REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ: NASDAQ:CDXS), a prominent enzyme engineering firm, has announced a significant achievement in RNA-based therapeutics manufacturing.
The company has successfully synthesized a fully modified RNA oligonucleotide using its proprietary Enzyme Catalyzed Oligonucleotide (ECO) Synthesis™ platform. This development was presented at the TIDES USA annual meeting in Boston, MA, which runs from May 14 to May 17, 2024.
The breakthrough by Codexis involves the enzymatic synthesis of a known siRNA oligonucleotide, incorporating modifications commonly found in approved therapeutic assets. The ECO Synthesis™ platform demonstrated a coupling efficiency over 98% and showed no notable impurities that are typically present in traditional phosphoramidite chemistry synthesis.
John Maraganore, PhD, Founder and Former CEO at Alnylam Pharmaceuticals and member of Codexis' Strategic Advisory Board, stated that this achievement provides a proof of process for the industry, suggesting that alternative manufacturing methods are viable as the demand for RNAi therapeutics increases.
Codexis is also launching RNA Ligase Screening and Optimization Services, which were introduced at the TIDES USA conference. This service includes the development of custom dsRNA ligase enzyme variants and screening for optimized manufacturing protocols. The company's new offering aims to improve the scalability and cost-effectiveness of RNAi therapeutics production.
Stephen Dilly, MBBS, PhD, CEO of Codexis, expressed excitement over the progress made in enzyme evolution, modification incorporation, and conjugation attachment since the ECO Synthesis™ platform's introduction at last year's TIDES conference. He mentioned that meetings with potential customers and partners are scheduled to discuss the platform and RNA ligase program further.
Codexis' ECO Synthesis™ platform is designed to address the challenges of large-scale RNAi therapeutics production. The company achieved gram-scale synthesis in December 2023, showing promise for the commercial-scale manufacture of RNAi therapeutics through an enzymatic route.
InvestingPro Insights
As Codexis, Inc. (NASDAQ: CDXS) continues to make strides in the field of RNA-based therapeutics, investors and industry observers are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Codexis holds a market cap of $254.71 million, reflecting the size and scale of the company within the biotech sector. Despite challenges in profitability, with a negative P/E ratio of -3.82 and an adjusted ratio for the last twelve months as of Q1 2024 at -5.16, the company has shown substantial price performance with a 1-month price total return of 25.78% and a 6-month return of 84.18%.
InvestingPro Tips reveal that Codexis has a stronger liquidity position, holding more cash than debt on its balance sheet, and liquid assets that exceed short-term obligations. This indicates a degree of financial stability that may be reassuring to investors. On the other hand, the company is quickly burning through cash and suffers from weak gross profit margins, at just 2.84% for the last twelve months as of Q1 2024. These are critical metrics for stakeholders to consider, especially when evaluating the company's long-term viability and growth prospects.
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