Codexis Reports Third Quarter 2026 Financial Results and Provides Business Update
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Rhea-AI Summary
Codexis (NASDAQ: CDXS) reported third-quarter 2026 revenue of $19.3 million, reflecting higher product sales driven by customers’ new product approvals and launches. Revenue compared with $8.6 million a year earlier. Product gross margin rose to 74.5% from 64%, while net loss narrowed to $8.1 million, or $0.08 per share, from $19.6 million, or $0.22 per share.
Codexis reiterated expected 2026 revenue of $72 million to $76 million and raised its gross-margin estimate to the low 70% range. Cash, cash equivalents and short-term investments totaled $72.7 million at September 30, following approximately $25 million in net equity proceeds in July. In November, it closed a $60 million senior secured loan facility with Trinity Capital; the initial $42.5 million refinanced existing debt, and further draws are conditional. Codexis expects its ECO GMP Manufacturing Center to be operational by the end of 2027.
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Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointJuly equity financing raised approximately $25 million in net proceeds. 23% of market cap
- Major pointTrinity Capital’s $60 million facility refinanced existing debt with an initial $42.5 million draw. 56% of market cap
- Moderate pointThird-quarter revenue increased to $19.3 million from $8.6 million in 2025.
- Moderate pointThird-quarter product gross margin improved to 74.5% from 64% a year earlier.
- Moderate pointNine-month research and development expenses declined to $35.741 million from $40.586 million in the comparable 2025 period.
- Moderate pointNine-month selling, general and administrative expenses fell to $30.803 million from $35.889 million in the comparable 2025 period.
- Moderate pointNine-month operating loss narrowed to $26.708 million from $52.298 million in the comparable 2025 period.
- Moderate pointNine-month net loss narrowed to $28.837 million, or $0.30 per share, from $53.575 million, or $0.62.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Codexis raised its expected 2026 gross margin to the low 70% range.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Codexis expects existing cash and investments to fund planned operations through the end of 2028, including facility buildout.
11 minor points
- Minor pointThird-quarter product revenue rose to $15.740 million from $6.807 million a year earlier.
- Minor pointThird-quarter research and development revenue increased to $3.522 million from $1.794 million a year earlier.
- Minor pointThird-quarter research and development expenses fell to $12.6 million from $13.9 million a year earlier.
- Minor pointThird-quarter selling, general and administrative expenses declined to $10.1 million from $11.2 million a year earlier.
- Minor pointThird-quarter operating loss narrowed to $7.436 million from $18.949 million a year earlier.
- Minor pointThird-quarter net loss narrowed to $8.1 million, or $0.08 per share, from $19.6 million, or $0.22.
- Minor pointNine-month revenue increased to $49.426 million from $31.472 million in the comparable 2025 period.
- Minor point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue guidance remains $72 million to $76 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.Codexis expects manufacturing-center retrofit construction in the new year and operations by the end of 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Codexis plans to advance drug-innovator partnerships toward clinical-stage manufacturing agreements.
- Minor point. Forward-looking: it has not happened yet and may not happen.Codexis aims to expand manufacturing-partner relationships toward a strategic partner agreement.
Negative
- Major pointJuly’s equity financing diluted existing shareholders.
- Major pointThe Trinity Capital facility is senior secured debt, with $42.5 million drawn at closing. 40% of market cap
- Minor pointFurther borrowing under the Trinity Capital facility is subject to certain conditions.
- Minor pointThird-quarter interest and other expense, net, increased to $1.341 million from $1.292 million a year earlier.
- Minor pointNine-month interest and other expense, net, rose to $3.933 million from $3.217 million in the comparable 2025 period.
News Explained
Codexis expects its existing cash, cash equivalents and short-term investments to fund planned operations through the end of
Details
Market Reaction – CDXS
On Nov 12, the day this news came out, the latest delayed price for CDXS is 9.59% above the previous close. Argus tracked a peak move of +10.0% during the session. Our momentum scanner has recorded 8 alerts for this stock so far that day. The latest delayed price is $1.05.
