Thank you, operator. With me today are Dr.

Alison Moore, Codexis' President and CEO, and Britton Jimenez, Senior Vice President, Sales and Marketing. During this call, management will make a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2026 revenue, anticipated milestones including product launches, facility expansions, technical milestones, and public announcements related thereto, as well as our strategies and prospects for revenue growth, path to profitability, and successful execution of current and future programs and partnerships.

To the extent that statements contained in this call are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the beliefs and expectations of management as of the statement date, March 11th, 2026. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond Codexis' control and that could materially affect actual results.

Additional information about factors that could materially affect actual results can be found in the Codexis filings with the Securities and Exchange Commission. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Now, I'll turn the call over to Alison.

Thank you, Georgia, and thanks everyone for joining. At Codexis, our mission is to generate manufacturing solutions using biocatalytic enzymes.

Building on our history of innovative enzymes and our established relationships with the biopharmaceutical industry, we are now focused on RNA medicines. We have developed the ECO Synthesis manufacturing platform, which is short for enzyme-catalyzed oligonucleotide synthesis, and has been developed to address many of the challenges experienced with the current siRNA production technology.

The number of siRNA medicines in development are growing at a rate of 5% to 10% per year, and current production technologies will not be able to keep up with demand. The impact of these powerful new therapies may be compromised if they cannot be produced at scale.

It's not a medicine if you can't make it. The total addressable annual market for production technologies in 5 years is estimated to be $2 billion, and we intend to establish Codexis as a key technology provider in this market.

Let's talk about how we're doing that. Last year was pivotal in both the focus and momentum of the company.

We achieved a number of important milestones in 2025 in platform, performance, and industry engagement, demonstrating tangible and significant interest from our customers, who are all-invested in making powerful siRNA therapeutics. We are demonstrating that we are at the forefront of biocatalytic enzyme innovation by developing technologies that can improve large-scale manufacturing of oligonucleotides, and potentially even deliver superior therapeutic asset activity.

We reached an important technical milestone in delivering our platform, having synthesized 10 grams of a commercially relevant siRNA using full sequential ECO Synthesis. Importantly, we shared detailed product quality data from this synthesis, demonstrating no quality barriers related to our production technology.

We are continuing to scale up the production platform in 2026, currently operating at 100-gram scale in our ECO Innovation Lab, and heading toward 1/2-kilo scale by the end of the year. In addition, we had a client utilize our ligase to manufacture a 3-kilogram batch of siRNA, a tremendous achievement in chemoenzymatic production, an important growth sector of our business.

In terms of building a robust supply chain to support our ECO Synthesis platform, we made significant progress in production infrastructure. Our ECO Synthesis process involves a suite of purified enzymes.

To enable efficient, high-quality supply of these enzymes, we have modernized our non-GMP production capability in Redwood City, and achieved ISO 9001 certification. This certification provides confidence to our customers that we are operating under a particular quality standard.

This milestone was reached in the first quarter of 2026, and since then we have passed a facility and quality management system inspection by a large pharmaceutical customer, readying Codexis for ECO enzyme supply. With respect to GMP production capability, we are fully engaged in our capital project to retrofit our new GMP plant that was leased in 2025.

We will begin construction in the second half of this year, and expect it to be fully operational by the end of 2027, further enabling the adoption of the ECO Synthesis platform and serving our customers with GMP siRNA. Innovation is a cornerstone of our company and our culture.

In 2025, we introduced a new feature of our ECO Synthesis platform, which is the ability to generate siRNA with specific stereochemical control. We presented our first data demonstrating stereoisomer resolution at TIDES US, and we are building the ability to control stereoisomer configuration at both the 3-prime and 5-prime ends of the siRNA molecule.

In addition, we are exploring the biological impact of this control, and believe this could be a tremendous asset to those customers who seek ways to improve the potency and purity of their product. We will always be striving to lead the industry in innovations that are meaningful and directly relevant to the needs of our customers.

