Codexis (CDXS)
NASDAQ:CDXS
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Codexis
(NASDAQ:CDXS)
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Rating:54Neutral
Price Target:
$2.50
▼(-3.47% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial fundamentals (ongoing losses, persistent negative free cash flow, and increased leverage). Technicals are supportive with improving momentum above key moving averages, and the latest earnings call was moderately positive on guidance reiteration and margin/loss improvements, but tempered by one-time revenue recognition and execution/cash-burn risks. Valuation support is limited due to the negative P/E and no dividend yield provided.
Positive Factors
High Gross Margins
Sustained very high gross margins indicate strong unit economics for Codexis's enzyme products and favorable product mix. Durable margin strength supports reinvestment in R&D and facility build-out, improving the path to operating leverage as revenue scales and low-cost manufacturing is achieved.
Negative Factors
Persistent Cash Burn
Ongoing negative operating and free cash flow indicates the company still relies on external financing to fund operations and capex. Over a multi-quarter horizon, continued burn constrains strategic optionality and makes execution on scale-ups and facility investments sensitive to financing availability and partnership timing.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained very high gross margins indicate strong unit economics for Codexis's enzyme products and favorable product mix. Durable margin strength supports reinvestment in R&D and facility build-out, improving the path to operating leverage as revenue scales and low-cost manufacturing is achieved.
Read all positive factors
Codexis (CDXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$251.78M
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)2.09
Revenue Growth56.76%
EPS Growth63.33%
CountryUS
Employees188
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.37
Shares Outstanding90,896,570
10 Day Avg. Volume1,704,148
30 Day Avg. Volume1,146,380
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)2.81
Price to Sales (P/S)2.02
P/FCF Ratio-5.96
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue3.68
Enterprise Value/Gross Profit4.39
Enterprise Value/Ebitda-17.24
Forecast
1Y Price Target
$6.90Price Target Upside166.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.39
Revenue Forecast (FY)$74.10M
Codexis Business Overview & Revenue Model
Company Description
Codexis, Inc. discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable ...
How the Company Makes Money
Codexis makes money primarily through (1) revenue from the sale and supply of enzymes used in customers’ manufacturing processes and (2) collaboration-related revenue from providing enzyme engineering, development services, and licensing of its in...
Codexis Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call highlights strong top-line acceleration (Q1 revenue +≈103%), materially improved product margins (71% vs 55%), a substantially reduced net loss, promising platform innovations (stereochemical control) and a healthy sales funnel with CDMO interest. Offsetting these positives are reliance on a large one-time Merck revenue recognition for the quarter, a declining cash balance, remaining technical and scale-up risks (100 g to 0.5 kg target), and pending clinical/efficacy data to validate stereochemistry benefits. Management reiterated full-year guidance and expects the business to be operationally ready with a new GMP facility by end of 2027, but execution and partnership conversion timing will be critical.Positive Updates
Strong Revenue Growth
Total revenue of $15.2M in Q1 2026 versus $7.5M in Q1 2025, an increase of approximately 102.7%, driven primarily by recognition of revenue from the Merck technology transfer agreement.
Negative Updates
Q1 Revenue Driven by One-Time Merck Recognition
Q1 2026 revenue boost was primarily due to full recognition of the Merck technology transfer agreement executed in Q4 2025, creating risk that near-term revenue strength may not be fully recurring; ongoing Merck demand and ramp remain to be disclosed.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $15.2M in Q1 2026 versus $7.5M in Q1 2025, an increase of approximately 102.7%, driven primarily by recognition of revenue from the Merck technology transfer agreement.
