longer PCR-based early with next the monetize with genomics leverage deals of these

Sriram Ryali

afternoon, Good everyone. Thanks, Kevin.

Moving financial this afternoon, Relations full a to which our release X. earlier press We available Investor Slide released in website. on is quarter third results our

some Before on share first let I on few financial quarter, call highlights thoughts position. our out the me a

of our and for position injection XX. our strong today benefit our cash significantly the balance related our of is in of to bolstered as sheet cash windfall Paxlovid to balance between and As sales of XXXX. $XXX million reflected current noted, Pfizer a XXXX reflects $XX.X million Stephen roughly CDX-XXX September This financial

to cash XXXX consolidated with on million our burn create to business pharmaceutical flow, ECO part potential facilities. X reduce $XX expect This, platform over Synthesis more with to we in. next launch positive our fund is in our of of the action headcount priority around the the lowered commercial than end projected be took the planned annual and decisions operations expected to our of XXXX. expect return along years. the programs the good million $XX to cash As is people restructuring now projected money and our we a we and manufacturing the of announced value, position highest half. focused growth to and burn This anticipated which of We July, by in to These decisive roughly

provide our Now on comments QX let results. me some brief

to quarter. be the lumpiness is guided customer lowest of third timing in for what of XX Total and including QX sales revenue our of by quarter XXXX, building compared related with confident Paxlovid product this million reiterating third full the of third sales we were manufacturing this that guidance revenues, of the the saw quarter year. to given expect revenues, we enzyme Paxlovid orders. quarter million revenues is product.However, $XX.X customer QX business, the The million call, and product for $X.X to XXXX largely of QX to of from the the were decline quarter are orders, in prior $XX excluding XXXX million a in we to in our million. driven of $XX our $X.X QX timing for specific pharmaceutical pharmaceutical July the be to to due year revenue which $XX.X approval with year. we anticipated During of year, Product related prelaunch would million more prior ahead That line line exactly compared customer is inventory inherent excluding product

behind now manufacturing reset XXXX windfall been a Paxlovid pharmaceutical year the the has us, With for business.

we results to this additional beginning full a that return year, end is of path confident business are provide we financial growth in plan during on XXXX As we and sustained to approach detail XXXX, to the our year call. increasingly this

year. reported to This million of was and work biotherapeutics We programs QX on the the following compared million $X.X our revenues. the in decision to by driven last the space. our R&D of to decrease Takeda partner completion winding turning Now down programs $X.X exit

revenues R&D our the approximately biotherapeutics our XX% reflect of of reminder, a reimbursement As costs.

bottom decision R&D while improves cash in result costs So overall reducing burn. the line revenues, exit removing their by to biotherapeutics these lower actually will

related of revenues XX% be R&D compared is enzyme in to We margin, quarter the this continue XXXX quarter the to to gross XXXX. million excluding third to $XX sales expect Product to range of $XX million. in XX% Paxlovid

financial projects the last million $XX.X margin R&D of turning see compared XXXX were and across to expect range Briefly $XX.X to in quarter, expenses XXXX. resulting expenses were XX% to you to last third to of Compared the to from and expenditures third million continue prior R&D product quarter million to SG&A in quarter expenses. We gross million XXXX compared of the $XX.X the can year year. both be reductions XX%. SG&A for $XX.X discipline. our

lower taken You can expect the to with see the continued benefit of the fourth decisive actions continued in we've expenses. quarter

QX facilities. to to and charges. relate reflecting in we decision expenses a and You'll notice this noncash force that quarter a We our included million reduction $X.X large charge announced the charge, booked GAAP to our consolidate in the onetime million related impairment exit July. biotherapeutics restructuring our $XX These primarily

we in impairments certain the made a companies. investments previously Finally, financial in life as Shifting position. are onetime strong we you to to and other recorded this slide, we can noncash expense recap, see line private income To X. science table Slide related in the on in

confident in to XXXX. reiterating out and we have pharmaceutical return are the our manufacturing laid guidance, foundation sustained We in XXXX growth for business to our

to results providing our ahead, well XXXX call. financial look with path to have XXXX. during turn potential full around end we back And guidance now forward flow Looking Stephen. of ourselves call expected we to positive year positioned the further the the cash I'll

