Codexis, Inc.
Codexis, Inc. is a biotechnology company that uses directed evolution to engineer enzymes for applications in pharmaceuticals, food, and industrial sectors, generating revenue through product sales and research and development collaborations.
Business. CODEXIS, INC. (CDXS) is a company in the Commodity & Specialty Chemicals industry that operates through a product-sale revenue model. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.
Analyst recommendations
7 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
CODEXIS, INC. (CDXS) is a company in the Commodity & Specialty Chemicals industry that operates through a product-sale revenue model. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.
Codexis maintains a capital structure defined by $40.5 million in long-term debt against $43.2 million in total equity, resulting in a debt-to-equity ratio of 0.94. The balance sheet holds $36.6 million in cash and equivalents, providing a current ratio of 5.36, which indicates strong short-term liquidity coverage despite the company's unprofitable status. The market capitalization stands at $134.3 million, with a price-to-book ratio of 3.29, reflecting investor valuation of the company's tangible and intangible assets relative to its book value.
Profitability remains negative, with Q1 2026 net income at -$8.7 million and operating income at -$8.0 million, driving a return on equity of -1.02 and a return on assets of -0.34. The company generated $15.2 million in revenue for the quarter, but operating cash flow was negative at -$13.2 million, and free cash flow was -$13.3 million. These metrics indicate that the company is currently consuming cash to fund operations and growth, with no positive earnings yield to offset the equity base.
Revenue concentration is significant, with the Americas region contributing $7.9 million (51.5% of total revenue), followed by APAC at $5.3 million (34.9%) and EMEA at $2.1 million (13.8%). The filing observations highlight customer concentration risks, noting that a small number of customers account for a material portion of sales and accounts receivable. This geographic and customer mix suggests that the company's performance is heavily influenced by the R&D pipelines and commercial success of a limited set of large pharmaceutical and industrial partners.
Growth trajectory shows substantial expansion in Q1 2026, with revenue of $15.2 million compared to $7.5 million in Q1 2025, representing a 102% year-over-year increase. The Americas region saw the most dramatic growth, rising from $2.1 million to $7.9 million, while APAC grew from $1.5 million to $5.3 million. EMEA revenue declined from $3.9 million to $2.1 million, indicating a shift in regional demand or project timing. This top-line growth is driven by increased activity in key markets, though it has not yet translated to profitability.
Risk factors include medium dilution risk, as source documents mention potential offering risks and the company's reliance on equity financing to support its cash burn. The company has a history of issuing stock-based compensation, including performance share units and options, which can dilute existing shareholders. Additionally, the demand for Codexis's products is tied to the clinical and market success of its customers' products, creating downstream dependency risks. The company also faces regulatory and operational risks associated with its biotechnology operations and intellectual property enforcement.
Recent events include an 8-K filing with material items related to results of operations and financial condition, indicating significant updates to the company's financial status. Analyst estimates show a mean price target of $6.58, with a median of $7.00, suggesting that the market expects significant upside from the current price of $1.48. The mean recommendation is 2.00, with a mix of strong buy, buy, and hold ratings, reflecting cautious optimism about the company's growth potential despite current profitability challenges.
- Q1 2026 revenue doubled year-over-year to $15.2 million, driven by strong growth in the Americas and APAC regions.
- The company remains unprofitable with a net loss of $8.7 million and negative free cash flow of $13.3 million, indicating ongoing cash consumption.
- Liquidity is strong with a current ratio of 5.36 and $36.6 million in cash, but debt-to-equity is 0.94, reflecting leverage from long-term debt.
- Customer and geographic concentration pose risks, with the Americas accounting for over half of revenue and a few key customers driving sales.
- Analyst sentiment is positive with a mean price target of $6.58, suggesting significant upside potential from the current market price.
- Dilution risk is medium due to potential equity offerings and stock-based compensation, which could impact shareholder value.
