Symbols / CDXS Stock $2.69 +1.51% Codexis, Inc.

Healthcare • Biotechnology • United States • NMS
CDXS (Stock) Chart
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Biotechnology
CEO Dr. Alison Moore Ph.D.
Exch · Country NMS · United States
Market Cap 244.44M
Enterprise Value 235.80M
Income -43.97M
Sales 70.39M
FCF (ttm) -5.07M
Book/sh 0.56
Cash/sh 0.86
Employees 146
Insider 10d —
IPO Apr 22, 2010
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -12.23
PEG 13.53
P/S 3.47
P/B 4.82
P/C —
EV/EBITDA -7.13
EV/Sales 3.35
Quick Ratio 3.51
Current Ratio 3.82
Debt/Eq 144.88
LT Debt/Eq —
EPS (ttm) -0.50
EPS next Y -0.22
EPS Growth —
Revenue Growth 81.30%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-05-07
Earnings (prior) 2026-03-11
ROA -16.14%
ROE -74.88%
ROIC —
Gross Margin 12.42%
Oper. Margin 35.89%
Profit Margin -62.47%
Shs Outstand 90.87M
Shs Float 72.95M
Insider Own 7.57%
Instit Own 74.99%
Short Float 7.02%
Short Ratio 3.85
Short Interest 6.28M
52W High 3.87
vs 52W High -30.49%
52W Low 0.96
vs 52W Low 180.21%
Beta 2.08
Impl. Vol. 2.11%
Rel Volume 0.16
Avg Volume 2.39M
Volume 387.62K
Target (mean) $6.58
Tgt Median $7.00
Tgt Low $2.00
Tgt High $11.00
# Analysts 6
Recom Buy
Prev Close $2.65
Price $2.69
Change 1.51%
About

Codexis, Inc. provides technology solutions for therapeutics manufacturing, leveraging its proprietary CodeEvolver technology platform to discover, develop, enhance, and commercialize novel enzymes in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China. The company develops its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. It has a license agreement with Aldevron LLC and Pfizer Inc. The company was incorporated in 2002 and is headquartered in Redwood City, California.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$6.58
Mean price target
2. Current target
$2.69
Latest analyst target
3. DCF / Fair value
$-1.01
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.69
Low
$2.00
High
$11.00
Mean
$6.58

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2024-11-22 reit Cantor Fitzgerald Overweight → Overweight $11
2024-11-15 reit Cantor Fitzgerald Overweight → Overweight $11
2024-11-04 reit Benchmark — → Hold —
2024-09-20 reit Cantor Fitzgerald Overweight → Overweight $11
2024-08-29 reit Cantor Fitzgerald Overweight → Overweight $11
2024-08-19 down Benchmark Buy → Hold —
2024-08-09 reit Cantor Fitzgerald Overweight → Overweight $11
2024-05-30 init Cantor Fitzgerald — → Overweight $11
2024-05-03 reit Benchmark Buy → Buy $9
2024-02-29 up Benchmark Hold → Buy $9
2023-11-07 down Benchmark Buy → Hold —
2023-11-06 main Piper Sandler Overweight → Overweight $10
2023-09-01 reit Benchmark Buy → Buy $9
2023-08-14 main Stifel Buy → Buy $5
2023-07-21 reit Stephens & Co. Overweight → Overweight $6
2023-05-09 main Benchmark — → Buy $9
2023-05-09 down HC Wainwright & Co. Buy → Neutral —
2023-04-17 main Piper Sandler — → Overweight $14
2023-02-27 main HC Wainwright & Co. — → Buy $9
2023-01-19 main Piper Sandler — → Overweight $23
News
RSS: Latest CDXS news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-02-24 LUTZ STEFAN Officer — 5,862 $1.13 $6,641
