Want to see CDXS full AI Analyst Report?
Top Page
Codexis
(NASDAQ:CDXS)
Select Model
Select Model
Rating:47Neutral
Price Target:
$1.50
▲(1.35% Upside)
Action:Reiterated
Date:08/18/26
The score is held down primarily by weak financial performance (sharp TTM revenue contraction, persistent losses, rising leverage, and negative free cash flow) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include a more constructive earnings update with reiterated 2026 guidance, improving gross margin/expense discipline, and strengthened liquidity/runway following the equity financing; valuation is difficult to support given the negative P/E and no dividend yield provided.
Positive Factors
High and improving product margins
Strong product margins indicate that Codexis’s engineered enzymes can generate attractive economics once volumes scale. Further margin improvement would strengthen operating leverage and help offset research costs as commercial adoption expands.
Negative Factors
Sharp revenue contraction and volatility
The steep trailing revenue decline shows that customer timing and project progression are materially affecting the business. Persistent volatility makes capacity planning and forecasting difficult and raises the risk that growth investments precede reliable revenue conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving product margins
Strong product margins indicate that Codexis’s engineered enzymes can generate attractive economics once volumes scale. Further margin improvement would strengthen operating leverage and help offset research costs as commercial adoption expands.
Read all positive factors
Codexis (CDXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$175.21M
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)2.33
Revenue Growth35.89%
EPS Growth58.70%
CountryUS
Employees146
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.34
Shares Outstanding109,505,770
10 Day Avg. Volume1,704,148
30 Day Avg. Volume1,146,380
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)2.81
Price to Sales (P/S)2.02
P/FCF Ratio-5.96
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$7.00Price Target Upside372.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.38
Revenue Forecast (FY)$73.88M
Codexis Business Overview & Revenue Model
Company Description
Codexis, Inc. is a biotechnology firm dedicated to the discovery, development, and commercialization of enzymes and other protein-based solutions. Its diverse portfolio encompasses advanced biocatalyst products and related services, specialized ch...
How the Company Makes Money
Codexis makes money primarily by developing and supplying engineered enzymes and by licensing its protein-engineering know-how to customers and partners. Its revenue model typically includes (1) product revenue from the sale of enzymes/biocatalyst...
Codexis Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive strategic and technical narrative: clear technology milestones (stereochemistry control, Starterless initiation), progressing scale demonstrations (hundreds of grams toward kilogram scale), active CDMO and biopharma engagements, improving product gross margin (73%) and disciplined expense reductions. Financially, the company showed a modest year-over-year revenue decline in the quarter, a pre-financing drop in cash balance, and an ongoing net loss. These negatives are mitigated by a successful $25M financing that restores pro forma cash to ~$79.8M and management's stated cash runway through 2028, plus reiterated 2026 revenue guidance ($70M–$76M). The primary remaining risks are revenue lumpiness, the need to convert pilot/tech-transfer activity into firm commercial contracts, and successfully industrializing ECOsynthesis at commercial scale. On balance, highlights (technical differentiation, commercial engagement, margin improvement, financing and runway) outweigh the lowlights (quarterly revenue decline, cash drawdown prior to financing, execution risk), supporting a constructive view of progress and prospects.Positive Updates
Revenue and Guidance
Q2 2026 revenue of $14.9M (vs $15.3M in Q2 2025, -2.6%). Company reiterates 2026 revenue guidance of $70M–$76M and expects revenue to be weighted to the second half of 2026.
Negative Updates
Quarterly Revenue Decline
Q2 2026 revenue fell to $14.9M from $15.3M year-over-year (-2.6%), reflecting continued lumpiness and dependence on customer timing.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Guidance
Q2 2026 revenue of $14.9M (vs $15.3M in Q2 2025, -2.6%). Company reiterates 2026 revenue guidance of $70M–$76M and expects revenue to be weighted to the second half of 2026.
