On February 13, 2024, Codexis, Inc. entered into a loan and security agreement with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership as collateral agent and the Lenders listed on Schedule 1.1 thereto, pursuant to which Innovatus, as a Lender, has agreed to make certain term loans to the Company in the aggregate principal amount of up to $40.0 million. Funding of the first $30.0 million tranche was completed on February 13, 2024. The Company will be eligible to draw on a second tranche of $10.0 million upon achievement of certain milestones, including the achievement of certain trailing twelve month net product revenue and certain ratio of Indebtedness (as defined in the Loan Agreement) to its then Market Capitalization (as defined in the Loan Agreement).

The Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met. The Term Loans will mature on the 5th anniversary of the initial funding date, and will bear interest at a floating rate of the sum of (a) the greater of (i) Primate Rate (as defined in the Loan Agreement) and (ii) 7.50%, plus (b) 3.25%. The Loan Agreement is secured by substantially all assets of the Company.

Proceeds will be used for working capital purposes and to fund Company?s general business requirements. The Loan Agreement contains customary representations and warranties and covenants, subject to customary carve outs, and includes financial covenants related to liquidity and net product revenue, with the latter beginning with the period ending September 30, 2024.