2026-02-06 ERBEZ GEORGIA L Chief Financial Officer — 3,826 $1.31 $5,001
2026-02-06 MOORE ALISON Chief Executive Officer — 3,826 $1.31 $5,001
2026-02-06 LUTZ STEFAN Officer — 2,492 $1.31 $3,257
2026-01-07 LUTZ STEFAN Officer — 4,685 $1.70 $7,950
2025-12-01 OPALEYE MANAGEMENT, INC. Beneficial Owner of more than 10% of a Class of Security — 514,341 $1.67 $877,846
2025-12-01 OPALEYE MANAGEMENT, INC. Beneficial Owner of more than 10% of a Class of Security — 514,341 $1.67 $877,846
2025-11-21 WOLF DENNIS P Director — 8,952 $1.56 $13,988
2025-11-13 MOORE ALISON Chief Executive Officer — 85,000 $0.00 $0
2025-11-12 OPALEYE MANAGEMENT, INC. Beneficial Owner of more than 10% of a Class of Security — 1,082,459 $1.94 $2,101,032
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
70.39
+18.61%
59.34
-15.39%
70.14
-49.39%
138.59
Operating Revenue
70.39
+18.61%
59.34
-15.39%
70.14
-49.39%
138.59
Cost Of Revenue
9.34
-42.67%
16.29
+27.16%
12.81
-66.32%
38.03
Reconciled Cost Of Revenue
9.34
-42.67%
16.29
+27.16%
12.81
-66.32%
38.03
Gross Profit
61.05
+41.79%
43.06
-24.90%
57.33
-42.98%
100.56
Operating Expense
99.38
-2.00%
101.41
-9.56%
112.14
-15.22%
132.27
Research And Development
52.31
+13.06%
46.26
-21.44%
58.88
-26.48%
80.10
Selling General And Administration
47.07
-14.64%
55.15
+3.56%
53.25
+2.07%
52.17
Total Expenses
108.72
-7.63%
117.70
-5.80%
124.94
-26.63%
170.30
Operating Income
-38.33
+34.31%
-58.35
-6.48%
-54.80
-72.80%
-31.71
Total Operating Income As Reported
-41.74
+28.67%
-58.52
+14.03%
-68.07
-95.15%
-34.88
EBITDA
-33.87
+32.14%
-49.90
+14.52%
-58.38
-121.87%
-26.31
Normalized EBITDA
-30.46
+38.76%
-49.74
-10.26%
-45.11
-94.91%
-23.14
Reconciled Depreciation
5.25
+6.11%
4.95
-10.37%
5.52
+2.15%
5.40
EBIT
-39.11
+28.69%
-54.85
+14.16%
-63.90
-101.48%
-31.71
Total Unusual Items
-3.41
-1964.85%
-0.17
+98.76%
-13.27
-318.95%
-3.17
Total Unusual Items Excluding Goodwill
-3.41
-1964.85%
-0.17
+98.76%
-13.27
-318.95%
-3.17
Special Income Charges
-3.41
-1964.85%
-0.17
+98.76%
-13.27
-318.95%
-3.17
Impairment Of Capital Assets
0.00
-100.00%
0.17
-98.35%
9.98
0.00
Restructuring And Mergern Acquisition
3.41
0.00
-100.00%
3.28
+3.69%
3.17
Net Income
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Pretax Income
-43.93
+32.67%
-65.24
+14.35%
-76.17
-128.63%
-33.32
Net Non Operating Interest Income Expense
-2.19
+67.46%
-6.72
+17.02%
-8.10
-662.25%
1.44
Interest Expense Non Operating
4.81
-53.69%
10.39
-15.33%
12.27
—
Net Interest Income
-2.19
+67.46%
-6.72
+17.02%
-8.10
-662.25%
1.44
Interest Expense
4.81
-53.69%
10.39
-15.33%
12.27
—
Interest Income Non Operating
2.62
-28.47%
3.67
-12.03%
4.17
+189.52%
1.44
Interest Income
2.62
-28.47%
3.67
-12.03%
4.17
+189.52%
1.44
Other Income Expense
-3.41
-1964.85%
-0.17
+98.76%
-13.27
-336.02%
-3.04
Other Non Operating Income Expenses
—
-10.39
+15.33%
-12.27
-9998.39%
0.12
Tax Provision
0.05
+38.24%
0.03
-50.72%
0.07
-75.00%
0.28
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
-0.72
-1964.85%
-0.03
+98.76%
-2.79
-318.95%
-0.67
Net Income Including Noncontrolling Interests
