Codexis' Strategic Focus: Discontinues Biotherapeutics Development, Lays Off 25% Of Employees, Cash Runway Into Mid-2026
Portfolio Pulse from Vandana Singh
Codexis Inc (NASDAQ:CDXS) is discontinuing certain development programs, primarily in Biotherapeutics, and reducing its workforce by 25% to focus on its Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis platform and Pharmaceutical Manufacturing business. The company had $92.1 million in cash as of June 30, 2023, and expects this to fund operations until mid-2026. Codexis is also discontinuing its 50/50 development support of CDX-7108 and is negotiating with Nestlé Health Science S.A. to advance the program.
July 21, 2023 | 4:24 pm
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Codexis is discontinuing certain programs and reducing its workforce, which could lead to short-term instability in its stock price.
The discontinuation of certain programs and workforce reduction could lead to short-term instability in Codexis' stock price. However, the company's focus on its ECO Synthesis platform and Pharmaceutical Manufacturing business could potentially lead to long-term growth.
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