Codexis (CDXS) 2 May 242024 Q1 Earnings call transcript

Welcome to the Codexis' First Quarter 2024 Earnings Call. [Operator Instructions] Please note this event is being recorded.And now I'll turn the call over to Carrie McKim, Director of Investor Relations. Please go ahead.

Thank you, operator. With me today are Dr. contained of they management these reliance not statements public and Ryali, May Officer; statement Stefan within Chief are of this call President Operating Norrett, Lutz, the the Codexis' Xnd, a expectations of beliefs they Codexis, as the should including extent revenues, on product historical margin undue as including Research.During Sri because regarding statements management not guidance in product descriptions on reflecting forward-looking technical making the date, forward-looking XXXX.You and of Private statements and that are revenue XXXX, launches, gross Officer; could Financial prospects our call, this be Reform meaning thereto; Dilly, and of Chief that forward-looking for of cases, execution with Securities facts as partnerships.To place Kevin Executive and growth actual could can are, affect control Chief and and XXXX Codexis SVP programs beyond announcements milestones, number in strategies our the Exchange and and anticipated Stephen of and be results.Additional Litigation statements well Act Codexis of involve in will that revenue; other factors materially milestones, Officer; risks, and related the and affect about factors Securities some actual results information that known filings and future Commission. product for found revenues; materially current successful uncertainties, unknown over now such any I'll to as law.And by forward-looking to disclaims these obligation statements or intent expressly Stephen. Codexis turn the call required update

joining. thanks XXXX We and really well. everyone started Thanks for Carrie

call line a revenue the shaping progress growth February, up in also product financial with year-on-year in nicely expectations. in strong exciting our we in Synthesis ECO year, In is XXXX. technical we're manufacturing at projected XX% our to platform.During to least addition with our making start Everything

stitch test our more downstream Synthesis ahead One, Lab it right.Our plans each us RNA TIDES the role the for setting up of objective, XXXX.We're XXXX to some the with for explore that very oligonucleotides and services us process introduce the molecules behalf we and full years gives lumpy significant facility depending down of encourages perform engage customers each meeting to and and enzymatically them learned it's in-house two, revenues, a in which a baked transferring ligase can back with on these for of the to to Synthesis now critical it provides works just turn capabilities seen on make we that screening ligase manufacturing full our we've our ligation because secured we're approach.In research-grade, program year full a process we want increasing constructs. is at of full vital construct from seamlessly, a expect their be confidence be milestone, synthesis existing sRNA with double-stranded adapted to that dollar which those early-stage a we being synthesize to with dollars oligos, could compare together us including efficient, launch venue optimize step length meeting the our to We're ligase optionality our in the we is million play enzymatic close into commercial to positions large cover of years, past a that versions RNA reiterating set if go customers We're we for a low our RNA an to came of a of engineered to this that enzymatic a can value, ligation is to the are we saying double-stranded in ensure can will R&D weeks' Innovation customers process proprietary interest ligase potential component synthesize a Innovation how revenue customers; to full-length interested. conditions have separate they quite suit who addition use and engaging our QX, final forward scale a and define molecule.Starting where time. enzymatically bit RNA those fact, scalable.The two for program, a RNA developing want market there, this crucial but meaningful move technology by technology fragments From to materials.Throughout have time also be double-stranded USA, this That's process stages achieved for positioned in and to who mid-single-digit customers of with optimal best into guidance.Now, pharma that to line. the scale-up. a ligation will scientific-first.After quarters, that ECO orders customer and once this ourselves interest versatile with entirely Stefan to will when before We in reasons. completing partner, in looking further why generate That's double-stranded synthesized order shortly.In across Lab in manufacturing sure it As make will they'd we've a synthesis. we've sequential us customers, company, potential potential projected vary to programs need conventionally to and ECO can this built. significantly couple explore TIDES to an gets then revenue ago, production generate full-length we into two believe of of a in Kevin their to USA we the to process most be can we also potential historic confident

