Q4 revenue of
Ended year with
Completed
“Throughout 2025, we made significant strides in demonstrating the importance of our ECO Synthesis® Manufacturing Platform to customers in the RNAi industry. We’ve secured multiple contracts with leading pharma, high growth biotech, and top tier CDMOs, underscoring the commercial potential of our platform,” said
Recent Business Highlights
- Engaging with over 40 companies on 55 potential opportunities, including existing and new customers. Our conversations throughout 2025 have evolved from feasibility testing to discussions around contracts with broader scope activities that support customer assets that are moving into preclinical and IND-enabling studies.
- Signed a lease on our GMP facility, which, once operational, will be capable of kilogram scale manufacturing utilizing our ECO Synthesis platform.
- Signed an agreement with Axolabs, our third CDMO partnership, to evaluate our ECO Synthesis technology for integration into their manufacturing site.
- Unveiled groundbreaking work on stereoisomer control at TIDES US, which showed that ECO Synthesis can deliver defined stereochemistry in oligonucleotide products, potentially benefiting therapeutic potency.
- Received ISO 9001 certification of our in-house manufacturing suite and successfully completed a pharmaceutical partner audit in support of future commercial contracts.
- Preparing to support commercial launch of 2 (two) pharma biocatalysis products following successful phase 3 data.
Upcoming Milestones
- Advance our partnerships with drug innovators toward clinical stage manufacturing agreements.
- Expand our relationships with our CDMO partners, commencing a strategic partnership with a goal of at least one by the end of 2026.
- Seeking to sign a licensing deal with a major pharmaceutical company in the second half of 2026.
- We anticipate hosting presentations at the 2026
TIDES USA annual meeting, where we plan to present data on specific stereoisomer configurations uniquely delivered via enzymatic synthesis. - Continue our engagement with FDA Emerging Technologies team to discuss ECO synthesis-derived siRNA product quality, stereoisomer control, and product comparability.
- We expect to begin retrofit construction on our GMP facility in the second half of 2026 with the facility in full production capability by the end of 2027.
Fiscal Year 2025 Financial Highlights
- Total revenues increased by 19% to
$70.4 million for fiscal year 2025 compared to$59.3 million for fiscal year 2024. The increase was primarily due to the Merck Technology Transfer Agreement executed in the fourth quarter of 2025, higher revenue from legacy and existing agreements, partially offset by variability in customers’ manufacturing schedules and clinical trial progression. - Product gross margin was 64% for fiscal year 2025 compared to 56% for fiscal year 2024. The increase in gross margin was largely due to a shift in sales toward more profitable products, and declines in less profitable, legacy products.
- Research & Development expenses for fiscal year 2025 were
$52.3 million compared to$46.3 million for fiscal year 2024. The increase was primarily driven by an increase in employee-related costs, higher lab supplies expense, higher allocable costs, partially offset by a decrease in outside services related to manufacturing and regulatory expense. - Selling, General & Administrative expenses for fiscal year 2025 were
$47.1 million compared to$55.1 million for fiscal year 2024. The decrease was primarily due to lower stock-based compensation expenses, lower legal expenses and reduced use of outside services.
- Fiscal 2025 expenses also included one-time restructuring charges of
$3.4 million related to the reduction in force announced inNovember 2025 . - The net loss for fiscal year 2025 was
$44.0 million , or$0.50 per share, compared to a net loss of$65.3 million , or$0.89 per share, for fiscal year 2024.
- As of
December 31, 2025 , the Company had$78.2 million in cash, cash equivalents and short-term investments.
Fourth Quarter 2025 Financial Highlights
- Total revenues increased by 81% to
$38.9 million for the fourth quarter of 2025 compared to$21.5 million in the fourth quarter of 2024. The increase was primarily due to the Merck Technology Transfer Agreement executed in the fourth quarter of 2025, partially offset by variability in customers’ manufacturing schedules and clinical trial progression. - Product gross margin was 65% for the fourth quarter of 2025 compared to 63% in the fourth quarter of 2024. The increase in gross margin was largely due to a shift in sales toward more profitable products, and declines in less profitable, legacy products.
- Research & Development expenses for the fourth quarter of 2025 were
$11.7 million compared to$12.1 million in the fourth quarter of 2024. The decrease was primarily driven by lower employee-related costs and lower stock-based compensation expenses. - Selling, General & Administrative expenses for the fourth quarter of 2025 were
$11.2 million compared to$13.0 million in the fourth quarter of 2024. The decrease was primarily due to lower employee-related costs and reduced use of outside services. - Fourth quarter 2025 expenses also included one-time restructuring charges of
$3.4 million related to the reduction in force announced inNovember 2025 .
- The net income for the fourth quarter of 2025 was
$9.6 million , or$0.11 per share, compared to a net loss of$10.4 million , or$0.13 per share, for the fourth quarter of 2024.
2026 Financial Guidance
We are introducing financial guidance for 2026, as follows:
- Total revenues are expected to be in the range of
$72 million to$76 million . - We expect our existing cash, cash equivalents and short-term investments will be sufficient to fund our planned operations through the end of 2027.