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Net Income From Continuing Operation Net Minority Interest
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Net Income From Continuing And Discontinued Operation
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Net Income Continuous Operations
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Normalized Income
-41.28
+36.63%
-65.15
+0.93%
-65.76
-111.51%
-31.09
Net Income Common Stockholders
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Diluted EPS
—
-0.89
+20.54%
-1.12
-119.61%
-0.51
Basic EPS
—
-0.89
+20.54%
-1.12
-119.61%
-0.51
Basic Average Shares
—
73.41
+7.75%
68.13
+4.27%
65.34
Diluted Average Shares
—
73.41
+7.75%
68.13
+4.27%
65.34
Diluted NI Availto Com Stockholders
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
147.80
-0.81%
149.01
+9.12%
136.56
-45.46%
250.39
Current Assets
96.82
-1.98%
98.77
+5.68%
93.47
-42.62%
162.89
Cash Cash Equivalents And Short Term Investments
78.21
+6.47%
73.46
+12.81%
65.12
-42.87%
113.98
Cash And Cash Equivalents
50.79
+163.67%
19.26
-70.42%
65.12
-42.87%
113.98
Cash Equivalents
20.14
+26.06%
15.98
-71.65%
56.37
-27.08%
77.31
Cash Financial
30.65
+833.25%
3.28
-62.43%
8.74
-76.16%
36.67
Other Short Term Investments
27.42
-49.41%
54.19
0.00
—
Receivables
10.69
-43.41%
18.88
-5.24%
19.93
-51.24%
40.87
Accounts Receivable
8.76
-26.54%
11.92
+18.77%
10.04
-68.54%
31.90
Gross Accounts Receivable
8.80
-27.16%
12.08
+19.61%
10.10
-68.50%
32.07
Allowance For Doubtful Accounts Receivable
-0.04
+73.46%
-0.16
-149.23%
-0.07
+60.12%
-0.16
Receivables Adjustments Allowances
-0.04
+73.46%
-0.16
-149.23%
-0.07
+60.12%
-0.16
Other Receivables
1.97
-72.33%
7.13
-28.43%
9.96
+9.03%
9.13
Inventory
1.82
+1.00%
1.80
-33.00%
2.69
+32.33%
2.03
Raw Materials
—
0.00
-100.00%
0.11
+0.00%
0.11
Work In Process
0.00
-100.00%
0.03
+314.29%
0.01
-92.31%
0.09
Finished Goods
1.82
+2.66%
1.77
-31.13%
2.57
+40.44%
1.83
Prepaid Assets
—
—
—
5.49
Restricted Cash
0.48
-4.97%
0.50
-3.08%
0.52
-0.38%
0.52
Other Current Assets
5.63
+36.29%
4.13
-20.89%
5.22
-4.90%
5.49
Total Non Current Assets
50.98
+1.48%
50.24
+16.58%
43.09
-50.75%
87.50
Net PPE
43.52
+1.46%
42.90
+49.86%
28.62
-53.74%
61.88
Gross PPE
88.77
+5.89%
83.83
+23.40%
67.94
-33.20%
101.70
Accumulated Depreciation
-45.24
-10.52%
-40.94
-4.13%
-39.31
+1.28%
-39.82
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
3.69
+2.96%
3.58
-11.18%
4.03
-7.98%
4.38
Construction In Progress
0.41
-88.23%
3.44
+110.33%
1.64
-5.92%
1.74
Other Properties
69.44
+7.42%
64.65
+28.39%
50.35
-36.22%
78.94
Leases
15.23
+25.25%
12.16
+2.07%
11.91
-28.38%
16.63
Goodwill And Other Intangible Assets
2.46
+0.00%
2.46
+0.00%
2.46
-24.00%
3.24
Goodwill
2.46
+0.00%
2.46
+0.00%
2.46
-24.00%
3.24
Investments And Advances
2.50
-10.72%
2.80
-71.15%
9.70
-52.71%
20.51
Other Non Current Assets
2.50
+19.89%
2.08
-9.84%
2.31
+23.36%
1.87
Total Liabilities Net Minority Interest
97.27
+18.50%
82.08
+64.35%
49.95
-52.70%
105.60
Current Liabilities
25.32
+7.06%
23.65
-34.00%
35.83
-26.98%
49.07
Payables And Accrued Expenses
4.32
-52.30%
9.06
-15.18%
10.68
-42.34%
18.52
