Codexis (CDXS) Stock Rises 2.4% After Q4 Earnings Beat

TLDR

• Codexis (CDXS) beat Q4 EPS estimates by $0.10, reporting $0.11 vs. the $0.01 consensus
• Q4 revenue came in at $38.9 million, up 81% year-over-year, beating the $35.83 million estimate
• A $37.8 million Technology Transfer Agreement with Merck drove the Q4 revenue surge
• Full-year 2025 net loss narrowed to $44.0 million from $65.3 million in 2024
• 2026 revenue guidance set at $72–$76 million; cash runway extends through 2027

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Codexis reported its Q4 and full-year 2025 results on March 11, 2026, beating Wall Street estimates on both earnings and revenue. The stock climbed 2.4% to $1.27 on the news.

Q4 EPS came in at $0.11, a $0.10 beat over the consensus estimate of $0.01. Revenue for the quarter hit $38.9 million, topping the $35.83 million estimate and jumping 81% from $21.5 million in Q4 2024.

The big driver was a $37.8 million Technology Transfer Agreement with Merck, completed in Q4. That single deal reshaped the quarter’s numbers.

Codexis, Inc., CDXS

For the full year, total revenue rose 19% to $70.4 million, up from $59.3 million in 2024. Product gross margin improved to 64% from 56% the prior year.

The full-year net loss narrowed to $44.0 million, or $0.50 per share, compared to a $65.3 million loss, or $0.89 per share, in 2024. Q4 was actually profitable — net income of $9.6 million versus a $10.4 million loss a year earlier.

SG&A costs fell to $47.1 million for the year, down from $55.1 million in 2024, driven by lower stock-based compensation and legal expenses. R&D spending ticked up to $52.3 million from $46.3 million.

The year also included $3.4 million in one-time restructuring charges tied to a November 2025 workforce reduction.

Cash Position and Guidance

Codexis ended 2025 with $78.2 million in cash, cash equivalents and short-term investments. The company says that gives it runway through the end of 2027.

For 2026, the company is guiding for total revenues of $72 million to $76 million.

On the business side, Codexis says it is engaged with over 40 companies across 55 potential opportunities. CEO Alison Moore noted that conversations have shifted from feasibility testing toward broader contract discussions.

The company signed a lease on a GMP facility capable of kilogram-scale manufacturing. Construction retrofits are expected to begin in the second half of 2026, with full production capability by end of 2027.

Codexis also signed an agreement with Axolabs — its third CDMO partnership — to evaluate its ECO Synthesis technology at Axolabs’ manufacturing site.

Analyst Sentiment and Institutional Activity

Despite the earnings beat, analyst sentiment remains bearish. Weiss Ratings reaffirmed a “Sell” rating on January 21, and the MarketBeat consensus is also “Sell.”

The stock trades closer to its 52-week low of $0.96 than its high of $3.87, with a market cap of $114.7 million. The 50-day moving average sits at $1.39 and the 200-day at $1.90.

Institutional investors have been buying in. Millennium Management grew its stake by 3,376.5% in Q3. Renaissance Technologies lifted its position by 137.5% in Q4. Overall, 78.54% of the stock is held by institutions.

The company is targeting a licensing deal with a major pharma company in the second half of 2026 and plans to present stereoisomer control data at the 2026 TIDES USA annual meeting.

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