2019 Q2 Form 10-Q Financial Statement
#000120037519000014 Filed on May 08, 2019
Income Statement
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q1 |
|---|---|---|---|
| Revenue | $12.32M | $15.58M | $14.04M |
| YoY Change | -9.0% | 10.97% | 76.16% |
| Cost Of Revenue | $2.772M | $4.391M | $3.825M |
| YoY Change | 6.17% | 14.8% | 27.42% |
| Gross Profit | $9.547M | $11.19M | $10.22M |
| YoY Change | -12.63% | 9.54% | 105.61% |
| Gross Profit Margin | 77.5% | 71.82% | 72.76% |
| Selling, General & Admin | $7.896M | $8.415M | $7.746M |
| YoY Change | 6.77% | 8.64% | 17.26% |
| % of Gross Profit | 82.71% | 75.19% | 75.81% |
| Research & Development | $8.274M | $8.016M | $7.178M |
| YoY Change | 12.27% | 11.67% | 22.93% |
| % of Gross Profit | 86.67% | 71.62% | 70.26% |
| Depreciation & Amortization | $430.0K | $319.0K | $238.0K |
| YoY Change | 65.38% | 34.03% | -26.99% |
| % of Gross Profit | 4.5% | 2.85% | 2.33% |
| Operating Expenses | $18.94M | $20.82M | $18.75M |
| YoY Change | 9.01% | 11.06% | 21.38% |
| Operating Profit | -$6.623M | -$5.239M | -$4.707M |
| YoY Change | 72.56% | 11.3% | -37.04% |
| Interest Expense | $220.0K | $230.0K | $70.00K |
| YoY Change | 29.41% | 228.57% | 250.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$88.00K | -$125.0K | -$60.00K |
| YoY Change | 7.32% | 108.33% | -372.73% |
| Pretax Income | -$6.491M | -$5.133M | -$4.696M |
| YoY Change | 73.28% | 9.31% | -36.85% |
| Income Tax | $16.00K | $3.000K | -$2.000K |
| % Of Pretax Income | |||
| Net Earnings | -$6.507M | -$5.136M | -$4.694M |
| YoY Change | 74.22% | 9.42% | -37.08% |
| Net Earnings / Revenue | -52.82% | -32.96% | -33.43% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$118.5K | -$94.89K | -$96.92K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 54.54M shares | 54.16M shares | 48.39M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $93.40M | $47.30M | $24.30M |
| YoY Change | 74.25% | 94.65% | 74.82% |
| Cash & Equivalents | $93.42M | $47.32M | $24.30M |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.000M | $1.200M | $1.500M |
| YoY Change | 66.67% | -20.0% | 15.38% |
| Inventory | $720.0K | $633.0K | $1.212M |
| Prepaid Expenses | |||
| Receivables | $11.81M | $12.60M | $8.974M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $110.2M | $63.71M | $35.97M |
| YoY Change | 66.32% | 77.15% | 65.43% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $5.312M | $4.535M | $2.620M |
| YoY Change | 36.8% | 73.09% | -4.8% |
| Goodwill | $3.200M | $3.200M | $3.241M |
| YoY Change | 0.0% | -1.27% | 0.0% |
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $400.0K | $500.0K | $700.0K |
| YoY Change | -42.86% | -28.57% | -36.36% |
| Other Assets | $207.0K | $1.013M | $470.0K |
| YoY Change | -50.0% | 115.53% | 85.77% |
| Total Long-Term Assets | $36.55M | $37.41M | $8.539M |
| YoY Change | 277.84% | 338.1% | -3.94% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $110.2M | $63.71M | $35.97M |
| Total Long-Term Assets | $36.55M | $37.41M | $8.539M |
| Total Assets | $146.8M | $101.1M | $44.51M |
| YoY Change | 93.26% | 127.21% | 45.3% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.164M | $2.180M | $2.597M |
| YoY Change | -29.79% | -16.06% | -25.65% |
| Accrued Expenses | $4.059M | $7.127M | $5.304M |
| YoY Change | -19.64% | 34.37% | 73.62% |
| Deferred Revenue | $5.851M | $1.554M | |
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $200.0K | $200.0K | |
| YoY Change | |||
| Total Short-Term Liabilities | $17.49M | $18.65M | $21.55M |
| YoY Change | 6.59% | -13.45% | 59.34% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $243.0K |
| YoY Change | -100.0% | -100.0% | -4.71% |
| Other Long-Term Liabilities | $1.222M | $1.320M | $1.759M |
| YoY Change | -23.24% | -24.96% | -20.44% |
| Total Long-Term Liabilities | $1.222M | $1.320M | $2.002M |
| YoY Change | -31.15% | -34.07% | -18.82% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $17.49M | $18.65M | $21.55M |
| Total Long-Term Liabilities | $1.222M | $1.320M | $2.002M |
| Total Liabilities | $48.11M | $49.91M | $29.44M |
| YoY Change | 105.36% | 69.55% | 55.34% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$342.1M | -$335.6M | -$324.3M |
| YoY Change | 4.3% | 3.49% | 8.27% |
| Common Stock | $6.000K | $5.000K | $5.000K |
| YoY Change | 20.0% | 0.0% | 25.0% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $98.68M | $51.21M | $15.07M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $146.8M | $101.1M | $44.51M |
| YoY Change | 93.26% | 127.21% | 45.3% |
Cashflow Statement
| Concept | 2019 Q2 | 2019 Q1 | 2018 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$6.507M | -$5.136M | -$4.694M |
| YoY Change | 74.22% | 9.42% | -37.08% |
| Depreciation, Depletion And Amortization | $430.0K | $319.0K | $238.0K |
| YoY Change | 65.38% | 34.03% | -26.99% |
| Cash From Operating Activities | -$5.060M | -$2.851M | -$4.185M |
| YoY Change | -36.35% | -31.88% | 17.36% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$810.0K | $445.0K | $16.00K |
| YoY Change | -44.14% | 2681.25% | -93.25% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | |
| YoY Change | |||
| Cash From Investing Activities | -$810.0K | -$445.0K | -$16.00K |
| YoY Change | -44.14% | 2681.25% | -93.22% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 51.93M | -$2.082M | -$2.764M |
| YoY Change | 34.26% | -24.67% | 78.67% |
| NET CHANGE | |||
| Cash From Operating Activities | -5.060M | -$2.851M | -$4.185M |
| Cash From Investing Activities | -810.0K | -$445.0K | -$16.00K |
| Cash From Financing Activities | 51.93M | -$2.082M | -$2.764M |
| Net Change In Cash | 46.06M | -$5.378M | -$6.965M |
| YoY Change | 57.31% | -22.79% | 30.21% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$5.060M | -$2.851M | -$4.185M |
| Capital Expenditures | -$810.0K | $445.0K | $16.00K |
| Free Cash Flow | -$4.250M | -$3.296M | -$4.201M |
| YoY Change | -34.62% | -21.54% | 10.47% |
Facts In Submission
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10-Q | |
