Codexis, Inc.

Welcome to Codex's second quarter 2025 Earnings Conference Call. If you require operator assistance during the conference, please press star zero at any time. Please note this event is being recorded. And now I'll turn the call over to Georgia Evers, Chief Financial Officer. Please go ahead.

Thank you, operator. With me today are Dr. Stephen Dilley, Codexist Chairman and Chief Executive Officer, and Kevin Norrick, Chief Operating Officer. During this call, we will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2025 revenue, anticipated milestones, including product launches, pilot scale manufacturing, and paths to scale-up, technical milestones and public announcements related thereto, as well as our strategies and prospects for revenue growth, path to profitability, and successful execution of current and future programs and partnerships. To the extent the statements contained in this call are not descriptions of historical facts regarding Codexys, they are forward-looking statements reflecting our beliefs and expectations as of the statement date, August 13th, 2025. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond Codex's control that could materially affect actual results. Additional information about factors that could materially affect actual results can be found in Codex's filings with the Securities and Exchange Commission. Codexys expressly disclaims any intent or obligation to update these forward-looking statements except as required by law. And now I'll return, I'll turn the call over to Steven.

Thank you, Georgia, and thanks everyone for joining. Our second quarter results are strong and demonstrate our ability to run an effective business. We've maintained a solid cash balance, operating margins are significantly improved, Our revenue is above consensus, and our operating loss is halved compared to Q2 2024. Given this trajectory, it is clear that the objective of cash flow breakeven by the end of 2026 is attainable. However, given the strong interest in the Ecosynthesis platform, with more than 30 ongoing customer engagements, we're considering that this may not necessarily be the best way to create stockholder value. It is apparent that demand for eco will rapidly exceed our ability to supply, starting in the eco lab and then moving to GMP production. Therefore, we're exploring options that will expand our bandwidth to support early projects now and investing in the future to maximize the return from the eco platform. The clearest path to creating value over the longer term is to lock in as many early-phase products as we can onto the eco-platform. As they mature into late-phase assets and commercial drugs, the return on investment becomes compelling, particularly if we remain the direct source of siRNA for as long as possible. To share a bit more, let me pass it over to Kevin.