olivLaw · US equity research
Codexis, Inc. CDXS
Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)
Codexis develops engineered enzymes through its CodeEvolver platform and sells manufacturing solutions to pharmaceutical producers and to makers of RNA interference therapies. The company is now shifting its focus toward the ECO Synthesis platform, an enzymatic process that could reduce reliance on traditional chemical synthesis, while revenue remains concentrated among a few customers. Net losses have narrowed from earlier years, but the company has not yet reached profitability.
At the close of 04 Nov 2026, Codexis, Inc. (CDXS) stock was 1.08 USD (+0.00% on the day), with market capitalisation 118.3 m USD, beta 1.97, 52-week range 0.98–2.85 USD. Latest reported quarter (Q2 2026): revenue of 14.9 m USD (−2.7% YoY), net income of -12.0 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.1
- weak (30–45)
- Bollinger (20, 2)
- 1.07 – 1.46
- in the lower half of the band · %B 0.03 · band width 31.3%
- SMA 50 / 200
- 1.37 / 1.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.3% | −1.1% | −21.2 pp | — |
| 3 months | −25.5% | −0.5% | −25.1 pp | — |
| 6 months | −59.4% | +4.4% | −63.8 pp | — |
| Year to date | −33.7% | +12.3% | −46.1 pp | — |
| 1 year | −50.2% | +13.5% | −63.8 pp | −1.7% |
| 3 years | −44.0% | +76.4% | −120.5 pp | −26.4% |
| 5 years | −97.3% | +63.7% | −161.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.8 m | 21.5 m | 7.5 m | 15.3 m | 8.6 m | 38.9 m | 15.2 m | 14.9 m |
| Cost of revenue | 4.3 m | 3.7 m | 2.7 m | 2.1 m | 2.5 m | 2.0 m | 2.1 m | 3.5 m |
| Research & development | 11.5 m | 12.1 m | 12.9 m | 13.8 m | 13.9 m | 11.7 m | 11.4 m | 11.7 m |
| SG&A | 13.6 m | 13.0 m | 12.4 m | 12.3 m | 11.2 m | 11.2 m | 9.8 m | 10.9 m |
| Operating income | -16.6 m | -7.3 m | -20.5 m | -12.9 m | -18.9 m | 10.6 m | -8.0 m | -11.2 m |
| Depreciation & amortisation | 1.2 m ≈ | 1.2 m | 1.2 m | 1.3 m ≈ | 1.4 m ≈ | 1.4 m | 1.3 m | 1.2 m ≈ |
| Pre-tax income | -20.6 m | -10.4 m | -20.7 m | -13.3 m | -19.6 m | 9.6 m | -8.7 m | -12.0 m |
| Income tax | 10.0 k | 3.0 k | 11.0 k | 10.0 k | 8.0 k | 18.0 k | 36.0 k | 10.0 k |
| Net income | -20.6 m | -10.4 m | -20.7 m | -13.3 m | -19.6 m | 9.6 m | -8.7 m | -12.0 m |
| Diluted EPS | -0.29 | -0.13 ≈ | -0.25 | -0.16 | -0.22 | 0.11 ≈ | -0.10 | -0.13 |
| Operating cash flow | -13.0 m ≈ | -16.5 m | -13.8 m | -18.0 m ≈ | -7.7 m ≈ | 20.1 m | -13.2 m | -9.6 m ≈ |
| Capex | 1.0 m ≈ | 1.8 m | 1.3 m | 2.5 m ≈ | 182.0 k ≈ | 520.0 k | 176.0 k | 898.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 60.6 m | 68.5 m | 69.1 m | 104.8 m | 138.6 m | 70.1 m | 59.3 m | 70.4 m |
| Revenue YoY | +21.1% | +13.0% | +0.9% | +51.7% | +32.3% | −49.4% | −15.4% | +18.6% |
| Net income | -10.9 m | -11.9 m | -24.0 m | -21.3 m | -33.6 m | -76.2 m | -65.3 m | -44.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.21 | -0.40 | -0.33 | -0.51 | -1.12 | -0.89 | -0.50 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -18.0% | -17.4% | -34.8% | -20.3% | -24.2% | -108.7% | -110.0% | -62.5% |
| Free cash flow | -16.9 m | -16.3 m | -20.2 m | -28.1 m | 3.0 m | -57.1 m | -53.7 m | -23.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 50.8 m USD
- Financial debt
- 40.1 m USD
- Net debt
- -10.7 m USD
- Equity
- 50.5 m USD
- Total assets
- 147.8 m USD
- Debt / equity
- 0.79x
- Current ratio
- 3.82x
- ROE
- -74.9%
- ROA
- -29.6%
- FCF margin
- -33.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 69.1 m | 104.8 m | 138.6 m | 70.1 m | 59.3 m | 70.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 13.7 m | 22.2 m | 38.0 m | 12.8 m | 16.3 m | 9.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 55.3 m ≈ | 82.5 m ≈ | 100.6 m ≈ | 57.3 m ≈ | 43.1 m ≈ | 61.0 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Research & development | 44.2 m | 55.9 m | 80.1 m | 58.9 m | 46.3 m | 52.3 m | SEC (XBRL)· 11 Mar 2026verified |
