Codexis Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Codexis (NASDAQ: CDXS) reported Q1 2026 revenue of $15.2 million and reiterated full‑year guidance of $72–$76 million. Product gross margin was 71%; net loss narrowed to $8.7 million ($0.10/share). Cash and short‑term investments totaled $65.1 million, which the company says funds operations through end of 2027.
The company highlighted ECO Synthesis® platform progress, three upcoming TIDES presentations on siRNA stereochemistry and ligation, a 50g siRNA supply agreement for pre‑IND studies, ISO 9001 certification, and plans for an ECO GMP Manufacturing Center.
Positive
- Revenue increased to $15.2M in Q1 2026 (from $7.5M in Q1 2025)
- Product gross margin improved to 71% in Q1 2026 (from 55%)
- Cash, cash equivalents, and short‑term investments of $65.1M (funding through end of 2027 per company)
- Reiterated full‑year revenue guidance of $72M–$76M
- ISO 9001 certification and successful pharmaceutical partner audit for in‑house manufacturing
Negative
- Net loss of $8.7M in Q1 2026 (still a quarterly loss)
- R&D and SG&A remain sizable at $11.4M and $9.8M respectively, pressuring near‑term cash burn
Key Figures
Market Reality Check
Peers on Argus
CDXS is down about 3.27% while the only peer in the momentum scanner (ACIU) is also down slightly. Other close peers show mixed moves, suggesting today’s reaction is driven more by company-specific earnings details than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 11 | Q4/FY 2025 earnings | Positive | +34.6% | Strong Q4 revenue, improved margins, and 2026 guidance drove a sharp gain. |
| Nov 06 | Q3 2025 earnings | Negative | -16.9% | Revenue decline and restructuring actions overshadowed extended cash runway. |
| Aug 13 | Q2 2025 earnings | Positive | +1.6% | Revenue beat and strong ECO Synthesis momentum supported a modest rise. |
| May 14 | Q1 2025 earnings | Negative | +1.6% | Revenue decline and wider loss contrasted with a small positive price move. |
| Feb 27 | FY 2024 earnings | Negative | -22.6% | Flat-to-lower revenue and sizable annual loss led to a sharp selloff. |
Earnings events have produced mixed but often strong share reactions, with most reports aligning in direction with the perceived tone of the results.
Recent earnings releases for Codexis show a pattern of meaningful stock reactions around financial updates. Positive reports, such as Q4/FY 2025 with strong revenue and cash metrics, led to a 34.65% gain, while weaker or more mixed updates, like FY 2024 or Q3 2025, saw declines of 22.65% and 16.95%. Earlier in 2025, Q1 and Q2 earnings with growth in ECO Synthesis and improved margins produced modest gains. Today’s Q1 2026 report, with higher revenue, better margins, and reiterated guidance, fits into this sequence of platform-driven financial progress.
Historical Comparison
Past earnings releases moved the stock by an average of about -0.34%. Today’s -3.27% reaction to Q1 2026 financials is a larger‑than‑usual downside move versus prior earnings days.
Across recent earnings, Codexis has highlighted ECO Synthesis progress, improving product gross margins, and efforts to extend cash runway, with Q1 2026 continuing this trend via higher revenue, stronger margins, and a reiterated 2026 outlook.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $15.2M, a stronger 71% product gross margin, and a narrowed net loss of $8.7M, alongside cash of $65.1M supporting operations through 2027. Management reiterated full‑year revenue guidance of $72M–$76M and outlined ECO Synthesis milestones, including TIDES presentations and plans for an ECO GMP Manufacturing Center. Investors may track revenue mix, margin trends, and the conversion of ECO Synthesis engagements into larger manufacturing or licensing agreements over time.
Key Terms
phosphorothioate stereochemistry medical
sirna medical
pre-ind regulatory
cdmo technical
AI-generated analysis. Not financial advice.
Reports revenue of
Three presentations at upcoming TIDES USA annual meeting to feature new data for ECO Synthesis manufacturing platform capabilities
REDWOOD CITY, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable manufacturing of complex therapeutics, today announced financial results for the first quarter ended March 31, 2026, and provided a business update.
“Next week Codexis will present new data at the TIDES USA annual meeting demonstrating how the ECO Synthesis® Manufacturing Platform enables control over phosphorothioate stereochemistry. Defined stereochemistry confers overall improved product quality and has the potential to deliver increased potency, a step beyond conventional manufacturing technologies,” said Alison Moore, PhD, President and Chief Executive Officer of Codexis. “We finished the first quarter in a strong financial position with
First Quarter and Recent Business Highlights
- Received ISO 9001 certification of our in-house manufacturing suite and successfully completed a pharmaceutical partner audit in support of future commercial products.
- Supported the production of a pharma biocatalysis product which, following successful Phase 3 data, received FDA approval, resulting in a total portfolio of enzymes supporting 13 licensed branded pharmaceutical products.
