CDXS · Codexis, Inc.

Codexis reported first quarter 2026 financial results, with total revenues of $15.2 million, more than doubling from $7.5 million in the same period last year. The increase was primarily driven by the recognition of an additional $6.3 million in revenue from the Merck Technology Transfer agreement executed in Q4 2025. Product gross margin improved significantly to 71% from 55% in Q1 2025, attributed to a shift in sales toward more profitable products and declines in less profitable legacy products. Research and development expenses decreased to $11.4 million from $12.9 million, while selling, general and administrative expenses fell to $9.8 million from $12.4 million, reflecting lower employee-related costs and reduced outside services. The net loss narrowed to $8.7 million ($0.10 per share) from $20.7 million ($0.25 per share) in the prior year. The company ended the quarter with $65.1 million in cash, cash equivalents, and short-term investments, which management believes is sufficient to fund operations through the end of 2027. Codexis reiterated its full-year 2026 revenue guidance of $72 million to $76 million. Business highlights include receiving ISO 9001 certification for its in-house manufacturing suite, supporting a pharma biocatalysis product that received FDA approval, and agreeing to supply 50g of siRNA using the ECO Synthesis platform for pre-IND studies. Upcoming milestones include presentations at the TIDES USA annual meeting, applying for a building permit for its ECO GMP Manufacturing Center in Q2 2026, and seeking a licensing deal with a major pharmaceutical company in the second half of 2026.