Codexis (NASDAQ: CDXS) grows 2025 revenue, trims loss and secures $37.8M Merck deal

Rhea-AI Filing Summary

Codexis, Inc. reported fourth quarter and full-year 2025 results, highlighting higher revenue, a narrowed annual loss and strengthened liquidity. Fourth quarter revenue was $38.9 million, with full-year revenue of $70.4 million, up from $59.3 million in 2024, driven mainly by research and development revenue growth.

The company posted fourth quarter net income of $9.6 million, while the full-year net loss improved to $44.0 million from $65.3 million in 2024. Codexis ended 2025 with $78.2 million in cash, cash equivalents and short-term investments, which it says provides runway through 2027. It also completed a $37.8 million Technology Transfer Agreement with Merck and emphasized progress for its ECO Synthesis and ligase platforms, including multi-gram and kilogram-scale siRNA production for customers.

Positive

• Revenue growth and loss reduction: Total revenue rose to $70.4 million from $59.3 million in 2024, while the full-year net loss narrowed to $44.0 million from $65.3 million, showing improving operating performance.
• Stronger liquidity and visibility: Codexis ended 2025 with $78.2 million in cash, cash equivalents and short-term investments and indicated a cash runway through 2027, reducing near-term financing risk.
• Strategic Merck agreement: Completion of a $37.8 million Technology Transfer Agreement with Merck provides significant non-dilutive funding and commercial validation for Codexis’ enzyme and ECO Synthesis technology.

Negative

• None.

Insights

Biotech earnings analyst

Revenue grew, losses narrowed and cash runway extended through 2027, supported by a major Merck deal.

Codexis delivered 2025 revenue of $70.4M, up from $59.3M in 2024, with strong contribution from research and development revenue. Fourth quarter net income of $9.6M contrasts with a prior-year quarterly loss, showing improving operating leverage.

For the full year, the net loss improved to $44.0M from $65.3M, indicating better cost alignment even as total costs and operating expenses remained above revenues. Ending cash, cash equivalents and short-term investments of $78.2M underpin management’s stated runway through 2027, an important liquidity marker.

The completed $37.8M Technology Transfer Agreement with Merck validates Codexis’ technology commercially and adds non-dilutive funding. The company also reports technical milestones for its ECO Synthesis and ligase products, such as a 10 g siRNA batch using fully enzymatic synthesis and a 3 kg customer batch, which are relevant to future partnership and revenue opportunities.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 11, 2026

Codexis, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-34705		71-0872999
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

200 Penobscot Drive

Redwood City, CA 94063

(Address of Principal Executive Offices) (Zip Code)

(650) 421-8100

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbols(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per share		CDXS		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 11, 2026, Codexis, Inc. announced its financial results for the quarter and year ended December 31, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press release dated March 11, 2026 relating to the financial results for the quarter and year ended December 31, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				CODEXIS, INC.
Date: March 11, 2026				By:		/s/ Georgia Erbez
						Georgia Erbez
						Chief Financial Officer and Chief Business Officer

Exhibit 99.1

Codexis Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Q4 revenue of $38.9 million, total revenue of $70.4 million for the fiscal year ended December 31, 2025

Ended year with $78.2 million in cash, cash equivalents and short-term investments, runway through 2027

Completed $37.8 million Technology Transfer Agreement with Merck

REDWOOD CITY, Calif., March 11, 2026 — Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable manufacturing of complex therapeutics, today announced financial results for the fourth quarter and year ended December 31, 2025, and provided a business update.

“Throughout 2025, we made significant strides in demonstrating the importance of our ECO Synthesis^® Manufacturing Platform to customers in the RNAi industry. We’ve secured multiple contracts with leading pharma, high growth biotech, and top tier CDMOs, underscoring the commercial potential of our platform,” said Alison Moore, PhD, President and Chief Executive Officer at Codexis. “We achieved many technological advancements this year, including producing a 10 g siRNA batch utilizing our fully enzymatic synthesis process, as well as a 3 kg siRNA batch from one of our customers utilizing our ligase product. As we look to the year ahead, we are focused on demonstrating the value of our technology to our customers through expanded partnerships, and continuing our history of innovation in oligonucleotide manufacturing.”

Recent Business Highlights

• Engaging with over 40 companies on 55 potential opportunities, including existing and new customers. Our conversations throughout 2025 have evolved from feasibility testing to discussions around contracts with broader scope activities that support customer assets that are moving into preclinical and IND-enabling studies.

• Signed a lease on our GMP facility, which, once operational, will be capable of kilogram scale manufacturing utilizing our ECO Synthesis platform.

• Signed an agreement with Axolabs, our third CDMO partnership, to evaluate our ECO Synthesis technology for integration into their manufacturing site.

• Unveiled groundbreaking work on stereoisomer control at TIDES US, which showed that ECO Synthesis can deliver defined stereochemistry in oligonucleotide products, potentially benefiting therapeutic potency.

