Codexis, Inc.
CDXSHealthcare|Biotechnology|US
$1.08
+0.06 (+5.88%)
Tangible Book / Share
$0.33
Cash / Share
$0.60
Financials
Financial Snapshot
Market Cap
$118.3M
Enterprise Value
$163.7M
Revenue (TTM)
$77.7M
Net Income (TTM)
-$30.7M
Cash & Investments
$54.9M
Net Cash
-$17.7M
Free Cash Flow (TTM)
-$12.2M
Operating CF (TTM)
-$10.4M
Debt/Equity
2.20
Cash Runway & Burn Rate
Cash on Hand
$54.9M
Quarterly Burn
$2.6M
Monthly Burn
$867.0K
Est. Runway
~21.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $19.2M | $31.2M | $53.0M | $90.5M | $150.1M | $116.8M | $114.0M | $65.1M | $73.5M | $78.2M | $54.9M | |
| Operating Cash Flow | -$2.7M | -$8.8M | -$14.1M | -$12.6M | -$16.5M | -$14.3M | $11.3M | -$52.6M | -$49.4M | -$19.4M | -$10.4M | |
| Free Cash Flow | -$3.6M | -$9.7M | -$16.9M | -$16.3M | -$20.2M | -$28.1M | $3.0M | -$57.1M | -$53.7M | -$23.8M | -$12.2M | |
| Capital Expenditure | -$888.0K | -$985.0K | -$2.8M | -$3.7M | -$3.7M | -$13.8M | -$8.3M | -$4.4M | -$4.3M | -$4.5M | -$1.8M | |
| Financing Cash Flow | -$490.0K | $21.6M | $38.6M | $54.0M | $80.8M | $3.8M | -$575.0K | $8.2M | $60.5M | $27.9M | $121.0K |
R&D Spending
R&D (TTM)
$46.8M
R&D Intensity
60.3%
R&D Growth vs Prior
-10.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.8M | $50.0M | $60.6M | $68.5M | $69.1M | $104.8M | $138.6M | $70.1M | $59.3M | $70.4M | $77.7M | |
| R&D Expense | $22.2M | $29.7M | $30.0M | $33.9M | $44.2M | $55.9M | $80.1M | $58.9M | $46.3M | $52.3M | $46.8M | |
| R&D % of Revenue | 45.5% | 59.3% | 49.5% | 49.5% | 64.0% | 53.4% | 57.8% | 83.9% | 78.0% | 74.3% | 60.3% | |
| SG&A | $25.4M | $29.0M | $29.3M | $31.5M | $35.0M | $49.3M | $52.2M | $53.3M | $55.1M | $47.1M | $42.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.8M | $50.0M | $60.6M | $68.5M | $69.1M | $104.8M | $138.6M | $70.1M | $59.3M | $70.4M | $77.7M | |
| Cost of Revenue | $9.8M | $14.3M | $12.6M | $15.6M | $13.7M | $22.2M | $38.0M | $12.8M | $16.3M | $9.3M | $12.7M | |
| Gross Profit | $39.1M | $35.7M | $48.0M | $52.8M | $55.3M | $82.5M | $100.6M | $57.3M | $43.1M | $61.0M | $65.0M | |
| R&D | $22.2M | $29.7M | $30.0M | $33.9M | $44.2M | $55.9M | $80.1M | $58.9M | $46.3M | $52.3M | $46.8M | |
| SG&A | $25.4M | $29.0M | $29.3M | $31.5M | $35.0M | $49.3M | $52.2M | $53.3M | $55.1M | $47.1M | $42.5M | |
| Operating Income | -$8.6M | -$23.0M | -$11.3M | -$12.5M | -$23.9M | -$22.7M | -$34.9M | -$68.1M | -$58.5M | -$38.3M | -$24.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.8M | $1.3M | |
| Pretax Income | -$8.6M | -$22.9M | -$10.9M | -$11.9M | -$23.7M | -$21.1M | -$33.3M | -$76.2M | -$65.2M | -$43.9M | -$30.7M | |