Stephen Dilly

the massive we streamlined and on resources A: few potentially Thank to we that the optimistic you, Sri. ECO the long-term the Synthesis We've and difficult In closing, incredibly of ago the need Codexis killer CodeEvolver have platform, positioned value we zeroed realize technology. made have our of company in months I'm our for app success. decisions a

look execution on to questions. a upcoming up-to-date in happy And With of our we're keeping with that, progress. milestones, Now cascade mode. we to take be Operator? forward you your we'd

Operator

[Operator from of Couillard Instructions] line comes first the Our question Jefferies. Brandon with

S. Brandon Couillard

that engage and the And from Kevin go could more relative TIDES to on what did of EU some Stephen, engagement conference bit the potential or through How reactions you it of customers saw some were you elaborate little some a there? the there? expectations? you

Stephen Dilly

Thanks, back soon going Yes. airplane answer Kevin lagged. Brendan. the to off just he's looking to literally to jet get because that be I'm

Kevin Norrett

with it quite for you year progress at a in significant so ECO the the May or the platform.What longer important rolling siRNA as remember a important the yes, increased fragments platform, first radar working that Stephen. for One, we lot it in pieces time the the we efficiency, enzymatic some also meeting, Thanks, well showing actually, strands if multiple Brandon, an of we above of enzymatic of the solution. exciting had having scenes Synthesis was behind piece was reasons. was and other terms an really TIDES of demonstrated out improvements what TIDES in made come is last on which in fully coupling as excitement across of are then really since terms we've of generated that were

were customers collaborators about anything? and us are talking not us, quite at So and I want in that interested May, in as conference. were think popular the add we potential really talking to Anything excited to you now to

Stephen Dilly

it's think I the nature customers. of Well, the

Kevin Norrett

Yes.

I of mean I really think focused a nature TIDES the manufacturing conference. is customers the --

are bulk a the me. shifted phosphoramidite their and of to in chemistry new there simply kind and trying of at really the for clients completely terms focus CDMOs alternative So of was whatnot improve versus looking

May really from this sharing that I and came summarizes information think to more energized forward super of year. in why conference I look back next

S. Brandon Couillard

you I of do guess, do those you that? about few be talked What do to, question And to you those the guess, approaches I respond flexibility, the able how how guess, some a address to concerns interval? do I think, How time productivity. are line -- experts the to of enzymatic some things volumetric like approaches Steve, concerns? about some we

Stephen Dilly

the should and the having vastly approach comes solution. oligo in one be tethering that the is improved, premise Well, the the the first would have of which productivity, that the volumetric enzymatic central actually and is -- the enzyme of from

to significantly expect the do we March again. to December more, continually in TIDES Asia show we so productivity be May actually to event, to that. superior hint the guys at and And started at the of that start we U.S. you some show to approach, but our volumetric that.We will TIDES starting back but TIDES chemical traditional with year Also next to then need slides

going be we show rather we've to down. what just we're it's the want -- do. of hoping to to what good progress part So you and really done volumetric nailed it is than actually is But

and building other important, that well. was blocks we the we need The thing your have super to even is heard address calls, from Brandon, actually, think the as

oligo. well milestone what so announced that the things, when and end as is really flexibility just Gram-scale how of of showing to there. TIDES towards the of modified at our synthesis And far we're the inclusion think, them into enzymatic surprised together And I NQPs one on putting in that as got we the in people the blocks is finally, the year, going of this be we've

why need go of find intrinsic thing do, along the field also, we phosphoramidite competitive. the doing compete enzymatic of the much on advantage state is, for But a other this of been chemistry to this to same And yes, hard art that heard of we're what advantages XX X.X now. very very I that what ability approach. to again, route to We've is we but So playing doing our they've we how that's to is will intrinsic been the the competitive And approach this years, the years. need one with. listening we're the have saying is keep the be

can super language, Yes. You our from body general excited we're tell here.

