White Brook Capital, LLC on Codexis, Inc.
Thesis
White Brook holds Codexis for its established enzyme business and options on expanding manufacture of siRNA therapies. The company signed evaluation arrangements with three contract manufacturers ahead of plan, but commercial conversion and its own GMP facility have suffered delays. Broader indications in cardiovascular, metabolic and neurological disease could materially increase siRNA manufacturing demand as trials mature. With multiple potential contracts significant relative to its size and enterprise value at around 1.4 times midpoint 2026 revenue guidance, the fund sees asymmetric upside if execution improves.
“Codexis offers an established enzyme business and RNA manufacturing upside at a valuation we find attractive.”
Key risks
- Commercial contract discussions with manufacturing partners have progressed more slowly than expected.
- Permitting has delayed the GMP manufacturing facility, now targeting production around year-end 2027.
- Scale-up of half-kilogram siRNA batches has slipped beyond the original timetable.
- Broader siRNA indications remain in clinical development and may fail to win approval.