| Net Income | -$8.6M | -$23.0M | -$10.9M | -$11.9M | -$24.0M | -$21.3M | -$33.6M | -$76.2M | -$65.3M | -$44.0M | -$30.7M | |
| EPS (Diluted) | -0.21 | -0.50 | -0.21 | -0.21 | -0.40 | -0.33 | -0.51 | -1.12 | -0.89 | -0.50 | -0.34 | |
| EBITDA | -$4.0M | -$21.9M | -$10.1M | -$8.0M | -$19.4M | -$15.1M | -$21.5M | -$44.9M | -$53.4M | -$33.9M | -$20.7M | |
| Shares Out. (M) | 40.63 | 46.23 | 52.20 | 56.52 | 59.36 | 64.57 | 65.34 | 68.13 | 73.41 | 87.14 | 91.05 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.2M | $31.2M | $53.0M | $90.5M | $149.1M | $116.8M | $114.0M | $65.1M | $19.3M | $50.8M | $27.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $1.0M | $0.00 | $0.00 | $0.00 | $54.2M | $27.4M | $27.7M | |
| Total Current Assets | $27.2M | $45.0M | $68.2M | $114.2M | $184.4M | $161.9M | $162.9M | $93.5M | $98.8M | $96.8M | $71.9M | |
| Total Assets | $35.6M | $53.6M | $79.3M | $149.1M | $221.6M | $246.4M | $250.4M | $136.6M | $149.0M | $147.8M | $120.1M | |
| Total Current Liabilities | $12.4M | $25.0M | $17.1M | $15.4M | $25.0M | $33.4M | $49.1M | $35.8M | $23.6M | $25.3M | $23.5M | |
| Long-Term Debt | $885.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $28.9M | $40.1M | $33.8M | |
| Total Liabilities | $16.5M | $29.1M | $22.0M | $43.6M | $51.5M | $82.0M | $105.6M | $49.9M | $82.1M | $97.3M | $87.1M | |
| Stockholders' Equity | $19.1M | $24.5M | $56.3M | $105.5M | $170.1M | $164.4M | $144.8M | $86.6M | $66.9M | $50.5M | $33.0M | |
| Retained Earnings | -$292.1M | -$315.1M | -$330.5M | -$342.4M | -$366.4M | -$387.7M | -$421.3M | -$497.5M | -$562.8M | -$606.8M | -$627.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M | -$8.8M | -$14.1M | -$12.6M | -$16.5M | -$14.3M | $11.3M | -$52.6M | -$49.4M | -$19.4M | -$10.4M | |
| Capital Expenditure | -$888.0K | -$985.0K | -$2.8M | -$3.7M | -$3.7M | -$13.8M | -$8.3M | -$4.4M | -$4.3M | -$4.5M | -$1.8M | |
| Free Cash Flow | -$3.6M | -$9.7M | -$16.9M | -$16.3M | -$20.2M | -$28.1M | $3.0M | -$57.1M | -$53.7M | -$23.8M | -$12.2M | |
| Investing Cash Flow | -$842.0K | -$908.0K | -$2.8M | -$3.7M | -$5.7M | -$21.4M | -$13.6M | -$4.9M | -$57.0M | $23.5M | $11.2M | |
| Financing Cash Flow | -$490.0K | $21.6M | $38.6M | $54.0M | $80.8M | $3.8M | -$575.0K | $8.2M | $60.5M | $27.9M | $121.0K | |
| Issuance of Stock | $1.0M | $23.8M | $37.5M | $50.0M | $86.3M | $5.0M | $913.0K | $8.7M | $31.3M | $18.0M | $203.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$175.0K | -$238.0K | -$242.0K | -$60.0K | $0.00 | $0.00 | $0.00 | $29.5M | $9.9M | $0.00 | |
| Stock Based Comp. | $5.7M | $7.1M | $7.9M | $6.9M | $7.7M | $11.6M | $14.5M | $10.0M | $13.1M | $9.6M | $7.7M | |
