Codexis Inc (NASDAQ: CDXS) is a biotechnology company that engineers novel enzymes using its proprietary CodeEvolver directed evolution platform. Revenue comes from contract development services, biocatalyst product sales, and technology licensing fees, primarily serving pharmaceutical and RNAi therapeutics customers. The company operates in pharmaceutical biocatalysis and its ECO Synthesis manufacturing platform, which targets the production of siRNA and other RNAi therapeutics as an enzymatic alternative to standard phosphoramidite chemistry. Codexis is headquartered in Redwood City, California, where it leases approximately 77,300 square feet of laboratory and office space through August 2032. As of the 10-K filed March 11, 2026, the company carried $41.2 million in principal debt outstanding under the Innovatus Loan, a floating-rate facility priced at the greater of prime rate or 7.50% plus 3.25%. CEO Alison Moore leads the company, with Stephen Dilly serving as Executive Chair.

Revenue model

Codexis generates revenue through contract development and manufacturing services delivered via the ECO Synthesis Innovation Lab, biocatalyst product sales, and technology licensing. Substantially all sales are denominated in USD, per the FY2025 10-K.

Products and services

Core offerings include the CodeEvolver enzyme engineering platform, the ECO Synthesis manufacturing platform for enzymatic synthesis of RNAi therapeutics (including siRNA, antisense oligonucleotides, and guide RNA), and a dsRNA ligase enzyme used in GMP-grade siRNA production. Contract development services are marketed to drug sponsors developing RNAi therapeutics.

Customers and end markets

Primary end markets are pharmaceutical biocatalysis and RNAi therapeutics manufacturing. Customers include drug sponsors developing siRNA and other oligonucleotide therapeutics, as well as CDMO partners. No specific customer concentration percentages are disclosed in the provided excerpts.

Value-chain role

Codexis sits between protein science and pharmaceutical manufacturing, supplying engineered biocatalysts and enzymatic synthesis processes that replace or augment conventional chemical synthesis routes used by drug developers and CDMOs.

Geographic exposure

Operations are concentrated in Redwood City, California. Substantially all sales are denominated in USD. The company has non-functional currency denominated monetary asset exposure in foreign currencies, with the primary foreign currency risk disclosed in the FY2025 10-K.

Competitors

Ginkgo Bioworks, BRAIN, Enzymicals AG, Biomatter Designs, Arzeda, Enzymaster, Agilent Technologies, California Institute of Technology, University of Washington, University of Manchester, Austrian Centre of Industrial Biotechnology

Source: SEC 10-K, filed 2026-03-11

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