CDXS CODEXIS, INC. Insider Trading

Opaleye Management sold 1,082,459 shares (9.4% of holdings) at $1.94 blended average; stock down 71.8% from 52-week high, revenue declining, company unprofitable.

Opaleye Management Inc., a 10% holder, executed 3 separate sales totaling 1,082,459 shares for $2,101,031.57 on 2025-11-12, reducing its stake from 11,535,777 to 10,453,318 shares. The sale occurs in a deteriorating fundamental and price environment: CDXS is down 71.8% from its 52-week high of $5.81, the stock has fallen 40.2% in 30 days and 45.5% in 90 days, revenue declined 15.4% year-over-year to $8,601,000, and the company posted a net loss of $19,615,000 in its most recent quarter. The timing is notable because this large institutional seller has already executed 4 other sales in the prior week (2025-11-07, 2025-11-10, and 2025-11-11), signaling sustained selling pressure from a major shareholder. While Opaleye's cross-ticker track record shows 61.54% win rate on buys (prior 14 purchases returned +6.9% at 30 days), its same-ticker history at CDXS consists of 5 recent and consecutive sell transactions with outcomes still unmeasurable, suggesting a pattern of disposition rather than conviction-based activity.

10% owner Opaleye Management sells 1,063,211 shares (82.6% reduction) over three days for $1.9M at $1.76 average; stock down 66.8% YTD vs 52-week high

Opaleye Management, a 10% stakeholder in Codexis, executed 6 separate sales totaling 1,063,211 shares for $1,868,198.12 across November 7–11, 2025, reducing its position from 1,286,672 shares to 223,461 shares (a -82.6% reduction of prior holdings). The blended average sale price was $1.76, while the current market price is $1.93, indicating the insider sold below today's levels. At the same-ticker level, Opaleye's prior two buys at CDXS (July 31 and August 4, 2025) both generated negative 90-day returns (-9.7% and -16.4% respectively), and 0 of the 2 prior same-ticker trades were well-timed at the 90-day mark, suggesting weak execution history at this stock. Codexis reported latest-quarter revenue of $8,601,000.00 with net income of $-19,615,000.00, a material loss, and full-year revenue declined -15.4% year-over-year; the stock has fallen -37.7% over the past 90 days and trades -66.8% below its 52-week high of $5.81. This major stake reduction by a significant shareholder, combined with the company's unprofitable operations and steep recent price decline, merits investor attention.

10% Owner Opaleye Management purchases 85,000 shares of CDXS at $2.68 blended avg; stock -51.1% from 52-week high

Opaleye Management executed 2 separate purchases totaling 85,000 shares for $227,920.90 at an average price of $2.68, increasing its stake to 12.54M shares (+0.7%). The purchase timing comes as Codexis trades at $2.84, down 51.1% from its 52-week high of $5.81, though up 25.9% over the past 90 days. The company remains unprofitable with a net loss of $20.7M in its most recent fiscal year and revenue declined 15.4% year-over-year, presenting significant fundamental headwinds. At this ticker specifically, Opaleye's prior 5 trades show measurable outcomes on only 2 (both showing strong 30-day returns of +27.7% and +30.1%), though none have yet reached the 90-day measurement mark. The transaction does not establish a pattern of precise execution at this stock.

Opaleye Management Inc. (10% owner) purchased 10,000 shares of CDXS at blended avg $2.82; stock now $2.68, down 53.9% from 52-week high.

Opaleye Management Inc., a 10% shareholder, executed 2 separate purchases totaling 10,000 shares for $28,160.55 on 2025-07-29 and 2025-07-30 at a blended average price of $2.82, adding 0.1% to its existing 12.45M-share position. The current stock price of $2.68 is -53.9% from the 52-week high of $5.81, and the company is deeply unprofitable with full-year net income of $-20.7M against quarterly revenue of $7.5M and a -15.4% annual revenue decline. While Opaleye's cross-ticker track record shows 20 prior buys with a 100% 90-day win rate and +25.8% average 90-day return, the prior 5 trades at CDXS show mixed measurable outcomes (30-day returns ranging +27.7% to +34.1% on three trades, with two trades too recent for outcome measurement), and the company's deteriorating fundamentals—negative profitability, shrinking revenue, and depressed valuation—provide no confirmation that this purchase targets genuine upside rather than averaging into a distressed position.

Opaleye Management (10% owner) buys 100,000 CDXS shares at $2.82; 5th buy in 6 weeks amid -15.4% annual revenue decline.

Opaleye Management purchased 100,000 shares at $2.82 on 2025-07-18, the fifth open-market buy at CDXS in six weeks (prior buys on 2025-05-28, 2025-06-12, 2025-06-13, 2025-06-16, 2025-06-27). The company is unprofitable, with net income of $-20.7M in the latest full fiscal year and quarterly revenue of $7.5M down -15.4% year-over-year. At the 10% ownership level, Opaleye's consistent accumulation pattern at declining prices ($2.82 today versus the 52-week high of $5.81, currently -47.5% from peak) suggests sustained conviction despite deteriorating fundamentals. The most recent prior purchases at this ticker showed 30-day returns of +27.7%, +34.1%, and +32.9%, though those outcomes remain unverified at the 90-day horizon and are not yet attributable to fundamental recovery. Current price of $3.05 is +33.2% above entry over 30 days but still well below the peak, leaving significant uncertainty about whether accumulation at distressed valuations reflects opportunity or additional downside risk in a revenue-declining, unprofitable business.

