SCHEDULE: Opaleye Management Boosts Codexis Stake to 7.52%

Opaleye Management Inc., Opaleye, L.P., and James Silverman collectively report a 7.52% passive beneficial ownership in Codexis, Inc. common stock.

Summary

• Opaleye Management Inc., Opaleye, L.P., and James Silverman have filed an Amendment No. 3 to Schedule 13G, disclosing their beneficial ownership in Codexis, Inc.
• The reporting persons collectively beneficially own 6,789,738 shares of Codexis, Inc. Common Stock.
• This aggregate amount represents 7.52% of the outstanding class of securities.
• Opaleye, L.P. directly holds 6,669,738 shares, representing 7.38% of the class.
• Opaleye Management Inc. serves as the investment adviser to Opaleye, L.P., and James Silverman exercises control over Opaleye Management Inc.
• The percentage of class is based on 90,324,383 Common Shares outstanding as of November 3, 2025, as reported by Codexis, Inc. in its 10Q Statement on November 6, 2025.
• Opaleye Management Inc. also manages separate accounts that collectively hold 120,000 shares of Common Stock, which are included in the aggregate amount reported.
• No individual managed account holds more than 5% of the outstanding Common Stock.

Sentiment

Score: 6

Explanation: The filing indicates a significant passive institutional investment in Codexis, suggesting confidence from Opaleye Management Inc. and its affiliates. While not an operational update, a substantial stake by a known investment firm can be viewed favorably by the market, contributing to a moderately positive sentiment.

Positives

• A significant passive stake by an institutional investor like Opaleye Management Inc. can signal confidence in Codexis, Inc.'s long-term prospects.
• The increased transparency regarding institutional ownership provides clarity to the market.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Codexis, Inc. or the reporting persons regarding the company's future performance or strategic direction.

Management Comments

• The reporting persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

In the biotech and life sciences sector, significant institutional investment can be a positive signal, indicating that experienced investors see value or potential in the company's technology, pipeline, or market position. Such filings are closely watched by other institutional investors and market participants.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive indicator of confidence in the company, potentially influencing market sentiment and share price.
• The disclosure provides transparency to all market participants regarding the ownership structure of Codexis, Inc.

Key Dates

Recommendation

The Schedule 13G filing indicates a substantial passive stake by Opaleye Management Inc. and its affiliates in Codexis, Inc. While this signals institutional confidence, the filing itself does not provide operational or financial performance data to warrant a 'buy' or 'sell' recommendation. Investors should consider this ownership as a positive indicator but base investment decisions on a broader analysis of the company's fundamentals, strategic direction, and market conditions.

Keywords

Codexis, CDXS, Opaleye Management, Opaleye LP, James Silverman, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Biotech, Life Sciences