[Form 4] CODEXIS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Codexis (CDXS): Opaleye Management Inc., as reporting person, disclosed open‑market sales of Codexis common stock on 11/12/2025. Transactions included 890,000 shares at $1.9372 and 165,000 shares at $1.962 through Opaleye, L.P., plus 27,459 shares at $1.9372 via a separately managed account. The prices are weighted averages; the shares were sold in multiple trades within disclosed ranges.

Following the reported transactions, beneficial ownership reported as indirect included 10,453,318 shares by Opaleye, L.P. and 196,012 shares by the managed account. The pricing footnotes state sales occurred across ranges of $1.9005–$1.9905 and $1.935–$2.0035, with full trade details available upon request.

Insights

Equity Ownership and Governance Analyst

Director-related entities reported ~1.08M share sales; large, price-banded disposals at ~$2 imply reduced indirect holdings.

Opaleye Management Inc., reporting as a director-affiliated filer, disclosed multiple same-day open-market sales of Codexis, Inc. (CDXS) common stock on 11/12/2025. The filing shows transactions totaling approximately 1,082,459 shares across two indirect accounts: the Fund (Opaleye, L.P.) and a Managed Account, with weighted average prices between $1.9005 and $2.0035. Following the reported trades, indirect holdings reflect 10,453,318 shares via the Fund and 196,012 shares via the Managed Account.

The disclosure specifies weighted-average pricing and offers to provide full trade breakdowns upon request, signaling standard execution practices for larger sale programs. The filer disclaims beneficial ownership beyond pecuniary interest, indicating the shares are held in managed vehicles rather than directly. No derivative securities were reported.

Key items to watch: additional Form 4s that show continued reductions, any adoption or use of Rule 10b5‑1 trading plans, and subsequent shifts in the reported indirect balances. The price bands in this Form 4 frame an execution window around $1.90–$2.00 on 11/12/2025. Monitoring subsequent filings over the next several weeks can clarify whether these disposals are a one‑time block or part of an ongoing selling pattern.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Opaleye Management Inc.

(Last) (First) (Middle)

ONE BOSTON PLACE, 26TH FLOOR

(Street)

BOSTON MA 02108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CODEXIS, INC. [ CDXS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	11/12/2025		S		890,000	A	$1.9372	10,618,318	I	By Opaleye, L.P.(1)(3)(4)(5)
Common Stock, par value $0.001 per share	11/12/2025		S		27,459	D	$1.9372	196,012	I	By Managed Account(2)(3)(5)
Common Stock, par value $0.001 per share	11/12/2025		S		165,000	D	$1.962	10,453,318	I	By Opaleye, L.P.(1)(3)(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Fund.

2. Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye may be deemed to beneficially own the securities owned directly by the Managed Account.

3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.9005 - $1.9905 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

4. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.935 - $2.0035 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

5. Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	Opaleye Management Inc., By: /s/ James Silverman, President	11/14/2025
	** Signature of Reporting Person	Date
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