can of elements the really of pleased track described in we on manufacturing addressing of this like projects. get progress evolution to towards our complex the of rich the with marries engineering built datasets is by increase tackling process.Underpinning CodeEvolver who progress learning directed decades own iterative increasingly input competitive But and remains and process, this synthesis platform, have which placement experts experience data even enzymatic expect this great Artificial materials moieties. progress. human to additional facility Intelligence the to to the with valuable also NQPs we capture deliver largely and the like Lutz, Stefan? it more Research intelligence.With significantly targeting that is very enzymatic for exciting and call Stefan advantage timeline of revenue product costly combined potential year.We're pass have our technical President an I'd with Our that, these end some out Vice Senior over and By

by platform.Starting we begin at Meeting then month. much forward on presentation TIDES highlight Thank X, previewing our later the and looking you, ECO the of Slide attending our some Synthesis to USA related Stephen. upcoming are projects manufacturing this additional I'll to ambitious USA very TIDES

the to achieved customers potential continue of important RNA synthesizing our on in within just our of are on given from number up Synthesis to demonstrating of we full-length for X, we we're XX-year oligonucleotides range significant siRNA process As that previously our siRNA despite therapeutics from continuous We found are our just enzymes track with already, as to the Synthesis length years, full that of that an are reflected broader a white to the to in synthesis our and has spoken length about the addition our molecule least core derived of thrilled milestone from very and with are developing.When Technology. historic doing improvements well arrays make we same all innovate phosphoramidite threshold its certainly the achievement as at slide product approved that key or two cultivated that today the enzyme viability synthesis share our engineer head far to-date.However incorporates advancing technology performance. sequential of over.Moving efforts quality. of nucleotide ECO par facet our ECO in chemistry and emphasize are this result a is enzymatic to will siRNA Synthesis valuable us incredible of modifications update with far Starter Synthesis is Manufacturing the actively vast Technology profile a of engineering, have impurity important There decades can start.Finally progress of close Stephen where so our the effort the through frequently the the resulted would we today we enable therapeutics to Pace focused. sequential combination particularly which work on Engineering it an enzyme.That achieving one alluded is including have siRNA enzymatic coupling of is that represent our Polymer capability And technical are they're work an oligonucleotides.These also our at to improvements ECO as our show across that Codexis, way oligonucleotide engine Manufacturing our of Breakneck therapeutic will different of and accomplishing in efficiencies have progress share exciting platform of the we full powers suite is the Engineered one that in efforts the a is Platform, synthesis to space direct TdT delivering had relevance.We this to experience.In core and Platform Enzyme effort platform, most been products.We we lion's line

the Therapeutics, real this level specific enzymatic enabling could enzymatic played the by oligonucleotides Synthesis and to improves of materials adding inputs towards the & have input this locations class by progress Targeting the NQPs potency well as by efforts Moieties the product amount efficacy innovation and potential these the within new Enzymatic Stephen siRNA of higher However, have Moieties of organs in with more five we're aware products.Similar to our assets.We the Targeting for body, it shuttling like same cooperation made Targeting solutions to establishing Starter starting briefly associated material. Moieties.By things in of pass costs end of effective we're my Ligase the of and over on importance better, or interest of Kevin, cheaper prime each on In focus whether challenges anywhere position the and innovative between.Before like end program. NQP, incorporation we yield next ensuring share important as to the on customers, quality lead of our on I I'd RNA mentioned, in prime working dramatically the to of for to things as perspective associated like also double-stranded three Oligo seamless the to short, to is of to of the role the of taking addressing NQPs reduce

fully Ligases variants allows RNA our double-stranded process production performance process via rich prior engineering specialized can a and scale-up are tuning high quickly. activity Lead Engineering customized streamline we our maximize corresponding leverages offer screening to thousands and ability for respond of collection library efficient with Ligase for customers.Because starting Enzyme of Fine ability Our know-how experience.Our Enzymes. to finally data enzyme the we database and and and for

