Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver® technology platform to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics.
These novel enzymes and biotherapeutics enable innovative sustainable processes and products on the one hand and more accurate diagnostics, and better patient care on the other hand.
The Company earned a CodeEvolver® platform licensing milestone payment from GSK and completed the technology transfer to Novartis for a non-exclusive license to the platform in July.
As a result, total revenues for the second quarter 2021 increased 70% to $25.5 million. Codexis’ product revenues even rose 227% to $14.7 million in Q2’21, primarily driven by the sale of enzymes used to manufacture branded pharmaceutical products.
Moreover, the product gross margin climbed to 71%, driven by a shift in the sales mix to higher margin products.
In conclusion, Codexis announced a net loss of $4.3 million, compared to $6.3 million for the second quarter 2020. As of June 30, 2021, the Company had $129.5 million in cash and cash equivalents.
Codexis had an extraordinarily strong second quarter, with record product revenue that also drove our product gross margin to a new high. Our Sustainable Manufacturing business showcased Codexis’ ability to translate our decades of R&D work designing high performance enzymes into impressive top line growth.
Codexis continues to drive both partnered and self-funded research and product development. As a result, the company continued to expand its pipeline in the biotherapeutics segment as Takeda exercised the option to expand its strategic collaboration during the second quarter.
Very strong indications of significant additional 2021 demand for enzyme products caused the share price to continue to rise sharply.