Codexis (CDXS)
NASDAQ:CDXS
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Codexis
(NASDAQ:CDXS)
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Rating:50Neutral
Price Target:
$2.00
▼(-15.61% Downside)
Action:ReiteratedDate:04/10/26
The score is held back primarily by weak financial performance (ongoing losses, cash burn, and rising leverage). This is partially offset by positive technical momentum and a cautiously optimistic earnings-call backdrop driven by ECOsynthesis progress, improved margins, and solid cash runway, though valuation remains constrained by negative earnings.
Positive Factors
Improving Revenue and Product Margins
Codexis has shown durable top-line recovery and structurally strong product economics: 2025 revenue improved materially and product gross margins expanded to ~64%. High product margins provide room for operating leverage as commercial enzyme and licensing sales scale, supporting sustainable gross-profit generation over the medium term.
Negative Factors
Sustained Operating Losses and Cash Burn
Despite margin progress, Codexis remains loss-making with persistent negative operating and free cash flow. Continued cash burn necessitates external funding or aggressive margin and expense improvement. If commercial conversion lags, recurrent deficits could erode runway and force dilutive or costly financing, constraining strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Revenue and Product Margins
Codexis has shown durable top-line recovery and structurally strong product economics: 2025 revenue improved materially and product gross margins expanded to ~64%. High product margins provide room for operating leverage as commercial enzyme and licensing sales scale, supporting sustainable gross-profit generation over the medium term.
Read all positive factors
Codexis (CDXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$209.00M
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth-17.87%
EPS Growth14.42%
CountryUS
Employees188
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.11
Shares Outstanding90,869,350
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/Revenue3.38
Enterprise Value/Gross Profit4.25
Enterprise Value/Ebitda-7.92
Forecast
1Y Price Target
$5.50Price Target Upside132.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.45
Revenue Forecast (FY)$74.39M
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:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlighted substantial technical progress and commercial momentum for the ECOsynthesis platform (notable scale-up milestones, ISO 9001 certification, CDMO agreements, and a 55-opportunity pipeline) and showed improved financial metrics (higher revenue, stronger product gross margins, reduced annual net loss, and a strengthened cash position aided by a ~ $37.8M Merck agreement). At the same time, important risks remain: ECOsynthesis revenue is currently service-heavy with limited margin contribution, full-year net loss persists, R&D investments and GMP capex will continue to pressure cash, and many commercial relationships remain in feasibility or assessment stages. Given the number and significance of technical and commercial achievements that materially de-risk the business combined with remaining near-term financial and execution uncertainties, the overall tone is cautiously optimistic.Positive Updates
Strong Revenue Growth and Improved Product Margins
Quarter revenue increased to $38.9M from $21.5M (≈+81% YoY), and full-year revenue rose to $70.4M from $59.3M (≈+19% YoY). Product gross margin improved to 64% in 2025 from 56% in 2024 (+8 percentage points). Management expects gross margins to remain stable in 2026.
Negative Updates
Ongoing Full-Year Net Loss and Burn for 2025
Despite improvement, Codexis reported a full-year net loss of $44.0M for 2025, indicating continued negative profitability on a yearly basis and ongoing need to manage cash burn while investing in GMP capacity.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth and Improved Product Margins
Quarter revenue increased to $38.9M from $21.5M (≈+81% YoY), and full-year revenue rose to $70.4M from $59.3M (≈+19% YoY). Product gross margin improved to 64% in 2025 from 56% in 2024 (+8 percentage points). Management expects gross margins to remain stable in 2026.
Read all positive updates
Company Guidance
Codexis guided 2026 revenue of $72–$76 million, with results expected to be skewed to the second half of the year (Q1 roughly in line with consensus), and said product gross margins should remain stable at ~64% (2025 product gross margin 64% vs 56% in the prior year); management expects combined operating expenses and capital expenditures in 2026 to be similar to 2025 after cost-savings from a Q4 restructuring ($3.4M charge). Key balance-sheet and cash metrics: $78.2 million in cash, cash equivalents and short-term investments at year-end 2025 (including the ~$37.8M Merck technology transfer), which they expect will fund operations and capex through 2027, and a 2025 revenue base of $70.4M (vs $59.3M in 2024). Operational and commercial targets for 2026 include scaling ECOsynthesis from current 100 g operations toward 0.5 kg by year-end, beginning GMP plant retrofit construction in H2 2026 to be fully operational by end-2027, pursuing additional licensing deals (one anticipated in 2026), and advancing a commercial pipeline of 55 opportunities across 40 companies (including a prototype 50 g, low‑seven‑figure contract).Codexis Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 70.39M | 59.34M | 70.14M | 138.59M | 104.75M |
| Gross Profit | 55.95M | 43.06M | 57.33M | 100.56M | 82.55M |
| EBITDA | -30.04M | -58.52M | -49.28M | -26.31M | -16.75M |
| Net Income | -43.97M | -65.28M | -76.24M | -33.59M | -21.28M |
Balance Sheet | |||||
| Total Assets | 147.80M | 149.01M | 136.56M | 250.39M | 246.38M |
| Cash, Cash Equivalents and Short-Term Investments | 78.21M | 73.46M | 65.12M | 113.98M | 116.80M |
| Total Debt | 73.21M | 59.90M | 16.02M | 43.64M | 47.65M |
| Total Liabilities | 97.27M | 82.08M | 49.95M | 105.60M | 81.99M |
| Stockholders Equity | 50.53M | 66.93M | 86.61M | 144.80M | 164.39M |
Cash Flow | |||||
| Free Cash Flow | -23.85M | -53.72M | -57.06M | 2.98M | -28.09M |
| Operating Cash Flow | -19.38M | -49.41M | -52.64M | 11.28M | -14.27M |
| Investing Cash Flow | 23.50M | -56.98M | -4.86M | -13.58M | -21.42M |
| Financing Cash Flow | 27.93M | 60.52M | 8.17M | -575.00K | 3.77M |
Codexis Technical Analysis
Positive
2.37
Price Trends
1.47
Positive
1.56
Positive
2.08
Positive
Market Momentum
0.24
Negative
72.50
Negative
82.94
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 2.37 is above the 20-day moving average (MA) of 1.83, above the 50-day MA of 1.47, and above the 200-day MA of 2.08, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 72.50 is Negative, neither overbought nor oversold. The STOCH value of 82.94 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 | $211.38M | -3.25 | -22.37% | ― | 3.36% | 5.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $209.00M | -3.23 | -90.51% | ― | -17.87% | 14.42% | |
50 Neutral | $356.23M | -1.34 | -121.73% | ― | ― | -17.21% | |
50 Neutral | $199.41M | -3.95 | -977.67% | ― | ― | 17.36% | |
47 Neutral | $780.09M | -0.19 | 72.70% | ― | ― | -1072.48% | |
44 Neutral | $157.20M | -1.44 | 279.62% | ― | ― | ― |
* Healthcare Sector Average
CDXS
Codexis
2.37
0.12
5.33%
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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.