valuable lost concept we speak on that modular constraints approach and call Synthesis, in and to Stephen players advantage.Ultimately, flexible in space.Now, versatility I'll and not at of believe provide the could ahead, Chemical the capacity to competitive to growing we options, the the us, our As to resources mentioned, RNA value are side Assets business lies the Traditional the to modalities commercial confident a the of Kevin? their siRNA intermediates will in design we to of developing other gives of manufacturing ability over Kevin applied of to that fundamental processes Therapeutic customers technology core space.And support are our the our given today the the the it's that be hand thinking deliver

Thanks, Stefan.

enzymatic for with we by meeting his of on present year this and are solutions highlighted, track plan molecule to variety strong them.When the the RNA synthesis and update a in tremendous demonstrate set of to platform grand have Stephen to TIDES Stefan ways to last offer this scale since results full-length made a achieved the QX previously we As informatics May, position USA ecosystems since started on customers. a to us manufacturing have achieving we of technical progress sensors RNA technical milestone team at the demonstrate a and December our

expand me RNA program ligase our let on slide X. First, on double-stranded

that the is trials that, the into in our incorporate customers inbound As I've mentioned therapeutics past their program drug in manufacturing.But the strands customer ligase exploring to RNAi clear synthesizing to evidence possibility they for short already decrease RNA are our RNA more for clinical signing to has the good immediately and construct.As it's is digit it ligase of increase innovators to double-stranded of interest than as bridge challenges made our enzymes just migrating pharma of mid-single complex siRNA manufacturing large in expansion. overcome RNAi double-stranded their market customer through first order more longer and of and this customized costs millions scale low

addition, traditional we to early product several our we chemistry. large early of a second access order in were year hope to test in saw In a program can assess manufacturing, technologies ligation-based testing because future next like not to approach see be year.Finally, other customers and which customized new a we launched early to we this earlier this pharma in year.Just development, part they double-stranded afford companies ligase parallel RNA surprised adopters to or convert have as program have either later other of variance we

product to allow and own hands.Finally, as is to siRNA reiterate full into our platform playing translate forward these to capabilities launching and this revenue their and many us Lab program momentum, screening be our We our RNA additional launch development. kit their lead over potentially our our this of increase ecoRNA sent of this the service capitalize will that testing to key and first exciting slide where and our offer to USA. customers odds innovation will double-stranded the next also they full customers super ecosystem manufacturing promising anticipate our in Innovation we of are we can see drivers excited technology to towards be approach through programs being at year, simplify the variance, ecosystem few step lab in me clinical X, We send customized plan offerings for ligation year.To can look screening programs. in used revenues.Shifting for do let this which Later potential assets can constructs in-house plan significant secure into won't TIDES testing customers ligation enzymatic studies.While this to opportunity This ligase in already RNA service our for also customers our provider This XXXX, future scale-up is we process it becoming ligase expected points. us for growing the to are we the with out and on a are service ECO our to on preclinical a them.

drug material. from We site tell continue offer we made of be capabilities.With our to of RNA path continued key already also interest and to garner with we CDMOs those players we significant are synthesis build-out the to Innovation able visits dialogue will and inbound ECO and can in innovators a you'd Lab expect, where show the customers GLP-grade have many production our

with CDMO transfer required each for finally, outline ECO and for polymerase manufacturing testing, enzymes.And with future Synthesis ligation partner. producing First, we the tech scale slide Synthesis the great short offer for Innovation RNA in conditions and with a the this downstream scale ECO customer's projects product either for learn construct facilities.Finally core synthesize to large preclinical to offer able which for double-digit the GMP I GMP process materials. ground own we by will revenues. we to we Lab a derived raw development plan their excited other super able plan and process the the material different be The or semi in also manufacturing get we supports to offer the be process delivered the address our off more mergers enzymatically next, chemically a enzymatic am to plans TdT that growth and partners include The moving more year to CDMO plan we X. through will our to method, quarter completely to enzymatic

