CODEXIS INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities: | ||
| Net loss | $(54,900) | $(69,048) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 3,737 | 4,302 |
| Reduction in the carrying amount of right-of-use assets | 2,364 | 3,647 |
| Stock-based compensation | 10,561 | 7,808 |
| Asset impairment and other charges | 165 | 9,984 |
| Impairment of investment in non-marketable equity securities | 3,910 | 3,875 |
| Equity securities earned from research and development activities | — | (187) |
| Non-cash interest expense | 611 | — |
| Amortization of discount on short-term investments | (1,009) | — |
| Other non-cash items | 11 | (3) |
| Changes in operating assets and liabilities: | ||
| Financial assets | 2,818 | 21,580 |
| Inventories | 582 | (276) |
| Prepaid expenses and other assets | 1,417 | (252) |
| Accounts payable | (1,339) | (105) |
| Accrued compensation and other accrued liabilities | 1,334 | (7,269) |
| Other long-term liabilities | (3,064) | (4,384) |
| Deferred revenue | (140) | (11,273) |
| Net cash used in operating activities | (32,942) | (41,601) |
| Investing activities: | ||
| Purchase of property and equipment | (2,531) | (4,798) |
| Proceeds from sale of property and equipment | 84 | 27 |
| Purchases of short-term investments | (72,643) | — |
| Proceeds from maturity of short-term investments | 19,000 | — |
| Proceeds from sale of short-term investments | 1,973 | — |
| Investment in non-marketable securities | — | (1,191) |
| Net cash used in investing activities | (54,117) | (5,962) |
| Financing activities: | ||
| Proceeds from exercises of stock options | 281 | 422 |
| Proceeds from issuance of stock under employee stock purchase plan | 525 | — |
| Proceeds from issuance of common stock in connection with equity sales agreements | 31,320 | 8,652 |
| Costs incurred in connection with equity sales agreements | (1,615) | (503) |
| Proceeds from long-term debt | 29,521 | — |
| Payment of debt issuance costs | (642) | — |
| Taxes paid related to net share settlement of equity awards | — | (404) |
| Net cash provided by financing activities | 59,390 | 8,167 |
| Net decrease in cash, cash equivalents and restricted cash | (27,669) | (39,396) |
| Cash, cash equivalents and restricted cash at the beginning of the period | 66,697 | 116,026 |
| Cash, cash equivalents and restricted cash at the end of the period | $39,028 | $76,630 |
| Supplemental disclosure of cash flow information: | ||
|---|---|---|
| Interest paid | $1,633 | $28 |
| Income taxes paid | $17 | $193 |
| Supplemental non-cash investing and financing activities: | ||
| Capital expenditures incurred but not yet paid | $249 | $159 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets as of September 30, 2024 and 2023 to the total of the same such amounts shown above in the unaudited condensed consolidated statements of cash flows:
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $37,452 | $74,577 |
| Restricted cash, current and non-current | 1,576 | 2,053 |
| Total cash, cash equivalents and restricted cash | $39,028 | $76,630 |
This table excludes short-term investments of $52.8 million as of September 30, 2024. Total cash, cash equivalents, and short-term investments as of September 30, 2024 were $90.3 million.
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