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35000 | USD |
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31813000 | USD |
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| CY2019Q1 | cdxs |
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759000 | USD |
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28485000 | USD |
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21800000 | USD |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
32776000 | USD |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
25811000 | USD |
| CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
54485000 | USD |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
24300000 | USD |
| CY2018Q4 | us-gaap |
Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
252000 | USD |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
49107000 | USD |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-6965000 | USD |
| CY2018Q4 | us-gaap |
Capital Leases Future Minimum Sublease Rentals
CapitalLeasesFutureMinimumSubleaseRentals
|
900000 | USD |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
53000000 | USD |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
53039000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
5351000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
|
2385000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
|
136000 | USD |
| CY2018Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
4936000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
1554000 | USD |
| CY2018Q4 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
3352000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
3797000 | USD |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
15583000 | USD |
| CY2018Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
3825000 | USD |
| CY2019Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
4391000 | USD |
| CY2018Q1 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
-4060000 | USD |
| CY2018Q4 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
343000 | USD |
| CY2018Q1 | us-gaap |
Depreciation
Depreciation
|
238000 | USD |
| CY2019Q1 | us-gaap |
Depreciation
Depreciation
|
319000 | USD |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.10 | |
| CY2018Q4 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
563000 | USD |
| CY2019Q1 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
563000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
|
0 | USD |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.09 | |
| CY2018Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
5272000 | USD |
| CY2019Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
6469000 | USD |
| CY2018Q4 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
588000 | USD |
| CY2019Q1 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
484000 | USD |
| CY2018 | us-gaap |
Equity Securities Fv Ni Unrealized Gain
EquitySecuritiesFvNiUnrealizedGain
|
25000 | USD |
| CY2019Q1 | us-gaap |
Equity Securities Fv Ni Unrealized Gain
EquitySecuritiesFvNiUnrealizedGain
|
0 | USD |
| CY2018 | us-gaap |
Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
|
0 | USD |
| CY2019Q1 | us-gaap |
Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
|
79000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
4000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
|
4000 | USD |
| CY2018Q4 | us-gaap |
Finance Lease Liability
FinanceLeaseLiability
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability
FinanceLeaseLiability
|
242000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability
FinanceLeaseLiability
|
300000 | USD |
| CY2018Q4 | us-gaap |
Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
|
233000 | USD |
| CY2018Q4 | us-gaap |
Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
|
61000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
|
9000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
|
250000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
|
61000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
|
189000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
|
8000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
59000 | USD |
| CY2018Q4 | us-gaap |
Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
|
0 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
|
438000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
|
500000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
54000 | USD |
| CY2019Q1 | us-gaap |
Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
|
0.050 | |
| CY2019Q1 | us-gaap |
Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y | |
| CY2018Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-1000 | USD |
| CY2019Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | USD |
| CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
3241000 | USD |
| CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
3200000 | USD |
| CY2019Q1 | us-gaap |
Goodwill
Goodwill
|
3241000 | USD |
| CY2019Q1 | us-gaap |
Goodwill
Goodwill
|
3200000 | USD |
| CY2018Q4 | us-gaap |
Incentive From Lessor
IncentiveFromLessor
|
500000 | USD |
| CY2018Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-4696000 | USD |
| CY2019Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-5133000 | USD |
| CY2018Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-2000 | USD |
| CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
3000 | USD |
| CY2018Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
5000 | USD |
| CY2019Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-975000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-999000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
44000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
705000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
36576000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-3603000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1053000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
