$CDXS
CODEXIS, INC.

2015 Q1 Form 10-Q Financial Statement

#000120037515000015 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $6.798M $7.074M
YoY Change -3.9% -38.39%
Cost Of Revenue $1.456M $2.524M
YoY Change -42.31% -55.45%
Gross Profit $5.342M $4.550M
YoY Change 17.41% -21.77%
Gross Profit Margin 78.58% 64.32%
Selling, General & Admin $5.578M $6.112M
YoY Change -8.74% -24.77%
% of Gross Profit 104.42% 134.33%
Research & Development $5.293M $4.834M
YoY Change 9.5% -33.98%
% of Gross Profit 99.08% 106.24%
Depreciation & Amortization $558.0K $1.016M
YoY Change -45.08% -43.49%
% of Gross Profit 10.45% 22.33%
Operating Expenses $12.33M $13.47M
YoY Change -8.49% -36.19%
Operating Profit -$5.529M -$6.396M
YoY Change -13.56% -33.58%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -66.67%
% of Operating Profit
Other Income/Expense, Net $25.00K $118.0K
YoY Change -78.81% 38.82%
Pretax Income -$5.550M -$6.505M
YoY Change -14.68% -32.86%
Income Tax $12.00K -$130.0K
% Of Pretax Income
Net Earnings -$5.562M -$6.375M
YoY Change -12.75% -33.75%
Net Earnings / Revenue -81.82% -90.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$143.4K -$165.7K
COMMON SHARES
Basic Shares Outstanding 39.70M shares 38.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M $24.17M
YoY Change -8.13% -45.3%
Cash & Equivalents $22.16M $23.16M
Short-Term Investments $1.002M
Other Short-Term Assets $1.300M $3.100M
YoY Change -58.06% -24.39%
Inventory $992.0K $2.045M
Prepaid Expenses
Receivables $3.215M $4.907M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.63M $34.24M
YoY Change -19.3% -40.31%
LONG-TERM ASSETS
Property, Plant & Equipment $3.499M $7.396M
YoY Change -52.69% -50.0%
Goodwill $3.241M $3.241M
YoY Change 0.0% 0.0%
Intangibles $5.342M $8.716M
YoY Change -38.71% -27.91%
Long-Term Investments $700.0K $1.400M
YoY Change -50.0% -26.32%
Other Assets $284.0K $208.0K
YoY Change 36.54% -92.3%
Total Long-Term Assets $13.79M $21.72M
YoY Change -36.51% -40.13%
TOTAL ASSETS
Total Short-Term Assets $27.63M $34.24M
Total Long-Term Assets $13.79M $21.72M
Total Assets $41.42M $55.96M
YoY Change -25.98% -40.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.952M $3.487M
YoY Change -44.02% -21.55%
Accrued Expenses $2.065M $2.699M
YoY Change -23.49% -44.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.87M $13.09M
YoY Change -9.32% -26.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.154M $4.900M
YoY Change -15.22% 26.68%
Total Long-Term Liabilities $4.154M $4.900M
YoY Change -15.22% 26.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.87M $13.09M
Total Long-Term Liabilities $4.154M $4.900M
Total Liabilities $16.02M $19.39M
YoY Change -17.35% -10.42%
SHAREHOLDERS EQUITY
Retained Earnings -$281.5M -$263.2M
YoY Change 6.94% 16.9%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.62M $36.57M
YoY Change
Total Liabilities & Shareholders Equity $41.42M $55.96M
YoY Change -25.98% -40.24%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$5.562M -$6.375M
YoY Change -12.75% -33.75%
Depreciation, Depletion And Amortization $558.0K $1.016M
YoY Change -45.08% -43.49%
Cash From Operating Activities -$3.848M -$2.405M
YoY Change 60.0% -31.03%
INVESTING ACTIVITIES
Capital Expenditures $52.00K $21.00K
YoY Change 147.62% -56.25%
Acquisitions
YoY Change
Other Investing Activities $10.00K $3.630M
YoY Change -99.72% 45.2%
Cash From Investing Activities -$47.00K $3.606M
YoY Change -101.3% 47.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$433.0K -$168.0K
YoY Change 157.74% -163.88%
NET CHANGE
Cash From Operating Activities -$3.848M -$2.405M
Cash From Investing Activities -$47.00K $3.606M
Cash From Financing Activities -$433.0K -$168.0K
Net Change In Cash -$4.328M $1.033M
YoY Change -518.97% -233.81%
FREE CASH FLOW
Cash From Operating Activities -$3.848M -$2.405M
Capital Expenditures $52.00K $21.00K
Free Cash Flow -$3.900M -$2.426M
YoY Change 60.76% -31.37%

