CDXS

MKT CAP:$240M

Codexis, Inc.

Market Cap

$240M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$2.47+$0.86 (+53.42%)

Apr 22, 2026

Company Details

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 ...

CEO

Alison Moore

IPO Date

Apr 22, 2010

Website

www.codexis.com

Key Metrics TTM

Revenue

$70M

+18.6% YoY

Net Income

-$44M

EPS (Diluted)

-$0.52

Free Cash Flow

-$24M

Revenue / Share

$0.77

Gross Margin

79.5%

Operating Margin

-54.5%

Net Margin

-62.5%

FCF Margin

-33.9%

P/S

3.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 11, 2026

$70M+18.6%EPS -$0.50

Q4 2025

Mar 11, 2026

$39M+81.3%EPS $0.11

Q3 2025

Nov 6, 2025

$9M-33.0%EPS -$0.22

Q2 2025

Aug 13, 2025

$15M+92.1%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$35M	$27M	-$8M
Q2 22	$38M	$27M	-$3M
Q3 22	$34M	$25M	-$11M
Q4 22	$30M	$22M	-$13M
Q1 23	$13M	$8M	-$24M
Q2 23	$21M	$18M	-$13M
Q3 23	$9M	$7M	-$32M
Q4 23	$27M	$22M	$281.0K
Q1 24	$17M	$11M	-$12M
Q2 24	$8M	$5M	-$23M
Q3 24	$13M	$9M	-$17M
Q4 24	$21M	$18M	-$7M
Q1 25	$8M	$5M	-$20M
Q2 25	$15M	$13M	-$13M
Q3 25	$9M	$6M	-$19M
Q4 25	$39M	$32M	$14M

Valuation

Quarter	P/S	P/E
Q1 22	10.4x	—
Q2 22	5.4x	—
Q3 22	3.0x	—
Q4 22	2.7x	—
Q1 23	2.4x	—
Q2 23	1.9x	—
Q3 23	1.9x	—
Q4 23	2.9x	—
Q1 24	3.3x	—
Q2 24	3.5x	—
Q3 24	3.4x	—
Q4 24	5.7x	—
Q1 25	4.4x	—
Q2 25	3.5x	—
Q3 25	4.0x	—
Q4 25	2.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$16M
Q2 22	-$2M	-$4M
Q3 22	$20M	$18M
Q4 22	$5M	$5M
Q1 23	-$9M	-$12M
Q2 23	-$16M	-$18M
Q3 23	-$16M	-$17M
Q4 23	-$11M	-$11M
Q1 24	-$8M	-$9M
Q2 24	-$12M	-$13M
Q3 24	-$13M	-$14M
Q4 24	-$16M	-$18M
Q1 25	-$14M	-$15M
Q2 25	-$18M	-$20M
Q3 25	-$8M	-$8M
Q4 25	$20M	$20M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$2M
Q3 22	$1M
Q4 22	$33.0K
Q1 23	$3M
Q2 23	$2M
Q3 23	$678.0K
Q4 23	$380.0K
Q1 24	$1M
Q2 24	$395.0K
Q3 24	$1M
Q4 24	$2M
Q1 25	$1M
Q2 25	$3M
Q3 25	$182.0K
Q4 25	$520.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+96.0%	+60.8%
Q2 22	+50.9%	+37.0%
Q3 22	-6.3%	+27.3%
Q4 22	+24.0%	+25.1%
Q1 23	-63.3%	-16.2%
Q2 23	-44.5%	-17.2%
Q3 23	-73.1%	-8.4%
Q4 23	-12.6%	-39.8%
Q1 24	+31.5%	-21.0%
Q2 24	-62.6%	-9.5%
Q3 24	+38.3%	-28.9%
Q4 24	-19.2%	+9.6%
Q1 25	-55.8%	-3.2%
Q2 25	+92.1%	-8.2%
Q3 25	-33.0%	-6.3%
Q4 25	+81.3%	-13.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	10.9%
Q2 22	$3M	8.4%
Q3 22	$5M	13.1%
Q4 22	$0	0.0%
Q1 23	$3M	21.6%
Q2 23	$3M	12.7%
Q3 23	$2M	24.6%
Q4 23	$2M	8.1%
Q1 24	$3M	18.6%
Q2 24	$5M	58.7%
Q3 24	$3M	21.1%
Q4 24	$3M	11.8%
Q1 25	$2M	31.5%
Q2 25	$3M	16.5%
Q3 25	$0	0.0%
Q4 25	$2M	5.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$20M	—	—	$16M
Q2 22	$19M	—	—	$11M
Q3 22	$22M	—	—	$13M
Q4 22	$20M	—	—	$12M
Q1 23	$17M	—	—	$15M
Q2 23	$17M	—	—	$13M
Q3 23	$14M	—	—	$12M
Q4 23	$11M	$11M	$300.0K	—
Q1 24	$10M	—	—	$13M
Q2 24	$11M	—	—	$16M
Q3 24	$12M	—	—	$14M
Q4 24	$12M	—	—	$13M
Q1 25	$1M	—	—	$12M
Q2 25	$8M	—	—	$12M
Q3 25	$2M	—	—	$11M
Q4 25	$33M	—	—	$11M

