Logo

CDXS

Codexis, Inc.

CDXS

Codexis, Inc. • NASDAQ
$1.73 ▼ -0.57% (-0.01)
Market Cap $146.75 M
52w High $6.08
52w Low $1.52
Dividend Yield 0%
P/E -2.37
Volume 417.52K
Outstanding Shares 84.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.601M ▼ $25.085M ▼ $-19.615M ▼ -228.055% ▼ $-0.22 ▼ $-16.259M ▼
Q2-2025 $15.328M ▲ $26.092M ▲ $-13.272M ▲ -86.587% ▲ $-0.16 ▲ $-11.96M ▲
Q1-2025 $7.543M ▼ $25.297M ▲ $-20.688M ▼ -274.268% ▼ $-0.25 ▼ $-18.768M ▼
Q4-2024 $21.46M ▲ $25.147M ▲ $-10.376M ▲ -48.35% ▲ $-0.13 ▲ $-8.282M ▲
Q3-2024 $12.833M $25.073M $-20.64M -160.835% $-0.29 $-13.684M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $59.186M ▼ $123.961M ▼ $85.417M ▲ $38.544M ▼
Q2-2025 $66.33M ▲ $138.246M ▲ $82.615M ▲ $55.631M ▲
Q1-2025 $59.781M ▼ $128.887M ▼ $79.258M ▼ $49.629M ▼
Q4-2024 $73.458M ▼ $149.011M ▲ $82.084M ▲ $66.927M ▼
Q3-2024 $90.255M $148.183M $74.783M $73.4M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.615M ▼ $-7.703M ▲ $6.387M ▲ $-111K ▼ $3.543M ▼ $-7.885M ▲
Q2-2025 $-13.272M ▲ $-17.967M ▼ $-367K ▼ $26.774M ▲ $8.44M ▲ $-20.48M ▼
Q1-2025 $-20.688M ▼ $-13.798M ▲ $11.769M ▲ $1.085M ▼ $-944K ▲ $-15.054M ▲
Q4-2024 $-10.376M ▲ $-16.468M ▼ $-2.863M ▼ $1.132M ▼ $-18.199M ▼ $-18.242M ▼
Q3-2024 $-20.64M $-12.985M $1.533M $30.306M $18.854M $-13.991M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Research and Development Revenue
Research and Development Revenue
 $20.00M ▲$0 ▼$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Codexis is still very much in the “build” phase rather than the “profit” phase. Revenue has been choppy, with a noticeable step-up a few years ago followed by a pullback more recently, suggesting dependence on a small number of large projects or contracts. Gross margins are positive, which is a good sign that the underlying services and products create value, but they are not yet large enough to cover the company’s operating costs. Operating losses and net losses have persisted for the entire period and have widened recently, indicating that spending on people, R&D, and infrastructure continues to outpace revenue growth. In short, the business model is not yet self-sustaining, and the path to profitability will rely on scaling revenues meaningfully without letting costs grow at the same pace.

Balance Sheet

Balance Sheet The balance sheet shows a company that has consumed a fair amount of its financial cushion over the last several years. Total assets have declined, and, more importantly, cash has dropped sharply from earlier years to the most recent period. At the same time, debt has ticked up, and shareholders’ equity has been eroded by ongoing losses. This combination—less cash, more debt, and a thinner equity base—means there is less room for error and makes Codexis more sensitive to any delays in achieving commercial traction. The balance sheet can still support operations, but it no longer has the same safety margin it once did, so future funding decisions and cost control will matter a lot.

Cash Flow

Cash Flow Cash flow paints the same picture as the income statement: Codexis has generally been using cash rather than generating it. Operating cash flow has been negative in most years, with only a brief period where it was close to break-even, and free cash flow has followed the same pattern. Capital spending has been modest, so the cash burn is driven mainly by day-to-day operations and R&D, not by heavy investment in physical assets. With cash on hand now much lower than in past years, the company’s ability to continue funding its plans without new capital or a clear improvement in operating cash flow is an important watch point. Execution on new partnerships and contracts needs to translate into more predictable, recurring cash inflows.

Competitive Edge

Competitive Edge Technologically, Codexis is well positioned. Its CodeEvolver platform, long experience in enzyme engineering, and track record with major pharmaceutical partners give it a differentiated spot in the market. The company benefits from a strong portfolio of patents, specialized know-how, and customer relationships that are not easy to replicate. Its push into enzymatic manufacturing for RNA-based medicines, through ECO Synthesis, targets a fast-growing and technologically demanding niche where its capabilities are highly relevant. That said, this is a competitive space, with other players also pursuing enzymatic and next-generation oligonucleotide manufacturing. Codexis’s relatively small size and limited financial resources mean it must execute carefully: converting scientific advantages and pilot collaborations into scaled, sticky commercial relationships is critical to defending and strengthening its position.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Codexis’s identity. The company’s platforms use advanced protein engineering, AI, and high-throughput screening to repeatedly design better enzymes, and this “learning loop” improves over time as more data are collected. ECO Synthesis, aimed at cleaner, more efficient RNA drug manufacturing, is a prime example of how Codexis is trying to turn that innovation engine into a large new business line. New facilities (like the planned GMP site and the ECO Innovation Lab), fresh licensing deals, and ongoing patent activity all point to a very active R&D environment. The upside is substantial if these platforms become industry standards; the downside is that such an innovation-heavy model is cash-intensive and success depends on customer adoption timelines that are hard to predict. R&D remains a strength, but also the main driver of current losses.

Summary

Codexis combines strong scientific capabilities and a credible competitive moat with a financial profile that still looks like an early-stage platform company. On the positive side, it has proprietary technology, meaningful IP, deep enzyme engineering expertise, and proven relationships with major pharma players. Its focus on enzymatic manufacturing for RNA-based therapeutics could place it at the center of an important growth area if adoption continues. On the risk side, revenue is modest and volatile, profitability remains distant, cash reserves have declined markedly, and the company has begun leaning more on debt. The key questions going forward are whether Codexis can broaden and stabilize its revenue base, turn its ECO Synthesis and other platforms into recurring, high-value commercial relationships, and do so quickly enough to strengthen its balance sheet and move closer to self-sustaining operations.

NEWS

November 10, 2025 · 9:00 AM UTC

Codexis Announces Signing of Lease for GMP Manufacturing Facility

Read more

October 29, 2025 · 9:58 AM UTC

Codexis and Nitto Denko Avecia Enter Evaluation Agreement to Explore Codexis's ECO Synthesis® Manufacturing Platform for Therapeutic siRNA Manufacturing

Read more

October 23, 2025 · 7:05 AM UTC

Codexis to Report Third Quarter 2025 Financial Results on November 6

Read more