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Key Figures
- Q3 revenue
- $19.3 million
- Third quarter 2026
- Product gross margin
- 74.5%
- Third quarter 2026
- Net loss
- $8.1 million; $0.08 per share
- Third quarter 2026
- Term loan facility
- $60 million
- Closed in November with Trinity Capital
- Initial loan drawdown
- $42.5 million
- Used to refinance existing debt
- 2026 revenue guidance
- $72 million to $76 million
- Full-year expected range; reiterated
- 2026 gross margin estimate
- Low 70% range
- Full-year 2026; estimate increased
- Cash runway
- Through the end of 2028
- Planned operations, including the GMP facility build-out
Previous Earnings Reports
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Revenue was slightly below the prior year, while product revenue grew, margin improved, and net loss narrowed.
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Revenue was $15.2 million, product gross margin was 71%, and net loss narrowed alongside reiterated guidance.
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Revenue declined year over year and net loss widened amid organizational changes and a CEO transition.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
sirna medical
oligonucleotide medical
gmp regulatory
term loan facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reports revenue of
Shared new advances in RNA therapeutic manufacturing at TIDES Europe
Entered into a
REDWOOD CITY, Calif., Nov. 12, 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 third quarter ended September 30, 2026, and provided a business update.
“I am pleased with our outstanding progress in 2026, through both innovation and technical achievements, that has garnered attention from leading innovators in the siRNA field," stated Alison Moore, PhD, President and Chief Executive Officer of Codexis. “Last week we presented new data at the TIDES Europe annual meeting showing successful scale-up of the ECO Synthesis® Manufacturing Platform at 100-gram scale with high product quality, and including improved process performance with reduced cycle time. In addition, we significantly strengthened our balance sheet with an equity raise of approximately
Third Quarter and Recent Business Highlights
- In November, the company completed a
$60 million senior secured loan agreement with Trinity Capital. The first tranche of$42.5 million was used to replace the existing agreement the company had with Innovatus Life Sciences Lending Fund I, LP. The remainder of the facility is available for future drawdown, subject to certain conditions. - In November, Codexis hosted key presentations at the 2026 TIDES Europe annual meeting. These presentations demonstrated successful production of 100 grams of high-quality oligonucleotide. The company also showed greater potency of stereo-defined siRNA as compared to chemically synthesized material. These presentations have continued to expand industry-wide interest in the ECO Synthesis Manufacturing Platform.
- In October, Codexis announced a feasibility study with a pioneer company in the siRNA field, where Codexis will use its ECO Synthesis technology to synthesize stereo-defined fragments. This innovator uses a fragment synthesis and ligation strategy and is seeking a method to increase the purity of fragments above what can be attained using standard solid phase chemistry techniques.
- The company successfully completed an equity financing in July that raised a total of approximately
$25 million in net proceeds.
Upcoming Milestones
- Advance its partnerships with drug innovators toward clinical stage manufacturing agreements.
- Codexis expects to begin retrofit construction for its ECO GMP Manufacturing Center in the new year, with the facility being operational by the end of 2027. The purpose of this facility is to provide siRNA material for preclinical investigations and Phase 1 and 2 clinical trials.
- Expand relationships with existing and future CDMO partners with a goal of commencing a strategic partner agreement.
Third Quarter 2026 Financial Highlights
- Total revenues were
$19.3 million for the third quarter of 2026 compared to$8.6 million in the third quarter of 2025. The increase was primarily due to higher product revenue, driven by the approval and launch of new products by our customers with higher margins compared to more established products. - Product gross margin was
74.5% for the third quarter of 2026, compared to64% in the third 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, established products. - Research and Development expenses for the third quarter of 2026 were
$12.6 million compared to$13.9 million in the third quarter of 2025. The decrease was primarily due to lower employee-related costs, reduced spending on outside services and lower lab supplies, partially offset by higher allocable costs. - Selling, General & Administrative expenses for the third quarter of 2026 were
$10.1 million compared to$11.2 million in the third quarter of 2025. The decrease was primarily due to lower employee-related costs associated with reduced headcount, lower stock-based compensation expenses, and lower allocable costs, partially offset by higher facility-related expenses. - The net loss for the third quarter of 2026 was
$8.1 million , or$0.08 per share, compared to a net loss of$19.6 million , or$0.22 per share, for the third quarter of 2025. - As of September 30, 2026, Codexis had
$72.7 million in cash, cash equivalents, and short-term investments. During the third quarter, Codexis successfully completed an equity financing that raised a total of approximately$25 million in net proceeds. In addition, after the close of the third quarter Codexis entered into a$60 million term loan facility with a$42.5 million drawdown at closing, which was used to retire existing debt.