| Net Change in Cash | -$4.0M | $12.0M | $21.7M | $37.7M | $58.6M | -$31.9M | -$2.9M | -$49.3M | -$45.9M | $32.1M | $881.0K |
Dilution Tracker
Shares outstanding grew 46.8% over 5 years — significant dilution
Shares Outstanding
110M
5-Year Share Growth
+46.8%
Stock Issuance (TTM)
$203.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 40.63 | 46.23 | 52.20 | 56.52 | 59.36 | 64.57 | 65.34 | 68.13 | 73.41 | 87.14 | 91.05 | |
| Change vs Prior % | — | 13.8% | 12.9% | 8.3% | 5.0% | 8.8% | 1.2% | 4.3% | 7.7% | 18.7% | 4.5% | |
| Stock Issuance | $1.0M | $23.8M | $37.5M | $50.0M | $86.3M | $5.0M | $913.0K | $8.7M | $31.3M | $18.0M | $203.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.7M | $7.1M | $7.9M | $6.9M | $7.7M | $11.6M | $14.5M | $10.0M | $13.1M | $9.6M | $7.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 80.0% | 71.4% | 79.2% | 77.2% | 80.1% | 78.8% | 72.6% | 81.7% | 72.6% | 86.7% | 83.7% | |
| Operating Margin % | -17.5% | -45.9% | -18.6% | -18.3% | -34.6% | -21.7% | -25.2% | -97.0% | -98.6% | -54.5% | -31.2% | |
| Net Margin % | -17.5% | -46.0% | -18.0% | -17.4% | -34.8% | -20.3% | -24.2% | -108.7% | -110.0% | -62.5% | -39.6% | |
| EBITDA Margin % | -8.2% | -43.8% | -16.7% | -11.7% | -28.0% | -14.5% | -15.5% | -64.0% | -90.0% | -48.1% | -26.6% | |
| FCF Margin % | -7.3% | -19.5% | -27.8% | -23.8% | -29.3% | -26.8% | 2.1% | -81.3% | -90.5% | -33.9% | -15.7% | |
| ROE % | -44.8% | -93.7% | -19.3% | -11.3% | -14.1% | -12.9% | -23.2% | -88.0% | -97.5% | -87.0% | -74.4% | |
| ROA % | -24.0% | -42.9% | -13.7% | -8.0% | -10.8% | -8.6% | -13.4% | -55.8% | -43.8% | -29.8% | -25.6% | |
| ROIC % | -36.0% | -80.1% | -18.0% | -9.3% | -12.0% | -10.5% | -16.9% | -65.1% | -45.7% | -30.6% | -22.7% | |
| R&D / Revenue % | 45.5% | 59.3% | 49.5% | 49.5% | 64.0% | 53.4% | 57.8% | 83.9% | 78.0% | 74.3% | 60.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 16.8% | 2.4% | 21.1% | 13.0% | 0.9% | 51.7% | 32.3% | -49.4% | -15.4% | 18.6% | |
| Gross Profit | 11.0% | -8.7% | 34.4% | 10.1% | 4.7% | 49.2% | 21.8% | -43.0% | -24.9% | 41.8% | |
| Operating Income | -10.2% | -168.2% | 50.8% | -11.1% | -90.6% | 5.1% | -53.7% | -95.1% | 14.0% | 34.5% | |
| Net Income | -12.9% | -168.7% | 52.7% | -9.7% | -101.2% | 11.4% | -57.9% | -127.0% | 14.4% | 32.6% | |
| EPS (Diluted) | -10.5% | -138.1% | 58.0% | 0.0% | -90.5% | 17.5% | -54.5% | -119.6% | 20.5% | 43.8% | |
| Operating Cash Flow | -523.8% | -224.4% | -60.8% | 10.9% | -31.1% | 13.3% | 179.1% | -566.5% | 6.1% | 60.8% | |
| Free Cash Flow | -119.9% | -171.6% | -73.0% | 3.4% | -24.1% | -39.0% | 110.6% | -2016.6% | 5.9% | 55.6% | |