Read all positive updates
Company Guidance
Codexis reiterated 2026 revenue guidance of $70–$76 million (expected to be back‑half weighted) after reporting Q2 revenue of $14.9M (vs. $15.3M year‑ago) and a Q2 product gross margin of 73% (management expects full‑year gross margins to improve into the high‑60s); Q2 R&D was $11.7M and SG&A $10.9M, with a net loss of $12.0M (vs. $13.3M). The company ended Q2 with $54.9M in cash and, following a $25M net equity financing, a pro‑forma cash balance of ~ $79.8M that management says funds operations and capex through 2028 (including ~ $25M of planned GMP facility construction); operational milestones include advancing ECOsynthesis to hundreds of grams today, a 500‑gram pilot target in the Eco Innovation Lab, a goal of kilogram‑scale prior to GMP start, completion of small‑scale tech transfers with three CDMOs (one in advanced long‑term commercial negotiations), supporting 14 commercial enzyme‑dependent products (four approvals in 2026 and one label expansion), 15 programs in Phase II/III with seven readouts expected in the next two years, and broader industry context of an expected ~30‑fold increase in siRNA demand by 2035 and an estimated ~70% capital efficiency advantage for ECOsynthesis.Codexis Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
38
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 77.68M | 70.39M | 59.34M | 70.14M | 138.59M | 104.75M |
| Gross Profit | 65.03M | 61.05M | 43.06M | 57.33M | 100.56M | 82.55M |
| EBITDA | -21.61M | -33.87M | -53.41M | -49.28M | -26.31M | -15.14M |
| Net Income | -30.72M | -43.97M | -65.28M | -76.24M | -33.59M | -21.28M |
Balance Sheet | ||||||
| Total Assets | 120.06M | 147.80M | 149.01M | 136.56M | 250.39M | 246.38M |
| Cash, Cash Equivalents and Short-Term Investments | 54.92M | 78.21M | 73.46M | 65.12M | 113.98M | 116.80M |
| Total Debt | 72.59M | 73.21M | 59.90M | 16.02M | 43.64M | 47.65M |
| Total Liabilities | 87.10M | 97.27M | 82.08M | 49.95M | 105.60M | 81.99M |
| Stockholders Equity | 32.96M | 50.53M | 66.93M | 86.61M | 144.80M | 164.39M |
Cash Flow | ||||||
| Free Cash Flow | -12.18M | -23.85M | -53.72M | -57.06M | 2.98M | -28.09M |
| Operating Cash Flow | -10.40M | -19.38M | -49.41M | -52.64M | 11.28M | -14.27M |
| Investing Cash Flow | 11.16M | 23.50M | -56.98M | -4.86M | -13.58M | -21.42M |
| Financing Cash Flow | 121.00K | 27.93M | 60.52M | 8.17M | -575.00K | 3.77M |
Codexis Technical Analysis
Neutral
1.48
Price Trends
2.02
Negative
2.25
Negative
1.90
Negative
Market Momentum
-0.13
Negative
42.17
Neutral
52.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDXS, the sentiment is Neutral. The current price of 1.48 is below the 20-day moving average (MA) of 1.51, below the 50-day MA of 2.02, and below the 200-day MA of 1.90, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 42.17 is Neutral, neither overbought nor oversold. The STOCH value of 52.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CDXS.
Codexis Risk Analysis
Codexis disclosed 50 risk factors in its most recent earnings report. Codexis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Codexis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $609.19M | -11.94 | -16.59% | ― | 67.01% | 40.54% | |
52 Neutral | $1.40B | -0.07 | -91.63% | ― | ― | 69.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $317.38M | -1.73 | 141.41% | ― | ― | ― | |
48 Neutral | $525.59M | -2.02 | -128.27% | ― | ― | 41.56% | |
47 Neutral | $175.21M | -4.70 | -74.36% | ― | 35.89% | 58.70% | |
44 Neutral | $82.26M | -1.44 | -1266.43% | ― | ― | 49.43% |
* Healthcare Sector Average
CDXS
Codexis
1.58
-1.24
-43.97%
RNAC
Cartesian Therapeutics
10.23
-0.73
-6.66%
CABA
Cabaletta Bio
3.19
1.59
99.37%
ELTX
Elicio Therapeutics
3.08
-8.36
-73.10%
VOR
Vor Biopharma
23.07
-20.33
-46.85%
OABI
OmniAb
4.30
2.50
138.89%
Codexis Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Codexis completes public equity offering to bolster liquidity
Positive
Jul 27, 2026
On July 23, 2026, Codexis, Inc. entered into an underwriting agreement with Piper Sandler Co. and Cantor Fitzgerald Co. for a public offering of 16,666,667 shares of common stock at $1.50 per share. The company also granted the underwriters a 30...
Regulatory Filings and Compliance
Codexis Issues Brief Regulatory Filing Update Notice
Neutral
Jul 23, 2026
Codexis disclosed a brief regulatory update indicating that the information previously reported under Item 2.02 is being incorporated by reference into another section of its filing. The company did not provide additional operational, financial or...
Executive/Board ChangesShareholder Meetings
Codexis Shareholders Back Board Slate and Governance Measures
Positive
Jun 22, 2026
Codexis, Inc. held its 2026 Annual Meeting of Stockholders on June 17, 2026, where shareholders elected directors Stephen G. Dilly, Raymond De Vré and Rahul Singhvi to three-year terms expiring at the 2029 annual meeting. The meeting outcomes...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.