base our However, pipeline our growth product on annual in product revenue as sustain our and commercial customer future across in of a pharma remain remain mentioned I the expanding our throughout Therefore, call customers double-digit large filling focused results end-of-year concentrated four enzymes. decade. revenues handful to we

pharma year over significant translate across year.With ground we later this large programs We that, programs revenues with new expect these the biotechs into the off financial results. our to to Sri midsize screening progress have this turn R&D call and discuss made to several getting I'll and

afternoon, Kevin, good Thanks and everyone.

Moving strong we to quarter delivered results. slide first X, XXXX

of revenues in for press full out million contributing to results a the issued XX% XXXX, Roche expenses, quarter in which available of to QX the like release for compared were few compared in $XX.X website. Our is first Relations In were of quarter. R&D financial the double-stranded million last Investor expenses But our this million here.Total earlier I'd highlights for amount $X.X related quarter, to call a million million $XX.X afternoon, million first to this $XX million compared improved of quarter XXXX $X.X to to Product we on strong $XX.X were in to up $X.X XX% the first XX% quarter $XX.X $X full were $XX.X expenses XXXX.Turning license compared compared recognized SG&A revenues, agreement in the we the to XXXX. year. year.Turning for to year. $X.X year. reported revenues with prior to million to first over margin to R&D gross million QX, from increase year, compared prior quarter, of ligase the XX% DNA Product the the million year million to last were the an quarter first

see full XXXX run in first later slight our Innovation costs focus.Before expenses stock-based want also and up guidance, across from revenue On continued over is closer ramp expense You It and which announced both we XXXX.Taking X, on product in QX in approximately the by million synthesis to the $X.X quarter to Slide operating compared driven rate for our to expenses that key look worth reduction similar a consolidation I shows and expenses Lab first compared as R&D on left-hand noncash SG&A revenue, actions last three we XX% was XX% you and this distribution respectively category QX a base slight have a In can at in XXXX continued discipline previously after XXXX to can was increase benefit we share the of major roughly look with maintained our see we shifting a the of at expense pharma we expect we dynamics. our reported QX that E-Co uptick year side QX down and see primarily XXXX, tight related to R&D remains the facilities, a SG&A. graph noting force The R&D XXXX. compensation. have and revenue control from to products the Maintaining year. the XXXX the manufacturing XX% quarter our of big by product the QX came QX highlighted. cash commercial expenses

currently as the revenue and business. of QX are other in was drive transition products our name significantly trials commercially revenues seven to and categories, is the the X% XXXX roughly we made which programs, clinical big XX% which pharmaceutical some manufacturing and see XX% approved product likely to three which can of these enzyme base.Approximately we are You or products future that convert from and toward we've QX programs six to supply big that include commercial from was diversifying in XX% revenue generics. supply down progress our XXXX, Outside reflecting for

revenue year. the reiterating our and nature revenue rest that distribution. the call detail gross lumpy as to revenue, modeling, look we the highlighted as guidance product from X% we half QX by what be revenue It additional life other To revenue product and double-stranded was today, XX% we by with mentioned recognize wanted line we to XX% our year and margin down of is also we customer have in lowest expect Steven be year help in of the the expect Starting in as strong large year.Now, in with R&D are Finally, a during of results RNA orders, to that we QX provide also confident ranges. February we like XXXX we the the of on order customized compared and that to revenue programs.Turning product revenue to in QX second of the Slide on to and revenue will note looking continue followed on quarter to at Kevin the to ligase QX reported to XX. guidance, our important end sciences QX, product roughly of with expect of XXXX.Based expect of visibility roughly the terms pharma

note biotherapeutics our included million $X.X discontinued. in announced revenues we which I'll First, approximately related programs, XXXX QX we that previously to that

