4/A: Opaleye Management Amends Form 4, Reports Share Dispositions

Opaleye Management Inc. filed an amended Form 4 to correct a clerical error, disclosing dispositions of CODEXIS, INC. common stock totaling 514,341 shares across multiple transactions in late November and early December 2025.

Summary

• Opaleye Management Inc., a 10% owner and director of CODEXIS, INC. (CDXS), filed an amended Form 4/A to correct a clerical error in a previously filed Form 4.
• The amendment clarifies that a transaction on November 26, 2025, originally reported as an acquisition ('A'), was in fact a disposition ('D') of common stock.
• The reporting person, through Opaleye, L.P. and a separately managed account, disposed of a total of 514,341 shares of CODEXIS, INC. common stock across three transaction dates.
• On November 26, 2025, 148,318 shares were sold by Opaleye, L.P. and 5,000 shares by a Managed Account, both at a weighted average price of $1.7413 per share.
• On November 28, 2025, 105,000 shares were sold by Opaleye, L.P. and 2,490 shares by a Managed Account, both at a weighted average price of $1.75 per share.
• On December 1, 2025, 245,000 shares were sold by Opaleye, L.P. and 8,533 shares by a Managed Account, both at a weighted average price of $1.6675 per share.
• Following these transactions, Opaleye, L.P. beneficially owns 9,955,000 shares and the Managed Account beneficially owns 179,989 shares.
• Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a 10% owner and director. The correction of a previously reported acquisition to a disposition further reinforces a bearish signal, indicating a reduction in exposure by a key stakeholder.

Negatives

• A significant 10% owner and director, Opaleye Management Inc., has disposed of a substantial number of shares (514,341 shares) in CODEXIS, INC. over a short period.
• The amendment corrected an acquisition to a disposition, indicating that the selling activity was more extensive than initially reported, which could be perceived negatively by the market.

Risks

• Significant insider selling by a 10% owner and director can signal a lack of confidence in the company's future prospects or a strategic decision to reduce exposure, potentially leading to negative market sentiment.
• The correction of a transaction from an acquisition to a disposition highlights potential inaccuracies in initial filings, which could raise questions about reporting diligence.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance.

Management Comments

• Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein.
• The Form 4/A is being filed to correct a clerical error in Column 4 of Table I for the transaction on 11/26/2025, which was originally reported as an acquisition ('A') and has been corrected to a disposition ('D'). No other changes have been made.

Industry Context

This filing pertains to insider trading activity specific to CODEXIS, INC. and does not provide broader industry trends or competitive analysis.

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 decreased investor confidence and downward pressure on the stock price.

Key Dates

Recommendation

Significant dispositions of common stock by a 10% owner and director, Opaleye Management Inc., across multiple transactions in late 2025, suggest a lack of confidence or a strategic portfolio adjustment that could be interpreted negatively by the market. This insider selling activity, especially with the correction of an acquisition to a disposition, typically signals a bearish outlook or a move to reduce exposure, warranting a 'sell' recommendation for investors.

Keywords

CODEXIS, CDXS, Opaleye Management, Form 4/A, Insider Selling, Stock Disposition, Beneficial Ownership, SEC Filing, Equity Sales