On the commercial front, at the start of 2025, our goal was to market our ligase and full ECO Synthesis products and services by contracting with a broad range of customers in siRNA product development. We saw engagement from a range of innovators, from large pharmas to emerging growth biotechnology customers.

Britton will give a full update on our commercial activities later in the call. Our goal at the beginning of 2025 was to have one CDMO arrangement signed in 2025.

We surpassed that goal by signing three agreements, one each with Bachem, NuovaVisha, and Axolabs, highlighting the motivation from major providers who clearly understand the current limitation of standard solid-phase chemical processes. Each of these partnerships is initiated with feasibility work in our own labs, using a specific therapeutic asset sequence.

In 2025, we returned our heritage small-molecule biocatalysis business to a healthy profit margin, and have seen stabilization in revenue. The pipeline of drugs in late-stage clinical studies remains robust, and should fuel growth in this area for at least the next 3 to 5 years.

This remains an important part of our business, as it supports the investment that we are making in ECO Synthesis. Operationally, we paid close attention to our expenditures, and made the hard decision to realign our workforce in the fourth quarter.

The savings we expect to realize from these efforts will partially offset the cost of our GMP facility, allowing us to make this important investment with minimal increase in our cash burn. Georgia will give you a more detailed description of our financial expectations.

We ended the year in a strong cash position, fueled by the $37.8 million technology transfer agreement we signed with Merck in the fourth quarter, and we expect our current cash balance to fund operations and capital expenditures through the end of 2027. It's remarkable that in just a short time, we have moved enzymatic siRNA synthesis from an exciting idea to a reality.

We are proud of the progress we've made in 2025 to achieve liftoff of the ECO Synthesis platform, and we look forward to showing our customers and investors additional tangible proof of the value of the technology in 2026. To walk you through our commercial achievements and plans for 2026, let me turn it over to Britton.

Thanks, Alison. Broadly speaking, 2025 was the year we moved our ECO Synthesis manufacturing platform from an attractive concept to a promising and viable business.

2025 was also the year where our platform advanced from technical feasibility to being capable of supporting pre-clinical development as our customers progress towards IND and other regulatory submissions. Now I want to share more details on our revenue drivers for 2026.

We spent 2025 building and refining our sales messaging and filling the customer pipeline for our ECO Synthesis platform. We have 55 opportunities in the sales pipeline with 40 individual companies, demonstrating strong continued interest in our ECO Synthesis technology.

The industry knows there needs to be a change, and we intend to be the best option for them, whether they're a drug innovator or a CDMO. I'd like to spend a moment breaking down the stages of our agreement with innovators, what they entail, and offer a plan for how they could evolve.

Our arrangements with CDMOs are slightly different, and I'll review those as well. We announced last week a contract with an emerging biotech company.

Under this contract, we will supply the innovator with 50 grams of siRNA material made using our ECO Synthesis manufacturing platform. To clarify, this is fully enzymatic synthesis of a siRNA drug substance.

Once we deliver the material, they will be able to perform preclinical testing on the asset. Upon meeting the goals of this testing, the innovator plans to use our process to move their drug candidate into clinical studies.

This is an exciting proposition for us as it is the first time we have a line of sight to having a drug made from the ECO Synthesis platform move into human studies. Financially, this low seven-figure contract is fairly evenly split between services and product revenue, and is expected to be completed over the next 12 months.

This contract is the prototype of how we enter into evaluation agreements with our customers. Once a customer decides to move their drug candidate forward, we enter into a new multi-year agreement that will incorporate licensing fee, milestone payments, as well as clinical supply agreement.

The dollar value of these contracts will vary based on the size of clinical trial and the amount of material we must produce to meet the customer's needs. If the product is developed successfully, we will enter into a commercial supply agreement.

We will continue to provide updates throughout '26 on examples of these types of contracts. We have also created relationships with CDMOs, all of which are currently in the technology feasibility assessment phase.

