revenue
70–76 $million
FY 2026
official guidance
CODEXIS, INC.
Last · —$1.29-0.03 (-2.27%)live · yahoo · 1h ago
Market cap$141.26M—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $70.4M |
|---|---|
| Operating income | $-41.7M |
| Net income | $-44.0M |
| Free cash flow | $-23.8M |
| Operating margin | -59.3% |
| Net margin | -62.5% |
| Return on equity | -87.0% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Hold rather than buy aggressively:
Codexis delivered $14.9M of Q2 revenue, a $12.0M net loss, and 73% product gross margin, but the investment case still depends on an unproven siRNA commercialization ramp. Management reiterated 2026 revenue guidance of $70M-$76M, weighted to the second half, while the key positive development is that one of three CDMO technology-transfer partners is in long-term commercial-contract negotiations; the key tension is that management provided no contract value, timing, or quantified ECOsynthesis revenue contribution.
Themes
- EcOsynthesis
- Sirna Manufacturing
- Cdmo Partnerships
- Gmp Facility
- Stereochemistry
- Back Half Guidance
Near term
The second-half revenue burden is substantial, and management did not disclose how much of the $70M-$76M outlook is supported by orders already in hand. Q3 execution will be an important credibility test.
Commercial enzyme revenue is improving, supported by four partner product approvals and one label expansion, but management explicitly acknowledged that customer ordering can remain “lumpy” and “unpredictable.”
The lead CDMO has completed its assessment and is negotiating a long-term contract, while the other two partners remain earlier in evaluation. Any signed agreement would be a meaningful near-term validation, but its economics remain unknown.
Cash was $54.9M at quarter-end and approximately $79.8M pro forma after the $25M equity financing. The financing extends the stated runway through 2028 but also creates dilution.
Longer term
ECOsynthesis could address a genuine capacity and cost problem in siRNA manufacturing if Codexis can demonstrate reliable kilogram-scale production and customer adoption. The planned progression from hundreds of grams to 500 grams by year-end and 1 kilogram before GMP-facility operation is the central technical proof point.
The planned approximately $25M GMP facility is intended to provide clinical-trial and IND material, with construction beginning after permit approval and full production capability targeted by the end of 2027. This could improve customer conversion but adds execution and capital-allocation risk.
The platform’s potential advantages—stereochemical control, reduced downstream purification, aqueous processing, and claimed approximately 70% greater capital efficiency—remain commercial hypotheses until customers validate potency, quality, throughput, and economics.
The legacy biocatalysis business appears healthier, with 14 commercial products and 15 Phase II/III programs, but management’s long-term growth expectation of high-single-digit growth depends on clinical readouts and approvals that remain outside Codexis’ control.
Competitive moat risk remains unresolved: analyst questions focused on how much siRNA the industry will actually need and whether Codexis can scale beyond its own initial capacity. Management emphasized the market bottleneck and partnership model but did not provide customer commitments or an independently validated demand forecast.
Red flags
Management did not quantify the revenue contribution from ECOsynthesis, the expected value of the lead CDMO contract, or the timing of contract execution despite repeated analyst questions about visibility.
The $70M-$76M 2026 revenue outlook requires a heavily back-half-weighted performance, yet management offered only qualitative commentary on the sources and cadence of that growth.
The claimed siRNA demand opportunity relies on industry projections, including a possible 30-fold increase by 2035 and cardiovascular trial success; the timing and magnitude of that bottleneck are uncertain.
Starterless ECOsynthesis remains at the R&D stage, and the biological benefits of stereochemical control are still being evaluated rather than demonstrated in clinical or commercial outcomes.
Scaling from hundreds of grams to 500 grams and then 1 kilogram involves unresolved process-design, enzyme robustness, flow-rate, temperature-control, and sequence-dependent quality risks.
The equity financing improves liquidity but indicates continued dependence on external capital while the company funds a GMP build-out and remains loss-making.
Forward outlook
gross margin
—
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-11
- Operating Cf Burn
- Net Margin Sharply Negative
- Cash Conversion Weak
- Cash Runway Medium
- Accumulated Deficit High
- Rd Intensity High
Red flags
- Operating Cf Burn — Negative operating cash flow
- Net Margin Sharply Negative — Net margin -62.5%
- Cash Conversion Weak — Cash conversion (CFO/Rev) -27.5%
- Cash Runway Medium — Cash runway ~2.6 years
- Accumulated Deficit High — Accumulated deficit / equity 1201%
- Rd Intensity High — R&D/Revenue 74.3%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.10
Est. revenue
18.7M
Earnings transcripts
Press & signals
- GlobeNewswire
Codexis Reports Second Quarter 2026 Financial Results
- GlobeNewswire
Codexis Appoints David Butler, PhD, to Strategic Advisory Board
- GlobeNewswire
Codexis Announces Pricing of Public Offering of Common Stock
The rest of this company's wire — with summaries and source links — is part of Pro.
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