[Form 4] CODEXIS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Opaleye Management Inc., a director of Codexis (CDXS), reported open‑market sales of common stock. Transactions occurred on 11/07/2025, 11/10/2025, and 11/11/2025 at weighted average prices of $1.6968, $1.7347, and $1.7994, respectively.

Reported sale sizes included 296,682 and 10,000 shares on 11/07/2025; 205,000 and 3,318 shares on 11/10/2025; and 535,000 and 13,211 shares on 11/11/2025. Following these transactions, beneficial ownership was 11,508,318 shares indirectly through Opaleye, L.P., and 223,461 shares indirectly through a managed account.

Insights

Equity Ownership Analyst

Director-affiliated entities disclosed multi-day open market sales totaling ~1.06M shares; remaining indirect holdings still large.

The filing reports open market sales of **Codexis (CDXS)** common stock by entities affiliated with a **Director**. Across 11/07/2025, 11/10/2025, and 11/11/2025, Opaleye, L.P. sold 296,682, 205,000, and 535,000 shares, respectively, and a managed account sold 10,000, 3,318, and 13,211 shares. Aggregate sales total approximately 1,063,211 shares, at weighted average prices disclosed in ranges of $1.68–$1.71, $1.70–$1.75, and $1.7696–$1.81.

Post-transaction, the filing shows indirect beneficial ownership of 11,508,318 shares via Opaleye, L.P. and 223,461 shares via the managed account. Ownership is reported as indirect, with customary disclaimers of beneficial ownership except to the extent of pecuniary interest. The form is filed by one reporting person and indicates the relationship as Director; it does not mark 10% owner.

The key takeaway is a sizable net reduction by a Director-affiliated holder over three trading days at approximately $1.68–$1.81. Items to watch: any subsequent Form 4s indicating continued selling, updates to beneficial ownership amounts, and whether future filings disclose plan-based trading. The next relevant checkpoint is any new transactions filed after 11/11/2025.

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

OMB Number:			3235-0287
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hours per response:			0.5

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)
11/07/2025

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	11/07/2025		S		296,682	A	$1.6968	12,248,318	I	By Opaleye, L.P.(1)(3)(4)(5)(6)
Common Stock, par value $0.001 per share	11/07/2025		S		10,000	D	$1.6968	240,000	I	By Managed Account(2)(3)(4)(5)(6)
Common Stock, par value $0.001 per share	11/10/2025		S		205,000	D	$1.7347	12,043,318	I	By Opaleye, L.P.(1)(3)(4)(5)(6)
Common Stock, par value $0.001 per share	11/10/2025		S		3,318	D	$1.7347	236,682	I	By Managed Account(2)(3)(4)(5)(6)
Common Stock, par value $0.001 per share	11/11/2025		S		535,000	D	$1.7994	11,508,318	I	By Opaleye, L.P.(1)(3)(4)(5)(6)
Common Stock, par value $0.001 per share	11/11/2025		S		13,211	D	$1.7994	223,461	I	By Managed Account(2)(3)(4)(5)(6)

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 $1.68 - $1.71 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 $1.70 - $1.75 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.7696 - $1.81 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.

6. 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	11/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Opaleye Management Inc. report in the CDXS Form 4?

It reported open‑market sales of Codexis common stock on 11/07/2025, 11/10/2025, and 11/11/2025 at weighted average prices of $1.6968, $1.7347, and $1.7994.

What were the share amounts sold by date for Codexis (CDXS)?

11/07/2025: 296,682 and 10,000 shares; 11/10/2025: 205,000 and 3,318 shares; 11/11/2025: 535,000 and 13,211 shares.

What are Opaleye’s beneficial holdings in CDXS after the reported sales?

11,508,318 shares indirectly via Opaleye, L.P., and 223,461 shares indirectly via a separately managed account.

How were the reported prices calculated?

They are weighted average prices, with individual trades executed within disclosed ranges for each date.

Who signed the filing and when?

Opaleye Management Inc., By: /s/ James Silverman, President, signed on 11/12/2025.

What is Opaleye Management Inc.’s relationship to Codexis?

The reporting person is indicated as a director of Codexis.