Pfenex Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Aug 6, 2020. Its latest SEC filing is a SC 13G/A from Feb 11, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Develops and licenses protein medicines and protein-production technology for drug companies, vaccine makers, and government agencies.

Who Were Their Customers?

Drug and vaccine developers work with Pfenex through license and collaboration agreements; BARDA funds development contracts, and customers also buy CRM197 protein.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2019, but spent more cash than it brought in: free cash flow was −$5.6M.

Operating income, FY2019

2% of revenue

▲ Now profitable vs FY2018 (−$39.9M, −268%)

Net income, FY2019

2% of revenue

▲ Now profitable vs FY2018 (−$39.6M, −266%)

Free cash flow, FY2019

−11% of revenue

▼ −86% (Loss) vs FY2018 (−$40.9M, −275%)

How Were They Changing?

Since the FY2019 annual report

Latest quarter: Q2 FY2020, the three months to Jun 30, 2020

Revenue: ▼ −72%; vs $2.8M in Q2 FY2019
Net income: ▲ +36% (Loss); vs −$7.6M in Q2 FY2019

License and Service share of revenue vs 78.1% in Q2 FY2019

Oct 1, 2020 Ligand completed its acquisition of Pfenex Pfenex became Ligand's wholly owned subsidiary; shareholders received cash and a contingent right to payment if a specified milestone is achieved.
Aug 11, 2020 Ligand agreed to acquire Pfenex The agreement called for a cash tender offer followed by a merger that would make Pfenex a wholly owned Ligand subsidiary.
Aug 6, 2020 Pfenex entered a research and license collaboration with Merck The agreement could bring upfront, development, and sales milestone payments.
Jun 26, 2020 Adalvo added a Latin American commercialization partner for PF708 The partner would commercialize PF708 in Latin American markets after receiving marketing authorizations.

From candidates to partnerships The older report focused on biosimilar and therapeutic-equivalent candidates and government-funded vaccine programs. The latest describes an approved osteoporosis product licensed to a commercialization partner, vaccine-protein licenses and supply agreements, and partnered and wholly owned newer therapies.