Revenue Segments

Quarter	Product	Research and Development Revenue	Research And Development Revenue
Q2 23	$19M	$2M	—
Q3 24	$11M	$2M	—
Q1 25	$6M	—	$1M
Q2 25	$7M	$8M	—
Q3 25	$7M	$2M	—

Revenue by Geography

Quarter	Apac	Americas	Emea
Q3 23	$2M	$4M	$3M
Q1 24	$7M	$7M	$3M
Q2 24	$5M	$1M	$2M
Q3 24	$9M	$2M	$2M
Q1 25	$2M	$2M	$4M
Q2 25	$7M	$6M	$2M
Q3 25	$6M	$2M	$972.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$94M	$0	$94M
Q2 22	$90M	$0	$90M
Q3 22	$109M	$0	$109M
Q4 22	$114M	$0	$114M
Q1 23	$103M	$0	$103M
Q2 23	$92M	$0	$92M
Q3 23	$75M	$0	$75M
Q4 23	$65M	$0	$65M
Q1 24	$58M	$27M	$86M
Q2 24	$19M	$55M	$73M
Q3 24	$37M	$53M	$90M
Q4 24	$19M	$54M	$73M
Q1 25	$18M	$41M	$60M
Q2 25	$27M	$40M	$66M
Q3 25	$26M	$33M	$59M
Q4 25	$51M	$27M	$78M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	65M	+0.3%	+1.3%
Q2 22	65M	+0.3%	+1.3%
Q3 22	65M	+0.2%	-3.4%
Q4 22	66M	+0.2%	+1.0%
Q1 23	66M	+0.6%	+1.3%
Q2 23	68M	+2.5%	+3.5%
Q3 23	69M	+2.8%	+6.2%
Q4 23	70M	+0.0%	+6.0%
Q1 24	70M	+0.5%	+6.0%
Q2 24	70M	+0.7%	+4.1%
Q3 24	72M	+2.4%	+3.7%
Q4 24	81M	+12.9%	+17.0%
Q1 25	82M	+1.4%	+18.0%
Q2 25	85M	+3.6%	+21.3%
Q3 25	90M	+5.7%	+25.3%
Q4 25	91M	+0.7%	+11.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$135.4K	261
Q2 22	$147.1K	261
Q3 22	$132.1K	261
Q4 22	$122.5K	248
Q1 23	$52.3K	248
Q2 23	$86.0K	248
Q3 23	$37.4K	248
Q4 23	$152.6K	174
Q1 24	$98.1K	174
Q2 24	$45.9K	174
Q3 24	$73.8K	174
Q4 24	$114.1K	188
Q1 25	$40.1K	188
Q2 25	$81.5K	188
Q3 25	$45.8K	188
Q4 25	$266.5K	146

Revenue / Employee