Once this phase has been completed, we expect the relationship to move to an adoption phase where we will transfer our production-scale process to their facility. We expect to work under a commercial agreement that would consist of upfront licensing fees plus referral revenue-sharing arrangements.

We expect referrals to be bilateral: we will refer our customers to our preferred CDMOs, and likewise, our CDMO partners will refer customers to us who are seeking to improve their manufacturing processes. Our small-molecule biocatalysis business remains stable and profitable.

As we mentioned on our last earnings call, we support 14 programs in late-stage clinical development. We've had data readouts on three of those studies, two of which were positive.

Our customers are in the process of seeking commercial approval for those programs, and we are already seeing activity in preparation for supporting commercial launch. As we mentioned late last year, this is evidence that our historical business can start to show sustained growth again for the next few years.

We still have additional opportunities to add to this late-stage pipeline, and will continue to service the needs of our customers who seek value-added enzymatic solutions to their drug manufacturing activities. As Alison mentioned earlier, we are focused on being a technology innovator in the oligonucleotide market.

We are already having conversations with customers about how to employ stereoisomer control to deliver improved product purity and potentially improve potency. With further technological development and demonstration of the importance of this approach, this has the potential to be an important offering in our commercial portfolio.

In addition to product and service sales, I want to take a moment to note Codexis' rich history in business development and technology licensing. One of our strengths is identifying innovative ways for our customers to benefit from our technology.

Whether it is exploring fields outside our core focus or out-licensing our CodeEvolver technology, we have had a long practice of signing licensing deals. The agreement we signed with Merck late last year is evidence of the importance of this strategy, having provided us $38 million of non-dilutive capital.

We remain committed to this practice and intend to sign a licensing-type deal in 2026. I hope you can appreciate the feeling of excitement we have for our prospects in 2026 and beyond.

We are aligned behind our ECO Synthesis technology and are energized to truly make '26 a demonstrable success. With that, I will now turn the call over to Georgia for a discussion of our financial results for the fourth quarter and full-year '25.

Thanks, Britton. Good afternoon, everyone.

Today, I will provide a brief overview of our financial results here on the call, and invite you to review our 10-K filed today for a more detailed discussion. Total revenues were $38.9 million for the fourth quarter of 2025, compared to $21.5 million in the fourth quarter of 2024.

The increase was primarily due to the Merck technology transfer agreement executed in the fourth quarter of 2025. We do expect a small amount of revenue under this agreement to be recognized in the first quarter of 2026.

For the year ended December 31st, 2025, revenue was $70.4 million, compared to 59.3 million for the prior year. Product gross margin was 64% for the fourth quarter of 2025.

For the year ended December 31st, 2025, product gross margin was also 64%, compared to 56% for the prior year. During both the 3-month period and full-year period, the increase was primarily driven by product mix and declines in several low-margin products that were replaced with more profitable product sales.

We expect gross margins to be stable in 2026 at the levels we were able to sustain in 2025. Turning to operating expenses, R&D expenses for the fourth quarter of 2025 were $11.7 million, compared to $12.1 million in the fourth quarter of 2024, largely driven by lower employee-related costs and lower stock-based compensation expenses.

R&D expenses for the year ended December 31st, 2025, were $52.3 million, compared to $46.3 million for the prior year. The year-over-year increase was primarily due to higher employee-related costs, higher lab supplies expense, and the internal reclassification of certain employees to the research and development function, partially offset by a decrease in outside services related to manufacturing and regulatory expense.

Selling, general, and administrative expenses were $11.2 million for the fourth quarter of 2025, compared to $13 million in the prior-year period. The decline was largely due to lower employee-related costs and reduced use of outside services.

SG&A expenses for the year ended December 31st, 2025, were $47.1 million, compared to $55.1 million for the prior year. The decrease was primarily due to lower stock-based compensation expenses, lower legal expenses, and reduced use of outside services.