• Received ISO 9001 certification of our in-house manufacturing suite and successfully completed a pharmaceutical partner audit in support of future commercial contracts.

• Preparing to support commercial launch of 2 (two) pharma biocatalysis products following successful phase 3 data.

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Upcoming Milestones

• Advance our partnerships with drug innovators toward clinical stage manufacturing agreements.

• Expand our relationships with our CDMO partners, commencing a strategic partnership with a goal of at least one by the end of 2026.

• Seeking to sign a licensing deal with a major pharmaceutical company in the second half of 2026.

• We anticipate hosting presentations at the 2026 TIDES USA annual meeting, where we plan to present data on specific stereoisomer configurations uniquely delivered via enzymatic synthesis.

• Continue our engagement with FDA Emerging Technologies team to discuss ECO synthesis-derived siRNA product quality, stereoisomer control, and product comparability.

• We expect to begin retrofit construction on our GMP facility in the second half of 2026 with the facility in full production capability by the end of 2027.

Fiscal Year 2025 Financial Highlights

• Total revenues increased by 19% to $70.4 million for fiscal year 2025 compared to $59.3 million for fiscal year 2024. The increase was primarily due to the Merck Technology Transfer Agreement executed in the fourth quarter of 2025, higher revenue from legacy and existing agreements, partially offset by variability in customers’ manufacturing schedules and clinical trial progression.

• Product gross margin was 64% for fiscal year 2025 compared to 56% for fiscal year 2024. 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 & Development expenses for fiscal year 2025 were $52.3 million compared to $46.3 million for fiscal year 2024. The increase was primarily driven by an increase in employee-related costs, higher lab supplies expense, higher allocable costs, partially offset by a decrease in outside services related to manufacturing and regulatory expense.

• Selling, General & Administrative expenses for fiscal year 2025 were $47.1 million compared to $55.1 million for fiscal year 2024. The decrease was primarily due to lower stock-based compensation expenses, lower legal expenses and reduced use of outside services.

• Fiscal 2025 expenses also included one-time restructuring charges of $3.4 million related to the reduction in force announced in November 2025.

• The net loss for fiscal year 2025 was $44.0 million, or $0.50 per share, compared to a net loss of $65.3 million, or $0.89 per share, for fiscal year 2024.

• As of December 31, 2025, the Company had $78.2 million in cash, cash equivalents and short-term investments.

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Fourth Quarter 2025 Financial Highlights

• Total revenues increased by 81% to $38.9 million for the fourth quarter of 2025 compared to $21.5 million in the fourth quarter of 2024. The increase was primarily due to the Merck Technology Transfer Agreement executed in the fourth quarter of 2025, partially offset by variability in customers’ manufacturing schedules and clinical trial progression.

• Product gross margin was 65% for the fourth quarter of 2025 compared to 63% in the fourth quarter of 2024. 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 & Development expenses for the fourth quarter of 2025 were $11.7 million compared to $12.1 million in the fourth quarter of 2024. The decrease was primarily driven by lower employee-related costs and lower stock-based compensation expenses.

• Selling, General & Administrative expenses for the fourth quarter of 2025 were $11.2 million compared to $13.0 million in the fourth quarter of 2024. The decrease was primarily due to lower employee-related costs and reduced use of outside services.

• Fourth quarter 2025 expenses also included one-time restructuring charges of $3.4 million related to the reduction in force announced in November 2025.

• The net income for the fourth quarter of 2025 was $9.6 million, or $0.11 per share, compared to a net loss of $10.4 million, or $0.13 per share, for the fourth quarter of 2024.

2026 Financial Guidance

We are introducing financial guidance for 2026, as follows:

• Total revenues are expected to be in the range of $72 million to $76 million.

• We expect our existing cash, cash equivalents and short-term investments will be sufficient to fund our 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 and slide presentation to accompany the conference call will be available on the Investors section of the Company website at www.codexis.com/investors. 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 for at least 90 days, beginning approximately two hours after the completion of the call.

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About Codexis

Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver^® technology platform 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; the market potential of Codexis’ ECO Synthesis and ligase businesses; 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’ plans to support commercial launch of pharma biocatalysis products; 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

Page | 4

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 for the year and quarter ended December 31, 2025, are not necessarily indicative of our operating results for any future periods.

