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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $70M | $-34M | $-44M | $-24M | -87.0% | 18.6% | -32.6% |
| 2024 | $59M | $-50M | $-65M | $-54M | -97.5% | -15.4% | -14.4% |
| 2023 | $70M | $-58M | $-76M | $-57M | -88.0% | -49.4% | 127.0% |
| 2022 | $139M | $-26M | $-34M | $3M | -23.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 138.59 | 70.14 | 59.34 | 70.39 |
| Operating Revenue | - | 138.59 | 70.14 | 59.34 | 70.39 |
| Cost Of Revenue | - | 38.03 | 12.81 | 16.29 | 9.34 |
| Gross Profit | - | 100.56 | 57.33 | 43.06 | 61.05 |
| Operating Expense | - | 132.27 | 112.14 | 101.41 | 99.38 |
| Research And Development | - | 80.10 | 58.88 | 46.26 | 52.31 |
| Selling General And Administration | - | 52.17 | 53.25 | 55.15 | 47.07 |
| Total Expenses | - | 170.30 | 124.94 | 117.70 | 108.72 |
| Operating Income | - | -31.71 | -54.80 | -58.35 | -38.33 |
| Total Operating Income As Reported | - | -34.88 | -68.07 | -58.52 | -41.74 |
| EBITDA | - | -26.31 | -58.38 | -49.90 | -33.87 |
| Normalized EBITDA | - | -23.14 | -45.11 | -49.74 | -30.46 |
| EBIT | - | -31.71 | -63.90 | -54.85 | -39.11 |
| Interest Income | - | 1.44 | 4.17 | 3.67 | 2.62 |
| Interest Expense | - | - | 12.27 | 10.39 | 4.81 |
| Net Interest Income | - | 1.44 | -8.10 | -6.72 | -2.19 |
| Other Non Operating Income Expenses | 1.15 | 0.12 | -12.27 | -10.39 | - |
| Other Income Expense | - | -3.04 | -13.27 | -0.16 | -3.41 |
| Interest Income Non Operating | - | 1.44 | 4.17 | 3.67 | 2.62 |
| Interest Expense Non Operating | - | - | 12.27 | 10.39 | 4.81 |
| Net Non Operating Interest Income Expense | - | 1.44 | -8.10 | -6.72 | -2.19 |
| Pretax Income | - | -33.32 | -76.17 | -65.24 | -43.93 |
| Tax Provision | - | 0.28 | 0.07 | 0.03 | 0.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.67 | -2.79 | -0.03 | -0.72 |
| Net Income Continuous Operations | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Net Income From Continuing And Discontinued Operation | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Net Income From Continuing Operation Net Minority Interest | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Net Income | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Net Income Common Stockholders | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Net Income Including Noncontrolling Interests | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Normalized Income | - | -31.09 | -65.76 | -65.15 | -41.28 |
| Diluted NI Availto Com Stockholders | - | -33.59 | -76.24 | -65.28 | -43.97 |
| Basic Average Shares | - | 65.34 | 68.13 | 73.41 | 87.14 |
| Diluted Average Shares | - | 65.34 | 68.13 | 73.41 | 87.14 |
| Reconciled Depreciation | - | 5.40 | 5.52 | 4.95 | 5.25 |
| Reconciled Cost Of Revenue | - | 38.03 | 12.81 | 16.29 | 9.34 |
| Total Unusual Items | - | -3.17 | -13.27 | -0.16 | -3.41 |
| Total Unusual Items Excluding Goodwill | - | -3.17 | -13.27 | -0.16 | -3.41 |
| Special Income Charges | - | -3.17 | -13.27 | -0.16 | -3.41 |
| Impairment Of Capital Assets | - | 0 | 9.98 | 0.16 | 0 |
| Restructuring And Mergern Acquisition | - | 3.17 | 3.28 | 0 | 3.41 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Codexis, Inc.this co. | CDXS | $255M | -5.79 | 5.04 | -87.0% | -8.18 |
| Anavex Life Sciences Corp. | AVXL | $261M | -5.63 | 2.75 | -48.9% | - |
| Akebia Therapeutics, Inc. | AKBA | $260M | -48.70 | 7.98 | -16.4% | 5.86 |
| Fate Therapeutics, Inc. | FATE | $258M | -1.89 | 1.24 | -65.8% | -2.14 |
| Nuvectis Pharma, Inc. | NVCT | $257M | -9.70 |
| - |
| - |
| - |
| - |
| 13.93 |
| -143.6% |
| - |
| Sight Sciences, Inc. | SGHT | $250M | -6.51 | 3.91 | -60.1% | -6.07 |
| Protara Therapeutics, Inc. | TARA | $248M | -4.32 | 1.26 | -29.2% | -3.14 |
| Coherus Oncology, Inc. | CHRS | $243M | 1.45 | 3.98 | 275.4% | -1.14 |
| Treace Medical Concepts, Inc. | TMCI | $239M | -4.06 | 2.74 | -67.6% | -6.98 |
| Peer Median | - | -4.98 | 3.33 | -54.5% | -2.64 | |