CODEXIS INC
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net loss | $(65,276) | $(76,240) | $(33,592) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 4,946 | 5,518 | 5,402 |
| Reduction in the carrying amount of right-of-use assets | 3,184 | 4,405 | 4,849 |
| Stock-based compensation | 13,087 | 9,971 | 14,531 |
| Provision (recovery) for credit losses | 97 | (65) | 4 |
| Asset impairment and other charges | 165 | 9,984 | — |
| Impairment of investment in non-marketable securities | 6,902 | 12,215 | — |
| Equity securities earned from research and development activities ($0, $0, and ($1,245) from a related party) | — | (213) | (1,245) |
| Unrealized gain on non-marketable securities ($0, $0, and ($208) from a related party) | — | — | (208) |
| Non-cash interest expense | 885 | — | — |
| Amortization of discount on short-term investments | (1,380) | — | — |
| Other non-cash items | (4) | 4 | (29) |
| Changes in operating assets and liabilities: | |||
| Financial assets | 1,252 | 20,247 | (3,225) |
| Inventories | 886 | (656) | (869) |
| Prepaid expenses and other assets | 893 | (865) | 181 |
| Accounts payable | (2,567) | 2,287 | 207 |
| Accrued compensation and other accrued liabilities | 1,982 | (14,041) | 5,983 |
| Other long-term liabilities | (4,151) | (5,341) | (5,223) |
| Deferred revenue | (10,311) | (19,848) | 24,518 |
| Net cash provided by (used in) operating activities | (49,410) | (52,638) | 11,284 |
| Investing activities: | |||
| Purchase of property and equipment | (4,305) | (4,418) | (8,307) |
| Proceeds from sale of property and equipment | 87 | 751 | 29 |
| Purchases of short-term investments | (90,235) | — | — |
| Proceeds from maturity of short-term investments | 35,500 | — | — |
| Proceeds from sale of short-term investments | 1,973 | — | — |
| Investment in non-marketable securities | — | (1,191) | (5,300) |
| Net cash used in investing activities | (56,980) | (4,858) | (13,578) |
| Financing activities: | |||
| Proceeds from exercises of stock options | 1,384 | 422 | 955 |
| Proceeds from issuance of stock under employee stock purchase plan | 646 | — | — |
| Proceeds from issuance of common stock in connection with equity sales agreements | 31,319 | 8,652 | — |
| Costs incurred in connection with equity sales agreements | (1,706) | (503) | (42) |
| Proceeds from long-term debt | 29,521 | — | — |
| Payment of debt issuance costs | (642) | — | — |
| Taxes paid related to net share settlement of equity awards | — | (404) | (1,488) |
| Net cash provided by (used in) financing activities | 60,522 | 8,167 | (575) |
| Net decrease in cash, cash equivalents and restricted cash | (45,868) | (49,329) | (2,869) |
| Cash, cash equivalents and restricted cash at the beginning of the year | 66,697 | 116,026 | 118,895 |
| Cash, cash equivalents and restricted cash at the end of the year | $20,829 | $66,697 | $116,026 |
| Supplemental disclosure of cash flow information: | |||
|---|---|---|---|
| Interest paid | $2,566 | $44 | $34 |
| Income taxes | $17 | $194 | $100 |
| Supplemental non-cash investing and financing activities: | |||
| Capital expenditures incurred but not yet paid | $566 | $1,068 | $897 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown above (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash and cash equivalents | $19,264 | $65,116 | $113,984 |
| Restricted cash, current and non-current | 1,565 | 1,581 | 2,042 |
| Total cash, cash equivalents and restricted cash at the end of the period | $20,829 | $66,697 | $116,026 |
This table excludes short-term investments of $54.2 million as of December 31, 2024. Total cash, cash equivalents, and short-term investments as of December 31, 2024 were $73.5 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.