2017 Q1 Form 10-Q Financial Statement
#000120037517000020 Filed on May 09, 2017
Income Statement
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
Revenue | $7.971M | $7.996M |
YoY Change | -0.31% | 17.62% |
Cost Of Revenue | $3.002M | $2.489M |
YoY Change | 20.61% | 70.95% |
Gross Profit | $4.969M | $5.507M |
YoY Change | -9.77% | 3.09% |
Gross Profit Margin | 62.34% | 68.87% |
Selling, General & Admin | $6.606M | $6.802M |
YoY Change | -2.88% | 21.94% |
% of Gross Profit | 132.94% | 123.52% |
Research & Development | $5.839M | $5.686M |
YoY Change | 2.69% | 7.42% |
% of Gross Profit | 117.51% | 103.25% |
Depreciation & Amortization | $326.0K | $465.0K |
YoY Change | -29.89% | -16.67% |
% of Gross Profit | 6.56% | 8.44% |
Operating Expenses | $15.45M | $14.98M |
YoY Change | 3.14% | 21.5% |
Operating Profit | -$7.476M | -$6.981M |
YoY Change | 7.09% | 26.26% |
Interest Expense | $20.00K | $20.00K |
YoY Change | 0.0% | |
% of Operating Profit | ||
Other Income/Expense, Net | $22.00K | $3.000K |
YoY Change | 633.33% | -88.0% |
Pretax Income | -$7.436M | -$6.963M |
YoY Change | 6.79% | 25.46% |
Income Tax | $24.00K | $11.00K |
% Of Pretax Income | ||
Net Earnings | -$7.460M | -$6.974M |
YoY Change | 6.97% | 25.39% |
Net Earnings / Revenue | -93.59% | -87.22% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | -$180.8K | -$173.9K |
COMMON SHARES | ||
Basic Shares Outstanding | 41.38M shares | 40.47M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $13.90M | $22.20M |
YoY Change | -37.39% | 0.0% |
Cash & Equivalents | $13.92M | $22.16M |
Short-Term Investments | ||
Other Short-Term Assets | $1.300M | $1.200M |
YoY Change | 8.33% | -7.69% |
Inventory | $1.124M | $1.021M |
Prepaid Expenses | ||
Receivables | $5.381M | $4.352M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $21.74M | $28.78M |
YoY Change | -24.44% | 4.14% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $2.752M | $2.756M |
YoY Change | -0.15% | -21.23% |
Goodwill | $3.241M | $3.241M |
YoY Change | 0.0% | 0.0% |
Intangibles | $1.968M | |
YoY Change | -63.16% | |
Long-Term Investments | $1.100M | $1.500M |
YoY Change | -26.67% | 114.29% |
Other Assets | $253.0K | $202.0K |
YoY Change | 25.25% | -28.87% |
Total Long-Term Assets | $8.889M | $10.41M |
YoY Change | -14.64% | -24.48% |
TOTAL ASSETS | ||
Total Short-Term Assets | $21.74M | $28.78M |
Total Long-Term Assets | $8.889M | $10.41M |
Total Assets | $30.63M | $39.19M |
YoY Change | -21.84% | -5.39% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $3.493M | $2.850M |
YoY Change | 22.56% | 46.0% |
Accrued Expenses | $3.055M | $3.224M |
YoY Change | -5.24% | 56.13% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $13.53M | $16.48M |
YoY Change | -17.94% | 38.87% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $255.0K | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $2.211M | $2.458M |
YoY Change | -10.05% | -40.83% |
Total Long-Term Liabilities | $2.466M | $2.458M |
YoY Change | 0.33% | -40.83% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $13.53M | $16.48M |
Total Long-Term Liabilities | $2.466M | $2.458M |
Total Liabilities | $18.95M | $18.94M |
YoY Change | 0.05% | 18.21% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$299.5M | -$290.5M |
YoY Change | 3.11% | 3.19% |
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 | $11.68M | $16.11M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $30.63M | $39.19M |
YoY Change | -21.84% | -5.39% |
Cashflow Statement
Concept | 2017 Q1 | 2016 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$7.460M | -$6.974M |
YoY Change | 6.97% | 25.39% |
Depreciation, Depletion And Amortization | $326.0K | $465.0K |
YoY Change | -29.89% | -16.67% |
Cash From Operating Activities | -$3.566M | $219.0K |
YoY Change | -1728.31% | -105.69% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $237.0K | $265.0K |
YoY Change | -10.57% | 409.62% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $0.00 | $30.00K |
YoY Change | -100.0% | 200.0% |
Cash From Investing Activities | -$236.0K | -$238.0K |
YoY Change | -0.84% | 406.38% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$1.547M | -$1.091M |
YoY Change | 41.8% | 151.96% |
NET CHANGE | ||
Cash From Operating Activities | -$3.566M | $219.0K |
Cash From Investing Activities | -$236.0K | -$238.0K |
Cash From Financing Activities | -$1.547M | -$1.091M |
Net Change In Cash | -$5.349M | -$1.110M |
YoY Change | 381.89% | -74.35% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$3.566M | $219.0K |
Capital Expenditures | $237.0K | $265.0K |
Free Cash Flow | -$3.803M | -$46.00K |
YoY Change | 8167.39% | -98.82% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2017Q1 | cdxs |
Duration Company Has Been In Operation
DurationCompanyHasBeenInOperation
|
P15Y | |
CY2016Q4 | cdxs |
Lease Incentive Obligation Noncurrent
LeaseIncentiveObligationNoncurrent
|
885000 | USD |
CY2017Q1 | cdxs |
Lease Incentive Obligation Noncurrent
LeaseIncentiveObligationNoncurrent
|
779000 | USD |
CY2017Q1 | cdxs |
Lessee Leasing Arrangements Capital Leases Termof Contract
LesseeLeasingArrangementsCapitalLeasesTermofContract
|
P3Y | |
CY2016Q1 | cdxs |
Longterm Lease Incentive
LongtermLeaseIncentive
|
106000 | USD |
CY2017Q1 | cdxs |
Longterm Lease Incentive
LongtermLeaseIncentive
|
106000 | USD |
CY2016Q1 | cdxs |
Noncash Financing Activities Assets Acquired Under Capital Lease
NoncashFinancingActivitiesAssetsAcquiredUnderCapitalLease
|
0 | USD |
CY2017Q1 | cdxs |
Noncash Financing Activities Assets Acquired Under Capital Lease
NoncashFinancingActivitiesAssetsAcquiredUnderCapitalLease
|
528000 | USD |
CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001200375 | |
CY2017Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
48169923 | shares |
CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
CY2017Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-91000 | USD |
CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
CODEXIS INC | |
CY2016Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
4232000 | USD |
CY2017Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
3493000 | USD |
CY2016Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
5924000 | USD |
CY2017Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
5381000 | USD |
CY2016Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
2111000 | USD |
CY2017Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3055000 | USD |
