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MARKETS / NASDAQ / CDXS
NASDAQ · INDUSTRIAL ORGANIC CHEMICALS · SMALL CAP

Codexis, Inc. CDXS

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$70.4M
▲ 18.6% YoY
$-44.0M
$-23.8M
In brief

What this company does

Codexis is a leading provider of technology solutions to improve therapeutics manufacturing. The company focuses on impacting the manufacturing process using its proprietary CodeEvolver directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Codexis employs its technology and expertise to enhance the properties and performance of enzymes to drive improvements in manufacturing of complex therapeutics across two key areas: the ECO synthesis manufacturing platform and the small molecule pharma biocatalysis business. The company's corporate headquarters are located in Redwood City, California, and serve as the center of its research, development and business operations. As of December 31, 2025, Codexis had 146 full-time and part-time employees worldwide. Codexis was incorporated in Delaware in January 2002 as a wholly-owned subsidiary of Maxygen, Inc.

Written from the business description in Codexis, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 11 March 2026. Every sentence was checked against that document before publication.

Growth
USD 70.4M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 70.4 · Net income -44.0
50M100M-40M200920112013201520172019202120232025
Compound annual growth
−20.2%
+0.4%
+5.3%
−2.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +0.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−62 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -59.3% · Net -62.5%
-50%-100%200920112013201520172019202120232025
ROE
FY2025 · ROE -74.9%
-50%-100%200920112013201520172019202120232025

Each USD of equity lost 75 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -23.8
-20M-40M200920112013201520172019202120232025

Total assetsUSD 147.8M
EquityUSD 50.5M
CashUSD 50.8M
Gross debtUSD 40.1M
Net debtUSD -10.7M
Current ratio3.82×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.10.10.10.10.10.10.10.10.10.00.00.00.00.10.10.10.1
Operating income $B−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0·······
Income tax $B0.00.00.00.00.00.00.0−0.00.0−0.0−0.0−0.0−0.00.00.00.00.0
Net income $B−0.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.1−0.10.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−0.50−0.89−1.12−0.51−0.33−0.40−0.21−0.21−0.50−0.21−0.19−0.50−1.08−0.84−0.46−0.35−7.74
Dividend / sh $·················
Payout %·················
ROE %−74.9−85.0−65.9−21.7−12.7−17.4−14.8−26.9−105.4−40.8−30.8−56.3−68.9−34.1−15.8··
Shares out B0.090.080.070.070.070.060.060.050.050.040.040.040.040.040.040.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 65 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 13 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityIndustrial Organic Chemicals
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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