Conference Call and Webcast
A telephone recording of the call will be available for 48 hours beginning approximately two hours after the completion of the call by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers. Please use the passcode 13726635 to access the recording. A webcast replay will be available on the Investors section of the Company website for at least 90 days, beginning approximately two hours after the completion of the call.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “suggest,” “target,” “on track,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management. These forward-looking statements include, but are not limited to, statements regarding anticipated milestones, including product launches, technical milestones, data releases and public announcements related thereto;
For More Information
Investor Contact
(650) 421-8100
ir@codexis.com
Condensed Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Amounts) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue | $ | 5,782 | $ | 9,818 | $ | 26,028 | $ | 36,786 | |||||||
| Research and development revenue | 33,133 | 11,642 | 44,359 | 22,559 | |||||||||||
| Total revenues | 38,915 | 21,460 | 70,387 | 59,345 | |||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of product revenue | 2,043 | 3,654 | 9,338 | 16,288 | |||||||||||
| Research and development | 11,722 | 12,099 | 52,307 | 46,263 | |||||||||||
| Selling, general and administrative | 11,185 | 13,049 | 47,074 | 55,148 | |||||||||||
| Restructuring charges | 3,407 | — | 3,407 | — | |||||||||||
| Asset impairment and other charges | — | — | — | 165 | |||||||||||
| Total costs and operating expenses | 28,357 | 28,802 | 112,126 | 117,864 | |||||||||||
| Income (loss) from operations | 10,558 | (7,342 | ) | (41,739 | ) | (58,519 | ) | ||||||||
| Interest income | 656 | 940 | 2,625 | 3,670 | |||||||||||
| Interest and other expense, net | (1,595 | ) | (3,970 | ) | (4,813 | ) | (10,393 | ) | |||||||
| Income (loss) before income taxes | 9,619 | (10,372 | ) | (43,927 | ) | (65,242 | ) | ||||||||
| Provision for income taxes | 18 | 4 | 47 | 34 | |||||||||||
| Net income (loss) | $ | 9,601 | $ | (10,376 | ) | $ | (43,974 | ) | $ | (65,276 | ) | ||||
| Net income (loss) per share, basic and diluted | $ | 0.11 | $ | (0.13 | ) | $ | (0.50 | ) | $ | (0.89 | ) | ||||
| Weighted average common stock shares used in computing net income (loss) per share, basic | 90,396 | 81,300 | 87,142 | 73,408 | |||||||||||
| Weighted average common stock shares used in computing net income (loss) per share, diluted | 90,906 | 81,300 | 87,142 | 73,408 | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (In Thousands) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | 9,601 | $ | (10,376 | ) | $ | (43,974 | ) | $ | (65,276 | ) | ||||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized gain (loss) on available-for-sale short-term investments, net of tax | (5 | ) | (74 | ) | (44 | ) | 52 | ||||||||
| Comprehensive income (loss) | $ | 9,596 | $ | (10,450 | ) | $ | (44,018 | ) | $ | (65,224 | ) | ||||
Condensed Consolidated Balance Sheets (Unaudited) (In Thousands) | |||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 50,793 | $ | 19,264 | |||||||
| Restricted cash, current | 478 | 503 | |||||||||
| Short-term investments | 27,416 | 54,194 | |||||||||
| Financial assets: | |||||||||||
| Accounts receivable | 8,757 | 11,920 | |||||||||
| Contract assets | 492 | 4,375 | |||||||||
| Unbilled receivables | 1,480 | 2,751 | |||||||||
| Total financial assets | 10,729 | 19,046 | |||||||||
| Less: allowances | (43 | ) | (162 | ) | |||||||
| Total financial assets, net | 10,686 | 18,884 | |||||||||
| Inventories | 1,817 | 1,799 | |||||||||
| Prepaid expenses and other current assets | 5,626 | 4,128 | |||||||||
| Total current assets | 96,816 | 98,772 | |||||||||
| Restricted cash | 1,612 | 1,062 | |||||||||
| Investment in non-marketable equity securities | 2,498 | 2,798 | |||||||||
| Right-of-use assets - Operating leases, net | 30,501 | 28,700 | |||||||||
| Property and equipment, net | 13,024 | 14,197 | |||||||||
| 2,463 | 2,463 | ||||||||||
| Other non-current assets | 883 | 1,019 | |||||||||
| Total assets | $ | 147,797 | $ | 149,011 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 1,554 | 2,838 | |||||||||
| Accrued compensation | 11,042 | 11,410 | |||||||||
| Other accrued liabilities | 2,768 | 6,223 | |||||||||
| Current portion of lease obligations - Operating leases | 2,944 | 2,827 | |||||||||
| Deferred revenue | 7,009 | 350 | |||||||||
| Total current liabilities | 25,317 | 23,648 | |||||||||
| Deferred revenue, net of current portion | 360 | 100 | |||||||||
| Long-term lease obligations - Operating leases | 30,159 | 28,163 | |||||||||
| Long-term debt | 40,105 | 28,905 | |||||||||
| Other long-term liabilities | 1,327 | 1,268 | |||||||||
| Total liabilities | 97,268 | 82,084 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 9 | 8 | |||||||||
| Additional paid-in capital | 657,292 | 629,673 | |||||||||
| Accumulated other comprehensive income | 8 | 52 | |||||||||
| Accumulated deficit | (606,780 | ) | (562,806 | ) | |||||||
| Total stockholders' equity | 50,529 | 66,927 | |||||||||
| Total liabilities and stockholders' equity | $ | 147,797 | $ | 149,011 | |||||||