CY2016Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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|
31651000 | USD |
CY2017Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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|
31977000 | USD |
CY2016Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
0 | USD |
CY2016Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
311164000 | USD |
CY2017Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
311296000 | USD |
CY2016Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
421000 | USD |
CY2017Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
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|
421000 | USD |
CY2016Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
0 | USD |
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Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
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CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
7734000 | shares |
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Asset Retirement Obligation
AssetRetirementObligation
|
400000 | USD |
CY2017Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
400000 | USD |
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Assets
Assets
|
35648000 | USD |
CY2017Q1 | us-gaap |
Assets
Assets
|
30631000 | USD |
CY2016Q4 | us-gaap |
Assets Current
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27227000 | USD |
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Assets Current
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|
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Available For Sale Securities
AvailableForSaleSecurities
|
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CY2017Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
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CY2016Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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|
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Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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|
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Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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|
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Available For Sale Securities Amortized Cost
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|
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Available For Sale Securities Amortized Cost
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|
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Capital Lease Obligations Current
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|
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Capital Lease Obligations Incurred
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|
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CY2017Q1 | us-gaap |
Capital Lease Obligations Noncurrent
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Capital Leases Future Minimum Payments Due
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Capital Leases Future Minimum Payments Due In Five Years
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|
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Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
|
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CY2017Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
|
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CY2017Q1 | us-gaap |
Capital Leases Future Minimum Payments Due In Two Years
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|
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Capital Leases Future Minimum Payments Interest Included In Payments
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|
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CY2017Q1 | us-gaap |
Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
|
379000 | USD |
CY2017Q1 | us-gaap |
Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
105000 | USD |
CY2016Q4 | us-gaap |
Cash
Cash
|
8100000 | USD |
CY2017Q1 | us-gaap |
Cash
Cash
|
2700000 | USD |
CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents Period Increase Decrease
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|
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Cash And Cash Equivalents Period Increase Decrease
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|
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|
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|
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Commitments And Contingencies
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|
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Commitments And Contingencies
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|
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Common Stock Par Or Stated Value Per Share
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|
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Common Stock Par Or Stated Value Per Share
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|
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Common Stock Shares Authorized
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Common Stock Shares Authorized
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Common Stock Shares Issued
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|
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Common Stock Shares Issued
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|
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Common Stock Shares Outstanding
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|
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Common Stock Shares Outstanding
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|
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Common Stock Value
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|
4000 | USD |
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Common Stock Value
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|
4000 | USD |
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Comprehensive Income Net Of Tax
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|
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CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-7551000 | USD |