- Agreed to supply 50g of siRNA using the ECO Synthesis manufacturing platform to enable pre-IND studies.
- Achieved successful development milestones of significant ECO Synthesis manufacturing platform capability, enabling siRNA of superior quality.
Upcoming Milestones
- Codexis will host three presentations at the 2026 TIDES USA annual meeting, taking place from May 11-14, 2026, in Boston. Presentations will (1) showcase enzyme-driven stereoisomer control of siRNA, (2) demonstrate the superior performance of Codexis ligase in siRNA ligation reactions, and (3) discuss the metrics of improved sustainability of the ECO Synthesis manufacturing platform compared to Solid Phase Organic Synthesis.
- The Company expects to apply for a building permit during the second quarter for its ECO GMP Manufacturing Center in preparation to commence retrofit construction during the second half of 2026. Full production capability is planned by the end of 2027.
- Expand our relationships with our CDMO partners with a goal of commencing an additional strategic partnership by the end of 2026.
- Advance our partnerships with drug innovators toward clinical stage manufacturing agreements.
- Seeking to sign a licensing deal with a major pharmaceutical company in the second half of 2026.
- Continue our engagement with the FDA Emerging Technologies team to discuss ECO Synthesis-derived siRNA product quality, stereoisomer control, and product comparability.
First Quarter 2026 Financial Highlights
- Total revenues were
$15.2 million for the first quarter of 2026 compared to$7.5 million in the first quarter of 2025. The increase was primarily due to the recognition of an additional$6.3 million in revenue from the Merck Technology Transfer agreement which we executed during the fourth quarter of 2025. - Product gross margin was
71% for the first quarter of 2026 compared to55% in the first quarter of 2025. The increase in gross margin was largely due to a shift in sales toward more profitable products, and declines in less profitable, legacy products. - Research and Development expenses for the first quarter of 2026 were
$11.4 million compared to$12.9 million in the first quarter of 2025. The decrease was primarily due to lower allocable costs, partially offset by higher employee-related costs and higher use of outside services. - Selling, General & Administrative expenses for the first quarter of 2026 were
$9.8 million compared to$12.4 million in the first quarter of 2025. The decrease was primarily due to lower employee-related costs due to lower headcount, lower stock-based compensation expenses, and lower consultant fees and outside services.
- The net loss for the first quarter of 2026 was
$8.7 million , or$0.10 per share, compared to a net loss of$20.7 million , or$0.25 per share, for the first quarter of 2025. - As of March 31, 2026, Codexis had
$65.1 million in cash, cash equivalents, and short-term investments.
2026 Financial Guidance Reiterated
Codexis reiterated its full-year 2026 financial guidance as follows:
- Total revenues are expected to be in the range of
$72 million to$76 million . - Codexis expects that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its planned operations through the end of 2027.
Conference Call and Webcast
Codexis will hold a conference call and webcast today beginning at 4:30 pm ET. A live webcast will be available on the Investors section of the Company website at ir.codexis.com The conference call dial-in numbers are 877-705-2976 for domestic callers and 201-689-8798 for international callers.
A telephone recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers. Please use the passcode 13726635 to access the recording. A webcast replay will be available on the Investors section of the Company website, beginning approximately two hours after the completion of the call.
About Codexis
Codexis® is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver® technology to discover, develop and enhance novel, high-performance enzymes. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing, and greater sensitivity in genomic and diagnostic applications. For more information, visit https://www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “suggest,” “target,” “on track,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. To the extent that statements contained in this press release are not descriptions of historical facts; they are forward-looking statements reflecting the current beliefs and expectations of management. These forward-looking statements include, but are not limited to, statements regarding anticipated milestones, including product launches, technical milestones, data releases and public announcements related thereto; Codexis' ability to extend its cash runway through 2027; Codexis' 2026 revenue guidance; the timing and completion of the retrofit construction of Codexis' GMP facility; Codexis' ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements; Codexis' ability to expand relationships with CDMO partners and commence strategic partnerships; Codexis' ability to sign a licensing deal with a major pharmaceutical company; Codexis’ continued engagement with the FDA; and Codexis' plan to make presentations at the 2026 TIDES USA Annual Meeting. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis' dependence on its licensees and collaborators and the risk that collaborators may terminate their development programs under their respective license agreements with Codexis; Codexis' dependence on a limited number of products and customers, and potential adverse effects to Codexis' business if its customers' products are not received well in the markets; Codexis' ability to successfully develop and commercialize new technology and products for its target markets, including its ECO Synthesis® manufacturing platform and dsRNA ligase; the risk that competitors and potential competitors who have greater resources and experience than Codexis may develop products and technologies that make Codexis' products and technologies obsolete; Codexis' ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements and to establish strategic partnerships with CDMOs; the timing, cost and successful completion of the retrofit construction of Codexis' GMP facility and the risk that the facility may not achieve operational readiness on the anticipated timeline; the risk that the FDA or other regulatory authorities may not accept enzymatically synthesized oligonucleotides or that the regulatory pathway for ECO Synthesis-derived products may be longer or more uncertain than anticipated; Codexis' potential need for additional capital in the future in order to expand its business; Codexis' ability to comply with debt covenants under its loan facility; Codexis' ability to accurately forecast financial and operational performance; the impact of market, political and economic conditions on Codexis' business, financial condition and share price; and the impact of international trade policies, including tariffs, sanctions and trade barriers, on Codexis' business. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 11, 2026, including under the caption “Risk Factors,” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Codexis’ results presented in this press release are not necessarily indicative of Codexis’ operating results for any future periods.
