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Q4 revenue of $38.9 million, total revenue of $70.4 million for the fiscal year ended December 31, 2025
Ended year with $78.2 million in cash, cash equivalents and short-term investments, runway through 2027
Completed $37.8 million Technology Transfer Agreement with Merck
REDWOOD CITY, Calif., March 11, 2026 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable manufacturing of complex therapeutics, today announced financial results for the fourth quarter and year ended December 31, 2025, and provided a business update.
“Throughout 2025, we made significant strides in demonstrating the importance of our ECO Synthesis® Manufacturing Platform to customers in the RNAi industry. We’ve secured multiple contracts with leading pharma, high growth biotech, and top tier CDMOs, underscoring the commercial potential of our platform,” said Alison Moore, PhD, President and Chief Executive Officer at Codexis. “We achieved many technological advancements this year, including producing a 10 g siRNA batch utilizing our fully enzymatic synthesis process, as well as a 3 kg siRNA batch from one of our customers utilizing our ligase product. As we look to the year ahead, we are focused on demonstrating the value of our technology to our customers through expanded partnerships, and continuing our history of innovation in oligonucleotide manufacturing.”
Recent Business Highlights
Upcoming Milestones
Fiscal Year 2025 Financial Highlights
Fourth Quarter 2025 Financial Highlights
2026 Financial Guidance
We are introducing financial guidance for 2026, as follows:
Conference Call and Webcast
Codexis will hold a conference call and webcast today beginning at 4:30 pm ET. A live webcast and slide presentation to accompany the conference call will be available on the Investors section of the Company website at www.codexis.com/investors. The conference call dial-in numbers are 877-705-2976 for domestic callers and 201-689-8798 for international callers.
A telephone recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers. Please use the passcode 13726635 to access the recording. A webcast replay will be available on the Investors section of the Company website for at least 90 days, beginning approximately two hours after the completion of the call.
About Codexis
Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver® technology platform to discover, develop and enhance novel, high-performance enzymes. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO Synthesis® manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit https://www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “suggest,” “target,” “on track,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management. These forward-looking statements include, but are not limited to, statements regarding anticipated milestones, including product launches, technical milestones, data releases and public announcements related thereto; Codexis' ability to extend its cash runway through 2027; the market potential of Codexis' ECO Synthesis and ligase businesses; Codexis' 2026 revenue guidance; the timing and completion of the retrofit construction of Codexis' GMP facility; Codexis' ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements; Codexis' ability to expand relationships with CDMO partners and commence strategic partnerships; Codexis' ability to sign a licensing deal with a major pharmaceutical company; Codexis' plans to support commercial launch of pharma biocatalysis products; and Codexis' plan to make presentations at the 2026 TIDES USA Annual Meeting. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis' dependence on its licensees and collaborators and the risk that collaborators may terminate their development programs under their respective license agreements with Codexis; Codexis' dependence on a limited number of products and customers, and potential adverse effects to Codexis' business if its customers' products are not received well in the markets; Codexis' ability to successfully develop and commercialize new technology and products for its target markets, including its ECO Synthesis® manufacturing platform and dsRNA ligase; the risk that competitors and potential competitors who have greater resources and experience than Codexis may develop products and technologies that make Codexis' products and technologies obsolete; Codexis' ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements and to establish strategic partnerships with CDMOs; the timing, cost and successful completion of the retrofit construction of Codexis' GMP facility and the risk that the facility may not achieve operational readiness on the anticipated timeline; the risk that the FDA or other regulatory authorities may not accept enzymatically synthesized oligonucleotides or that the regulatory pathway for ECO Synthesis-derived products may be longer or more uncertain than anticipated; Codexis' potential need for additional capital in the future in order to expand its business; Codexis' ability to comply with debt covenants under its loan facility; Codexis' ability to accurately forecast financial and operational performance; the impact of market, political and economic conditions on Codexis' business, financial condition and share price; and the impact of international trade policies, including tariffs, sanctions and trade barriers, on Codexis' business. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 11, 2026, including under the caption “Risk Factors,” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Codexis’ results for the year and quarter ended December 31, 2025, are not necessarily indicative of our operating results for any future periods.
