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Codexis, Inc. logo

Codexis, Inc.

CDXS

NASDAQHealthcareBiotechnology

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Regular session

$1.7118

+$0.0418 · +2.50%

Aug 24, 10:10 AM ET

CDXS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

77

Undervalued

Momentum

56

Neutral

Sentiment

28

Bearish

Risk resilience

24

High Risk

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Thesis, catalysts, evidence, and risk analysis.

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Company profile

Company website

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 chemical intermediates vital for subsequent processing steps, and proprietary biocatalyst panels and kits that empower clients to conduct effective chemistry screening. The company also extends its expertise through biocatalyst screening and sophisticated protein engineering services. Central to its operations is the proprietary CodeEvolver protein engineering technology platform. This innovative platform is instrumental in crafting and delivering high-performance biocatalysts capable of driving chemical transformations, thereby significantly enhancing the efficiency and productivity of manufacturing processes. Beyond industrial applications, the CodeEvolver platform is also leveraged for identifying novel biotherapeutic drug candidates for targeted human diseases, as well as for developing enzymes essential for molecular biology research and in vitro diagnostic applications. Primarily serving pharmaceutical manufacturers, Codexis distributes its products through its dedicated direct sales and business development teams across the United States and Europe. Established in 2002, the company maintains its headquarters in Redwood City, California.

Industry
Biotechnology
Sector
Healthcare
Headquarters
US
CEO
Alison Moore
Listed since
Apr 22, 2010
Employees
146

Market position

Day range

Current $1.7118

52-week range

Current $1.7118

Open
$1.68
Previous close
$1.67
Volume
568.48K
0.49× average
Average volume
1.16M
Average daily volume
Market cap
184.12M USD
Beta
2.5
Market reference 1
50-day average
$2.0018
-14.49% below average
200-day average
$1.8957
-9.70% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
-5.1×
P/B (TTM)
4.73×
P/S (TTM)
2.37×
Dividend yield
0.00%

Profitability & efficiency

Gross margin
83.71%
Operating margin
-31.23%
Net margin
-39.55%

Financial health

Debt / equity
2.2×
Altman Z-score
-5.76
Piotroski F-score
3 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends106%28%-51%-130%Gross margin, FY2021: 78.80%Gross margin, FY2022: 72.56%Gross margin, FY2023: 81.74%Gross margin, FY2024: 72.55%Gross margin, FY2025: 86.73%Operating margin, FY2021: -21.67%Operating margin, FY2022: -25.17%Operating margin, FY2023: -97.04%Operating margin, FY2024: -98.61%Operating margin, FY2025: -54.46%Net margin, FY2021: -20.31%Net margin, FY2022: -24.24%Net margin, FY2023: -108.69%Net margin, FY2024: -109.99%Net margin, FY2025: -62.47%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 78.80%. Gross margin FY2022 72.56%. Gross margin FY2023 81.74%. Gross margin FY2024 72.55%. Gross margin FY2025 86.73%. Operating margin FY2021 -21.67%. Operating margin FY2022 -25.17%. Operating margin FY2023 -97.04%. Operating margin FY2024 -98.61%. Operating margin FY2025 -54.46%. Net margin FY2021 -20.31%. Net margin FY2022 -24.24%. Net margin FY2023 -108.69%. Net margin FY2024 -109.99%. Net margin FY2025 -62.47%.

