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May 6 , 2021 CODEXISⓇ Codexis Reports First Quarter 2021 Financial Results Total Revenue up 23 % and Product Revenue Doubles Year over Year REDWOOD CITY , Calif . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Codexis , Inc. ( Nasdaq : CDXS ) , a leading enzyme engineering company enabling the promise of synthetic biology , today announced financial results for the first quarter ended March 31 , 2021 and provided a business update . " Codexis ' growth drivers are continuing to accelerate , and we began 2021 with strong momentum , especially in higher margin product sales within our Performance Enzymes segment , " said John Nicols , Codexis President and CEO . " Our Life Science Tools business continues to grow rapidly , with initial sales of our Codex® HiCap RNA polymerase , dozens of potential customer trials of our Codex® HiFi DNA polymerase , and excellent traction with new customer partnered Life Science Tools R & D programs . We continue to diversify our Sustainable Manufacturing business , with a more profitable mix of pharmaceutical products , and a growing presence in the faster - to - market food and industrial space . Our high - value Biotherapeutics pipeline is advancing across multiple programs , and we are on track to move our second asset into clinical studies later this year . Leveraging the power of our CodeEvolver platform , Codexis is engineering enzymes that are enabling and delivering the promise of synthetic biology to improve the health of people and the planet . " Key Performance Indicators • Product revenues increased 101 % to $ 10.2 million in Q1 , driven by enzymes used to manufacture branded pharmaceutical products . • Product gross margin climbed to 59 % in the first quarter of 2021 , driven by a shift in the sales mix to higher margin products . • In the first quarter , Codexis had 15 customers who contributed over $ 100,000 in revenue and five customers who contributed over $ 1 million in revenue . • In the Life Science Tools market , Codexis recorded several initial orders of its CodeⓇ HiCap RNA polymerase , which is also under testing by multiple mRNA manufacturers . Codex® HiFi DNA polymerase is being trialed by dozens of potential customers for use with current and future next gen sequencing kits . The first quarter of 2021 was Codexis ' strongest ever for new Life Science Tools customer - partnered R & D programs . • In the novel Biotherapeutics market , Codexis ' pipeline includes 12 programs . The Company has completed the necessary toxicology and GMP manufacturing for the first clinical study of CDX - 7108 , partnered with Nestlé Health Sciences for an undisclosed Gl disorder , and Codexis continues to expect that the IND will be filed in the third