Codexis（CDXS）：在TIDES会议上继续取得进展

Tycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.comMatthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.comJack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.comPriya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.comNoah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.comLauren Timmins, Ph.D. * | Equity Associate+1 (929) 237-2038 (mobile) | ltimmins@jefferies.com Company DescriptionCodexisCodexis is a leader in protein engineering and enzyme production for use in the commercial manufacturing of active pharmaceutical ingredients(APIs), fine chemicals, food ingredients, and in vitro diagnostic assays. CDXS’s proven technology enables implementation of biocatalytic solutionsto meet customer needs for rapid, cost-effective, and sustainable manufacturing.Company Valuation/RisksCodexisOur $4.50 PT represents ~$350M of equity value based on 5.7x 2025E revs for the base business + ~$200M of value for ECO platform. Risks:successful development & commercialization of ECO Synthesis platform; advancement of RNAi therapeutic pipeline & future commercial approvalsby third-parties; cash burn / capital funding needs.Agilent TechnologiesOur $116 PT represents a 10-year horizon in our DCF model and implies ~21x FY25E EPS and EV of ~16x EBITDA. Downside Risks: longer instrumentcycle, missed M&A opportunities, prolonged China recovery. Upside Risks: margins surprised to upside on cost-outs, larger buyback, NASD demandon commercial side snaps back.Analyst Certification:I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 22, 2025 , 13:58 ET.Ma