| SG&A | 35.0 m | 49.3 m | 52.2 m | 53.3 m | 55.1 m | 47.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | -23.9 m | -22.7 m | -34.9 m | -68.1 m | -58.5 m | -41.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | — | — | 5.4 m | 5.5 m | 4.9 m | 5.2 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | — | — | -29.5 m ≈ | -62.6 m ≈ | -53.6 m ≈ | -36.5 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Pre-tax income | -23.7 m | -21.1 m | -33.3 m | -76.2 m | -65.2 m | -43.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 339.0 k | 189.0 k | 276.0 k | 69.0 k | 34.0 k | 47.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Net income | -24.0 m | -21.3 m | -33.6 m | -76.2 m | -65.3 m | -44.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | -0.40 | -0.33 | -0.51 | -1.12 | -0.89 | -0.50 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 59.4 m | 64.6 m | 65.3 m | 68.1 m | 73.4 m | 87.1 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.1 m | 116.8 m | 114.0 m | 65.1 m | 19.3 m | 50.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 13.9 m | 25.0 m | 31.9 m | 10.0 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Inventories | 964.0 k | 1.2 m | 2.0 m | 2.7 m | 1.8 m | 1.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 184.4 m | 161.9 m | 162.9 m | 93.5 m | 98.8 m | 96.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 9.7 m | 21.3 m | 22.6 m | 15.5 m | 14.2 m | 13.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Goodwill | 3.2 m | 3.2 m | 3.2 m | 2.5 m | 2.5 m | 2.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 221.6 m | 246.4 m | 250.4 m | 136.6 m | 149.0 m | 147.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 3.0 m | 3.0 m | 3.2 m | 5.9 m | 2.8 m | 1.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 11 Aug 2026verified |
| Long-term debt | — | — | — | 0 | 28.9 m | 40.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 25.0 m | 33.4 m | 49.1 m | 35.8 m | 23.6 m | 25.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 51.5 m | 82.0 m | 105.6 m | 49.9 m | 82.1 m | 97.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 170.1 m † | 164.4 m † | 144.8 m † | 86.6 m † | 66.9 m † | 50.5 m † | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.5 m | -14.3 m | 11.3 m | -52.6 m | -49.4 m | -19.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 3.7 m | 13.8 m | 8.3 m | 4.4 m | 4.3 m | 4.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | -20.2 m ≈ | -28.1 m ≈ | 3.0 m ≈ | -57.1 m ≈ | -53.7 m ≈ | -23.8 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | -5.7 m | -21.4 m | -13.6 m | -4.9 m | -57.0 m | 23.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | 80.8 m | 3.8 m | -575.0 k | 8.2 m | 60.5 m | 27.9 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 118.3 m USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -40.4% | 10 (vs peers) | 28% |
| Net margin · Quality | -39.6% | 21 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -20.2% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.3% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Codexis, Inc. (CDXS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 70.4 m USD in 2025; YoY growth 18.6%; net margin -39.6%; ROE -69.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.1x
What contradicts it
- ROIC: -40.4%
- Net margin: -39.6%
- Revenue CAGR 3Y: -20.2%
- FCF yield: -10.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IFFInternational Flavors & Fragrances Inc | 22.0 bn | 122.1 | 1.3% | 1.6% | −5.2% | +26% / +16% |
| LYBLyondellbasell Industries N.V. | 20.4 bn | 15.6 | 11.9% | 4.1% | −9.7% | +29% / −34% |
| WLKWestlake Corporation | 8.7 bn | — | -4.9% | -3.9% | −8.0% | +2% / −47% |