Operator

with Dan from comes question next Stifel. Our Arias

Evan Stampler

is This Dan. Evan actually for on

one first or your me this have you for a is ex-Paxlovid, quarters enzyme fall mean, revenue in of The question. ex are remind Paxlovid what year? product I into? revenues, just product just to actually terms going is guidance which simple modeling kind And given your of can

Sriram Ryali

answer can I that.

or CDX-XXX any We the year. haven't this of related to sales Paxlovid booked revenue

fourth quarter, already and accounting the the are book $X fee for collected. part is to We in that expecting million that's of been retainer the

So it's noncash revenue.

of of $X in will then book be and million we'll in fees. Paxlovid for retainer all another see You'll million QX. done the that QX XXXX, There's accounting $X

Evan Stampler

that's or R&D enzyme that's And sales?

Sriram Ryali

That show will revenue. in up product

Evan Stampler

revenue. Product

that Pfizer guess, is that's, R&D then kind little there I And bit of there Okay. an piece a as related? well

Sriram Ryali

Yes.

related we last second a that where to applied as $X is already It's the incurred and booked R&D revenue, was Pfizer in quarter. new to So quarter, of a This not credit booked their portion million. been Paxlovid. enzyme

Evan Stampler

million year in So in then another and and revenues. those are XQ fourth $X product $X next million year,

is Okay. of out about Super ask. -- the helpful. I guess Got right. next wanted do want I to what to way. that question the I ask

of just double really So of question your write-down kind or Â– it's a related.

of in write-down a investments of took your quarter. some the You

it's think just Molecular and was of I related, relationships? I of why an X-point-some-million you guess status charge.So specific a I were of related. Molecular kind investment have Alphazyme Assemblies. relationships kind I have then those those? which with know investments that's there the And What's guys you and know Assemblies

Sriram Ryali

with I first. that did we life roughly impairments write-down $X million can the start investments in in We hold. companies on science book private question

time been raise that, our the the really, it's And on that write-downs that companies have to have our we reflect the they and and function of any The they active And at front. Arzeda. that money have and a in do to reassess financials. SQL disclosed We value SQL fact are on just investments financing MAI, these are related in Q Arzeda. appropriately that

Stephen Dilly

going And super terms some progress not DNA really, We're of They're how good DNA, very in. with you'll X we're we of that that cover version our And enzyme do TdT relationship. Alphazyme. looking happy they're we've but very that RNA, have very using up within them equity technically coming days. And a remember, long, last fairly collaborate couple DNA auto-synthesis. with of both to the does significant I'll super the situations, different to MAI MAI, talked forward. strange stake strands. we enough, and making and in pure

the Maravai we're existing So with forward, they've place now of become positive.Also relationship. going can to have talking with about in them. that's leverage very We're talking that part we Alphazyme, They also contracts umbrella. how broader us, and

So a there's future. collaborations trying to cover a in obviously, lot being landscape, small a our of company broad

Operator

next the Craig-Hallum. of comes Our with question from line Matt Hewitt

Matthew Hewitt

me. for X Maybe

-- we be you one, thinking you're of next look could is orders? at? year. then these and calibrate about to in first figures? the as we ECO. Obviously, us figures? challenge some help achieving big synthesis And half those later initial what at the second But those it, is about we biggest talking gram start the first to time. size higher X of where scale over Just getting your expect how orders do the of separately, those X what be? Are The scale for they maybe ramp How should Are orders would

Stephen Dilly

So I'll you And the can scale cover double-stranded question. Kevin, year. gram synthesis ligase talk about next

a length We've in that what hitting conditions about pull you our has gram it synthesis, apart talking simple in strong is modifications and And like appropriate reiterated So progress very purity appropriate with on.And say, we've we're statement actually and processed reasonable making under it on quantity until oligo a with sounds it that. that. here the does a the of suitable an what confidence been scale mean? very making so

is what showed made, we some a how be nice will we TIDES question interesting we're was the at sixmer of up rest most do the -- which ] that XX so TdT with with think sort And companies we're Because of its chemistry actually soon, go But we were end this we [ physical out the of by other oligo XX, really already of chemistry the can long what one's or to comparable the to better. very year. specifications XX, RNA relatively terms oligo showing it. phosphoramidite yet. run purity no to a understand hoping in that and I ever

thing happy to So about. the efficiency tethered the include with the the excited the like ability enzyme its most been reliability, the productivity, state, But things that that's of super I'm the in modifications. conversion I've