CY2016Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
2489000 | USD |
CY2017Q1 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
3002000 | USD |
CY2016Q4 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
1710000 | USD |
CY2017Q1 | us-gaap |
Deferred Revenue Current
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|
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Deferred Revenue Noncurrent
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|
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CY2017Q1 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
2180000 | USD |
CY2016Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
465000 | USD |
CY2017Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
326000 | USD |
CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.17 | |
CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.18 | |
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Employee Related Liabilities Current
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|
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CY2017Q1 | us-gaap |
Employee Related Liabilities Current
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|
5334000 | USD |
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Fair Value Assets Level1 To Level2 Transfers Amount
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|
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CY2017Q1 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
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|
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Finite Lived Intangible Assets Accumulated Amortization
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|
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CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
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|
21778000 | USD |
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Finite Lived Intangible Assets Gross
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|
21778000 | USD |
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Goodwill
Goodwill
|
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CY2016Q4 | us-gaap |
Finite Lived Intangible Assets Net
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|
0 | USD |
CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
0 | USD |
CY2016Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
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|
27000 | USD |
CY2017Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
1000 | USD |
CY2016Q4 | us-gaap |
Goodwill
Goodwill
|
3241000 | USD |
CY2016Q4 | us-gaap |
Goodwill
Goodwill
|
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CY2017Q1 | us-gaap |
Goodwill
Goodwill
|
3241000 | USD |
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Goodwill Impairment Loss
GoodwillImpairmentLoss
|
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CY2017Q1 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
0 | USD |
CY2017Q1 | us-gaap |
Incentive From Lessor
IncentiveFromLessor
|
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CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-6963000 | USD |
CY2017Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-7436000 | USD |
CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
11000 | USD |
CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
24000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
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CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
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CY2016Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
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CY2017Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
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CY2016Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-184000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
1048000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
974000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
1020000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
30000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
299000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
1172000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
763000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
0 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-19000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-109000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-6000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-5000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
174000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
|
0 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
|
-75000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
0 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
43000 | USD |
CY2016Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
648000 | USD |
CY2017Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
819000 | USD |
CY2016Q4 | us-gaap |
Inventory Net
InventoryNet
|
825000 | USD |
CY2017Q1 | us-gaap |
Inventory Net
InventoryNet
|
1124000 | USD |
CY2016Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
118000 | USD |
CY2017Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
142000 | USD |
CY2016Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
59000 | USD |
CY2017Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
163000 | USD |
CY2016Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
15000 | USD |
CY2017Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
18000 | USD |
CY2016Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
900000 | USD |
CY2017Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
900000 | USD |
CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
16549000 | USD |
CY2017Q1 | us-gaap |
Liabilities
Liabilities
|
18951000 | USD |
CY2016Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
35648000 | USD |
CY2017Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
30631000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-161000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
|
300000 | USD |
CY2016Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
12367000 | USD |
CY2017Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
13526000 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
0 | USD |
