REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ: NASDAQ:CDXS), a renowned enzyme engineering firm, announced today the appointment of Carole Cobb to its Strategic Advisory Board (SAB). Cobb brings extensive biotechnology experience from her former role as Chief Operating Officer at GreenLight Biosciences and other senior positions in the industry.
Cobb's four-decade career includes significant contributions to RNA-based solution advancements, fermentation-based commercial manufacturing, and global supply chain management. Her expertise is expected to bolster Codexis's efforts in advancing their ECO Synthesis™ manufacturing platform and the ECO Synthesis™ Innovation Lab, as well as preparing for commercialization.
Stefan Lutz, PhD, Senior Vice President of Research at Codexis, expressed the company's honor in welcoming Cobb to the board, highlighting her timely addition ahead of the SAB's inaugural meeting set for later this month.
Cobb shared her enthusiasm for joining Codexis, emphasizing the potential impact of their technology on patient treatment paradigms by facilitating access to emerging RNAi therapeutics. She looks forward to contributing to the company's strategy to bring this technology to market.
The Codexis SAB, established in 2023, comprises experts in oligonucleotide synthesis, manufacturing, and commercialization, playing a critical role in guiding the company's strategic direction. Current members include John Maraganore, PhD, founder and former CEO of Alnylam Pharmaceuticals; Masad Damha, PhD, Distinguished James McGill Professor at McGill University; and Jim Lalonde, PhD, biotechnology consultant and former Senior Vice President of Research and Development at Codexis.
The ECO Synthesis™ manufacturing platform aims to address scalability and cost challenges in RNAi therapeutics production, with Codexis achieving gram-scale synthesis in December 2023. The company is on track to initiate early access customer testing in the second half of 2024.
This announcement is based on a press release statement from Codexis, Inc.
InvestingPro Insights
As Codexis, Inc. (NASDAQ: CDXS) welcomes the expertise of Carole Cobb to its Strategic Advisory Board, the company's financial metrics and market performance provide additional context for stakeholders.
Codexis holds a market capitalization of approximately $220.05 million, reflecting its position in the enzyme engineering sector. Despite the challenges faced in the industry, Codexis maintains a Price to Book ratio of 2.54 as of the last twelve months ending Q4 2023, suggesting that investors value the company's assets relative to its share price.
InvestingPro data indicates that Codexis experienced a significant revenue decline of 49.39% in the last twelve months as of Q4 2023, which could be linked to the competitive nature of the biotechnology field and the high costs associated with research and development.
This is further illustrated by a gross profit margin of -2.21% and an operating income margin of -78.13% in the same period, underscoring the financial pressures the company is currently facing.
Despite these challenges, Codexis has seen a large price uptick of 55.83% over the last six months, which could be attributed to positive market sentiment regarding the company's long-term potential and strategic initiatives like the ECO Synthesis™ manufacturing platform.
InvestingPro Tips highlight that Codexis holds more cash than debt on its balance sheet and that liquid assets exceed short-term obligations, providing the company with a solid liquidity position to manage its operations and invest in future growth.
For investors and analysts seeking a deeper understanding of Codexis's financial health and strategic direction, there are additional InvestingPro Tips available that shed light on aspects such as shareholder yield and the company's profitability outlook. Codexis does not pay a dividend to shareholders, which may be a consideration for income-focused investors. Interested readers can explore these insights further by visiting the company's profile on InvestingPro at https://www.investing.com/pro/CDXS.
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