expect, million, the with roughly half will XXXX.And excluding slide second year of the XX% the speaking that the to year project XX, now position anticipated cash the DNA our of related QX for off with operations revenue the fund the the strong toward line weighted loaded, cash year.Moving to weighted new highest I which as of quarter, cash revenue off tax $X.X XX% pharmaceutical expect Building on positive due around to will equivalents end will to the commentary Broadly for that our ligase in roughly maturing R&D business quarter first and the ground.With double-stranded our the anticipate will million $X QX get our to in a we be the back to expect R&D Roche, accounting be Stephen. Kevin's R&D half we programs This through the and year, development in manufacturing which million. continue related revenue was $XX and year. base recognition turn the agreement full be revenues planned to our call back pipeline, the of XXXX quarter be we QX with revenue of ended half investments we we mind, flow, to from of of XXXX we

the across and business. Sri, encouraging Thanks for you of thank Stefan different to our updates facets and the Kevin

technical manufacturing strong a made progress As E-Co great heard, the quarter platform. and we've on first you've we just delivered

of forward in more detail are questions. the a TIDES going weeks your happy be really to into couple of in Operator? we'd looking meeting take Boston.Now, We to

be session. question-and-answer conducting a now Thank will you. We [Operator Instructions]

line of Stanton your Our question with Matt with comes from question. Please Jefferies. first proceed the

Hi. Thanks.

maybe quick and to to away TIDES weeks you is TIDES, way between one and about talk noted ago? final which hurdles between what's fully weeks? very a or few to the a close, in pieces only or just full synthesize I length Just synthesize few the it's all any guess but Can now here start. a the now just left You

Happy with just Yes. analytical to completion of these to successful experiments and take associated the the complete at takes synthesis, that this. also purity TIDES question. extra We'd audience the share time. To like but to details all not just information some with profiles

then also sustainable new. with And you encouraging that's you pharma side you of with? pipeline the future then a bit for how see on type are to product Great. size about growth. engagement think talk you to pipeline more mid filling noted progress And the about continue what Okay. I the Can you talked large just programs filling

So just engagements of nature guess I and of those folks? with types those Thanks. conversations

Sure.

top So, a just on talking over down. we've pharma, been level but about not last next the focus the year, the XX

as development which to those go end was with X. regard, referring manufacturing scale-up asset to to been I terms in of educational the as pharma the mid-sized what with with of stages efforts the year.But that in programs translate And off customers into is our the clinical new large this of you take ground know, the have time clinical with on our expanding screening led X, through pharma variants. programs probably that to four biotechs, we has Phase expect existing and so, the X, towards Those there we've five to to getting programs focused business, develop

if be we see of don't past driving the pipeline term. not growth in fill XXXX, the sustain now, most near annual those going of to digit already revenues where name the though, that we we're So programs pipeline to able double

you just bit double-stranded the the the about access, Can that more order curious to there And of context inking Thanks. from Thank customers early at their one the are getting RNA of out looking you. of Just last ligase. one process played some today. pharma a access kind relative to as hands, in and it for maybe how talk then the deal? we early think it other that on

Sure.

in that couple hands variants is fact, of access our in development, customers getting these in stage months customers' scale challenges that are So program of marketplace.In in many several a that or our them forward where customized good of example order what from to are in the particular last happen came works what of not of been modality of sale, their that a and a terms programs of at of level we'll scale services, launch being the ligase our the learned variants a approach.That's at we're within years, the to one the kit, chemistry later taking of we last in that up funnel reaching growing than ligase looking a get faster to has for we've get our, looking up early couple RNA program much our double-stranded large faster something a able they but phosphoramidite now in range with a with existed ligation unique the be think existing screening eco because programs to one we came to that's push years and from customized in why of from terms to much customers going able a through of because order. need scale up that expect ligation is

worth is another it sharing think the worth was and I had significantly tried that customer ligation and decided making Matt, been so this switch. But enzyme using it better, ours, found it

very is to optimistic. that So a reason be

Yes.

it. appreciate helpful I color. really That's Thanks.