The fourth quarter 2025 expenses also include a one-time restructuring charge of $3.4 million related to the reorganization announced in November 2025. Throughout 2025, we sought ways to reduce our operating costs and improve gross margins.

The improvements I just mentioned were prior to the benefits realized from the reorganization. We anticipate our operating expenses will also show improvement in 2026.

We intend to use these savings to partially fund the planned increase in capital expenditures associated with our GMP facility build-out. For 2026, the combination of operating expenses and CapEx should be similar to what we experienced in 2025.

Net income for the fourth quarter of 2025 was $9.6 million, compared to a loss of $10.4 million for the fourth quarter of 2024. Net loss for the year ended December 31st, 2025, was $44 million, compared to $65.3 million for the prior year.

We expect 2026 revenue in the range of $72 million to $76 million. For the first quarter, we are comfortable with the current consensus estimate.

Similar to quarterly trends we saw last year, we expect the 2026 revenue to be more heavily weighted toward the second half of 2026 versus the first half. Codexis ended 2025 with $78.2 million in cash, cash equivalents, and short-term investments, which we expect will be sufficient to fund our planned operations and capital expenditures through the end of 2027.

With that, I will now turn the call back over to Alison.

Thank you, Georgia, and thank you, Britton. ECO Synthesis is a disruptive technology that can radically alter the landscape of oligonucleotide manufacturing.

As with any potentially disruptive technology, the first step is to show that it can actually work. In 2025, we achieved that.

The next step is to show that the technology is useful to our customers. We believe we also demonstrated that in 2025 by having success in multiple feasibility studies with our customers.

The next step is to support the deployment of our technology into our customer pipeline. We intend to make significant progress in this regard with several customers in 2026.

We also want to show the value of our approach in longer-term contracts with higher dollar values committed to each one. This is a lofty goal, but one we are determined to achieve this year.

Our goals for 2026 are simple: show our investors proof of success. We can do this by signing the types of contracts I mentioned above, and also new, innovative licensing deals.

We will also be focused on financial performance: meeting our revenue targets while being mindful of our expenses, which is everyone's responsibility within Codexis. We want to continue to innovate in the field of RNA medicine using our skills and experience in biocatalytic enzymes.

We will be presenting at the TIDES meeting this year, and we'll showcase our work on stereoisomer control. This important new development has the potential to be our next product offering.

We will also communicate our ongoing progress in scaling up our ECO Synthesis manufacturing platform, and making progress toward achieving 1/2-kilogram scale by the end of this year. Later this year, we will plan to begin the retrofit construction of our GMP facility, which is an important strategic asset for the company.

We will keep you updated on our progress there as well. 2026 is shaping up to be the year when ECO Synthesis is not just an alternative production technology, but the technology of choice for our customers' RNA medicine.

We are excited by our prospects and the dedication and achievements of our employees who have been instrumental in making the ECO Synthesis technology a reality. Now, we'd be happy to take your questions.

Operator?

Hey, thanks guys and thanks for taking the question. I know of late you've been highlighting the potential value for stereoisomer control and the potential to yield a superior drug profile.

Could you just talk to when might we see that validated, either pre-clinically or clinically? Are any of your existing 55 opportunities actively exploring this?

Thank you.

Thanks so much for the question. We're working very hard on this, this year because we think that the opportunity maybe very important.

We are already examining the biological activity of some of the stereoconfigurations that we can generate using the ECO Synthesis platform. We're going to show more substantive data around the stereoconfigurations at the TIDES US meeting, and over the whole course of this year, we will be doing further work to associate those stereoconfigurations with the possibility of improved potency.

This is based on a published precedent. In addition, we have had several conversations with customers who have pipelines that include siRNA assets, and they are also interested to collaborate with us to elucidate the opportunity for their particular assets.

We have a lot of activity in this area for 2026, and we expect beyond.

Hi, this is Rick Miller on for Kristen. Just a quick question.

Could you help us kind of understand the general process of how you got to the recent announced deal? Thank you.

