Codexis (NASDAQ:CDXS) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Codexis (NASDAQ:CDXS) released its quarterly earnings results on Wednesday. The biotechnology company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.10, FiscalAI reports. Codexis had a negative return on equity of 91.74% and a negative net margin of 62.47%.The company had revenue of $38.92 million for the quarter, compared to analyst estimates of $35.83 million.

Here are the key takeaways from Codexis’ conference call:

• Reached key technical milestones for ECO Synthesis, including a 10?gram fully sequential siRNA synthesis with no quality barriers, current operation at 100?gram scale and a target of 0.5?kg scale by year?end 2026, while a client produced a 3?kg ligase-based chemoenzymatic batch.
• Commercial traction accelerated with CDMO agreements signed with Bachem, Nitto Denko Avecia, and Axolabs, a prototype low?seven?figure contract to supply 50 g of ECO?made siRNA for preclinical work, and a 55?opportunity pipeline across 40 companies; plus a ~$38M non?dilutive technology transfer from Merck.
• Financials: 2025 revenue was $70.4M (Q4 $38.9M driven by the Merck agreement), 2026 revenue guidance is $72M–$76M with H2 weighting, and cash of $78.2M is expected to fund operations and CapEx through end of 2027, though near?term growth is modest and partly dependent on one?time items and early customer conversions.
• GMP build?out underway: retrofit of the leased GMP plant is planned to begin in H2 2026 with operations expected by end of 2027, enabling Codexis to supply GMP siRNA and support clinical/commercial production.
• Product innovation: introduced stereoisomer control for siRNA ends and will present initial biological data at TIDES USA—this could materially improve potency/purity if validated, but remains to be proven in customer studies.

Codexis Stock Up 34.6%

CDXS opened at $1.71 on Friday. Codexis has a twelve month low of $0.96 and a twelve month high of $3.87. The company’s 50-day moving average price is $1.38 and its two-hundred day moving average price is $1.89. The company has a quick ratio of 4.02, a current ratio of 4.12 and a debt-to-equity ratio of 1.03. The stock has a market cap of $154.45 million, a price-to-earnings ratio of -3.29 and a beta of 2.49.

Institutional Investors Weigh In On Codexis

Several large investors have recently bought and sold shares of CDXS. Invesco Ltd. grew its stake in shares of Codexis by 41.8% during the fourth quarter. Invesco Ltd. now owns 174,590 shares of the biotechnology company’s stock worth $285,000 after acquiring an additional 51,454 shares during the last quarter. XTX Topco Ltd increased its stake in Codexis by 330.9% during the 4th quarter. XTX Topco Ltd now owns 74,558 shares of the biotechnology company’s stock worth $122,000 after buying an additional 57,254 shares during the period. Quadrature Capital Ltd increased its holdings in shares of Codexis by 102.2% in the 4th quarter. Quadrature Capital Ltd now owns 54,435 shares of the biotechnology company’s stock valued at $89,000 after acquiring an additional 27,509 shares during the last quarter. Bridgeway Capital Management LLC grew its position in shares of Codexis by 49.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 150,908 shares of the biotechnology company’s stock worth $246,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new position in shares of Codexis during the 4th quarter worth approximately $45,000. 78.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CDXS has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Codexis in a research note on Thursday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Codexis in a research report on Wednesday, January 21st. Finally, Stifel Nicolaus set a $5.00 price target on shares of Codexis in a report on Thursday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $5.00.

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.