The following is a summary of the Codexis, Inc. (CDXS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Codexis reported Q1 2024 total revenues of $17.1 million, an increase of 32% year-over-year.

• Product revenues were up 14% to $9.6 million compared to $8.4 million in the prior year.

• R&D revenues reported were $7.5 million in Q1 2024 compared to $4.6 million last year.

• Product gross margin improved to 49% this quarter, compared to 46% from the same period last year.

• The company ended the quarter with cash and cash equivalents and investments of $85 million.

• Codexis reiterated its revenue guidance range of $38 million to $42 million for the year.

Business Progress:

• Codexis is making progress with the ECO Synthesis manufacturing platform, nearing completion of enzymatically synthesizing full-length RNA oligos.

• The company secured a significant order for its engineered double-stranded RNA ligase from a large pharmaceutical company.

• Codexis plans to launch its RNA ligase screening services at the TIDES USA conference.

• The company's plans for the ECO Synthesis Innovation Lab are proceeding as scheduled, expected to be established by the end of the year.

• Codexis is exploring moving full-scale sRNA production in-house.

• The company targets to expand its customer base through an early access program for its ligase offerings and expects the industrial enzyme business to expand from three main programs to six or seven by the end of the decade.

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