The recent announced deal? Can I just ask a clarification, are you referring to the deal in the recent press release?

That is correct.

I think I will ask Britton to speak about the history of that relationship and how we think about that deal and the potential for the future progress in that relationship.

Allison, thanks. This deal in particular is very, very exciting.

This is, as we mentioned in the press release, a small organization that has a cardiovascular asset that are looking and understand that what they're trying to achieve, the current industry cannot meet their needs. From very early on in their development of this asset, they've been in discussions with us because they know they have a challenge, and they need to figure out a way to address that challenge and be able to bring their product to market.

These discussions have been going on for many, many months with this organization. They're very, very excited working with us, we're very excited working with them because we both believe that the ECO Synthesis manufacturing platform can meet their needs and deliver the materials that they need for their clinical asset that eventually will get into commercial production as they work their way through the different clinical trials they need to go through.

Good afternoon and congratulations on your progress. Maybe just to dig in a little bit more on the 50-gram contract.

Could you walk us through, this initial, agreement is for low seven-figures. Walk us through the process, this is pre-clinical work.

What happens next, assuming the data comes back positive? Where do they go?

What, what phase do they move into? What does that, contract look like?

I'm assuming it's much larger than 50 grams, help us extrapolate what this could ultimately become as this moves from a pre- pre-clinical study into maybe at some point a commercial product.

I'll start with that, Matt, thank you. We like this prototype, and we hope that we would fill our book of business with a pipeline of these.

The example is that we commit to feasibility studies. We've been talking about that over the last year, where we determine if our technology and the particular sequence and construct that a company is interested in progressing, if there's a good match.

We've seen that across numerous molecules now, and are really starting to build a database and also build credibility across our current customers about the capability and power of the platform. This contract that you're referencing was also initiated as a feasibility study, a service-type contract.

As we continue sharing data with this particular client in this contract, we will be completing this component of this contract with the delivery of 50 grams of material that this customer will then use to do pre-clinical studies with, and they will start to create their early-stage comparability assessment of our product. Beyond this pre-clinical work, one would expect that if the data continues to look successful, that the company will be interested in progressing product generated using the ECO Synthesis platform into an IND submission, and they would be generating toxicology material and GMP material suitable to start a clinical trial.

If our production platform continues to be their designated manufacturing process, then our aspiration is that we will become their manufacturing partner, and provide, ultimately, commercial material to them, assuming that their asset proceeds through development.

That's, that's helpful. Is there a way for us to, and I'm not asking for specific numbers, but how do we think about as that scales through development from, pre-clinical to tox studies and beyond?

How do we think about that, low seven figures? Does that become mid-seven figures?

Does it become multiples of that? I'm just trying to figure out what, what, what can this become, if you and your partner are successful with this specific program?

This is just an example that we wanted to share, and like I said, what our aspiration is to build a portfolio of such customers. I also reference that we have been doing feasibility that we think has been incredibly valuable with multiple customers over the last 15 months or more.

We have provided those services in a way that has been very easy for those customers to try to use the ECO Synthesis technologies to test them out. We are moving forward with a powerful technology that is more and more recognized, and we absolutely would expect that licensing deals associated with the technology, the opportunity to commit to this technology would be much more significant in terms of the kind of revenue that they would earn for Codexis.

In addition, as after our GMP facility is operational, we will be selling product in addition. I think that some of these things will go hand-in-hand.

Some customers may want to license the technology completely and bring the technology in-house, in which case we will supply enzymes. Smaller companies may want to purchase GMP siRNA from Codexis directly, and we will be able to do all of those.

Certainly, if our technology delivers a superior asset and we can prove that, then again, we would expect that that could generate increased value for Codexis and our shareholders.

Got it. If I could sneak one more in, and this one might be a little more geared towards Georgia, but what type of visibility do you have into the $72 to $76 million revenue guidance that you have this year?