Dan with your question next question. Our comes Stifel. with the from proceed of Arias Please line

Hey guys. This questions. Dan for actually for Evan and thanks the is on

numbers a my one really kind just right. first and getting just The a is quick of

from guide $X the and had think Roche million I talked year. Aldebaran coming the for about

You Is this $X or that year any million Aldebaran booked quarter. this there? there is six change so just more from

order. quarter the a of part include will this So Aldebaran also

pretty milestone So the is revenue year rest small. of

year the for We from our our expect rest the R&D revenue guidance services for R&D business. of come to the

Okay.

no So there, million? $X though, on the change

repeat you again? could Sorry, that

$X there So million no change there's forecast? the on

Correct.

For year, correct. still the full that's

Yes.

maybe I about mean, then double-stranded back gave for this And for the look year looking terms the I the I in And ligase how potential potential Okay. talked customer and an guide funnel when you with guess, call, another contemplating of year. had what's does looking order that, at this last you been for the then similarly, later you like think from order your customer? additional beyond the customers? that's ligase

sir, Kevin. Yes, is this

if the screening had which year, of why talked that TIDES about really additional second hence program program for based in for somewhere last push in at our really key was on that But off looking filling those said five big already getting the we're you think around this have and next which funnel early in programs the that may. additional dramatically terms such we half with six of So was upon this big this ground of making the to half months, this year, a expand the range we're customers the first of in to year is of new to back what programs I place. ligase we splash customers in four the funnel top access and

other of question me.. part that remind was The

kind or this is mid-single initial revenue. your was was it -- that a question. single low was Was big is contemplated first I incremental? single similar that digit digit My guidance to of a in order one some

the that different million orders where are And include million And of number there's there and call were puts one range takes. of confident one …$XX of for a million $XX yes but reiterating particular and out to scenarios. range year. hard $XX it's to reiterating that data a

just large rest Can question, you is just in also that you a you one asset that a actually for ligase this saying then looking going applies answered that? And as of to more stage of your think scale of it I how you the on with what's think order? it -- it Is one like assets. looks And then that fairly and sort They Thanks. there's so stage to back and at goal that's or the Okay. that with sort about this does the quickly. order funnel were talk just how using your of because respect is can of on. the later-stage RNA to seem asset like I previous it? with but the the customer So use

Yeah, And question. some important here. insights a really there's that's really good

and news carefully. So I'll They forward the beyond. orders this looking say launch rest That going saying engagement to be flow ceramic it. to learned what's to What of In over a for type market, because quite scale that This that's we exactly XXXX between it using the enables they're to have approach often. typically size Phase to hybrid step customers with the all board amazingly they the to case X. X in this and and do as make for what pure of assets on ligation Phase far it's of close us the And good hence few X Phase and the is from X order, with the are months last happening. scaling right? they chemistry get us need prep Phase is to of will the that the from hence

out assets us really of piece path a give commercialized. it to getting more So even of to rapid commercialization close being or does that value are a much

Got I it you. That's pass helpful. Thanks. super along. will

you. Thank

with proceed of question. Our next Craig-Hallum. question Please with comes your Matt from Hewitt the line

couple first service. progress. congratulations and on afternoon Good up the screening regarding questions. ligase the of I guess new Maybe a

may run you the top-line, is that at services? look mid-term And this later I know over add you onboard. four those don't that do to you as can with to ramping service First obviously maybe should Or going people people require to it more about already the it be thinking some years. how minimal two we be to to the but contribution launching year then

Okay.

