Start here if you're new
what it is
Codexis makes enzymes that help drug makers build medicines with fewer chemical steps.
how it gets paid
Last year Codexis made $70M in revenue.
why it's growing
Revenue grew 18.6% last year. Revenue rose from $21.5M in Q4 2024. Product gross margin was 64%.
what just happened
Codexis posted $38.9M in Q4 revenue and beat the bar.
At a glance
C++ balance sheet — some cracks in the foundation
55/100 earnings predictability — expect surprises
-$0.89 fy2024 eps est
$59M fy2024 rev est
59.3% operating margin
xvary composite: 42/100 — below average
What they do
Codexis makes enzymes that help drug makers build medicines with fewer chemical steps.
CodeEvolver is directed evolution, which means lab-guided trial and error. That matters because your customers pay for performance, not a catalog. A single Merck technology transfer brought in $37.8M, or 53.6% of FY25 revenue, so Codexis sells know-how, not widgets.
How they make money
$70M
annual revenue · their business grew +18.6% last year
total revenue
$70M
+18.6%
The products that matter
enzyme engineering platform
CodeEvolver Platform
core platform · supports the $37.8M Merck deal
it is the engine behind Codexis' commercial programs, including the $37.8M Merck technology transfer that drove the latest quarter.
platform asset
siRNA manufacturing platform
ECO Synthesis
new launch · first disclosed 50-gram partner program
this is the growth bet. so far, the disclosed proof point is a deal to produce 50 grams of siRNA material for a partner — promising, but still early.
watch adoption
custom enzymes for pharma
Pharma Biocatalysis
64% gross margin · up from 56%
this business got cleaner in 2025. a 64% product gross margin, versus 56% the prior year, shows management is walking away from lower-quality revenue.
margin expansion
Key numbers
$70.4M
FY25 revenue
That is 18.6% growth, but it is still small enough that one contract can swing the year.
59.3%
operating margin
Every $100 of sales leaves about $59 before corporate overhead. That is a business that burns cash.
$66M
long-term debt
That debt is 31% of capital, so leverage matters even at a $146M market cap.
2.2
beta
A 2.2 beta means the stock moves about twice as hard as the market.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $66M (31% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CDXS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Codexis posted $38.9M in Q4 revenue and beat the bar.
Revenue rose from $21.5M in Q4 2024. Product gross margin was 64%, up from 56%, helped by better mix and fewer low-margin products.
$18M
revenue
$0.11
eps
64%
gross margin
the number that mattered
The $37.8M Merck technology transfer was almost the same size as the quarter's $38.9M revenue.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Merck concentration inside a still-small revenue base.
high
Merck concentration
A single $37.8M Merck technology transfer did a lot of the work in the latest quarter. For a company with $70.4M in full-year 2025 revenue, that is not background noise — that is the story.
If large partner work fades without replacement, the growth case breaks fast.
high
Cash runway and dilution risk
Management says cash lasts through 2027, while analysts still model a 2026 net loss of $36.85M. That means time is finite and profitability is still out on the horizon.
If burn stays high into 2027, a capital raise becomes the obvious outcome.
med
ECO Synthesis may take longer than the market wants
The platform story is interesting, but the disclosed commercial proof point is still a 50-gram siRNA production program. That is progress, not scale.
If adoption stays slow, the stock keeps trading like a science project instead of a platform.
med
Small-cap volatility
Beta is 2.2 and price stability is 5 out of 100. In plain English: when sentiment shifts, this stock does not glide — it lurches.
Even good operating progress can get buried by financing fear and thin liquidity.
The combined risk picture is simple: a $146M company with a runway through 2027 still needs new wins beyond one $37.8M partner event and only guided to $72M–$76M in 2026 revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
revenue quality
does 2026 growth come from repeat business or another one-off
The midpoint of guidance is about $74M. You want to see that number supported by recurring product demand, not just another unusually large transfer payment.
cash runway
quarterly burn matters more than adjusted talking points
Management says cash lasts through 2027. If operating losses stop shrinking, that runway gets shorter in a hurry.
next earnings
listen for ECO Synthesis customer names and order size
A 50-gram program is a start. The next step is evidence that customers move from pilot-scale curiosity to actual production commitments.
margin trend
64% product margin needs to hold while revenue grows
Better mix helped move product gross margin from 56% to 64%. If new revenue arrives with weaker economics, the quality-of-growth argument weakens fast.
Analyst rankings
earnings predictability
55 / 100
middle-of-the-road visibility. in human-speak, analysts do not trust any single quarter to tell the whole story.
beta
2.2
beta measures how hard a stock tends to move versus the market. at 2.2, CDXS has historically moved with extra drama attached.
source: institutional data
Institutional activity
institutional ownership data for CDXS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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