Replies to post #17 on Codexis, Inc. (CDXS)

[DewDiligence]

The Shell episode is somewhat bearish not only because Shell didn’t acquire CDXS outright, but also because Shell dealt with CDXS in a manner that ensures Shell won’t have to recognize CDXS profits and losses on its own income statement. I consider this a “tell” that Shell does not expect CDXS to be profitable anytime soon.