0 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
-35000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-5871000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-2937000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
1381000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
1196000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
177000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
3591000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-210000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-616000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
0 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-38000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
427000 | USD |
| CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
163000 | USD |
| CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
22000 | USD |
| CY2019Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
22000 | USD |
| CY2018Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
377000 | USD |
| CY2019Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
417000 | USD |
| CY2018Q4 | us-gaap |
Inventory Net
InventoryNet
|
589000 | USD |
| CY2019Q1 | us-gaap |
Inventory Net
InventoryNet
|
633000 | USD |
| CY2018Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
165000 | USD |
| CY2019Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
58000 | USD |
| CY2018Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
47000 | USD |
| CY2019Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
158000 | USD |
| CY2018Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
71000 | USD |
| CY2019Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
231000 | USD |
| CY2018Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
800000 | USD |
| CY2019Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
1200000 | USD |
| CY2019Q1 | us-gaap |
Lease Cost
LeaseCost
|
1025000 | USD |
| CY2018Q4 | us-gaap |
Lease Incentive Payable Current
LeaseIncentivePayableCurrent
|
425000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
18220000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
4589000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
4285000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
4197000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
2816000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
2469000 | USD |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
9352000 | USD |
| CY2019Q1 | us-gaap |
Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
|
700000 | USD |
| CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
22977000 | USD |
| CY2019Q1 | us-gaap |
Liabilities
Liabilities
|
49913000 | USD |
| CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
79283000 | USD |
| CY2019Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
101123000 | USD |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
18113000 | USD |
| CY2019Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
18654000 | USD |
| CY2018Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
588000 | USD |
| CY2019Q1 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
484000 | USD |
| CY2018Q4 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
31200000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-2764000 | USD |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-2082000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-16000 | USD |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-445000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-4185000 | USD |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2851000 | USD |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4694000 | USD |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5136000 | USD |
| CY2019Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | segment |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
18749000 | USD |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
20822000 | USD |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4707000 | USD |
| CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-5239000 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1178000 | USD |
| CY2018Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
0 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
27224000 | USD |
| CY2018Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
0 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1091000 | USD |
| CY2018Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
0 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
26133000 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
812000 | USD |
| CY2018Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
0 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
25913000 | USD |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.066 | |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y3M18D | |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
4523000 | USD |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
0 | USD |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
41000 | USD |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
490000 | USD |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
712000 | USD |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
3280000 | USD |
| CY2018Q1 | us-gaap |
Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
|
300000 | USD |
| CY2019Q1 | us-gaap |
Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
|
200000 | USD |
| CY2018Q4 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
575000 | USD |
| CY2019Q1 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
253000 | USD |
| CY2018Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1051000 | USD |
| CY2019Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1013000 | USD |
| CY2018Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1416000 | USD |
| CY2019Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1320000 | USD |
| CY2019Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
