Codexis Enters into $60 Million Term Loan Facility with Trinity Capital

Principal repayments move from the retired loan’s March 2027 schedule to November 2030 under the new facility.

Rhea-AI Summary

Codexis (CDXS) entered into a $60 million senior secured term loan agreement with Trinity Capital to refinance its existing debt.

The initial $42.5 million drawdown funded repayment of the loan held by Innovatus Life Sciences Lending Fund I, which would have begun amortizing in March 2027. Codexis had $42.5 million in outstanding debt after closing. The new loan provides 48 months of interest-only payments, followed by a 12-month principal repayment period beginning November 2030. Codexis said the refinancing provides flexibility to advance its growth initiatives, including industrializing its ECO Synthesis platform for siRNA therapeutics manufacturing.

3 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$60 million term loan agreement with Trinity Capital provides Codexis with refinancing capacity. 49% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.48 months of interest-only payments defer principal repayment versus the retired loan’s March 2027 amortization start.
• Minor point. Forward-looking: it has not happened yet and may not happen.ECO Synthesis industrialization remains a company objective, including manufacturing and oligonucleotide synthesis scale-up milestones.

Negative

• Major point$42.5 million in outstanding senior secured debt remains after closing.
• Minor point. Forward-looking: it has not happened yet and may not happen.12-month principal repayment period begins November 2030 under the new loan.

News Explained

Codexis says the full loan and security agreement will be filed as an exhibit to a Form 8-K, where readers can review its detailed terms.

Key Figures

Term loan facility: $60 million Initial drawdown: $42.5 million Outstanding debt: $42.5 million +3 more

Term loan facility

$60 million

Senior secured facility with Trinity Capital

Initial drawdown

$42.5 million

First tranche used to refinance existing term debt

Outstanding debt

$42.5 million

Post-closing

Interest-only period

48 months

Under the Trinity term loan

Amortization period

12 months

Begins November 2030

Prior loan amortization start

March 2027

The retired Innovatus debt would have begun amortizing then

Historical Context

1 past event · Latest: Aug 11

1 event

1. Aug 11

   Q2 earnings

   24h Move

   +8.1%

   The quarterly filing disclosed $40.9 million of Innovatus term debt, the obligation refinanced here.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured term loan, interest-only payments, amortization period, sirna, +1 more

5 terms

senior secured term loan financial

"a $60 million senior secured term loan agreement with Trinity Capital"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

interest-only payments financial

"provides for 48 months of interest-only payments"

A loan payment plan where the borrower pays only the interest charge for a set period, leaving the original loan amount unchanged until later. For investors, this matters because it can boost short-term cash flow and lower default risk early on, but it also concentrates repayment or raises future payments later, which can increase credit and refinancing risk for lenders and holders of related securities—think of a lease that postpones paying down the car’s price.

amortization period financial

"followed by a 12-month amortization period"

The amortization period is the length of time over which a loan or the cost of an intangible asset is scheduled to be paid down through regular payments. It matters to investors because a longer amortization reduces each payment and eases near-term cash flow but increases total interest or expense over time, while a shorter period raises current payments and can strain cash but cuts long-term cost—think of it like choosing between smaller monthly car payments that last longer or bigger payments that finish sooner.

sirna medical

"growth initiatives in the siRNA therapeutic sector"

Small interfering RNA (siRNA) is a short strand of genetic material that binds to and destroys the messenger RNA that carries instructions for making a specific protein, effectively switching that gene off. Investors care because siRNA is a platform for precise medicines: successful trials or approvals can create high-value drugs, while delivery challenges, manufacturing complexity, patent positions and regulatory risk can sharply affect a biotech company's prospects.

gmp manufacturing technical

"milestones in both GMP manufacturing and scale-up"

GMP manufacturing, or Good Manufacturing Practice, is a set of strict guidelines that ensure products, especially medicines and health-related items, are consistently produced and controlled to meet quality standards. For investors, it signifies that a company follows high-quality processes, reducing risks of defects or contamination, which can impact product safety and market trust. This adherence helps ensure the reliability and reputation of the products in the marketplace.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Initial drawdown of $42.5 million to refinance existing term loan

REDWOOD CITY, Calif., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Codexis, Inc. (Nasdaq: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced it has entered into a $60 million senior secured term loan agreement with Trinity Capital Inc. (NYSE: TRIN), a leading provider of flexible capital solutions for life sciences and healthcare industries. The Company used the proceeds of the first tranche of this transaction to retire the debt that was held by Innovatus Life Sciences Lending Fund I, LP, which would have begun amortizing in March 2027. Post-closing, the Company has a total of $42.5 million in outstanding debt. The Trinity term loan provides for 48 months of interest-only payments followed by a 12-month amortization period beginning November 2030.

