Codexis (NASDAQ:CDXS) Releases Earnings Results, Beats Estimates By $0.01 EPS

by · The Cerbat Gem

Codexis (NASDAQ:CDXS – Get Free Report) posted its quarterly earnings results on Tuesday. The biotechnology company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01, FiscalAI reports. The firm 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 68.09% and a negative net margin of 40.97%.

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 Stock Down 1.3%

Shares of CDXS traded down $0.02 during midday trading on Tuesday, reaching $1.48. 867,577 shares of the stock were exchanged, compared to its average volume of 1,593,090. Codexis has a 12-month low of $0.96 and a 12-month high of $3.87. The firm has a 50 day simple moving average of $2.18 and a 200-day simple moving average of $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. The company has a market cap of $134.53 million, a price-to-earnings ratio of -4.00 and a beta of 2.54.

Hedge Funds Weigh In On Codexis

A number of hedge funds have recently added to or reduced their stakes in CDXS. Royal Bank of Canada raised its position 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 acquiring an additional 87,044 shares in the last quarter. Geode Capital Management LLC grew its position in Codexis by 2.7% in the second quarter. Geode Capital Management LLC now owns 1,977,869 shares of the biotechnology company’s stock worth $4,827,000 after acquiring an additional 52,588 shares in the last quarter. Rhumbline Advisers grew its position in Codexis by 25.9% in 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 in the last quarter. XTX Topco Ltd acquired a new position in shares of Codexis during the 2nd quarter worth $116,000. Finally, Invesco Ltd. increased its stake in shares of Codexis by 42.4% during the 2nd quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company’s stock worth $234,000 after purchasing an additional 28,631 shares during the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.

Analyst Upgrades and Downgrades

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

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Codexis Company Profile

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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.

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