| CY2019Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2019Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4535000 | USD |
| CY2018Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
58000 | USD |
| CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-60000 | USD |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-125000 | USD |
| CY2018Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
3140000 | USD |
| CY2019Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
2799000 | USD |
| CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
16000 | USD |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
445000 | USD |
| CY2018Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2019Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
59000 | USD |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
7178000 | USD |
| CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
8016000 | USD |
| CY2019Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
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| CY2018Q4 | us-gaap |
Preferred Stock Shares Outstanding
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| CY2019Q1 | us-gaap |
Preferred Stock Shares Outstanding
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| CY2018Q4 | us-gaap |
Preferred Stock Value
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| CY2019Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
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| CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1068000 | USD |
| CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1232000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
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|
400000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
434000 | USD |
| CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
800000 | USD |
| CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
776000 | USD |
| CY2018 | us-gaap |
Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
|
300000 | USD |
| CY2019Q1 | us-gaap |
Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
|
100000 | USD |
| CY2018Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
37852000 | USD |
| CY2019Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
37474000 | USD |
| CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4759000 | USD |
| CY2018Q1 | us-gaap |
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1511000 | USD |
| CY2018Q4 | us-gaap |
Restricted Cash And Cash Equivalents
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1446000 | USD |
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Restricted Cash And Cash Equivalents
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|
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| CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
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|
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| CY2018Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
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|
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| CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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| CY2019Q1 | us-gaap |
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| CY2019Q1 | us-gaap |
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
|
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| CY2019Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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||
| CY2018Q1 | us-gaap |
Selling General And Administrative Expense
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| CY2019Q1 | us-gaap |
Selling General And Administrative Expense
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|
8415000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1980000 | USD |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2063000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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|
6.49 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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|
3.55 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
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| CY2019Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
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| CY2018Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
435000 | USD |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
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|
776000 | USD |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
24547000 | USD |
| CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15068000 | USD |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
56306000 | USD |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
51210000 | USD |
| CY2019Q1 | us-gaap |
Sublease Income
SubleaseIncome
|
211000 | USD |
| CY2018Q4 | us-gaap |
Unbilled Receivables Current
UnbilledReceivablesCurrent
|
1916000 | USD |
| CY2019Q1 | us-gaap |
Unbilled Receivables Current
UnbilledReceivablesCurrent
|
1923000 | USD |
| CY2018Q1 | us-gaap |
Unrealized Gain Loss On Investments
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|
26000 | USD |
| CY2019Q1 | us-gaap |
Unrealized Gain Loss On Investments
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|
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| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
48385000 | shares |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
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|
54170000 | shares |
| CY2019Q1 | us-gaap |
Nature Of Operations