| NEUNewmarket Corporation | 6.7 bn | 14.7 | 25.3% | 16.5% | −2.2% | −5% / +37% |
| SXTSensient Technologies Corp | 5.4 bn | 31.7 | 13.7% | 9.7% | +3.5% | +29% / +117% |
| MEOHMethanex Corporation | 5.0 bn | 70.1 | 6.4% | 4.0% | −3.5% | +83% / +53% |
| REXRex American Resources Corporation | 1.3 bn | 10.5 | 22.5% | 20.9% | +1.2% | +20% / +62% |
| GPREGreen Plains Inc. | 957.5 m | 8.6 | 15.4% | 6.8% | −14.9% | +32% / −45% |
| WLKPWestlake Chemical Partners LP | 761.8 m | 12.9 | — | 4.8% | +2.7% | +14% / −5% |
| GEVOGevo, Inc. | 316.5 m | — | -57.0% | -119.9% | +849.3% | −40% / +13% |
| ALTOAlto Ingredients, Inc. | 271.5 m | 5.3 | 22.2% | 5.5% | −4.9% | +37% / +43% |
| FFFuturefuel Corp. | 246.5 m | — | -18.3% | -19.9% | −60.7% | +70% / −5% |
| CDXSCodexis, Inc. | 118.3 m | — | -69.4% | -39.6% | +18.6% | −50% / −44% |
| LODEComstock Inc. | 113.3 m | — | -38.2% | -3,680.5% | −48.5% | −58% / −68% |
| AMTXAemetis, Inc | 90.2 m | — | — | -27.4% | −26.2% | −28% / −72% |
| TANHTantech Holdings Ltd | 90.1 m | — | -25.7% | -80.9% | −10.7% | −76% / −100% |
| LNZALanzaTech Global, Inc. | 69.2 m | 0.4 | 146.4% | 295.7% | +12.6% | −63% / −99% |
| SAFXXcf Global, Inc. | 41.0 m | — | -246.1% | — | unavailable | −87% / unavailable |
| TOMZTomi Environmental Solutions, Inc. | 18.2 m | — | -168.8% | -49.8% | −27.2% | −6% / −26% |
| CNEYCn Energy Group. Inc. | 2.5 m | — | -11.2% | -31.3% | −30.2% | −65% / −99% |
| BAKBraskem SA | — | — | — | -14.6% | +9.7% | −61% / −86% |
1- and 3-year price returns: for CDXS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Codexis develops engineered enzymes through its CodeEvolver platform and sells manufacturing solutions to pharmaceutical producers and to makers of RNA interference therapies. The company is now shifting its focus toward the ECO Synthesis platform, an enzymatic process that could reduce reliance on traditional chemical synthesis, while revenue remains concentrated among a few customers. Net losses have narrowed from earlier years, but the company has not yet reached profitability.
SWOT
Strengths
- The proprietary CodeEvolver platform, developed since 2002, underpins several enzymes sold to pharmaceutical manufacturers.
- Product gross margin rose in the first half of 2026, helped by sales of newer and more profitable products.
- The company strengthened its balance sheet through a share offering in July 2026 and says its funds cover operations through the end of 2028.
Weaknesses
- Revenue depends on a small number of customers, and losing one could seriously affect results.
- The company has not reached profitability and carries a very large accumulated deficit.
- Product revenue declined in 2025, and research and development revenue is uneven from quarter to quarter.
Opportunities
- If RNAi therapies move toward common diseases, demand for enzymatic manufacturing could grow substantially.
- The Hayward GMP facility could let the company capture more value from the drug supply chain.
- CDMO partnerships could open commercial production without large infrastructure investment.
Threats
- The standard chemical method keeps improving and could stay competitive for many producers.
- Lower public research funding could delay customer orders.
- Patent expiry may reduce demand for enzymes used in drugs that become generic.
Risks
- Customer dependencehigh
A small number of customers generate most revenue, and supply agreements do not require customers to buy fixed quantities.
- Continued losseshigh
The company has not reached profitability, and if the ECO Synthesis process is delayed, losses could continue.
- FDA regulationmedium
The FDA could conclude that Codexis enzymes are subject to GMP manufacturing rules, which could halt product distribution.