For More Information

Investor Contact

Georgia Erbez

(650) 421-8100

ir@codexis.com

Page | 5

Codexis, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In Thousands, Except Per Share Amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenues:
Product revenue		$	5,782			$	9,818			$	26,028			$	36,786
Research and development revenue			33,133				11,642				44,359				22,559
Total revenues			38,915				21,460				70,387				59,345
Costs and operating expenses:
Cost of product revenue			2,043				3,654				9,338				16,288
Research and development			11,722				12,099				52,307				46,263
Selling, general and administrative			11,185				13,049				47,074				55,148
Restructuring charges			3,407				—				3,407				—
Asset impairment and other charges			—				—				—				165
Total costs and operating expenses			28,357				28,802				112,126				117,864
Income (loss) from operations			10,558				(7,342	)			(41,739	)			(58,519	)
Interest income			656				940				2,625				3,670
Interest and other expense, net			(1,595	)			(3,970	)			(4,813	)			(10,393	)
Income (loss) before income taxes			9,619				(10,372	)			(43,927	)			(65,242	)
Provision for income taxes			18				4				47				34
Net income (loss)		$	9,601			$	(10,376	)		$	(43,974	)		$	(65,276	)
Net income (loss) per share, basic and diluted		$	0.11			$	(0.13	)		$	(0.50	)		$	(0.89	)
Weighted average common stock shares used in computing net income (loss) per share, basic			90,396				81,300				87,142				73,408
Weighted average common stock shares used in computing net income (loss) per share, diluted			90,906				81,300				87,142				73,408

Codexis, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(In Thousands)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net income (loss)		$	9,601			$	(10,376	)		$	(43,974	)		$	(65,276	)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale short-term investments, net of tax			(5	)			(74	)			(44	)			52
Comprehensive income (loss)		$	9,596			$	(10,450	)		$	(44,018	)		$	(65,224	)

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Codexis, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In Thousands)

		December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	50,793			$	19,264
Restricted cash, current			478				503
Short-term investments			27,416				54,194
Financial assets:
Accounts receivable			8,757				11,920
Contract assets			492				4,375
Unbilled receivables			1,480				2,751
Total financial assets			10,729				19,046
Less: allowances			(43	)			(162	)
Total financial assets, net			10,686				18,884
Inventories			1,817				1,799
Prepaid expenses and other current assets			5,626				4,128
Total current assets			96,816				98,772
Restricted cash			1,612				1,062
Investment in non-marketable equity securities			2,498				2,798
Right-of-use assets - Operating leases, net			30,501				28,700
Property and equipment, net			13,024				14,197
Goodwill			2,463				2,463
Other non-current assets			883				1,019
Total assets		$	147,797			$	149,011
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			1,554				2,838
Accrued compensation			11,042				11,410
Other accrued liabilities			2,768				6,223
Current portion of lease obligations - Operating leases			2,944				2,827
Deferred revenue			7,009				350
Total current liabilities			25,317				23,648
Deferred revenue, net of current portion			360				100
Long-term lease obligations - Operating leases			30,159				28,163
Long-term debt			40,105				28,905
Other long-term liabilities			1,327				1,268
Total liabilities			97,268				82,084
Stockholders’ equity:
Common stock			9				8
Additional paid-in capital			657,292				629,673
Accumulated other comprehensive income			8				52
Accumulated deficit			(606,780	)			(562,806	)
Total stockholders’ equity			50,529				66,927
Total liabilities and stockholders’ equity		$	147,797			$	149,011

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FAQ

How did Codexis (CDXS) perform financially in full-year 2025?

Codexis reported 2025 revenue of $70.4 million, up from $59.3 million in 2024. The company’s net loss improved to $44.0 million from $65.3 million, reflecting better cost control and growing research and development revenue contributions.

What were Codexis (CDXS) fourth quarter 2025 results?

In the fourth quarter of 2025, Codexis generated $38.9 million in revenue and $9.6 million in net income. This compares with $21.5 million in revenue and a net loss of $10.4 million in the same quarter of 2024, marking a notable profitability swing.

What is Codexis (CDXS) cash position and runway after 2025?

Codexis ended 2025 with $78.2 million in cash, cash equivalents and short-term investments. Management stated this provides cash runway through 2027, giving the company time to advance its ECO Synthesis and ligase businesses and pursue additional partnerships.

What major agreement did Codexis (CDXS) complete with Merck?

Codexis completed a $37.8 million Technology Transfer Agreement with Merck in 2025. This agreement delivers significant non-dilutive funding and supports broader adoption of Codexis’ enzymatic technologies in complex therapeutics manufacturing, reinforcing its commercial relationships with large pharmaceutical partners.

How is Codexis’ ECO Synthesis platform progressing in 2025 results?

Codexis highlighted important ECO Synthesis achievements, including a 10 g siRNA batch using a fully enzymatic process and a customer’s 3 kg siRNA batch using its ligase product. These milestones support the platform’s scalability for RNAi therapeutics manufacturing and future commercial contracts.

Did Codexis (CDXS) show operating improvement versus 2024?

Yes. While 2025 total costs and operating expenses were $112.1 million, Codexis reduced its net loss to $44.0 million from $65.3 million in 2024. Fourth quarter 2025 also swung to $9.6 million in net income from a $10.4 million loss a year earlier.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 103.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB