4/A: Opaleye Amends CDXS Filing, Reports Share Dispositions

Opaleye Management Inc. filed an amended Form 4 correcting a clerical error to reflect dispositions of CODEXIS, INC. common stock totaling over 1 million shares.

Summary

• Opaleye Management Inc., a 10% owner and director of CODEXIS, INC. (CDXS), filed an amended Form 4/A.
• The amendment corrects a clerical error in the original filing, changing a previously reported acquisition ('A') to a disposition ('D') for a transaction on November 7, 2025.
• On November 7, 2025, 296,682 shares were sold by Opaleye, L.P. and 10,000 shares by a Managed Account, both at a weighted average price of $1.6968 per share.
• On November 10, 2025, 205,000 shares were sold by Opaleye, L.P. and 3,318 shares by a Managed Account, both at a weighted average price of $1.7347 per share.
• On November 11, 2025, 535,000 shares were sold by Opaleye, L.P. and 13,211 shares by a Managed Account, both at a weighted average price of $1.7994 per share.
• The total number of shares disposed across these dates amounts to 1,063,211 shares.
• Following these transactions, Opaleye, L.P. beneficially owns 11,508,318 shares and the Managed Account beneficially owns 223,461 shares.
• Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest therein.

Sentiment

Score: 3

Explanation: The filing reports significant dispositions of common stock by a 10% owner and director, which is generally perceived as a negative signal by the market, especially when an initial report of acquisition was corrected to a disposition.

Negatives

• Opaleye Management Inc., a 10% owner and director, disposed of a substantial number of shares (1,063,211 shares) over three days.
• The correction from an acquisition to a disposition for the November 7, 2025 transaction indicates a larger selling activity than initially reported, which can be perceived negatively.

Risks

• Significant insider selling by a 10% owner and director may signal a lack of confidence in the company's future prospects, potentially impacting investor sentiment.
• The need for an amendment to correct a clerical error from an acquisition to a disposition highlights potential initial reporting inaccuracies, though it has been rectified.

Future Outlook

NA

Management Comments

• Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

NA

Related Party Transactions

• Opaleye Management Inc. serves as the investment manager for Opaleye, L.P. and the portfolio manager for a separately managed account, through which the reported dispositions of CODEXIS, INC. common stock occurred.

Stakeholder Impact

• Shareholders may interpret the significant insider selling by a 10% owner and director as a negative signal regarding the company's future prospects, potentially leading to downward pressure on the stock price.

Key Dates

Recommendation

The filing reveals substantial dispositions of common stock by Opaleye Management Inc., a 10% owner and director of CODEXIS, INC. Insider selling of this magnitude, particularly when an initial report of acquisition was corrected to a disposition, typically signals a lack of confidence from a key stakeholder. This could indicate potential headwinds or a belief that the stock is overvalued, prompting a 'sell' recommendation for investors to reconsider their position.

Keywords

CODEXIS, CDXS, Opaleye Management, Form 4/A, insider selling, beneficial ownership, stock disposition, SEC filing, 10% owner, director