Read all positive updates
Company Guidance
Codexis reiterated 2026 revenue guidance of $72–76 million, noting 2026 revenue will be weighted to the back half of the year; Q1 revenue was $15.2M (vs. $7.5M a year ago), product gross margin was 71% (Q1 2025: 55%) and management expects 2026 annual gross margins to be comparable to 2025 levels. Q1 R&D expense was $11.4M (vs. $12.9M), SG&A was $9.8M (vs. $12.4M), and net loss was $8.7M (vs. $20.7M); cash, cash equivalents and short-term investments totaled $65.1M (down from $78.2M at YE 2025), which the company says is sufficient to fund planned operations and capital expenditures through the end of 2027 (including the GMP facility build-out). They expect to apply for the Hayward building permit in Q2, begin construction in H2 2026, be fully operational by end of 2027, and target 0.5 kg ECO Synthesis scale by year-end.Codexis Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 78.09M | 70.39M | 59.34M | 70.14M | 138.59M | 104.75M |
| Gross Profit | 65.55M | 61.05M | 43.06M | 57.33M | 100.56M | 82.55M |
| EBITDA | -16.69M | -33.87M | -58.52M | -49.28M | -26.31M | -16.75M |
| Net Income | -31.99M | -43.97M | -65.28M | -76.24M | -33.59M | -21.28M |
Balance Sheet | ||||||
| Total Assets | 129.37M | 147.80M | 149.01M | 136.56M | 250.39M | 246.38M |
| Cash, Cash Equivalents and Short-Term Investments | 65.56M | 78.21M | 73.46M | 65.12M | 113.98M | 116.80M |
| Total Debt | 72.90M | 73.21M | 59.90M | 16.02M | 43.64M | 47.65M |
| Total Liabilities | 86.14M | 97.27M | 82.08M | 49.95M | 105.60M | 81.99M |
| Stockholders Equity | 43.23M | 50.53M | 66.93M | 86.61M | 144.80M | 164.39M |
Cash Flow | ||||||
| Free Cash Flow | -22.12M | -23.85M | -53.72M | -57.06M | 2.98M | -28.09M |
| Operating Cash Flow | -18.73M | -19.38M | -49.41M | -52.64M | 11.28M | -14.27M |
| Investing Cash Flow | 10.62M | 23.50M | -56.98M | -4.86M | -13.58M | -21.42M |
| Financing Cash Flow | 26.83M | 27.93M | 60.52M | 8.17M | -575.00K | 3.77M |
Codexis Technical Analysis
Positive
2.59
Price Trends
2.34
Positive
1.86
Positive
2.04
Positive
Market Momentum
0.08
Positive
59.84
Neutral
82.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDXS, the sentiment is Positive. The current price of 2.59 is below the 20-day moving average (MA) of 2.61, above the 50-day MA of 2.34, and above the 200-day MA of 2.04, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 59.84 is Neutral, neither overbought nor oversold. The STOCH value of 82.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CDXS.
Codexis Risk Analysis
Codexis disclosed 50 risk factors in its most recent earnings report. Codexis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Codexis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $391.43M | -6.38 | -20.31% | ― | 8.21% | 21.41% | |
54 Neutral | $251.78M | -7.86 | -68.09% | ― | 56.76% | 63.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $616.35M | -2.41 | -131.58% | ― | ― | 22.16% | |
50 Neutral | $811.16M | >-0.01 | 87.31% | ― | ― | -1004.74% | |
48 Neutral | $221.54M | -1.33 | 194.13% | ― | ― | ― | |
46 Neutral | $218.34M | -5.18 | -2748.16% | ― | ― | 43.68% |
* Healthcare Sector Average
CDXS
Codexis
2.77
0.52
23.11%
RNAC
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7.54
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ELTX
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11.44
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47.61%
VOR
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14.97
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OABI
OmniAb
2.70
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91.49%
Codexis Corporate Events
Executive/Board Changes
Codexis Board Director Resignation and Governance Rebalancing Announced
Neutral
Apr 14, 2026
Codexis, Inc. announced that on April 8, 2026, director Dennis Wolf resigned from the Board of Directors and from the Audit and Compensation Committees, with the company stating his departure was not due to any disagreement over operations or poli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.