- Reliance on third-party manufacturingmedium
The company has limited internal manufacturing capacity, and CDMO partners could cause delays or supply shortfalls.
- Financing and dilutionmedium
The company has raised capital through share issuances, which can reduce the value per share for existing shareholders.
Investment thesis
What would need to be true (bull case)
- If the ECO Synthesis platform reaches commercial production, the company could capture a meaningful share of the RNAi therapy market.
- Research and development and licensing revenue rose in 2025, and these contracts can bring long-term payments.
- Improving gross margin and funds available through the end of 2028 could support expansion plans.
What would break the thesis
- The company could remain unprofitable if product revenue keeps declining.
- Dependence on a few customers means any lost contract could have large effects on results.
- If the standard chemical method becomes cheaper, the enzymatic advantage could be smaller than the company expects.
What to watch
- Start of retrofit construction at the Hayward GMP facility and status of the building permitsecond half of 2026
- Delivery against the 2026 revenue guidance of 72 to 76 million USD2026
- Meeting with the FDA on stereoisomer control of siRNAQ4 2026
- A new strategic CDMO partnership and clinical-stage manufacturing agreements with drug innovatorsby end of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Codexis is a provider of technology solutions for improving therapeutics manufacturing, using its proprietary CodeEvolver platform to discover, develop and commercialize high-performance enzymes. The company operates in two areas: the ECO Synthesis platform for large-scale production of RNA interference therapies, and biocatalysis for small molecules, where enzymes are sold to pharmaceutical manufacturers. Besides enzyme sales, Codexis earns revenue from research and development contracts, licenses and royalties. Total revenues were 70.4 million USD in 2025 1, and the net loss was 44.0 million USD in the same year 1.
Segments
ECO Synthesis
The ECO Synthesis platform uses enzymes to synthesize RNA interference therapies and is still being industrialized. The company runs an innovation lab and is building a GMP facility in Hayward, California, which could support clinical material supply, with full production capability planned by the end of 2027 23. Codexis has entered partnerships with three contract development and manufacturing organizations (CDMOs) 1.
Pharma biocatalysis
This division sells enzymes to makers of small-molecule drugs, which use them in commercial and clinical processes. Product revenue declined in 2025, while product gross margin stayed high in the first half of 2026 13. In November 2025 the company said it was reducing its push for new projects in this segment because of lower enzyme pricing 1.
Market context
The market for RNA interference therapies is expanding, and the number of assets in clinical stages has grown, which could create demand for scalable manufacturing methods. The standard chemical method, solid-phase synthesis, is limited in batch size and uses large volumes of acetonitrile, making commercial production more costly 1. If therapies target more prevalent diseases, demand for high-volume manufacturing could rise.
Trends
- RNAi therapies moving toward common diseasestailwind
The pipeline is shifting from rare diseases toward conditions such as Alzheimer's, hyperlipidemia and hypertension, which could increase the volume of manufacturing needed.
- Pressure on enzyme pricingheadwind
The company cited lower prices in the broader enzyme market, which led it to reduce the search for new projects in small-molecule biocatalysis.
- Patent expiry and generic competitionmixed
When drug patents expire, customers may reduce purchases, although the company could also sell to generic producers.
- Public funding of researchheadwind
Customers that depend on government funding may delay orders, making revenue harder to forecast.
Competitive position
The RNAi manufacturing market is dominated by the traditional chemical method, and ECO Synthesis competes with it on cost and scalability rather than novelty. Competitors with greater resources and experience could develop technologies that make Codexis products obsolete, as the company itself has warned 1. In biocatalysis, the company competes with other enzyme suppliers for pharmaceutical manufacturers.
- Solid-phase chemical synthesis providers
The industry-standard method for oligonucleotides, which ECO Synthesis aims to replace at scale.
- Contract development and manufacturing organizations
Partners with which Codexis works on commercial siRNA production, but which could also become competitors.
- Companies with larger resources in enzyme technology
The company has warned that rivals with greater experience and resources may develop competing technologies.
- Biocatalysis enzyme suppliers
Competitors in the broader enzyme market, where pricing has come under pressure.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Other events · Financial statements and exhibits
- Current report23 Jul 2026Results of operations · Other events
- Current report22 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Current report14 Apr 2026Departure or appointment of officers
- Annual report11 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Codexis, Inc. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Codexis, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Codexis, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.