I guess how much of that do you feel like you've got line of sight or contracts in hand versus how much of that is still something that you expect to receive over the remainder of the year? Thank you.

That's a good question. As we're sitting in the early part of 2026, the way that we build our projections is to look at historical buying practices of our clients and make estimates moving forward.

As you sit at the beginning of the year, you always have a certain amount of your projections that are speculative, that are unknown, and this year is not any different. The base of our business is from what we look forward to from our past buying practices of our customers.

We do have line of sight on quite a large percentage of this business, but it's still early in the year.

Got it. Thank you very much.

Yeah. Hi, guys, thanks for the questions.

Allison, maybe a high-level one here. You guys are entering a new phase with what you can do, I guess I'm just curious where you think the industry finished 2025 when it comes to total siRNA demand?

I remember when you first talked about this pivot towards ECO Synthesis back in '23, I believe, you had a slide that said that it was 1,000 kilos a year and that by the next decade it could be 30,000 kilos. I know these big-picture questions are sort of tough to answer, but for those that are kind of trying to keep tabs on this scale-up journey, where does it feel like we are at the industry level right now?

Great question. I think that the siRNA therapeutics pipelines seem very vibrant at the moment.

Of course, we can look right at the end of that, we can look at commercial assets. There are eight commercial assets now, so that total number is growing.

You can see that the commercial asset revenue line is growing. We also know that there are a couple of very large indication-size Phase 3 assets sitting in some large pharma pipelines.

Then through those types of customers and our interactions with them, we also understand that there's an extremely large number of siRNA assets in preclinical and early-stage clinical trials. I myself look at the clinical trial numbers in fda.gov, and I count them from time to time, and those are growing very nicely.

To your point about demand, you're correct that the estimates on demand, they vary significantly, but we are, I think, confidently looking at something like 10, I'll give you a broad range, 10 to 30 tons, 10 to 30 metric tons of oligonucleotide material required by 2030. I think that there is a very significant addressable market there, and we intend to have a significant piece of that.

Yep. Okay.

Very helpful. Maybe just a follow-up, Georgia.

How much gross margin variability do you see when you think about that mix of outsourced business versus partners that are taking ECO in-house directly over say the next 12, 24 months? Is that something that represents a mixed question and so therefore a profitability question, or do you not see it that way?

No, we don't really see it that way. The ECO business right now has been primarily services, there's not a lot of gross margin you can calculate off of ECO, that side of our business right now.

The gross margin is really calculated on product sales only. That right now, the majority of that is our historical biocatalysis business.

The gross margins are pretty stable there. We were able to sustain a 64% gross margin for the entire year.

There are some quarterly variability, but we got 64% gross margin in the fourth quarter plus for the whole year. Feel pretty good about having that margin or close to it with some error of margin around that through 2026.

We see that as being pretty stable now.

Okay. Thank you.

Great, thanks for taking the questions, guys. I wanted to actually ask about the revenue mix from here, and maybe just gut-check a few modeling assumptions.

I understand your color around the legacy biocatalysis business, but is it fair to assume at least kind of incremental or modest growth of that segment over the next 2 years? Or should we interpret kind of this broader strategic pivot to mean ultimately a winding down of biocatalysis revenues as some of these newer partnerships take more and more share of revenue growth?

Just kind of checking in on how we should think about the split of your growth over the next 2 years. Thanks.

Um-- Yes,

please, Georgia.

The bulk of our growth, we really do expect that to come from the ECO side of the business. Our base business, the small-molecule biocatalysis business has stabilized, and we mentioned that we had a pipeline of products that are in late-stage clinical testing.

We've had data readouts on three of those, two were successful. We do expect that pipeline of opportunities will continue to fuel growth for the next few years.

The higher growth rate, we expect to come from the ECO side of the business. I hope that answers your question.

Yep, sounds good. Thank you.

Thank you so much, everybody. I hope you can tell we're so excited about what's ahead, and really appreciate you joining for our call today.

Thank you.