CODEXIS, INC. (CDXS): restructuring charge — Codexis revises restructuring costs; records $9.2M asset impairment on facility

CODEXIS, INC.

Workforce reduction of ~25% completed by Sept 30, 2023; actual severance costs $3.1M vs. expected $2.9M.
Non-cash goodwill impairment of $0.8M from discontinuing Biotherapeutics programs.
Non-cash asset impairment of $9.2M related to San Carlos facility previously assigned to Vaxcyte.
Operations streamlined by exiting Biotherapeutics development and consolidating to headquarters.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CODEXIS, INC. announced a restructuring with charges of approximately $2.9 million affecting the Company (approximately 25%).

Type: restructuring
Charge: approximately $2.9 million
Affected area: the Company
Headcount: approximately 25%

Exact text from the filing

the Company expected to record an expense of approximately $2.9 million in connection with the payment of post-employment benefits to employees impacted by the workforce reduction, as well as the payment of other expenses such as related tax costs

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CODEXIS, INC. announced a impairment with charges of approximately $0.8 million affecting Biotherapeutics.

Type: impairment
Charge: approximately $0.8 million
Affected area: Biotherapeutics

Exact text from the filing

the Company recorded one-time, non-cash charges, including approximately $0.8 million related to goodwill impairment from the decision to discontinue investment in its Biotherapeutics programs

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CODEXIS, INC. announced a impairment with charges of approximately $9.2 million affecting San Carlos Facility.

Type: impairment
Charge: approximately $9.2 million
Affected area: San Carlos Facility

Exact text from the filing

approximately $9.2 million related to the impairment and write-down of assets related to the San Carlos Facility

View on SEC.gov

Browse all restructurings & charges →

CODEXIS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-270422

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.