Payables
1.55
-45.24%
2.84
-52.28%
5.95
+83.21%
3.25
Accounts Payable
1.55
-45.24%
2.84
-52.28%
5.95
+83.21%
3.25
Current Accrued Expenses
2.77
-55.52%
6.22
+31.43%
4.74
-69.01%
15.28
Pensionand Other Post Retirement Benefit Plans Current
11.04
-3.23%
11.41
+1.46%
11.25
-1.81%
11.45
Current Debt And Capital Lease Obligation
2.94
+4.14%
2.83
-25.23%
3.78
-29.46%
5.36
Current Capital Lease Obligation
2.94
+4.14%
2.83
-25.23%
3.78
-29.46%
5.36
Current Deferred Liabilities
7.01
+1902.57%
0.35
-96.54%
10.12
-26.27%
13.73
Current Deferred Revenue
7.01
+1902.57%
0.35
-96.54%
10.12
-26.27%
13.73
Total Non Current Liabilities Net Minority Interest
71.95
+23.13%
58.44
+313.97%
14.12
-75.03%
56.53
Long Term Debt And Capital Lease Obligation
70.26
+23.12%
57.07
+366.13%
12.24
-68.02%
38.28
Long Term Debt
40.10
+38.75%
28.91
—
—
Long Term Capital Lease Obligation
30.16
+7.09%
28.16
+130.03%
12.24
-68.02%
38.28
Non Current Deferred Liabilities
0.36
+260.00%
0.10
-84.38%
0.64
-96.21%
16.88
Non Current Deferred Revenue
0.36
+260.00%
0.10
-84.38%
0.64
-96.21%
16.88
Other Non Current Liabilities
1.33
+4.65%
1.27
+2.84%
1.23
-10.07%
1.37
Stockholders Equity
50.53
-24.50%
66.93
-22.73%
86.61
-40.18%
144.80
Common Stock Equity
50.53
-24.50%
66.93
-22.73%
86.61
-40.18%
144.80
Capital Stock
0.01
+12.50%
0.01
+14.29%
0.01
+16.67%
0.01
Common Stock
0.01
+12.50%
0.01
+14.29%
0.01
+16.67%
0.01
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
90.48
+10.54%
81.85
+17.09%
69.91
+6.22%
65.81
Ordinary Shares Number
90.48
+10.54%
81.85
+17.09%
69.91
+6.22%
65.81
Additional Paid In Capital
657.29
+4.39%
629.67
+7.80%
584.14
+3.19%
566.08
Retained Earnings
-606.78
-7.81%
-562.81
-13.12%
-497.53
-18.10%
-421.29
Gains Losses Not Affecting Retained Earnings
0.01
-84.62%
0.05
0.00
—
Other Equity Adjustments
0.01
-84.62%
0.05
—
—
Total Equity Gross Minority Interest
50.53
-24.50%
66.93
-22.73%
86.61
-40.18%
144.80
Total Capitalization
90.63
-5.42%
95.83
+10.64%
86.61
-40.18%
144.80
Working Capital
71.50
-4.83%
75.12
+30.34%
57.64
-49.37%
113.83
Invested Capital
90.63
-5.42%
95.83
+10.64%
86.61
-40.18%
144.80
Total Debt
73.21
+22.23%
59.90
+273.78%
16.02
-63.28%
43.64
Net Debt
—
9.64
—
—
Capital Lease Obligations
33.10
+6.82%
30.99
+93.40%
16.02
-63.28%
43.64
Net Tangible Assets
48.07
-25.44%
64.46
-23.40%
84.15
-40.55%
141.56
Tangible Book Value
48.07
-25.44%
64.46
-23.40%
84.15
-40.55%
141.56
Available For Sale Securities
2.50
-10.72%
2.80
-71.15%
9.70
-52.71%
20.51
Investmentin Financial Assets
2.50
-10.72%
2.80
-71.15%
9.70
-52.71%
20.51
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-19.38
+60.79%
-49.41
+6.13%
-52.64
-566.48%
11.28
Cash Flow From Continuing Operating Activities
-19.38
+60.79%
-49.41
+6.13%
-52.64
-566.48%
11.28
Net Income From Continuing Operations
-43.97
+32.63%
-65.28
+14.38%
-76.24
-126.96%
-33.59
Depreciation Amortization Depletion
5.25
+6.11%
4.95
-10.37%
5.52
+2.15%
5.40
Depreciation
—
—
9.92
-3.20%
10.25
Depreciation And Amortization
5.25
+6.11%
4.95
-10.37%
5.52
+2.15%
5.40
Other Non Cash Items
1.31
+48.81%
0.88
+21925.00%
0.00
+113.79%
-0.03
