CODEXIS, INC.

Listed Company

CDXSCIK 0001200375NasdaqNon-AcceleratedSmaller ReportingIndustrial Organic ChemicalsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$70.39M

Net Income

$-43.97M

Total Assets

$147.80M

Equity

$50.53M

Shares Out

90.87M

Op. Cash Flow

$-19.38M

Business

Codexis, Inc. provides enzymatic solutions for therapeutics manufacturing using its proprietary CodeEvolver directed evolution platform to discover, develop, enhance and commercialize engineered enzymes and proteins. Its main products and services include customized biocatalysts for small‑molecule drug manufacturing, the ECO Synthesis enzymatic platform for RNAi/siRNA manufacturing, contract research and development, process development, analytical services, and licensing of platform technology. Key business segments comprise its pharma biocatalysis operations and the ECO Synthesis manufacturing platform, alongside enzyme licensing and life‑science enzyme offerings. It serves global pharmaceutical companies and CDMOs through direct sales, collaborations, licensing agreements, and third‑party manufacturing partnerships.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	70	59	70	139	105
Cost of product revenue	9	16	13	38	22
Research and development	52	46	59	80	56
Selling, general and administrative	47	55	53	52	49
Restructuring charges	3	0	3	3	0
Asset impairment and other charges	0	165,000	10	0	—
Total costs and operating expenses	112	118	138	173	127
Loss from operations	−42	−59	−68	−35	−23
Interest income	3	4	4	1	459,000
Interest and other expense, net	−5	−10	−12	124,000	1
Loss before income taxes	−44	−65	−76	−33	−21
Provision for income taxes	47,000	34,000	69,000	276,000	189,000
Net loss	−44	−65	−76	−34	−21
Net loss per share, basic (in dollars per share)	−0.5	−0.89	−1.12	−0.51	−0.33
Net loss per share, diluted (in dollars per share)	−0.5	−0.89	−1.12	−0.51	−0.33
Weighted average common stock shares used in computing net loss per share, basic (in shares)	87	73	68	65	65
Weighted average common stock shares used in computing net loss per share, diluted (in shares)	87	73	68	65	65

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	51	19	65	114	117
Restricted cash, current	478,000	503,000	519,000	521,000	579,000
Short-term investments	27	54	0	—	—
Accounts receivable	9	12	10	—	—
Contract assets	492,000	4	815,000	2	5
Unbilled receivables	1	3	9	7	9
Total financial assets	11	19	20	41	38
Less: allowances	−43,000	−162,000	−65,000	−163,000	−416,000
Total financial assets, net	11	19	20	41	38
Inventories	2	2	3	2	1
Prepaid expenses and other current assets	6	4	5	5	6
Total current assets	97	99	93	163	162
Restricted cash	2	1	1	—	—
Investment in non-marketable equity securities	2	3	10	21	14
Right-of-use assets - Operating leases, net	31	29	13	39	44
Property and equipment, net	13	14	15	23	21
Goodwill	3	3	3	3	3
Other non-current assets	883,000	1	1	350,000	276,000
Total assets	148	149	137	250	246
Accounts payable	2	3	6	3	3
Accrued compensation	11	11	11	11	11
Other accrued liabilities	3	6	5	15	13
Current portion of lease obligations - Operating leases	3	3	4	14	4
Deferred revenue	7	350,000	10	5	3
Total current liabilities	25	24	36	49	33
Deferred revenue, net of current portion	360,000	100,000	640,000	17	4
Long-term lease obligations - Operating leases	30	28	12	38	44
Long-term debt	40	29	0	—	—
Other long-term liabilities	1	1	1	1	1
Total liabilities	97	82	50	106	82
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value per share; 200,000 shares authorized; 90,478 and 81,850 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	9,000	8,000	7,000	6,000	6,000
Additional paid-in capital	657	630	584	566	552
Accumulated other comprehensive income	8,000	52,000	0	—	—
Accumulated deficit	−607	−563	−498	−421	−388
Total stockholders equity	51	67	87	145	164
Total liabilities and stockholders equity	148	149	137	250	246

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	5	5	6	5	—
Reduction in the carrying amount of right-of-use assets	3	3	4	5	3
Stock-based compensation	10	13	10	15	12
Provision (recovery) for credit losses	−113,000	97,000	−65,000	4,000	342,000
Impairment of investment in non-marketable securities	300,000	7	12	0	0
Equity securities earned from research and development activities	0	0	−213,000	−1	−2
Non-cash interest expense	1	885,000	0	0	—
Amortization of discount on short-term investments	−1	−1	0	0	—
Other non-cash items	6,000	−4,000	4,000	−29,000	−19,000
Financial assets	9	1	20	−3	−9
Inventories	−19,000	886,000	−656,000	−869,000	−196,000
Prepaid expenses and other assets	−2	893,000	−865,000	181,000	−2
Accounts payable	−1	−3	2	207,000	268,000
Accrued compensation and other accrued liabilities	−3	2	−14	6	7
Other long-term liabilities	−3	−4	−5	−5	−4
Deferred revenue	7	−10	−20	25	1
Net cash used in operating activities	−19	−49	−53	11	−14
Purchase of property and equipment	−4	−4	−4	−8	−14
Proceeds from sale of property and equipment	5,000	87,000	751,000	29,000	36,000
Purchases of short-term investments	−57	−90	0	0	—
Proceeds from maturity of short-term investments	85	36	0	0	—
Proceeds from sale of short-term investments	0	2	0	0	—
Investment in non-marketable securities	0	0	−1	−5	−8
Net cash provided by (used in) investing activities	24	−57	−5	−14	−21
Proceeds from exercises of stock options	1	1	422,000	955,000	5
Proceeds from issuance of stock under employee stock purchase plan	505,000	646,000	0	0	—
Proceeds from issuance of common stock in connection with equity sales agreements	17	31	9	0	0
Costs incurred in connection with equity sales agreements	−836,000	−2	−503,000	−42,000	—
Proceeds from long-term debt	10	30	0	0	—
Payment of debt issuance costs	−3,000	−642,000	0	0	—
Taxes paid related to net share settlement of equity awards	0	0	−404,000	−1	−1
Net cash provided by financing activities	28	61	8	−575,000	4
Net increase (decrease) in cash, cash equivalents and restricted cash	32	−46	−49	−3	−32
Interest paid	3	3	44,000	34,000	14,000
Income taxes paid	0	17,000	194,000	—	—
Capital expenditures incurred but not yet paid	31,000	566,000	1	897,000	3

Filings

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