For More Information
Investor Contact
Georgia Erbez
(650) 421-8100
[email protected]
| Codexis, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue | $ | 5,782 | $ | 9,818 | $ | 26,028 | $ | 36,786 | |||||||
| Research and development revenue | 33,133 | 11,642 | 44,359 | 22,559 | |||||||||||
| Total revenues | 38,915 | 21,460 | 70,387 | 59,345 | |||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of product revenue | 2,043 | 3,654 | 9,338 | 16,288 | |||||||||||
| Research and development | 11,722 | 12,099 | 52,307 | 46,263 | |||||||||||
| Selling, general and administrative | 11,185 | 13,049 | 47,074 | 55,148 | |||||||||||
| Restructuring charges | 3,407 | — | 3,407 | — | |||||||||||
| Asset impairment and other charges | — | — | — | 165 | |||||||||||
| Total costs and operating expenses | 28,357 | 28,802 | 112,126 | 117,864 | |||||||||||
| Income (loss) from operations | 10,558 | (7,342 | ) | (41,739 | ) | (58,519 | ) | ||||||||
| Interest income | 656 | 940 | 2,625 | 3,670 | |||||||||||
| Interest and other expense, net | (1,595 | ) | (3,970 | ) | (4,813 | ) | (10,393 | ) | |||||||
| Income (loss) before income taxes | 9,619 | (10,372 | ) | (43,927 | ) | (65,242 | ) | ||||||||
| Provision for income taxes | 18 | 4 | 47 | 34 | |||||||||||
| Net income (loss) | $ | 9,601 | $ | (10,376 | ) | $ | (43,974 | ) | $ | (65,276 | ) | ||||
| Net income (loss) per share, basic and diluted | $ | 0.11 | $ | (0.13 | ) | $ | (0.50 | ) | $ | (0.89 | ) | ||||
| Weighted average common stock shares used in computing net income (loss) per share, basic | 90,396 | 81,300 | 87,142 | 73,408 | |||||||||||
| Weighted average common stock shares used in computing net income (loss) per share, diluted | 90,906 | 81,300 | 87,142 | 73,408 | |||||||||||
| Codexis, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (In Thousands) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | 9,601 | $ | (10,376 | ) | $ | (43,974 | ) | $ | (65,276 | ) | ||||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized gain (loss) on available-for-sale short-term investments, net of tax | (5 | ) | (74 | ) | (44 | ) | 52 | ||||||||
| Comprehensive income (loss) | $ | 9,596 | $ | (10,450 | ) | $ | (44,018 | ) | $ | (65,224 | ) | ||||
| Codexis, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands) | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 50,793 | $ | 19,264 | |||||||
| Restricted cash, current | 478 | 503 | |||||||||
| Short-term investments | 27,416 | 54,194 | |||||||||
| Financial assets: | |||||||||||
| Accounts receivable | 8,757 | 11,920 | |||||||||
| Contract assets | 492 | 4,375 | |||||||||
| Unbilled receivables | 1,480 | 2,751 | |||||||||
| Total financial assets | 10,729 | 19,046 | |||||||||
| Less: allowances | (43 | ) | (162 | ) | |||||||
| Total financial assets, net | 10,686 | 18,884 | |||||||||
| Inventories | 1,817 | 1,799 | |||||||||
| Prepaid expenses and other current assets | 5,626 | 4,128 | |||||||||
| Total current assets | 96,816 | 98,772 | |||||||||
| Restricted cash | 1,612 | 1,062 | |||||||||
| Investment in non-marketable equity securities | 2,498 | 2,798 | |||||||||
| Right-of-use assets - Operating leases, net | 30,501 | 28,700 | |||||||||
| Property and equipment, net | 13,024 | 14,197 | |||||||||
| Goodwill | 2,463 | 2,463 | |||||||||
| Other non-current assets | 883 | 1,019 | |||||||||
| Total assets | $ | 147,797 | $ | 149,011 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 1,554 | 2,838 | |||||||||
| Accrued compensation | 11,042 | 11,410 | |||||||||
| Other accrued liabilities | 2,768 | 6,223 | |||||||||
| Current portion of lease obligations - Operating leases | 2,944 | 2,827 | |||||||||
| Deferred revenue | 7,009 | 350 | |||||||||
| Total current liabilities | 25,317 | 23,648 | |||||||||
| Deferred revenue, net of current portion | 360 | 100 | |||||||||
| Long-term lease obligations - Operating leases | 30,159 | 28,163 | |||||||||
| Long-term debt | 40,105 | 28,905 | |||||||||
| Other long-term liabilities | 1,327 | 1,268 | |||||||||
| Total liabilities | 97,268 | 82,084 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 9 | 8 | |||||||||
| Additional paid-in capital | 657,292 | 629,673 | |||||||||
| Accumulated other comprehensive income | 8 | 52 | |||||||||
| Accumulated deficit | (606,780 | ) | (562,806 | ) | |||||||
| Total stockholders' equity | 50,529 | 66,927 | |||||||||
| Total liabilities and stockholders' equity | $ | 147,797 | $ | 149,011 | |||||||
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