Form 4: Opaleye Management Boosts Stake in Codexis with Recent Stock Purchases

Opaleye Management Inc., a significant 10% owner, has increased its indirect beneficial ownership in Codexis, Inc. through recent common stock acquisitions.

Summary

• Opaleye Management Inc., identified as a 10% owner of CODEXIS, INC. (CDXS), reported two purchases of the issuer's common stock.
• On July 29, 2025, Opaleye, L.P. acquired 8,422 shares of common stock at a price of $2.82 per share.
• On July 30, 2025, Opaleye, L.P. acquired an additional 1,578 shares of common stock at a price of $2.795 per share.
• Following these transactions, Opaleye, L.P. indirectly beneficially owns 12,460,000 shares of Codexis common stock.
• Opaleye Management Inc. also indirectly beneficially owns 250,000 shares through a separately managed account.
• The total indirect beneficial ownership by Opaleye Management Inc. in Codexis, Inc. stands at 12,710,000 shares.

Sentiment

Score: 8

Explanation: The filing indicates strong positive sentiment due to significant insider buying by a 10% owner, suggesting high confidence in the company's future prospects and valuation.

Positives

• A major institutional investor and 10% owner, Opaleye Management Inc., increased its stake in Codexis, Inc., signaling confidence in the company's future.
• The open market purchases by an informed investor suggest a belief in the company's current valuation or future growth potential.

Future Outlook

NA

Industry Context

This filing reflects an investment decision by a significant shareholder in the biotechnology sector, specifically a company involved in enzyme engineering. Such insider buying can signal a positive outlook from informed investors within the industry, potentially indicating perceived undervaluation or strong future prospects for Codexis within its niche.

Related Party Transactions

• Opaleye Management Inc. indirectly beneficially owns shares through Opaleye, L.P., for which it serves as the investment manager.
• Opaleye Management Inc. also indirectly beneficially owns shares through a separately managed account, for which it serves as the portfolio manager.
• Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest therein.

Stakeholder Impact

• Shareholders: The increased stake by a major institutional investor could be interpreted as a positive signal, potentially boosting investor confidence and demand for the stock.

Key Dates

Recommendation

The significant increase in beneficial ownership by a 10% owner, Opaleye Management Inc., through open market purchases signals strong confidence in Codexis, Inc.'s valuation and future prospects. Such insider buying by a well-informed institutional investor often precedes positive developments or reflects a belief that the stock is undervalued, making it an attractive buying opportunity for other investors.

Keywords

Codexis, CDXS, Opaleye Management, Opaleye L.P., insider buying, stock purchase, beneficial ownership, Form 4, SEC filing, biotechnology, enzymes, industrial biotech