2026 Financial Revenue Guidance Reiterated, Gross Margin Estimate Increased
Codexis reiterated and updated its full-year 2026 financial guidance as follows:
- Total revenues are expected to be in the range of
$72 million to$76 million . Gross margin for the year 2026 is expected to be in the low70% range. - Codexis expects that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its planned operations through the end of 2028. The financial guidance and cash runway projections include the expenses associated with the build out of the GMP production facility.
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 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 high-performance enzymatic solutions for efficient and scalable therapeutics manufacturing. The company is currently developing its proprietary ECO Synthesis® Manufacturing Platform, an aqueous enzymatic process that may offer a scalable alternative to traditional solid phase organic synthesis of oligonucleotide manufacturing. Initially, Codexis is applying its technology to address the rapidly growing demand for RNAi therapeutics. Codexis’ unique enzymes can drive improvements such as higher yields, increased purity, reduced energy usage and waste generation, stereoisomer control of siRNA, and improved overall capacity in manufacturing at substantially lower capital requirements, all of which may lead to greater efficiency and reduced costs. In addition, the company supplies high-performance enzymes through its BioCatalysis business that are used in the manufacture of multiple commercially available small molecule therapeutics. For additional information, please 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,” “forecast,” “guidance,” “look forward to,” “milestone,” “on track,” “outlook,” “project,” “runway,” “seek,” “should,” “suggest,” “target,” “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 technical milestones, data releases and public announcements related thereto; Codexis’ expectation that its existing cash, cash equivalents and short-term investments will be sufficient to fund its planned operations, including the expenses associated with the build out of its GMP production facility; Codexis’ financial guidance; the receipt of required permits and approvals for, and the timing, cost and completion of, the retrofit construction of Codexis’ ECO GMP Manufacturing Center, the anticipated timing of the commencement of retrofit construction and the facility being operational, and the intended use of the facility to supply siRNA material for preclinical investigations and clinical trials; Codexis’ ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements; Codexis’ ability to expand relationships with CDMO partners and to commence a strategic partner agreement; the availability of the remainder of Codexis’ loan facility for future drawdown, subject to certain conditions; Codexis’ feasibility study; and the anticipated benefits, performance, sustainability and commercial potential of Codexis’ ECO Synthesis® Manufacturing Platform and the anticipated level of customer interest in and adoption of Codexis’ technology. The forward-looking statements in this press release are subject to the safe harbor created by these sections, speak only as of the date of this press release, and are qualified by the cautionary statements set forth below. 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; 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; risks relating to Codexis’ dependence on its GMP facility, and the risk of delays or cost overruns; the concentration of Codexis’ revenue in a limited number of contracts and milestones; Codexis’ potential need for additional capital in the future in order to expand its business and the risk that additional capital may not be available on acceptable terms or at all; Codexis’ ability to comply with debt covenants under its loan facility and to satisfy scheduled principal and interest payment obligations, and the effect of the terms of that facility on Codexis’ liquidity and operating flexibility; risks relating to Codexis’ ability to obtain, maintain, defend and enforce patents, trade secrets and other intellectual property rights covering its technologies, and the risk of intellectual property infringement claims by third parties; Codexis’ dependence on key personnel and its ability to attract and retain qualified employees; Codexis’ reliance on third-party suppliers; risks relating to cybersecurity incidents and data integrity; volatility in the market price of Codexis’ common stock and its ability to maintain compliance with Nasdaq listing requirements; 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, and in Codexis’ Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, to be filed with the SEC, in each case including under the caption “Risk Factors,” and in Codexis’ other filings 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue | $ | 15,740 | $ | 6,807 | $ | 36,149 | $ | 20,246 | |||||||