Income trends

Revenue

70.39M USD+18.61%

Operating income

−38.33M USD+34.50%

Net income

−43.97M USD+32.63%
Income trends across reported periods160.07M USD74.14M USD−11.79M USD−97.72M USDRevenue, FY2021: 104.75M USDRevenue, FY2022: 138.59M USDRevenue, FY2023: 70.14M USDRevenue, FY2024: 59.35M USDRevenue, FY2025: 70.39M USDOperating income, FY2021: −22.7M USDOperating income, FY2022: −34.88M USDOperating income, FY2023: −68.07M USDOperating income, FY2024: −58.52M USDOperating income, FY2025: −38.33M USDNet income, FY2021: −21.28M USDNet income, FY2022: −33.59M USDNet income, FY2023: −76.24M USDNet income, FY2024: −65.28M USDNet income, FY2025: −43.97M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 104.75M USD. Revenue FY2022 138.59M USD. Revenue FY2023 70.14M USD. Revenue FY2024 59.35M USD. Revenue FY2025 70.39M USD. Operating income FY2021 −22.7M USD. Operating income FY2022 −34.88M USD. Operating income FY2023 −68.07M USD. Operating income FY2024 −58.52M USD. Operating income FY2025 −38.33M USD. Net income FY2021 −21.28M USD. Net income FY2022 −33.59M USD. Net income FY2023 −76.24M USD. Net income FY2024 −65.28M USD. Net income FY2025 −43.97M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue70.39M USD59.35M USD70.14M USD138.59M USD104.75M USD
Cost of goods sold9.34M USD16.29M USD12.81M USD38.03M USD22.21M USD
Gross profit61.05M USD43.06M USD57.33M USD100.56M USD82.55M USD
Research and development52.31M USD46.26M USD58.89M USD80.1M USD55.92M USD
Selling, general, and administrative47.07M USD55.15M USD53.25M USD52.17M USD49.32M USD
Operating expenses99.38M USD101.58M USD125.4M USD135.44M USD105.24M USD
Interest income2.63M USD3.67M USD4.17M USD1.44M USD459K USD
Interest expense4.81M USD————
Depreciation and amortization5.25M USD4.95M USD5.52M USD5.4M USD5.95M USD
Operating income−38.33M USD−58.52M USD−68.07M USD−34.88M USD−22.7M USD
Net income−43.97M USD−65.28M USD−76.24M USD−33.59M USD−21.28M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
+73.26%
11 comparable reports
Latest EPS result
-0.13
Estimate -0.14 · Beat by 8.24%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.150-0.14-0.29Q1 '25MissQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual -0.13, estimate -0.04, surprise -225.00%, Miss. Q2 2025, reported May 14, 2025: actual -0.25, estimate -0.2, surprise -25.00%, Miss. Q3 2025, reported Aug 13, 2025: actual -0.16, estimate -0.17, surprise +5.88%, Beat. Q4 2025, reported Nov 6, 2025: actual -0.22, estimate -0.15, surprise -46.67%, Miss. Q1 2026, reported Mar 11, 2026: actual 0.11, estimate 0.01, surprise +1000.00%, Beat. Q2 2026, reported May 7, 2026: actual -0.1, estimate -0.11, surprise +9.09%, Beat. Q3 2026, reported Aug 11, 2026: actual -0.13, estimate -0.142, surprise +8.24%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate -0.09, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates41.42M29.75M18.08M6.41MQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 27, 2025: actual 21.46M USD, estimate 27.41M USD, surprise -21.71%, Miss. Q2 2025, reported May 14, 2025: actual 7.54M USD, estimate 9.66M USD, surprise -21.94%, Miss. Q3 2025, reported Aug 13, 2025: actual 15.33M USD, estimate 19.48M USD, surprise -21.31%, Miss. Q4 2025, reported Nov 6, 2025: actual 8.6M USD, estimate 35.83M USD, surprise -76.00%, Miss. Q1 2026, reported Mar 11, 2026: actual 38.92M USD, estimate 35.83M USD, surprise +8.61%, Beat. Q2 2026, reported May 7, 2026: actual 15.25M USD, estimate 14.53M USD, surprise +4.97%, Beat. Q3 2026, reported Aug 11, 2026: actual 14.92M USD, estimate 13.82M USD, surprise +7.89%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 18.62M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$5.00

192.09% upside
Past 12 months12-month forecastHigh $5.00Average $5.00Low $5.00

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ETFs holding CDXS

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
4.31M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$376.8-0.38%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
3.74M
Weight
0.00%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$298.4-0.52%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
1.27M
Weight
0.00%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$243.78-0.71%
iShares Russell 2000 Growth ETF logoiShares Russell 2000 Growth ETFIWO
Market value
1.16M
Weight
0.01%
AUM
15.16B USD
Expense ratio
0.24%
Price / 1D
$382.99-1.13%
iShares Biotechnology ETF logoiShares Biotechnology ETFIBB
Market value
1.04M
Weight
0.01%
AUM
10.75B USD
Expense ratio
0.44%
Price / 1D
$210.52-1.42%
Vanguard Russell 2000 ETF logoVanguard Russell 2000 ETFVTWO
Market value
673.63K
Weight
0.00%
AUM
17.4B USD
Expense ratio
0.06%
Price / 1D
$120.63-0.51%
iShares Micro-Cap ETF logoiShares Micro-Cap ETFIWC
Market value
492.03K
Weight
0.03%
AUM
1.53B USD
Expense ratio
0.60%
Price / 1D
$196.84-0.65%
Fidelity Enhanced Small Cap ETF logoFidelity Enhanced Small Cap ETFFESM
Market value
267.41K
Weight
—
AUM
6.03B USD
Expense ratio
0.28%
Price / 1D
$47.67-0.56%

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