“We are pleased to enter into this partnership with Trinity Capital, as this refinancing enhances our financial position as we look ahead to executing on our upcoming key milestones,” said Georgia Erbez, Chief Financial Officer and Chief Business Officer of Codexis. “The new facility provides us with flexibility in our capital structure to advance many of our growth initiatives in the siRNA therapeutic sector. Industrializing our ECO Synthesis platform is a primary objective, and achieving important milestones in both GMP manufacturing and scale-up of oligonucleotide synthesis underpins the expansion of our position and influence in the industry.”

“Providing growth capital to innovative companies operating in attractive, high-growth markets is a core focus of Trinity Capital’s business strategy,” said Rob Lake, Senior Managing Director, Healthcare & Life Sciences at Trinity Capital. “We are excited to work with Codexis in support of their vision to prove and industrialize the siRNA manufacturing process with their ECO Synthesis^® Manufacturing Platform and are pleased to facilitate Codexis’s continued development.”

For more information regarding the terms applicable to the senior secured debt, please refer to the full text of the related loan and security agreement, which will be filed by Codexis as an exhibit to a Current Report on Form 8-K with the Securities and Exchange Commission.

About Codexis, Inc.

Codexis^® is a leading provider of high-performance enzymatic solutions for efficient and scalable therapeutics manufacturing. The Company is currently developing its proprietary ECO Synthesis^® Manufacturing Platform, an aqueous enzymatic process that may offer a scalable alternative to traditional solid phase organic synthesis of oligonucleotide manufacturing. Initially, Codexis is applying its technology to address the rapidly growing demand for RNAi therapeutics. Codexis’ unique enzymes can drive improvements such as higher yields, increased purity, reduced energy usage and waste generation, stereoisomer control of siRNA, and improved overall capacity in manufacturing at substantially lower capital requirements, all of which may lead to greater efficiency and reduced costs. In addition, the Company supplies high-performance enzymes through its BioCatalysis business that are used in the manufacture of multiple commercially available small molecule therapeutics. For additional information, please visit https://www.codexis.com.

About Trinity Capital, Inc.

Trinity Capital Inc. (NYSE: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Tech Lending, Equipment Finance, Healthcare & Life Sciences, Sponsor Finance, and Asset Based Lending. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than $6.2 billion across over 490 investments since inception in 2008 (as of June 30, 2026). Headquartered in Phoenix, Arizona, Trinity Capital’s dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Codexis, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the anticipated use of proceeds, the availability of additional tranches under the term loan facility, Codexis’ financial position and capital structure, and Codexis’ plans, objectives and milestones, including with respect to its ECO Synthesis^® Manufacturing Platform. Such forward-looking statements involve substantial risks and uncertainties that could cause Codexis’ future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Codexis undertakes no obligation to update or revise any forward-looking statements, including risks related to Codexis’ ability to satisfy the conditions to drawing additional tranches, comply with the covenants under the loan and security agreement and service its debt, and successfully develop and scale up its ECO Synthesis^® Manufacturing Platform. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Codexis’ business in general, please refer to Codexis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on August 11, 2026, and Codexis’ other periodic reports filed with the SEC.

Investor Contact for Codexis:
Georgia Erbez
(650) 421-8100
ir@codexis.com

Media Contact for Trinity
Donnie Hogan
VP, Marketing Communications
dhogan@trinitycapital.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Codexis borrow under its Trinity Capital loan agreement?

Codexis initially drew $42.5 million under its $60 million senior secured term loan agreement with Trinity Capital. The proceeds retired the debt held by Innovatus Life Sciences Lending Fund I, leaving $42.5 million in outstanding debt after closing.

When does Codexis begin repaying principal on its Trinity Capital loan?

The loan’s 12-month principal repayment period begins November 2030, following 48 months of interest-only payments. The retired Innovatus loan would have begun amortizing in March 2027.