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|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:16px;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 unaudited 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 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 we have been continuously improving since our inception in 2002, 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;">We are a pioneer in the harnessing of computational technologies to drive biology advancements. Since our inception in 2002, 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;">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 screening 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;">We have also begun 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") in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient. In October 2017, we entered into a Global Development, Option and License Agreement (the "Nestlé Agreement") with Nestec Ltd. ("Nestlé Health Science") to advance CDX-6114, our enzyme biotherapeutic product candidate for the potential treatment of PKU. In February 2019, Nestlé Health Science exercised its option to obtain an exclusive license to develop and commercialize CDX-6114.</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 April 2018, we entered into a strategic agreement (the "Porton Agreement") with Porton Pharma Solutions, Ltd. ("Porton") to license key elements 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 to Porton’s global custom intermediate and active pharmaceutical ingredients ("API") development and manufacturing business. This gives us access to a wide variety of small and medium-sized pharmaceutical customers.</font></div><div style="line-height:120%;padding-bottom:8px;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 enzymes 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. Our first enzyme for this application is a DNA ligase which we began marketing to customers in 2018.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Below are brief descriptions of our business segments (See Note 13, "Segment, Geographical and Other Revenue Information"):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Performance Enzymes</font></div><div style="line-height:120%;padding-top:8px;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, and to date this continues to be our largest market served. Our customers, which include many large global pharmaceutical companies, use our technology, products and services in their manufacturing processes and process development. We have also used the technology to develop customized enzymes for use in other industrial markets. These markets consist of several large industrial verticals, including food and food ingredients, animal feed, flavors, fragrances, and agricultural chemicals. We also use our technology to develop enzymes for customers using NGS and 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 molecular biology research applications.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Novel Biotherapeutics</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 also targeting new opportunities in the pharmaceutical industry to discover, improve, and/or develop biotherapeutic drug candidates. We believe that 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 can be used to discover novel biotherapeutic drug candidates that will target human diseases that are in need of improved therapeutic interventions. Similarly, we believe that we can deploy our platform technology to improve specific characteristics of a customer’s pre-existing biotherapeutic drug candidate, such as its activity, stability or immunogenicity. Most notable is our lead program for the potential treatment of PKU in humans. PKU is an inherited metabolic disorder in which the enzyme that converts the essential amino acid phenylalanine into tyrosine is deficient. In October 2017, we announced a strategic collaboration with Nestlé Health Science to advance CDX-6114, our own novel orally administrable enzyme therapeutic candidate for the potential treatment of PKU. In July 2018, we announced that we had dosed the first subjects in a first-in-human Phase 1a dose-escalation trial with CDX-6114, which was conducted in Australia. In November 2018, we announced top-line results from the Phase 1a study in healthy volunteers with CDX-6114. In December 2018, Nestlé Health Science became obligated to pay us an additional </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> within </font><font style="font-family:inherit;font-size:10pt;">60 days</font><font style="font-family:inherit;font-size:10pt;"> after the achievement of a milestone relating to formulation of CDX-6114. In January 2019, we received notice from the U.S. Food and Drug Administration (the “FDA”) that it had completed its review of our investigational new drug application (“IND”) for CDX-6114 and concluded that we may proceed with the proposed Phase 1b multiple ascending dose study in healthy volunteers in the United States. In February 2019, Nestlé Health Science exercised its option to obtain an exclusive, worldwide, royalty-bearing, sub-licensable license for the global development and commercialization of CDX-6114 for the management of PKU which triggered a payment of </font><font style="font-family:inherit;font-size:10pt;">$3.0 million</font><font style="font-family:inherit;font-size:10pt;"> to us. Upon exercising its option, Nestlé Health Science has assumed all responsibilities for future clinical development and commercialization of CDX-6114, with the exception of the completion of an extension study, CDX - 6114-004, which is expected to be completed in the second quarter of 2019. </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 developed a pipeline of other biotherapeutic drug candidates, which are in preclinical development, and in which we expect to continue to make additional investments with the aim of advancing additional product candidates targeting other therapeutic areas.</font></div></div> | |
| CY2019Q1 | 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 unaudited 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 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 unaudited condensed consolidated financial statements.</font></div></div> |