Facts In Submission

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0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1255000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1266000 USD
CY2014Q1 us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries
1500000 USD
CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1500000 USD
CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2000000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
10000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
800000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
117000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
62000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37288000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35453000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3995000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3499000 USD
CY2014Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
2146000 USD
CY2015Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
2197000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4834000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5293000 USD
CY2014Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
711000 USD
CY2015Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
711000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-275930000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-281492000 USD
CY2014Q1 us-gaap Revenues
Revenues
7074000 USD
CY2015Q1 us-gaap Revenues
Revenues
6798000 USD
CY2014Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1943000 USD
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1525000 USD
CY2014Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
400000 USD
CY2014Q1 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
2985000 USD
CY2015Q1 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
3076000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6112000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5578000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1229000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1285000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.57
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
64263 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
26311000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
21617000 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
402000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
16000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38506000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38779000 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our financial instruments that are potentially subject to concentration of credit risk primarily consist of: cash equivalents, short term investments, accounts receivable, marketable securities, and restricted cash. We invest cash that is not required for immediate operating needs principally in money market funds and corporate securities through banks and other financial institutions in the United States, as well as in foreign countries.</font></div></div>
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In these notes to the condensed consolidated financial statements, the "Company," "we," "us,'" and "our" refers to Codexis, Inc. and its subsidiaries on a consolidated basis.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We develop biocatalysts for the pharmaceutical and fine chemicals markets. Our proven technologies enable scale-up and implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable process development, from research to manufacturing.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Biocatalysts are enzymes or microbes that initiate and/or accelerate chemical reactions. Manufacturers have historically used naturally occurring biocatalysts to produce many goods used in everyday life. However, inherent limitations in naturally occurring biocatalysts have restricted their commercial use. Our proprietary CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform, which introduces genetic mutations into microorganisms in order to give rise to changes in enzymes that they produce, is able to overcome many of these limitations, allowing us to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Once potentially beneficial mutations are identified through this proprietary process, combinations of these mutations can then be tested until variant enzymes have been created that exhibit marketable performance characteristics superior to competitive products. This process allows for continuous, efficient improvements to the performance of enzymes. In the past, we implemented our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform through paid collaborations with our customers. In July 2014, we entered into our first license agreement pursuant to which we granted a license to a global pharmaceutical company to use our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform for its internal development purposes, and we are pursuing additional license opportunities with other customers.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> We have commercialized our technology and products in the pharmaceuticals market, which is our primary business focus. Our pharmaceutical customers, which include several large global pharmaceutical companies, use our technology, products and services in their manufacturing processes and process development.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We also use our technology to develop biocatalysts for use in the fine chemicals market. The fine chemicals market is similar to our pharmaceutical business and consists of several large market verticals, including food, animal feed, flavors, fragrances, and agricultural chemicals.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have also used our technology to develop an early stage, novel enzyme therapeutic product candidate for the potential treatment of phenylketonuria ("PKU") in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. We regularly assess these estimates which primarily affect revenue recognition, accounts receivable, inventories, the valuation of investment securities and marketable securities, assets held for sale, intangible assets, 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 condensed consolidated financial statements.</font></div></div>

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