| Research and development revenue | 3,522 | 1,794 | 13,277 | 11,226 | |||||||||||
| Total revenues | 19,262 | 8,601 | 49,426 | 31,472 | |||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of product revenue | 4,014 | 2,465 | 9,590 | 7,295 | |||||||||||
| Research and development | 12,587 | 13,868 | 35,741 | 40,586 | |||||||||||
| Selling, general and administrative | 10,097 | 11,217 | 30,803 | 35,889 | |||||||||||
| Total costs and operating expenses | 26,698 | 27,550 | 76,134 | 83,770 | |||||||||||
| Loss from operations | (7,436 | ) | (18,949 | ) | (26,708 | ) | (52,298 | ) | |||||||
| Interest income | 658 | 634 | 1,859 | 1,969 | |||||||||||
| Interest and other expense, net | (1,341 | ) | (1,292 | ) | (3,933 | ) | (3,217 | ) | |||||||
| Loss before income taxes | (8,119 | ) | (19,607 | ) | (28,782 | ) | (53,546 | ) | |||||||
| Provision for income taxes | 9 | 8 | 55 | 29 | |||||||||||
| Net loss | $ | (8,128 | ) | $ | (19,615 | ) | $ | (28,837 | ) | $ | (53,575 | ) | |||
| Net loss per share, basic and diluted | $ | (0.08 | ) | $ | (0.22 | ) | $ | (0.30 | ) | $ | (0.62 | ) | |||
| Weighted average common stock shares used in computing net loss per share, basic and diluted | 107,259 | 90,251 | 96,507 | 86,045 | |||||||||||
| Codexis, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (In Thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net loss | $ | (8,128 | ) | $ | (19,615 | ) | $ | (28,837 | ) | $ | (53,575 | ) | |||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized income (loss) on available-for-sale short-term investments, net of tax | (42 | ) | 15 | (63 | ) | (40 | ) | ||||||||
| Comprehensive loss | $ | (8,170 | ) | $ | (19,600 | ) | $ | (28,900 | ) | $ | (53,615 | ) | |||
| Codexis, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 29,213 | $ | 50,793 | |||
| Restricted cash, current | — | 478 | |||||
| Short-term investments | 43,446 | 27,416 | |||||
| Financial assets: | |||||||
| Accounts receivable | 6,499 | 8,757 | |||||
| Contract assets | 8,590 | 492 | |||||
| Unbilled receivables | 604 | 1,480 | |||||
| Total financial assets | 15,693 | 10,729 | |||||
| Less: allowances | (43 | ) | (43 | ) | |||
| Total financial assets, net | 15,650 | 10,686 | |||||
| Inventories | 2,096 | 1,817 | |||||
| Prepaid expenses and other current assets | 5,360 | 5,626 | |||||
| Total current assets | 95,765 | 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 | 27,659 | 30,501 | |||||
| Property and equipment, net | 13,329 | 13,024 | |||||
| Goodwill | 2,463 | 2,463 | |||||
| Other non-current assets | 895 | 883 | |||||
| Total assets | $ | 144,221 | $ | 147,797 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 5,760 | $ | 1,554 | |||
| Accrued compensation | 8,751 | 11,042 | |||||
| Other accrued liabilities | 4,105 | 2,768 | |||||
| Current portion of lease obligations - Operating leases | 2,946 | 2,944 | |||||
| Current portion of long-term debt | 11,793 | — | |||||
| Deferred revenue | 735 | 7,009 | |||||
| Total current liabilities | 34,090 | 25,317 | |||||
| Deferred revenue, net of current portion | — | 360 | |||||
| Long-term lease obligations - Operating leases | 28,043 | 30,159 | |||||
| Long-term debt | 29,485 | 40,105 | |||||
| Other long-term liabilities | 1,365 | 1,327 | |||||
| Total liabilities | 92,983 | 97,268 | |||||
| Stockholders' equity: | |||||||
| Common stock | 11 | 9 | |||||
| Additional paid-in capital | 686,899 | 657,292 | |||||
| Accumulated other comprehensive income (loss) | (55 | ) | 8 | ||||
| Accumulated deficit | (635,617 | ) | (606,780 | ) | |||
| Total stockholders' equity | 51,238 | 50,529 | |||||
| Total liabilities and stockholders' equity | $ | 144,221 | $ | 147,797 | |||
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