For More Information
Investor Contact
Georgia Erbez
(650) 421-8100
ir@codexis.com
| Codexis, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenues: | |||||||
| Product revenue | $ | 7,191 | $ | 6,059 | |||
| Research and development revenue | 8,057 | 1,484 | |||||
| Total revenues | 15,248 | 7,543 | |||||
| Costs and operating expenses: | |||||||
| Cost of product revenue | 2,064 | 2,732 | |||||
| Research and development | 11,448 | 12,942 | |||||
| Selling, general and administrative | 9,779 | 12,355 | |||||
| Total costs and operating expenses | 23,291 | 28,029 | |||||
| Loss from operations | (8,043 | ) | (20,486 | ) | |||
| Interest income | 665 | 751 | |||||
| Interest and other expense, net | (1,290 | ) | (942 | ) | |||
| Loss before income taxes | (8,668 | ) | (20,677 | ) | |||
| Provision for income taxes | (36 | ) | (11 | ) | |||
| Net loss | $ | (8,704 | ) | $ | (20,688 | ) | |
| Net loss per share, basic and diluted | $ | (0.10 | ) | $ | (0.25 | ) | |
| Weighted average common stock shares used in computing net loss per share, basic and diluted | 90,768 | 82,410 | |||||
| Codexis, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (In Thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net loss | $ | (8,704 | ) | $ | (20,688 | ) | |
| Other comprehensive loss: | |||||||
| Unrealized loss on available-for-sale short-term investments, net of tax | (19 | ) | (38 | ) | |||
| Comprehensive loss | $ | (8,723 | ) | $ | (20,726 | ) | |
| Codexis, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 36,571 | $ | 50,793 | |||
| Restricted cash, current | 425 | 478 | |||||
| Short-term investments | 28,569 | 27,416 | |||||
| Financial assets: | |||||||
| Accounts receivable | 6,777 | 8,757 | |||||
| Contract assets | 441 | 492 | |||||
| Unbilled receivables | 852 | 1,480 | |||||
| Total financial assets | 8,070 | 10,729 | |||||
| Less: allowances | (43 | ) | (43 | ) | |||
| Total financial assets, net | 8,027 | 10,686 | |||||
| Inventories | 2,000 | 1,817 | |||||
| Prepaid expenses and other current assets | 4,057 | 5,626 | |||||
| Total current assets | 79,649 | 96,816 | |||||
| Restricted cash | 1,612 | 1,612 | |||||
| Investment in non-marketable equity securities | 2,498 | 2,498 | |||||
| Right-of-use assets - Operating leases, net | 29,566 | 30,501 | |||||
| Property and equipment, net | 12,588 | 13,024 | |||||
| Goodwill | 2,463 | 2,463 | |||||
| Other non-current assets | 994 | 883 | |||||
| Total assets | $ | 129,370 | $ | 147,797 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,127 | $ | 1,554 | |||
| Accrued compensation | 5,359 | 11,042 | |||||
| Other accrued liabilities | 3,196 | 2,768 | |||||
| Current portion of lease obligations - Operating leases | 3,302 | 2,944 | |||||
| Deferred revenue | 866 | 7,009 | |||||
| Total current liabilities | 14,850 | 25,317 | |||||
| Deferred revenue, net of current portion | 350 | 360 | |||||
| Long-term lease obligations - Operating leases | 29,118 | 30,159 | |||||
| Long-term debt | 40,483 | 40,105 | |||||
| Other long-term liabilities | 1,335 | 1,327 | |||||
| Total liabilities | 86,136 | 97,268 | |||||
| Stockholders' equity: | |||||||
| Common stock | 9 | 9 | |||||
| Additional paid-in capital | 658,720 | 657,292 | |||||
| Accumulated other comprehensive income | (11 | ) | 8 | ||||
| Accumulated deficit | (615,484 | ) | (606,780 | ) | |||
| Total stockholders' equity | 43,234 | 50,529 | |||||
| Total liabilities and stockholders' equity | $ | 129,370 | $ | 147,797 | |||