Bull / Bear case
Generated · model-assistedCodexis maintains a strong current ratio of 3.82, indicating robust short-term liquidity to cover immediate obligations.
The company operates with low leverage, evidenced by a debt-to-equity ratio of 0.79 and low credit risk.
Cash conversion metrics rank above the median for the Commodity & Specialty Chemicals cohort, suggesting relative efficiency.
Capital expenditure as a percentage of revenue is above the cohort median, indicating continued investment in growth.
Liquidity risk is assessed as low, providing a stable financial foundation despite ongoing operational losses.
The company posted a net loss of $43.97 million in FY2025, reflecting persistent inability to achieve profitability.
Operating and net margins rank in the bottom quartile of the Commodity & Specialty Chemicals cohort.
In focus — financials by report
Revenue $15.2M; Operating income -$8.0M.
- ▍Revenue $15.2M
- ▍Operating income -$8.0M
- ▍Net margin -57.1%
Revenue $31.5M; Operating income -$52.3M.
- ▍Revenue $31.5M
- ▍Operating income -$52.3M
- ▍Net margin -170.2%
Revenue $22.9M; Operating income -$33.3M.
- ▍Revenue $22.9M
- ▍Operating income -$33.3M
- ▍Net margin -148.5%
Revenue $70.4M; Operating income -$41.7M.
- ▍Revenue $70.4M
- ▍Operating income -$41.7M
- ▍Net margin -62.5%
Revenue $59.3M; Operating income -$58.5M.
- ▍Revenue $59.3M
- ▍Operating income -$58.5M
- ▍Net margin -110.0%
Revenue $59.3M; Operating income -$58.5M.
- ▍Revenue $59.3M
- ▍Operating income -$58.5M
- ▍Net margin -110.0%
Revenue $70.1M; Operating income -$68.1M.
- ▍Revenue $70.1M
- ▍Operating income -$68.1M
- ▍Net margin -108.7%
Revenue $70.1M; Operating income -$68.1M.
- ▍Revenue $70.1M
- ▍Operating income -$68.1M
- ▍Net margin -108.7%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,39 |
| Revenue | —no estimate | —no estimate | 74,1M USD |
| Operating income | —no estimate | —no estimate | -33,0M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Director · Stock Option (Right to Buy) → Common StockAcquired 66 350 @ $2,48grant · 2026-06-17
- Chief Scientific Officer · Stock Option (Right to Buy) → Common StockAcquired 316 100 @ $1,07grant · 2026-02-23
- Director, President and CEO · Stock Option (Right to Buy) → Common StockAcquired 993 000 @ $1,07grant · 2026-02-23
- See Remarks · Stock Option (Right to Buy) → Common StockAcquired 316 100 @ $1,07grant · 2026-02-23
- President and CEO · Stock Option (Right to Buy) → Common StockAcquired 500 000 @ $1,63grant · 2025-11-13
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- CODEXIS, INC. company facts · 2026-07-26
- CODEXIS, INC. 10-Q 2026-05-07 · 2026-07-26
- CODEXIS, INC. 10-K 2026-03-11 · 2026-07-26
- CODEXIS, INC. 10-Q 2025-11-06 · 2026-07-26
- CODEXIS, INC. 10-Q 2025-08-13 · 2026-07-26
- 8-K (sec_8k_material) on CDXS · 2026-07-26
- Codexis Inc Market data — analyst estimates · 2026-07-26
- Codexis Inc Market data — ESG · 2026-07-26
- CODEXIS, INC. HA canonical relationships · 2026-07-26
Ownership & reference
Top holders
- Investment Managers · as of 2024-12-310,00 %$9M
- Institutional Investor · as of 2022-09-300,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$6M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2024-06-300,00 %$21M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2025-12-310,00 %$8M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$3M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$1M