CY2017Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
255000 | USD |
CY2016Q3 | us-gaap |
Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
|
5 | claim |
CY2016Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
1142000 | USD |
CY2017Q1 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
1051000 | USD |
CY2016Q4 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
11200000 | USD |
CY2017Q1 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
11200000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1091000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1547000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-238000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
219000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3609000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6974000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7460000 | USD |
CY2017Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | operating_segment |
CY2017Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | operating_segment |
CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
14977000 | USD |
CY2017Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
15447000 | USD |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6981000 | USD |
CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-7476000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
10035000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
|
2000000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
531000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
712000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
3280000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
3185000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
2327000 | USD |
CY2016Q1 | us-gaap |
Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
|
200000 | USD |
CY2016Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
259000 | USD |
CY2017Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
253000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
|
-90000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
|
-91000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | USD |
CY2016Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
2231000 | USD |
CY2017Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
2211000 | USD |
CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
3000 | USD |
CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
22000 | USD |
CY2016Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
1098000 | USD |
CY2017Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
1636000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
265000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
237000 | USD |
CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2017Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2016Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1238000 | USD |
CY2017Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1314000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
27000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
1000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
7000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
99000 | USD |
CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
33806000 | USD |
CY2017Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
34729000 | USD |
CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2155000 | USD |
CY2017Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2752000 | USD |
CY2016Q4 | us-gaap |
Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
|
0 | USD |
CY2017Q1 | us-gaap |
Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
|
0 | USD |
CY2016Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
0 | USD |
CY2017Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
10000 | USD |
CY2016Q1 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
3534000 | USD |
CY2017Q1 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
2001000 | USD |
CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
5686000 | USD |
CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
5839000 | USD |
CY2016Q4 | us-gaap |
Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
|
1624000 | USD |
CY2017Q1 | us-gaap |
Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
|
1592000 | USD |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-292069000 | USD |
CY2017Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-299529000 | USD |
CY2016Q1 | us-gaap |
Revenues
Revenues
|
7996000 | USD |
CY2017Q1 | us-gaap |
Revenues
Revenues
|
7971000 | USD |
CY2016Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
722000 | USD |
CY2017Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
384000 | USD |
CY2016Q1 | us-gaap |
Sales Revenue Goods Gross
SalesRevenueGoodsGross
|
3740000 | USD |
CY2017Q1 | us-gaap |
Sales Revenue Goods Gross
SalesRevenueGoodsGross
|
5586000 | USD |
CY2016Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
6802000 | USD |
CY2017Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
6606000 | USD |
CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1389000 | USD |
CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1669000 | USD |
CY2016Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.61 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
2.45 | |
CY2016Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
4466 | shares |
CY2017Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
40582 | shares |
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
19099000 | USD |
CY2017Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
11680000 | USD |
CY2016Q1 | us-gaap |
Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
|
-90000 | USD |
CY2017Q1 | us-gaap |
Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
|
-91000 | USD |
CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
40072000 | shares |
CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
41250000 | shares |
CY2017Q1 | 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-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, 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, India and Netherlands. Such deposits in those countries may be in excess of insured limits.</font></div></div> | |
