SCHEDULE: Telemark Asset Management Discloses Stake in Codexis

Telemark Asset Management, LLC, Telemark Fund, LP, and Colin S. McNay have jointly filed a Schedule 13G, reporting beneficial ownership of 7.3% of Codexis, Inc. common stock.

Summary

• Telemark Asset Management, LLC (TAM), Telemark Fund, LP (TF), and Colin S. McNay (Mr. McNay) have jointly filed a Schedule 13G.
• They collectively beneficially own 7,846,411 shares of Codexis, Inc. common stock.
• This represents 7.3% of the class of securities outstanding.
• The filing date is July 24, 2026, with the report filed on July 29, 2026.
• TAM acts as the investment adviser for TF, and Mr. McNay is the President and sole owner of TAM.
• The filing asserts that the securities were not acquired or held for the purpose of influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a standard disclosure of beneficial ownership and does not contain operational or financial performance data, thus having a neutral impact on sentiment.

Positives

• Telemark Asset Management has taken a significant stake, indicating confidence in Codexis's future prospects.
• The 7.3% ownership stake suggests a substantial investment by the reporting persons.

Negatives

• No explicit negative financial or operational information is presented in this Schedule 13G filing.

Risks

• The filing does not explicitly detail risks, but as a Schedule 13G, it pertains to passive investment, implying no intent to influence control, which could be a risk if the company's performance deteriorates and the investor wishes to exert influence.
• The percentage of ownership (7.3%) could be subject to market fluctuations and changes in the total number of outstanding shares.

Future Outlook

This filing does not contain forward-looking statements or guidance from the company. It is a disclosure of beneficial ownership.

Management Comments

• Each Reporting Person declares that neither the filing of this Statement nor anything herein shall be construed as an admission that such Reporting Person is, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or any other purpose, the beneficial owner of any securities covered by this Statement other than the securities actually owned by such person (if any).

Industry Context

StockSavvy.ai notes that Schedule 13G filings typically indicate passive investment stakes. The size of this stake (7.3%) suggests a notable position within the biotechnology or synthetic biology sector where Codexis operates, potentially signaling investor interest in the company's technology or market position.

Comparison to Industry Standards

• A 7.3% ownership stake is a significant minority position, often held by institutional investors or hedge funds. For comparison, typical activist investor stakes can range from 5% to over 20%, while passive index fund holdings might be smaller or larger depending on the index composition. Without specific comparable companies in this exact filing, it's difficult to provide precise benchmarks, but this level of ownership is substantial enough to warrant attention from management and other shareholders.

Stakeholder Impact

• Shareholders: The filing indicates a significant institutional investor's interest, which could influence market perception and potentially lead to increased scrutiny of company performance.
• Management: The reporting persons are passive investors, but a 7.3% stake is large enough to warrant attention from the board and management.

Next Steps

• Monitor future filings from Telemark Asset Management and Codexis, Inc. for any changes in ownership or strategic developments.

Key Dates

Keywords

Codexis, Telemark Asset Management, Schedule 13G, Beneficial Ownership, Investment Stake, Common Stock, SEC Filing, Shareholder