SCHEDULE: Opaleye Management Boosts Codexis Stake to 9.95%

Opaleye Management Inc., along with Opaleye, L.P. and James Silverman, reported an aggregate beneficial ownership of 9.95% of Codexis, Inc.'s common stock.

Summary

• Opaleye Management Inc., Opaleye, L.P., and James Silverman collectively reported beneficial ownership of 8,987,989 shares of Codexis, Inc. common stock.
• This represents 9.95% of the outstanding common stock of Codexis, Inc.
• The percentage 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. serves as the investment adviser to Opaleye, L.P., and James Silverman controls Opaleye Management Inc.
• The reporting persons share voting and dispositive power over these shares.
• The filing certifies that the securities were not acquired for the purpose of changing or influencing control of the issuer, except for activities related to a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant institutional investment, which is generally a positive signal for the company's stock, reflecting confidence from a sophisticated investor. However, it's purely an ownership disclosure and doesn't contain operational or financial performance updates.

Positives

• A significant institutional investor, Opaleye Management Inc., has disclosed a substantial stake of 9.95% in Codexis, Inc., potentially signaling confidence in the company's future prospects.
• The shared voting and dispositive power indicates a coordinated investment strategy by the reporting group.

Negatives

• No explicit negative information regarding Codexis, Inc. is presented in this ownership disclosure.

Risks

• This filing, being an ownership disclosure, does not explicitly detail company-specific operational or financial risks for Codexis, Inc.

Future Outlook

The filing does not provide forward-looking statements or guidance from Codexis, Inc. or the reporting persons regarding the issuer's future performance.

Industry Context

This filing indicates a significant institutional investment in Codexis, Inc., a company typically operating in the biotechnology or life sciences sector. Such substantial stakes by investment advisers like Opaleye Management can draw market attention and are often interpreted as a vote of confidence in the company's long-term strategy or valuation, potentially influencing other investors in the sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may instill greater confidence among existing shareholders and attract new investors, potentially leading to increased demand and a positive impact on share price.
• Management: The presence of a large institutional investor could lead to increased scrutiny or engagement from the investor regarding corporate strategy and performance, especially given the certification about potential nominations under Rule 14a-11.

Key Dates

Recommendation

While a significant institutional stake by Opaleye Management is a positive signal, this filing is purely an ownership disclosure and does not provide new financial or operational data to warrant a 'buy' or 'sell' recommendation. It suggests a seasoned investor sees value, but without further fundamental analysis of Codexis, Inc.'s business, a 'hold' is appropriate for existing investors, and further due diligence for potential new investors.

Keywords

Codexis Inc., Opaleye Management, Institutional Ownership, Schedule 13G, Common Stock, Investment Adviser, Beneficial Ownership, Biotechnology, Life Sciences