Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is quoted on the Nasdaq Global Select Market (“Nasdaq”), under the symbol “CDXS.”
As of February 26, 2021, there were approximately 130 stockholders of record. A substantially greater number of stockholders may be “street name” or beneficial holders, whose shares are held of record by banks, brokers and other financial institutions.
Dividend Policy
We have never declared or paid cash dividends on our common stock, and we currently do not plan to declare dividends on shares of our common stock in the foreseeable future. We expect to retain our future earnings, if any, for use in the operation and expansion of our business. In addition, unless waived, the terms of our Credit Facility prohibit us from paying any cash dividends or making other distributions. The payment of cash dividends in the future, if any, will be at the discretion of our board of directors and will depend upon such factors as earnings levels, capital requirements, our overall financial condition and any other factors deemed relevant by our board of directors.
Securities Authorized for Issuance under Equity Compensation Plans
The information required by this item concerning securities authorized for issuance under equity compensation plans is incorporated by reference from the information that will be set forth in the Definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Stockholders to be held in 2021 (the “2021 Proxy Statement”) under the heading “Executive Compensation—Equity Compensation Plan Information.”
Stock Price Performance Graph
The following tabular information and graph compare our total common stock return with the total return for (i) the Nasdaq Composite Index and (ii) the Nasdaq Biotechnology Index for the period December 31, 2015 through December 31, 2020. The figures represented below assume an investment of $100 in our common stock at the closing price on December 31, 2015 and in the Nasdaq Composite Index and the Nasdaq Biotechnology Index on December 31, 2015 and the reinvestment of dividends into shares of common stock. The comparisons in the table and graph are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock. The tabular information and graph shall not be deemed “soliciting material” or to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act or the Exchange Act.
December 31,
$100 investment in stock or index Ticker 2015 2016 2017 2018 2019 2020
Codexis, Inc. CDXS $ 100.00 $ 108.75 $ 197.40 $ 394.80 $ 378.01 $ 516.08
Nasdaq Composite Total Return XCMP $ 100.00 $ 108.87 $ 141.13 $ 137.12 $ 187.44 $ 271.64
Nasdaq Biotechnology (Total Return) Index XNBI $ 100.00 $ 78.65 $ 95.67 $ 87.19 $ 109.08 $ 137.90
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Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
During the year ended December 31, 2020, we did not issue or sell any unregistered securities not previously disclosed in a Quarterly Report on Form 10-Q or in a Current Report on Form 8-K.
Issuer Purchases of Equity Securities
None.
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ITEM 6. SELECTED FINANCIAL DATA
The following selected consolidated financial data should be read together with our Consolidated Financial Statements and accompanying Notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report on Form 10-K. The selected consolidated financial data in this section is not intended to replace our Consolidated Financial Statements and the accompanying Notes. Our historical results are not necessarily indicative of our future results.
We derived the consolidated statements of operations data for the fiscal years ended December 31, 2020, 2019, and 2018 and the consolidated balance sheets data as of December 31, 2020 and 2019 from our audited Consolidated Financial Statements appearing elsewhere in this filing. The consolidated statements of operations data for the fiscal years ended December 31, 2017 and 2016 and the consolidated balance sheets data as of December 31, 2018, 2017 and 2016 have been derived from our audited Consolidated Financial Statements not included in this filing. The data should be read in conjunction with the Consolidated Financial Statements, related Notes and other financial information included herein.
SELECTED CONSOLIDATED FINANCIAL DATA
Year Ended December 31,
2020 2019 2018 2017 2016
(1) (2)
(1) (2)
(1)
(In Thousands, Except Per Share Amounts)
Consolidated Statements of Operations Data:
Revenues:
Product revenue $ 30,220 $ 29,465 $ 25,590 $ 26,685 $ 15,321
Research and development revenue 38,836 38,993 35,004 23,339 33,516
Total revenues 69,056 68,458 60,594 50,024 48,837
Costs and operating expenses:
Cost of product revenue 13,742 15,632 12,620 14,327 9,753
Research and development 44,185 33,873 29,978 29,659 22,229
Selling, general and administrative 35,049 31,502 29,291 29,008 25,419
Total costs and operating expenses 92,976 81,007 71,889 72,994 57,401
Loss from operations (23,920) (12,549) (11,295) (22,970) (8,564)
Interest income 405 1,287 671 147 60
Other expenses, net (156) (656) (291) (92) (94)
Loss before income taxes (23,671) (11,918) (10,915) (22,915) (8,598)
Provision for (benefit from) income taxes 339 17 (37) 81 (40)
Net loss $ (24,010) $ (11,935) $ (10,878) $ (22,996) $ (8,558)
Net loss per share, basic and diluted $ (0.40) $ (0.21) $ (0.21) $ (0.50) $ (0.21)
Weighted average common stock shares used in computing net loss per share, basic and diluted 59,360 56,525 52,205 46,228 40,629
( 1) Financial results for years ended December 31, 2020, 2019 and 2018 as compared to the years ended December 31, 2017 and 2016 reflect the effects of adopting Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) and the related amendments (“ASC 606”), which provided a new basis of accounting for our revenue arrangements beginning in the 2018 fiscal year 2018 and continuing thereafter. The adoption of ASC 606 limits the comparability of revenue and certain expenses, including revenues and costs and operating expenses, presented in the results of operations for the years ended December 31, 2020, 2019 and 2018 when compared to the years ended December 31, 2017 and 2016.
(2) Lease costs for the years ended December 31, 2020 and 2019 as compared to years ended December 31, 2018, 2017 and 2016 reflect the effects of adopting ASU 2016-02 and the related amendments, Leases (Topic 842) (“ASC 842”) which provided a new basis of accounting for leases beginning in our 2019 fiscal year. The adoption of ASC 842 limited the comparability of lease costs included in operating expenses, presented in the results of operations for the years ended December 31, 2020 and 2019 when compared to the years ended December 31, 2018, 2017 and 2016.
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December 31,
2020 2019 2018 2017 2016
(1) (2)
(1) (2)
(1)
Consolidated Balance Sheets Data: (In Thousands)
Cash, cash equivalents and restricted cash $ 150,817 $ 92,221 $ 54,485 $ 32,776 $ 20,864
Working capital 159,442 98,817 50,085 20,087 14,860
Total assets 221,646 149,073 79,283 53,625 35,648
Total liabilities 51,543 43,556 22,977 29,078 16,549
Total stockholders’ equity 170,103 105,517 56,306 24,547 19,099
(1) Financial results for years ended December 31, 2020, 2019 and 2018 as compared to the years ended December 31, 2017 and 2016 reflected the effects of adopting ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”), which provided a new basis of accounting for our revenue arrangements during our 2020, 2019 and 2018 fiscal years. We recognized the cumulative effect of applying ASC 606 and recognized a $4.1 million increase to the opening balance of the accumulated deficit in 2018. The comparative information for the years ended December 31, 2017 and 2016 has not been restated and continues to be reported under the accounting standards in effect for the periods presented.
(2) Financial results for years ended December 31, 2020 and 2019 as compared to the years ended December 31, 2018, 2017 and 2016 reflected the effects of adopting ASU 2016-02 and the related amendments, Leases (Topic 842) (“ASC 842”), which established a right-of-use (“ROU”) model requiring lessees to record a ROU asset and lease obligations on the balance sheet for all leases with terms longer than 12 months. On adoption of ASC 842 in 2019, for operating leases, we recognized $26.6 million of ROU assets and $27.6 million of lease obligations, and for finance leases, we recognized $0.5 million of ROU assets and $0.3 million of lease obligations in our consolidated balance sheet.
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