Codexis, Inc.

NASDAQ•CDXS

CEO: Dr. Stephen George Dilly MBBS, Ph.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2010-04-22

Codexis, Inc. discovers, develops, and sells enzymes and other proteins. The company offers CodeEvolver, a technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes. It offers biocatalyst products and services. The company also provides biocatalyst screening and protein engineering services. In addition, the company is currently developing its proprietary ECO Synthesis(tm) manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. It has a collaboration agreement with Nestlé Health Science to develop CDX-7108 for the treatment of exocrine pancreatic insufficiency. The company sells its products to pharmaceutical manufacturers through its direct sales and business development force in the United States and Europe. The company was incorporated in 2002 and is headquartered in Redwood City, California.

Contact Information

200 Penobscot Drive, Redwood City, CA, 94063, United States

650-421-8100

www.codexis.com

Market Cap

$158.11M

P/E (TTM)

-3.6

18.8

Dividend Yield

52W High

$3.87

52W Low

$0.96

52W Range

27%

Rank53Top 76.1%

2.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 2.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$38.92M+0.00%

4-Quarter Trend

EPS

$0.11+0.00%

4-Quarter Trend

FCF

$19.57M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Rises 19% Total revenues reached $70.4M in 2025, increasing 19% driven by $44.4M R&D revenue from licensing agreements.

Net Loss Significantly Reduced Net loss narrowed to $44.0M in 2025, a substantial improvement from $65.3M loss reported in the prior year.

Product Gross Margin Improves Product gross margin increased to 64% in 2025 from 56% in 2024, reflecting a shift toward more profitable product sales.

Cash Position Strengthened Cash and cash equivalents grew to $50.8M by year-end 2025, up from $19.3M in 2024, following loan tranche funding.

Risk Factors

Customer Concentration High Risk One customer accounted for 51% of 2025 total revenue, increasing risk from loss or reduction of business volume.

History of Net Losses Continues Company maintains an accumulated deficit of $606.8M; profitability achievement or maintenance remains uncertain for the business.

Novel RNAi Technology Unproven ECO Synthesis platform is novel; failure to validate performance at scale or gain regulatory acceptance impedes customer adoption.

Therapeutics Regulatory Uncertainty Therapeutics development is expensive and highly regulated; customer product advancement to approval remains highly uncertain.

Outlook

Advance CDMO Partnerships in 2026 Expect to advance at least one CDMO partnership, initiating technology transfer to synthesize GMP-grade siRNA in 2026.

GMP Facility Operational by 2027 Retrofitting Hayward GMP facility is underway; anticipate full production capability for RNAi therapeutics by the end of 2027.

Expand Enzymatic Tool Offerings Plan to expand ECO Synthesis platform offerings to address overall market needs for scalable and sustainable RNAi manufacturing.

Focus on Core Technology Areas Strategy remains focused on enhancing ECO Synthesis platform and small molecule pharma biocatalysis business segments.

Peer Comparison

Revenue (TTM)

GNFT

$126.71M

+9.8%

CDXS

$70.39M

+18.6%

IVVD

$53.43M

+110.5%

Gross Margin (Latest Quarter)

PYXS

103.9%

+0.0pp

GNFT

100.0%

+0.0pp

OABI

99.9%

-209.2pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
GNFT	$445.68M	-11.1	-63.7%	64.1%
ARMP	$386.84M	-2.2	158.9%	374.6%
OBIO	$253.98M	-3.2	-169.6%	28.2%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

72.8%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

25%

Cash Flow Needs Attention

Deep Research

Next earnings:Apr 30, 2026

EPS:-$0.11

Revenue:$15.60M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data