| R&D Expense | 7.5% | 33.4% | 1.1% | 13.0% | 30.4% | 26.6% | 43.2% | -26.5% | -21.4% | 13.1% | |
| SG&A Expense | 13.9% | 14.1% | 1.0% | 7.5% | 11.3% | 40.7% | 5.8% | 2.1% | 3.6% | -14.6% | |
| Total Assets | -20.2% | 50.4% | 47.8% | 88.0% | 48.7% | 11.2% | 1.6% | -45.5% | 9.1% | -0.8% | |
| Book Value / Share | -19.0% | 13.0% | 106.7% | 70.1% | 53.5% | -11.2% | -13.0% | -42.6% | -28.3% | -36.4% | |
| Debt | 0.0% | -28.9% | 0.3% | 8519.8% | -4.5% | 91.0% | -8.4% | -63.3% | 273.8% | 22.2% | |
| Diluted Shares | 3.0% | 13.8% | 12.9% | 8.3% | 5.0% | 8.8% | 1.2% | 4.3% | 7.7% | 18.7% |
Valuation
P/E (TTM)At Loss
P/S1.52
10Y Low / Med / High2.02 / 7.72 / 19.27
P/B2.98
10Y Low / Med / High2.10 / 8.57 / 15.73
EV/EBITDAAt Loss
EV/Revenue2.11
10Y Low / Med / High1.69 / 7.10 / 18.61
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.33
Cash / Share
$0.60
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -21.90 | -16.70 | -79.52 | -76.14 | -54.57 | -94.76 | -9.14 | -2.72 | -5.36 | -3.26 | -3.22 | |
| P/S Ratio | 3.83 | 7.72 | 14.39 | 13.20 | 18.76 | 19.27 | 2.20 | 2.96 | 5.90 | 2.02 | 1.52 | |
| P/B Ratio | 9.79 | 15.73 | 15.48 | 8.57 | 7.62 | 12.28 | 2.10 | 2.40 | 5.23 | 2.81 | 2.98 | |
| EV/EBITDA | -41.83 | -16.19 | -80.71 | -105.04 | -60.50 | -128.77 | -10.91 | -3.54 | -7.32 | -4.86 | -7.92 | |
| EV/Revenue | 3.44 | 7.10 | 13.52 | 12.26 | 16.97 | 18.61 | 1.69 | 2.26 | 6.59 | 2.34 | 2.11 |
Analyst Estimates & Quality
Altman Z-Score
-6.18
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $73.9M | $87.7M | $111.1M |
| Net Income | -$33.2M | -$21.2M | -$5.2M |
| EPS | $-0.38 | $-0.28 | $-0.11 |
| # Analysts (EPS) | 4 | 3 | 3 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Product Sales | $2.5M | $3.3M | $29.0M | — | — | — |
| Research and Development Revenue | $2.3M | $3.1M | $1.6M | $27.2M | $22.6M | — |
| Service | $38.8M | $34.1M | — | — | — | — |
| Enzyme Product | — | $1.7M | $75.4M | $8.2M | — | — |
| Sitagliptin Enzyme | — | $2.8M | $1.6M | — | $2.5M | — |
| Product | — | — | — | — | $36.8M | $26.0M |
| Research And Development Revenue | — | — | — | — | — | $44.4M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| APAC | $25.4M | — | — | — | — | — |
| Americas | $24.4M | $23.5M | $17.0M | $13.7M | $21.3M | $43.5M |
| EMEA | $19.3M | $20.2M | $56.5M | $22.9M | $10.4M | $9.3M |
| Asia Pacific | — | $61.1M | $65.0M | $33.5M | $27.7M | $17.6M |
| CHINA | — | — | — | $20.3M | $9.8M | $9.3M |
| IRELAND | — | — | — | $500.0K | $1.8M | $700.0K |
| SWITZERLAND | — | — | — | $11.1M | $3.4M | $4.2M |
| UNITED STATES | — | — | — | $13.7M | $21.3M | $43.5M |
| INDIA | — | — | — | — | $7.3M | $5.7M |
| SINGAPORE | — | — | — | — | $6.2M | $400.0K |