Form 4: Opaleye Management Sells Over 1M CDXS Shares

Opaleye Management Inc., a 10% owner and director of Codexis, Inc., reported the sale of over 1 million shares of common stock across multiple transactions in November 2025.

Summary

• Opaleye Management Inc., identified as a 10% owner and director of Codexis, Inc. (CDXS), reported multiple sales of the company's common stock.
• A total of 1,063,211 shares were sold through various transactions between November 7, 2025, and November 11, 2025.
• Sales by Opaleye, L.P. included 296,682 shares at a weighted average price of $1.6968, 205,000 shares at $1.7347, and 535,000 shares at $1.7994.
• Sales by a separately Managed Account included 10,000 shares at $1.6968, 3,318 shares at $1.7347, and 13,211 shares at $1.7994.
• Following these transactions, Opaleye, L.P. beneficially owns 11,508,318 shares, and the Managed Account beneficially owns 223,461 shares.
• The reported prices are weighted average prices, with specific ranges for each transaction date: $1.68 $1.71 for November 7, 2025; $1.70 $1.75 for November 10, 2025; and $1.7696 $1.81 for November 11, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a 10% owner and director, which often signals a lack of confidence or a belief that the stock is fully valued.

Negatives

• A significant sale of 1,063,211 shares by Opaleye Management Inc., a 10% owner and director, could signal a lack of confidence in the company's near-term prospects or current valuation.
• The divestment occurred at prices ranging from $1.68 to $1.81, indicating a decision by a major insider to reduce exposure at these levels.

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

Insider selling, particularly by a significant shareholder and director, can be interpreted by the market as a signal regarding the company's internal prospects or valuation, potentially impacting investor sentiment within the biotechnology sector.

Stakeholder Impact

• Shareholders: May interpret the significant insider selling as a negative signal, potentially leading to downward pressure on the stock price.
• Management: The selling by a director could raise questions about alignment with other shareholders' interests.

Key Dates

Recommendation

The substantial sale of over 1 million shares by Opaleye Management Inc., a 10% owner and director, suggests a lack of conviction in Codexis's near-term prospects or a belief that the stock is currently overvalued. Such a large insider divestment typically signals a negative outlook and could precede further price declines, warranting a 'sell' recommendation for investors.

Keywords

Codexis, CDXS, Opaleye Management, Insider Selling, Form 4, Beneficial Ownership, Equity Sales, Biotechnology, SEC Filing