Opaleye Management (10% owner) bought 100,000 shares of CDXS at $2.39 on 2025-06-27; stock down 58.7% from 52-week high.

Opaleye Management purchased 100,000 shares of Codexis at $2.39, expanding its stake to 12,350,000 shares, in a period when the stock trades 58.7% below its 52-week high of $5.81. This represents the insider's fourth buy at CDXS in two weeks (June 12, 13, 16, and 27), suggesting a pattern of continued accumulation as the stock has declined. However, context matters: the company reported revenue of $7,543,000.00 for the latest quarter with a net loss of $20,688,000.00, and full-year net income was negative, placing the $239,000 purchase within a backdrop of operational underperformance. Across the insider's entire cross-ticker trading history, prior buys averaged a +5.4% 30-day return, but the 90-day win rate has been 0.00%, indicating these purchases have not typically been well-positioned for medium-term gains. The recent same-ticker trades show a mixed pattern: the 2025-05-28 buy posted a +1.3% 30-day return, while the 2025-05-23 buy returned -3.0%, and three subsequent purchases remain too recent to measure outcomes.

Opaleye Management (10% owner) bought 250,000 shares in CDXS for $560.0K over 3 days at $2.24 blended avg.

Opaleye Management's 10% stakeholder made 3 separate purchases totaling 250,000 shares (250.0K shares) for $560,008.98 ($560.0K) between June 12–16, 2025, at prices ranging from $2.23 to $2.25. This represents a 2.1% increase to holdings from 12,000,000 to 12,250,000 shares. However, context tempers the significance: the stock is currently trading at $2.24, down 61.4% from its 52-week high and down 9.3% over the past 30 days. Codexis is unprofitable with net income of $-20,688,000.00 over its most recent full fiscal year and revenue declining 15.4% year-over-year, while the insider's cross-ticker buying track record shows 0.00% 90-day win rate (averaging -9.0% 90-day returns) and prior purchases at this ticker have similarly not delivered positive outcomes at the 90-day mark.

Opaleye Management (10% owner) buys 2,325,000 shares at $2.36, raising stake to 12M shares (+24.0%)

Opaleye Management executed 2 separate purchases totaling 2,325,000 shares for $5,487,000.00 on May 23 and May 28, 2025, growing its stake from 9,675,000 to 12,000,000 shares—a 24.0% increase in holdings. The company is unprofitable (net income $-20,688,000.00 in the latest period), revenue contracted -15.4% year-over-year, and the stock has fallen -59.9% from its 52-week high of $5.81 to the current $2.33. Opaleye's prior trades at this ticker show mixed near-term returns (ranging from +7.3% to +18.0% at 30 days), though none have yet reached measurable 90-day outcomes. The insider's cross-ticker track record reveals an average 30-day return of -1.8% across 20 prior buys, providing limited evidence of timing accuracy.

10% owner Opaleye Management buys 45,000 shares at blended avg $2.31 across 2 transactions

Opaleye Management, a 10% shareholder, executed 2 separate purchases totaling 45,000 shares for $104,096.00 on 2025-04-30 and 2025-05-01 at a blended average price of $2.31. The company trades at $2.52 currently, up 1.2% over 30 days but down 39.9% over 90 days and -56.6% from its 52-week high of $5.81. Codexis fundamentals remain challenged: latest quarterly revenue was $12,833,000 with net income of -$20,640,000, and annual revenue growth contracted -15.4% year-over-year. This purchase occurred amid a sharp 90-day decline and follows a pattern of 5 prior buys by the same insider at this ticker within a 16-day span (2025-04-08 through 2025-04-25), all executed below the current price, suggesting accumulation during a period of weakness.

10% owner Opaleye bought 25,000 shares of CDXS at $2.24; stock down -59.9% from 52-week high, company unprofitable

Opaleye Management purchased 25,000 shares at $2.24 on 2025-04-25, expanding holdings to 9,630,000 shares, while the stock trades -59.9% from its 52-week high and down -47.9% over 90 days. This represents the fifth consecutive buy by this insider at CDXS within an 8-day window (2025-04-03 through 2025-04-25), suggesting sustained capital deployment during a period of significant price weakness. However, the company reported negative net income of $-20,640,000.00 for its most recent full fiscal year, annual revenue declined -15.4% year-over-year, and quarterly revenue stands at only $12,833,000.00, indicating structural headwinds. The insider's cross-ticker track record shows an average 30-day return of -19.5% on 20 prior buys, and none of those prior buys achieved positive 90-day returns, establishing a pattern of poorly-timed acquisitions across holdings. None of the five same-ticker CDXS purchases have yet reached 90-day measurement windows, so current performance cannot be assessed.