Codexis, Inc.
codexis.comWhat Do They Do?
Develops and supplies engineered enzymes and RNAi manufacturing tools and process-development services to pharmaceutical companies, drug developers and contract manufacturers.
10-K for FY2025, filed Mar 11, 2026We are a leading provider of technology solutions to improve therapeutics manufacturing. We focus on impacting the manufacturing process by…View ↗
Our ECO Synthesis® manufacturing platform is comprised of enzymatic tools and processes that are designed to enable large-scale manufacture…View ↗
The ECO Synthesis manufacturing platform is a set of enzymatic tools and processes that are used together to manufacture siRNA. With this…View ↗
Pharmaceutical companies are driven to identify reliable, cost-effective, and sustainable manufacturing process improvements to produce…View ↗
How Do They Make Money?
Research and development is the larger revenue stream: customers pay project-team fees as work is performed. Product customers buy biocatalysts and other products, generally paying when goods ship or as custom products are made; collaborations can also bring upfront and milestone payments, license fees and sales- or usage-based royalties.
10-K for FY2025, filed Mar 11, 2026The majority of our research and development agreements are based on a contractual rate per dedicated project team working on the project.…View ↗
Product revenue consists of sales of biocatalysts, pharmaceutical intermediates and Codex biocatalyst panels and kits. A majority of our…View ↗
The majority of our collaborative contracts contain multiple revenue streams such as upfront and/or annual license fees, fees for research…View ↗
For license agreements that include sales or usage-based royalty payments to us, we do not recognize revenue until the underlying sales of…View ↗
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10-K for FY2025, filed Mar 11, 2026
FY2025 revenue by product or service ↗
$70.4M
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10-K for FY2025, filed Mar 11, 2026
$70.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue
Sold outright
10-K for FY2025, filed Mar 11, 2026 |
37%
FY2022: 84%
|
Product revenue, FY2025
$26M Sources
|
Sold outright |
|
Research and development revenue
Recurring
10-K for FY2025, filed Mar 11, 2026 |
63%
FY2022: 16%
|
Research and development revenue, FY2025
$44.4M Sources
|
Recurring |
Who Are Their Customers?
Pharmaceutical manufacturers buy biocatalysts and collaborate with Codexis on enzyme development; drug sponsors work with Codexis on RNAi process development, and CDMOs partner to support larger-scale RNAi manufacturing.
10-K for FY2025, filed Mar 11, 2026Pharmaceutical companies are driven to identify reliable, cost-effective, and sustainable manufacturing process improvements to produce…View ↗
We currently sell these enzymes, that have already been engineered and installed in a customer’s commercial manufacturing process at…View ↗
The ECO Synthesis manufacturing platform is a set of enzymatic tools and processes that are used together to manufacture siRNA. With this…View ↗
We market our ECO Synthesis manufacturing platform and contract development services through our ECO Synthesis Innovation Lab to drug…View ↗
10-K for FY2025, filed Mar 11, 2026
We rely on certain key customers for a significant portion of our total revenues and our accounts receivable balances. For the year ended…View ↗
Do Revenues Turn Into Profits?
No. It lost $44M in FY2025.
10-K for FY2025, filed Mar 11, 2026
−$41.7MView ↗
10-K for FY2025, filed Mar 11, 2026
−$44MView ↗
10-K for FY2025, filed Mar 11, 2026
−$23.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$12MView ↗
- ▼ −10% (Loss)
- vs −$13.3M in Q2 FY2025
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Aug 11, 2026
Reiterated full-year revenue guidance
Full-year revenue is expected to be $72 million to $76 million.
Sources
8-K, filed Aug 11, 2026
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 high…View ↗
Shrinking. Revenue fell 33% in 4 years, from $104.8M in FY2021 to $70.4M in FY2025, about 9% a year.
From therapeutic candidates to manufacturing
The older report included an enzyme-based biotherapeutics pipeline; the latest says investment in biotherapeutics was discontinued and describes enzyme engineering for therapeutic manufacturing instead.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Mar 11, 2026Our novel biotherapeutics business includes a diverse pipeline of product candidates in clinical and preclinical development. Our initial…View ↗
Who Do They Compete With?
Competes with Agilent Technologies, EnPlusOne Biosciences, AstraZeneca, Novartis, Solvias, BASF, Johnson-Matthey, Takasago International, DSM Firmenich, Cambrex, Lonza, WuXi STA, Almac Group, Ginkgo Bioworks, BRAIN, evoxx technologies, c-LEcta, Enzymicals, and Enzymaster
10-K for FY2025, filed Mar 11, 2026We market our ECO Synthesis manufacturing platform and contract development services through our ECO Synthesis Innovation Lab to drug…View ↗
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