So we're on we're like by track performs. and feeling Kevin? very it how intrigued much

Kevin Norrett

are common it's Already on oligo top important because more tends phosphoramidite range within approaches that the of terms input phosphoramidite little to double-stranded And ligation a world longer Yes. fall becomes the less and down you ligase. RNA then more that, the in note mentioned layer of materials. more Steven to chemistry efficient. of in requirement It becoming chemistry

impurity higher longer You profile, get the the strand. a

in together a us testing have our of shorter in around phosphoramidite double-stranded look oligos companies half haven't works experience. next the X of mention, range XX itself, the half those stitching in comes longer able mRs also orders strands should with I to and get where that they RNA first and we evolution or we we sRNA ligase to maybe could ligation.So well. be standpoint, from have looking year customer when to other XX at for X of mRs orders orders mR thing additional other strands second talking so approached ligase that upon the and And RNA an 'XX -- XX place. we agreements that in it about programs, supply testing of are making based at with those really a programs customers and And the even in customized half the but we're 'XX wrapping actual put So the lot customized first some little up see can bit then chemistry to

Matthew Hewitt

of terms order And of size happy those magnitude the that of with? orders be you'd in

Kevin Norrett

enzyme if is from range the ECO in mean, one opportunity, a huge the ligase this with still maybe out you Synthesis, we'll peak end million today individual we decade RNA enzyme opportunity.So guidance $XX successful can piece. that we're I some somewhere millions It's terms $XX as least think to I in at for of information to our of put financial around of million range year, of the with total Well, growth launch, the of ordering. But early see standpoint, XXXX. double-stranded without in single-digit by an more towards get the end

thing, more I very really the other is Matt. going thing just here important Â– think one say was I to

have set able to highlight, RNA how getting it be double-stranded have platform the the customers ECO cash coming is runway Synthesis but that hands year. just ligase, we with important now testing Sorry, the this to we for and like market correctly, to that highlights also the only of in this the not

Operator

from line with comes TD question next Cowen. the Wiatrowski of Chad Our

Chad Wiatrowski

on is Chad Stephen This for Ma.

Just any what utilization be integrated nucleosides follow-up that would be Synthesis And be of allows used which approach Brandon's synthesis to flexibility. new or by engineered? question would you the to present using on various can all easy Did about a the enzyme-based modified the analogs, ECO the existing guys modified enzymes they the methods? chemical and on future have enzyme be basis? data How

Stephen Dilly

covers furthering a modifications. current exists use.Now, further need may imagine the companies a gram the unnatural of single really sort terms Thanks to will to the probably is examples question, modification mean, in we're or enzyme hands of innovative that evolve where that Chad. And the enzyme They're to their it around constructs a Version and more going of come X.X TIDES be hard iPhone with the team synthesis. currently we early concepts diminishing any looking we under scale returns moves, TdT. else, current. well next on word. up what showed and it of Yes, We're and aim lot this getting There's And move law add of to at central is you whatever TdT choose we've to about because about And year of effect driver flexibilities that learning the its that the to to companies. how sort what new big his that right? this doing was armamentarium. for than very that better of Synthesis evolving relevant is is trying some to modifications often the through is that modifications at of kit enzyme current put And is innovator include the those testing some one are been then work more in like conditions And such works tethered are of with to their the enzymes and sort you the very currently ECO how our of and always oligo with is with of ones. to this for column I talking through, of as strange, can of our part the said we or in this we've alpha and of that want your small that have link we additional the can analogy more evolve you're stay system, the pass one feedback, about one X.X TdT Kevin their of newer, see

