Form 4: Opaleye Management Sells CDXS Shares

Opaleye Management Inc., a 10% owner and director of Codexis, Inc., reported multiple sales of common stock totaling 519,341 shares in late November and early December 2025.

Summary

• Opaleye Management Inc., a 10% owner and director of Codexis, Inc. (CDXS), reported sales of common stock.
• Transactions occurred on November 26, 2025, November 28, 2025, and December 1, 2025.
• A total of 519,341 shares were sold across Opaleye, L.P. and a separately managed account.
• The sales were executed at weighted average prices ranging from $1.6675 to $1.75 per share.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.
• Following these transactions, Opaleye, L.P. indirectly owns 9,955,000 shares and the Managed Account indirectly owns 179,989 shares.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to significant insider selling by a 10% owner and director. While the 10b5-1 plan mitigates the immediate concern of opportunistic selling, the sheer volume and the prices at which shares were sold could signal a lack of strong conviction or a portfolio rebalancing away from the company.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, indicating pre-scheduled transactions rather than opportunistic selling based on new material non-public information.

Negatives

• A significant volume of shares (519,341) was sold by a 10% owner and director, which could be interpreted negatively by the market.
• The sales occurred at prices ranging from $1.65 to $1.7715, which are relatively low compared to historical highs for CDXS.

Risks

• The market may perceive the insider selling as a lack of confidence in the company's future prospects, potentially leading to downward pressure on the stock price.

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

This Form 4 filing reports routine insider transactions and does not provide information directly related to broader industry trends or competitive landscape. The transactions reflect a specific investment firm's portfolio management decisions regarding its stake in Codexis, Inc.

Comparison to Industry Standards

• NA

Related Party Transactions

• Opaleye Management Inc., as a 10% owner and director, is considered a related party to Codexis, Inc.
• The reported sales of common stock by Opaleye, L.P. and a Managed Account, both managed by Opaleye Management Inc., constitute related party transactions.

Stakeholder Impact

• Shareholders: May interpret the insider selling as a negative signal, potentially leading to decreased investor confidence and downward pressure on the stock price.
• Company Management: The selling by a significant owner and director could raise questions internally about long-term commitment, though the 10b5-1 plan provides a standard explanation.

Next Steps

• NA

Key Dates

Recommendation

While the significant insider selling by a 10% owner and director is a negative signal, the fact that these transactions were executed under a Rule 10b5-1 plan suggests they were pre-scheduled and not based on new, adverse material non-public information. This mitigates the immediate concern of opportunistic selling. However, the volume of shares sold and the prices indicate a reduction in exposure by a key institutional holder. Without additional context on the company's fundamentals or other market factors, a 'hold' recommendation is prudent, advising investors to monitor future filings and company performance closely before making further investment decisions.

Keywords

Codexis, CDXS, Opaleye Management, Insider Selling, Form 4, Stock Sales, Beneficial Ownership, 10b5-1 Plan