Stock Based Compensation
9.62
-26.46%
13.09
+31.25%
9.97
-31.38%
14.53
Provisionand Write Offof Assets
-0.11
-216.49%
0.10
+249.23%
-0.07
-1725.00%
0.00
Asset Impairment Charge
3.34
-67.38%
10.25
-61.47%
26.60
+448.65%
4.85
Operating Gains Losses
—
—
-0.21
+82.89%
-1.25
Gain Loss On Investment Securities
—
—
-0.21
+82.89%
-1.25
Unrealized Gain Loss On Investment Securities
—
0.00
0.00
+100.00%
-0.21
Change In Working Capital
6.42
+153.41%
-12.02
+34.04%
-18.22
-184.45%
21.57
Change In Inventory
-0.02
-102.14%
0.89
+235.06%
-0.66
+24.51%
-0.87
Change In Prepaid Assets
-1.69
-289.70%
0.89
+203.24%
-0.86
-577.90%
0.18
Change In Payables And Accrued Expense
-1.29
+49.90%
-2.57
-212.24%
2.29
+1004.83%
0.21
Change In Payable
-1.29
+49.90%
-2.57
-212.24%
2.29
+1004.83%
0.21
Change In Account Payable
-1.29
+49.90%
-2.57
-212.24%
2.29
+1004.83%
0.21
Change In Other Working Capital
4.07
+148.88%
-8.33
+75.42%
-33.89
-211.11%
30.50
Change In Other Current Assets
8.51
+579.47%
1.25
-93.82%
20.25
+727.81%
-3.23
Change In Other Current Liabilities
-3.16
+23.85%
-4.15
+22.28%
-5.34
-2.26%
-5.22
Investing Cash Flow
23.50
+141.25%
-56.98
-1072.91%
-4.86
+64.22%
-13.58
Cash Flow From Continuing Investing Activities
23.50
+141.25%
-56.98
-1072.91%
-4.86
+64.22%
-13.58
Net PPE Purchase And Sale
-4.47
-5.88%
-4.22
-15.03%
-3.67
+55.70%
-8.28
Purchase Of PPE
-4.47
-3.86%
-4.30
+2.56%
-4.42
+46.82%
-8.31
Sale Of PPE
0.01
-94.25%
0.09
-88.42%
0.75
+2489.66%
0.03
Capital Expenditure
-4.47
-3.86%
-4.30
+2.56%
-4.42
+46.82%
-8.31
Net Investment Purchase And Sale
27.97
+153.01%
-52.76
-4330.06%
-1.19
+77.53%
-5.30
Purchase Of Investment
-57.16
+36.66%
-90.23
-7476.41%
-1.19
+77.53%
-5.30
Sale Of Investment
85.13
+127.17%
37.47
0.00
0.00
Financing Cash Flow
27.93
-53.85%
60.52
+641.06%
8.17
+1520.35%
-0.57
Cash Flow From Continuing Financing Activities
27.93
-53.85%
60.52
+641.06%
8.17
+1520.35%
-0.57
Net Issuance Payments Of Debt
9.90
-66.47%
29.52
0.00
0.00
Issuance Of Debt
9.90
-66.47%
29.52
0.00
0.00
Repayment Of Debt
—
—
—
0.00
Long Term Debt Issuance
9.90
-66.47%
29.52
0.00
0.00
Long Term Debt Payments
—
—
—
0.00
Net Long Term Debt Issuance
9.90
-66.47%
29.52
0.00
0.00
Net Common Stock Issuance
17.27
-44.87%
31.32
+261.99%
8.65
0.00
Proceeds From Stock Option Exercised
1.60
-21.03%
2.03
+381.04%
0.42
-55.81%
0.95
Net Other Financing Charges
-0.84
+64.27%
-2.35
-158.88%
-0.91
+40.72%
-1.53
Changes In Cash
32.05
+169.88%
-45.87
+7.02%
-49.33
-1619.38%
-2.87
Beginning Cash Position
20.83
-68.77%
66.70
-42.52%
116.03
-2.41%
118.89
End Cash Position
52.88
+153.89%
20.83
-68.77%
66.70
-42.52%
116.03
Free Cash Flow
-23.85
+55.60%
-53.72
+5.86%
-57.06
-2016.56%
2.98
Interest Paid Supplemental Data
3.15
+22.72%
2.57
+5731.82%
0.04
+29.41%
0.03
Income Tax Paid Supplemental Data
0.00
-100.00%
0.02
-91.24%
0.19
+94.00%
0.10
Amortization Of Securities
-1.23
+10.58%
-1.38
0.00
—
Common Stock Issuance
17.27
-44.87%
31.32
+261.99%
8.65
0.00
Issuance Of Capital Stock
17.27
-44.87%
31.32
+261.99%
8.65
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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