So enzymes you you're make. could have to that trying several for specified oligo specific TdT the

need performance and flexibility of one we're so that is we beyond aware speed. that very characteristics efficiency the And volumetric deliver to

Kevin Norrett

our there's just add one I for thing I in development. mean products products is might assessment current there that of development in XXX siRNA, -- the certainly

to X XX% end or well we are come of to them, of So which at step, continue day, bear including and was in first we'll variations, wanted common medical greater the there the we to and why modifications, out. the mind, TIDES X that on.So at the that's fluoros, as some do X most new that phosphorothioate primo may modifications the our X that the demonstrate build and be upon map abilities as prime as the than see but

Stephen Dilly

from we slide TIDES Yes. our on And the website. put deck up

got next going time. you've worth I is think the be presentation if which up a day to so, or is the within look,

Chad Wiatrowski

Awesome.

share and to he event for added opinion that just event. Maraganore's Or the that Strategic in was to update? you need forward KOL John the the there the strategy Board Was Looking in ECO Synthesis? to can of Are Advisory that recently? he on involved details Ahead on any December.

Stephen Dilly

hooks. to the it going thing? said go and prepared sitting to talking need tried and new there about need we it just people is an in to investment I that meeting this with do I doing serious based we've route, -- of take has for Alnylam he another of couple reliability what specification about sort And what the was a keep been them. weighing us capital one, super we are up try be to to left being doing safe board comments told We've going got there of reduced mean and it is but enzymatic Or rather me do years old very him And adopt to of even for on chemistry people solution be and someone little we've the while. mean, in a be to methodology.Because going terms what I dependably be couple all I comments eat rigor to phosphoramidite But my would need that this than do. repetitively. the also and the what I really cheerleaders, decision CEO it ago, cost? I show, a before got of one of on we to we're Purity trying he's the is dependability. much saying and And he was always he's honest

are having of sat all is useful. really people us that So seat is of and advising front that that mind super in

Operator

of next comes question the line with from Brandon Our Couillard Jefferies.

S. Brandon Couillard

I business wanted confidence with of the customers? in manufacturing your new business function whether 'XX be just ask source that to and growth pharma or to existing returning of a in will customers about

Sriram Ryali

developing forecast an internally, Brandon, we important see we've look growth we specifically on think which pipeline, the as that is driver. from at been we the coming XXXX,

customers patterns also We of from a normalization see of well. our as ordering some big

contribution growth throughout this are the see a pipeline. they contributing.As from bigger you'll of both So decade, in progress coming we

caused product with going not patterns normalize. them and been we think Those with said one a order away, inventory then our a reset of Paxlovid launch, sort which year products has start I to order prebuild this this to year. of through recent went year big

growth of as confident marketed the as both on products we're So pipeline. well for

Kevin Norrett

one Maybe months a been Brendan, management, cetera. couple that better to add well. to I follow-up, et the that lot in getting have working here and at do predicting added Sri resources of past We've thing able better to other account is X be a element as there, on

anything have better want we add that a So And can you perspective to on there, the going-forward Sri? forecast.

Sriram Ryali

QX saw exactly QX to our the it come to think that Just I that's we're said we expecting what in, that and add, quarter low meet expectations to would And this to that July out turned guidance. in our in you full with be. year line be on

as Kevin the about think better business say feel understanding dynamics we we I of did a said, this than much So year ago.

Operator

like There I the to closing over are no Stephen questions remarks. at would time. further to back call Dilly turn for this

Stephen Dilly

for very today. I looking as can to slate fall. thanks We'll I and Well, Sri and are tell, of a be of forward And joining busy many person us Kevin meeting investor think in you'll conferences you it's upcoming again December we our of also -- And ECO X during Synthesis-focused a be it's join be the virtual on for event us over or course, hope able X. And month fantastic thinking going to KOL the to next conversation. you so.

So for that's very all us, today. from you and much thank joining

Operator

This today's call. concludes

You may now disconnect.

Codexis (CDXS) 2 Nov 232023 Q3 Earnings call transcript