Codexis (NASDAQ:CDXS) Posts Earnings Results

Codexis (NASDAQ:CDXS) announced its earnings results on Tuesday. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01, FiscalAI reports. The company had revenue of $14.91 million for the quarter, compared to analyst estimates of $13.82 million. Codexis had a negative return on equity of 69.66% and a negative net margin of 39.55%.

Here are the key takeaways from Codexis’ conference call:

• Financial flexibility improved: Second-quarter revenue was $14.9 million, while product gross margin rose to 73%; management now expects full-year 2026 gross margin in the high 60s. A recent financing generated approximately $25 million in net proceeds, extending the projected cash runway through 2028.
• ECO Synthesis gained commercial traction: New data on precise phosphorothioate stereochemistry and starterless synthesis generated strong customer interest, with several engagements advancing and one of three CDMO partners entering negotiations for a long-term commercial contract.
• RNA manufacturing scale-up remains on track: Codexis plans to begin construction of its approximately $25 million GMP facility after permitting, advance ECO Synthesis production from hundreds of grams toward 500 grams by year-end and eventually kilogram scale, and support customer IND filings and clinical trials.
• Small-molecule biocatalysis is returning to growth: The business remains profitable and benefits from higher-margin products, four partner drug approvals in 2026, a label expansion, and 15 programs in Phase II or III; management sees potential for high-single-digit long-term growth, although sales can remain lumpy.
• Execution and commercialization risks remain: Revenue declined modestly year over year to $14.9 million, the company continues to post quarterly losses, and its $72 million–$76 million 2026 revenue target requires a significant second-half ramp. ECO Synthesis also still faces technical scale-up, customer adoption and contract-conversion risks.

Codexis Price Performance

NASDAQ:CDXS remained flat at $1.60 during trading hours on Thursday. The company’s stock had a trading volume of 277,714 shares, compared to its average volume of 1,584,323. The firm has a market cap of $145.44 million, a PE ratio of -4.71 and a beta of 2.54. The company’s 50 day moving average is $2.14 and its 200 day moving average is $1.98. The company has a quick ratio of 5.23, a current ratio of 5.36 and a debt-to-equity ratio of 0.94. Codexis has a 52 week low of $0.96 and a 52 week high of $3.87.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Codexis in a research note on Wednesday, June 17th. Wall Street Zen lowered shares of Codexis from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Finally, Weiss Ratings raised shares of Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

Hedge Funds Weigh In On Codexis

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Codexis by 24.9% during the first quarter. Royal Bank of Canada now owns 437,126 shares of the biotechnology company’s stock valued at $1,176,000 after purchasing an additional 87,044 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Codexis by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,977,869 shares of the biotechnology company’s stock worth $4,827,000 after buying an additional 52,588 shares during the last quarter. Rhumbline Advisers raised its stake in Codexis by 25.9% during the second quarter. Rhumbline Advisers now owns 135,556 shares of the biotechnology company’s stock worth $331,000 after acquiring an additional 27,897 shares during the period. XTX Topco Ltd bought a new position in Codexis in the second quarter worth about $116,000. Finally, Invesco Ltd. grew its holdings in shares of Codexis by 42.4% during the second quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company’s stock valued at $234,000 after purchasing an additional 28,631 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors.

Codexis Company Profile

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.