- Funds · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Insider activity
- Director · Common StockSold 2 605 @ $2,37$6K · 2026-06-11
- Chief Scientific Officer · Common StockSold 5 862 @ $1,13$7K · 2026-02-24
- Director, President and CEO · Common StockSold 3 826 @ $1,31$5K · 2026-02-06
- Chief Scientific Officer · Common StockSold 2 492 @ $1,31$3K · 2026-02-06
- See Remarks · Common StockSold 3 826 @ $1,31$5K · 2026-02-06
- CSO · Common StockSold 4 685 @ $1,70$8K · 2026-01-07
- 10% owner · Common Stock, par value $0.001 per shareSold 245 000 @ $1,67$409K · 2025-12-01
- 10% owner · Common Stock, par value $0.001 per shareSold 8 533 @ $1,67$14K · 2025-12-01
- 10% owner · Common Stock, par value $0.001 per shareSold 105 000 @ $1,75$184K · 2025-11-28
- 10% owner · Common Stock, par value $0.001 per shareSold 2 490 @ $1,75$4K · 2025-11-28
- 10% owner · Common Stock, par value $0.001 per shareSold 148 318 @ $1,74$258K · 2025-11-26
- 10% owner · Common Stock, par value $0.001 per shareSold 5 000 @ $1,74$9K · 2025-11-26
- Director · Common StockSold 8 952 @ $1,56$14K · 2025-11-21
- President and CEO · Common StockOther 85 000 · 2025-11-13
- 10% owner · Common Stock, par value $0.001 per shareSold 165 000 @ $1,96$324K · 2025-11-12
- 10% owner · Common Stock, par value $0.001 per shareSold 890 000 @ $1,94$1,7M · 2025-11-12
- 10% owner · Common Stock, par value $0.001 per shareSold 27 459 @ $1,94$53K · 2025-11-12
- Director · Common StockOther 50 000 @ $1,85$92K · 2025-11-11
- Director · Common StockSold 1 413 @ $1,74$2K · 2025-11-11
- 10% owner · Common Stock, par value $0.001 per shareSold 13 211 @ $1,80$24K · 2025-11-11
- 10% owner · Common Stock, par value $0.001 per shareSold 535 000 @ $1,80$963K · 2025-11-11
- 10% owner · Common Stock, par value $0.001 per shareSold 3 318 @ $1,73$6K · 2025-11-10
- 10% owner · Common Stock, par value $0.001 per shareSold 205 000 @ $1,73$356K · 2025-11-10
- 10% owner · Common Stock, par value $0.001 per shareSold 10 000 @ $1,70$17K · 2025-11-07
- 10% owner · Common Stock, par value $0.001 per shareSold 296 682 @ $1,70$503K · 2025-11-07
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Cash & equivalents (annual): USD 50.79MUnknown
- Cost of revenue (annual): USD 9.34MUnknown
- Capex (annual): USD 4.47MUnknown
- Net income (annual): USD -43.97MUnknown
- Shares outstanding (annual): 90.48MUnknown
- Operating income (annual): USD -41.74MUnknown
- Long-term debt (annual): USD 40.1MUnknown
- R&D expense (annual): USD 52.31MUnknown
- Current assets (annual): USD 96.82MUnknown
- Pre-tax income (annual): USD -43.93MUnknown
- Total assets (annual): USD 147.8MUnknown
- Shareholders' equity (annual): USD 50.53MUnknown
- Current liabilities (annual): USD 25.32MUnknown
- EPS (diluted) (annual): USD-PER-SHARES -0Unknown
- Total liabilities (annual): USD 97.27MUnknown
- Revenue (annual): USD 70.39MUnknown
- Operating cash flow (annual): USD -19.38MUnknown
- EPS (basic) (annual): USD-PER-SHARES -0Unknown
- R&D expense (annual): USD 46.26MUnknown
- EPS (basic) (annual): USD-PER-SHARES -1Unknown
- EPS (diluted) (annual): USD-PER-SHARES -1Unknown
- Cost of revenue (annual): USD 16.29MUnknown
- Capex (annual): USD 4.3MUnknown
- Current assets (annual): USD 98.77MUnknown