CY2017Q1 | 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-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</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 discover, develop and sell proteins that deliver value to our clients in a growing set of industries. We view proteins as a vast untapped source of value-creating materials, and we are using our proven technologies, which have been continuously improved over our </font><font style="font-family:inherit;font-size:10pt;">fifteen</font><font style="font-family:inherit;font-size:10pt;"> year history, to commercialize an increasing number of novel proteins, both as proprietary Codexis products and in partnership with our 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;">Many companies have historically used naturally occurring proteins to produce or enhance goods used in everyday life. Despite the growing number of commercial applications of naturally occurring proteins across many industries, the inherent limitations of naturally-occurring proteins frequently restrict their commercial use. Through the application of our proprietary CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform, we are able to engineer novel proteins to overcome these restrictions, thereby adding value or opening up new prospects for our potential clients’ products, processes or businesses. We have developed new proteins that are significantly more stable and/or active in our customers' commercial applications than proteins derived from nature.</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 are a pioneer in the harnessing of computational technologies to drive biology advancements. Over the last fifteen years, we have made substantial investments in the development of our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform, the primary source of our competitive advantage. Our technology platform is powered by proprietary, artificial intelligence-based, computational algorithms that rapidly mine our large and continuously growing library of protein variants’ performance attributes. These computational outputs enable increasingly reliable predictions for next generation protein variants to be engineered, enabling delivery of targeted performance enhancements in a time-efficient manner. In addition to its computational prowess, our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform integrates additional modular competencies, including robotic high-throughput screening and genomic sequencing, organic chemistry and process development, which are all coordinated to create our novel protein innovations.</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 use our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform to engineer custom enzymes. Most of our custom enzymes are intended for use as biocatalysts or protein catalysts. In simple terms, our protein catalysts can accelerate and/or improve yields of chemical reactions. We use our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform to develop novel enzymes that enable industrial biocatalytic reactions and fermentations. Our technology platform has enabled commercially viable products and processes for the manufacture of pharmaceutical intermediates and active ingredients and fine 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;">Our approach to develop commercially viable biocatalytic manufacturing processes begins by conceptually designing the most cost-effective and practical process for a targeted product. We then develop optimized protein catalysts to enable that process design, using our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering platform technology. Engineered protein catalyst candidates, many thousands for each protein engineering project, are then rapidly screened and validated in high throughput under relevant manufacturing operating conditions. This approach results in an optimized protein catalyst enabling cost-efficient processes that typically are relatively simple to run in conventional manufacturing equipment. This also allows for the efficient technical transfer of our process to our manufacturing partners.</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;">The successful embodiment of our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform in commercial manufacturing processes requires well-integrated expertise in a number of technical disciplines. In addition to those directly involved in practicing our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering platform technology, such as molecular biology, enzymology, microbiology, cellular engineering, metabolic engineering, bioinformatics, biochemistry and high throughput analytical chemistry, our process development projects also involve integrated expertise in organic chemistry, chemical process development, chemical engineering, fermentation process development and fermentation engineering. Our integrated, multi-disciplinary approach to biocatalyst and process development is a critical success factor for our company.</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 initially commercialized our CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform and products in the pharmaceuticals market, which remains our primary business focus. Our 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 have also used the technology to develop protein catalysts for use in the fine chemicals market. The fine chemicals market consists of several large market verticals, including food and food ingredients, 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;">More recently, we are also using the CodeEvolver</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> protein engineering technology platform to develop early stage, novel biotherapeutic product candidates, both for our customers and for our own business, most notably our lead program for the potential treatment of phenylketonuria ("PKU") disease 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 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 enzyme for customers using next generation sequencing (“NGS”) and polymerase chain reaction (“PCR/qPCR”) for </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in vitro</font><font style="font-family:inherit;font-size:10pt;"> molecular diagnostic and genomic research applications.</font></div></div> | |
CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
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<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, 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> |