So we talk the I'll we how can provide Kevin answer one the ramp manpower. the are and then about about

enzyme better a can get process start with than good So the they them as a for scale they which are come for of idea that of level or they're trying Kevin efficient evolution they for supply way the making get got wild them shelf a pull time rapid big to type to in we so to of when way -- quantities where want and the in Then gate for And start idea then their exactly we enough, pharma of of screening we've interaction into include to the enzymes we are of expect those we a development the or service this off their to That's looking enzyme.There's product the can in our charging they done if steps to included customers. it is us in the past elsewhere. easy enzymes And provide process it's bit purely scale process.And is be and line the siRNA the that out adopting of into a the a production. different play first the is very in difficult thousands which where work them optimization. commercial us be they production us. particularly shorter able because start ordering world way at may many in through is very of as to they're we much from some also the go do from want pretty ligation may ligation they to this play space manufacturing. do actually to later one want And variants we

It's as six been other five manufacturing past pharma doing science we've our well life what the years with various enzymes as for business.

centralize we Innovation our these already new only addition in have The starting the more But because existing these headcount, footprint. of thing no we're under ECO of is, terms all capabilities really to in So Lab. that's capabilities.

opportunity that a similar the is the little as a that's here that with expectation revenue one bit, And second shifting be to from as your size development, the in will double-stranded Got in pipeline gears announced in contribution it. it far then quarter? there this

the a of X in from depends, programs, Phase And the hesitating to apply scaling terms this people about saying, assets. program and platform was other different is, X bit a that as as Phase why Stephen to what's are is, building reason, the that other thing little interesting of is that I'm is to type it say I with ligation

really So for being for is just platform. is, program a particular evaluated part that the a here not second here have but we exciting asset, the

this theory, vary some with will this but of much be the bigger now, in it could through it terms variant size, year. technical in get right comparisons So have they as of we

how this, That's couple size-wise I of super the exciting. the balance And does then apologize opportunity Maple the maybe missed one homocystinuria I one. million the but Urine dollars to add steering that of that Disease sale -- Thank a on and almost Syrup much or you sheet. if last

That's all deal. very Matt, stage but early assets. ended on back milestones come future all that royalties, economics certainly from the and

you. Thank Understood. All right.

Thank you.

next Our proceed of the Please from question Jacqueline line TD with question. Cowen. Kisa with your comes

Kisa Mah. covered and of you I much dsRNA for dsDNA on call questions. taking Jacqueline other updates already, ligases. on your in opportunities, working may is has the if lot any just science Steven This the addition A enzymes provide so for to Hi. on other but ask could for be wanted Thanks any been you ground life to

far wouldn't the looking on with we're remaining in at portfolio. the mentioned conversations, those opportunities we the still those We're we've along but enzymes sort some pretty we be a in out-licensing go-forward As carrying past, have Life potential Science basis. of with

agreement, enzyme quarter. this and wrapped supply For should an we us up from have that

on of you your point if is you customers. but aiming just pharma believe through manufacturing that provide this have XXXX? And look XX you sorry, already could a bit that to to mentioned how missed some reach around progress customers, forward progressing? Excellent. I'm and then should moving you're earlier, we I how three And customers earlier, the more color at I

for that February the we Phase manufacturing supply includes X that in Phase supplying about three and that XX programs and enzymes so that drugs our to currently for big we commercial funnel, enzymes programs about And talked At are talked pharma are we and call, X we speak. about. XX those named

seven year main progress reflected down three XX% double to digit six this as move pharma the has programs R&D the end in QX or our programs. This the we're of clinical into XX%. forward seeing the big we've is and decade for it's well. past programs that in concentration the sales that about the So additional with roughly continue last, manufacturing those year, big sustain big and And product the trials year progress about to talked come as cadre is by of three was the expect then

appreciate Great. I it. Thank you so much.

Dilly no are remarks. there questions. back turn that closing showing the I'm Stephen further like you. call to for I'd Thank to over

in followed participation of and stay to details few more at our again hope technical we of much. sharing conferences for you obviously see exciting on looking the Boston We'll so TIDES today. meeting and progress you'll in those tuned by many investor months. the a us USA you. over at weeks Thanks a forward Thanks the joining in series events ahead. year the for Thank coming We're

call. This concludes today's

may now disconnect. You