Stefan Lutz
CODEXISAbout Stefan Lutz
Dr. Stefan Lutz is Codexis’ Chief Scientific Officer (CSO) as of November 7, 2025, promoted from Senior Vice President of Research; he leads enzyme engineering and ECO Synthesis platform development for RNAi manufacturing . In 2024–2025, the company delivered technical milestones under his research leadership, including gram-scale ECO synthesis, dsRNA ligase commercialization, and validation with CDMO partners . Company operating performance in 2024 showed product revenue (ex-PAXLOVID) rising to $36.8 million from $34.8 million in 2023, and an extended cash runway via debt and ATM raises supporting ECO Synthesis commercialization . The board’s pay practices received 94.7% say‑on‑pay approval in 2024, reflecting broad shareholder support for the compensation framework .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Codexis (CDXS) | Senior Vice President of Research | 2024–2025 | Led ECO Synthesis R&D; achieved gram-scale synthesis; advanced ligase screening; presented reproducibility and impurity control improvements at TIDES conferences . |
| Codexis (CDXS) | Chief Scientific Officer | Nov 2025–present | Elevated to CSO as part of leadership realignment to scale ECO Synthesis and extend cash runway through 2027 . |
External Roles
| Organization | Role/Engagement | Year | Strategic impact |
|---|---|---|---|
| TIDES Europe/USA | Presenter and panelist (RNA manufacturing sessions) | 2024–2025 | Public technical validation of enzymatic siRNA synthesis, ligase performance and manufacturability; external replication at CDMOs (incl. Bachem) supporting customer adoption and tech transfer viability . |
| Industry press and Codexis IR events | Technical briefings on ECO Synthesis | 2024 | Demonstrated coupling efficiencies, impurity profiles and sequential synthesis progress; underscored platform scalability . |
Fixed Compensation
- Base salary, target bonus, actual bonus paid for Stefan Lutz: Not disclosed in SEC filings reviewed.
- RSU/option grant values for Stefan Lutz: Not disclosed in SEC filings reviewed.
- Director/committee fees: Not applicable; Lutz is an executive, not a director.
Performance Compensation
Company-level annual incentive framework for 2024 (applies to named executive officers; Lutz’s participation not disclosed):
| Metric | Weight (Target) | Max attainment cap | 2024 company achievement | Notes |
|---|---|---|---|---|
| Financial growth and stability | 35% | 150% overall plan cap | Achieved; overall plan at 100% for 2024 | Revenue growth and stability objectives . |
| Strategic ECO Synthesis platform deliverables | 35% | 150% overall plan cap | Achieved; overall plan at 100% for 2024 | ECO Synthesis milestones . |
| ECO Synthesis partnership | 15% | 150% overall plan cap | Achieved; overall plan at 100% for 2024 | Partner engagement/objectives . |
| Organizational development | 15% | 150% overall plan cap | Achieved; overall plan at 100% for 2024 | Talent and process enhancements . |
- The compensation committee determined company achievement at 100% for FY2024; individual executive payouts follow role-specific targets. Lutz’s target or payout levels are not disclosed .
Equity Ownership & Alignment
- Total beneficial ownership for Stefan Lutz (direct/indirect): Not disclosed in beneficial ownership tables of 2024 and 2025 proxies .
- Shares pledged as collateral: Company prohibits pledging, margin accounts, hedging, and derivatives by employees and officers; no exceptions noted .
- Stock ownership guidelines for executives: Not disclosed in reviewed filings.
- Options/RSUs exercisable/unexercisable for Lutz: Not disclosed.
Employment Terms
- Promotion to CSO: Effective November 7, 2025; part of leadership realignment alongside new CEO Alison Moore and COO transition .
- Employment agreement, severance, change-of-control provisions for Lutz: Not disclosed. Company uses change-of-control severance agreements for certain executives (e.g., COO, CFO) that include 12–18 months base salary, healthcare continuation, and equity acceleration within defined CIC periods; applicability to Lutz is not stated .
Company Performance Context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Product revenue (ex-PAXLOVID) ($ millions) | 34.8 | 36.8 |
Additional operational and financing context:
- $40 million Innovatus loan facility to fund ECO Synthesis development and the Innovation Lab .
- $31 million raised via ATM in Sept 2024; management targets cash flow positivity by end of 2026 .
- $37.8 million non‑refundable supply assurance payment from Merck expected Q4 2025, extending runway through 2027 .
- Workforce reduction of ~24% announced Nov 2025 to streamline operations around ECO Synthesis .
Compensation Committee Analysis and Governance
- 2024 say‑on‑pay approval: ~94.7% .
- Peer group used for benchmarking 2024 executive pay includes Absci, Akoya Biosciences, Alpha Teknova, Avid Bioservices, Bionano Genomics, Harvard Biosciences, MaxCyte, Personalis, Quantum‑Si, Rapid Micro Biosystems, REGENXBIO, Sangamo Therapeutics, Seer, SomaLogic, Standards BioTools .
- Clawback policy adopted (Nasdaq compliant); prohibits hedging/pledging by officers and directors .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; reduces misalignment risk .
- No tax gross‑ups for change‑of‑control; shareholder‑friendly .
- Large equity plan share pool increase sought in 2025 (addition of 8,000,000 shares) may imply dilution risk, though intended to address retention/competitive hiring; overhang projected to ~22% post‑approval, then declining over time .
- Organizational reductions and COO transition in 2025 signal execution risk in commercialization; offset by Merck agreement and CEO promotion to drive focus .
Investment Implications
- Compensation alignment: Company-wide 2024 incentives tied to ECO Synthesis deliverables and partnerships provide clear line‑of‑sight to value creation in areas Lutz oversees; prohibition of hedging/pledging and clawback policy reinforce alignment .
- Retention and selling pressure: Lack of disclosed Lutz equity holdings/vesting schedules limits assessment of insider selling pressure; planned equity pool expansion suggests emphasis on retention across technical leadership .
- Execution signal: Lutz’s elevation to CSO amid external validation and customer replication of Codexis ligases supports confidence in technical roadmap; near‑term focus remains on converting technical wins to commercial traction, with runway strengthened by Merck’s $37.8m payment .
- Governance quality: Strong say‑on‑pay support, no gross‑ups, and anti‑hedging/pledging policies are positives; monitor dilution/overhang and delivery against ECO milestones embedded in incentives .
Key data gaps: Specific CSO compensation terms (salary, bonus target), equity awards, and ownership for Stefan Lutz are not disclosed in the reviewed filings; conclusions are based on company‑level disclosures and role‑based responsibilities.