CODEXIS, INC. CDXS
We are a leading provider of technology solutions to improve therapeutics manufacturing. We focus on impacting the manufacturing process by using our proprietary CodeEvolver® directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Enzymes are naturally occurring biological molecules critical to almost all biochemical reactions. They can be precisely engineered and optimized for specific functions, and to have particular characteristics, such as an ability to survive environments in which natural enzymes cannot, or to perform (bio)chemical transformations that are different than those for which they naturally evolved. We employ our technology and expertise to enhance the properties and performance of enzymes to drive pivotal improvements in manufacturing of complex therapeutics across two key areas: our ECO synthesis manufacturing platform and our small molecule pharma biocatalysis business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70.4M | $59.3M | $70.1M | $138.6M | $104.8M | $69.1M | $68.5M | $60.6M | $50.0M | $48.8M |
| Cost of revenue | $9.3M | $16.3M | $12.8M | $38.0M | $22.2M | $13.7M | $15.6M | $12.6M | $14.3M | $9.8M |
| Gross profit | $61.0M | $43.1M | $57.3M | $100.6M | $82.5M | $55.3M | $52.8M | $48.0M | $35.7M | $39.1M |
| R&D | $52.3M | $46.3M | $58.9M | $80.1M | $55.9M | $44.2M | $33.9M | $30.0M | $29.7M | $22.2M |
| SG&A | $47.1M | $55.1M | $53.2M | $52.2M | $49.3M | $35.0M | $31.5M | $29.3M | $29.0M | $25.4M |
| Total operating expenses | $112.1M | $117.9M | $138.2M | $173.5M | $127.5M | $93.0M | $81.0M | $71.9M | $73.0M | $57.4M |
| Operating income | -$41.7M | -$58.5M | -$68.1M | -$34.9M | -$22.7M | -$23.9M | -$12.5M | -$11.3M | -$23.0M | -$8.6M |
| Pre-tax income | -$43.9M | -$65.2M | -$76.2M | -$33.3M | -$21.1M | -$23.7M | -$11.9M | -$10.9M | -$22.9M | -$8.6M |
| Income tax | $47.0K | $34.0K | $69.0K | $276.0K | $189.0K | $339.0K | $17.0K | $37.0K | $81.0K | $40.0K |
| Net income | -$44.0M | -$65.3M | -$76.2M | -$33.6M | -$21.3M | -$24.0M | -$11.9M | -$10.9M | -$23.0M | -$8.6M |
| EPS, basic | -0.50 | -0.89 | -1.12 | -0.51 | -0.33 | -0.40 | -0.21 | — | — | — |
| EPS, diluted | -0.50 | -0.89 | -1.12 | -0.51 | -0.33 | -0.40 | -0.21 | -0.21 | -0.50 | -0.21 |
| Shares, diluted (wtd. avg.) | $87.1M | $73.4M | $68.1M | $65.3M | $64.6M | $59.4M | $56.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $50.8M | $19.3M | $65.1M | $116.0M | $118.9M | $150.8M | $92.2M | $54.5M | $32.8M | $20.9M |
| Short-term investments | $27.4M | $54.2M | $0 | — | — | — | — | — | — | — |
| Receivables | — | — | $10.0M | $31.9M | $25.0M | $13.9M | $9.1M | $11.6M | $11.4M | $5.9M |
| Inventory | $1.8M | $1.8M | $2.7M | $2.0M | $1.2M | $964.0K | $371.0K | $589.0K | $1.0M | $825.0K |
| Total current assets | $96.8M | $98.8M | $93.5M | $162.9M | $161.9M | $184.4M | $114.2M | $68.2M | $45.0M | $27.2M |
| Property, plant and equipment | $13.0M | $14.2M | $15.5M | $22.6M | $21.3M | $9.7M | $6.3M | $4.8M | $2.8M | $2.2M |
| Goodwill | $2.5M | $2.5M | $2.5M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M |
| Other intangibles | — | — | — | — | — | — | — | — | — | $0 |
| Total assets | $147.8M | $149.0M | $136.6M | $250.4M | $246.4M | $221.6M | $149.1M | $79.3M | $53.6M | $35.6M |
| Accounts payable | $1.6M | $2.8M | $5.9M | $3.2M | $3.0M | $3.0M | $2.6M | $3.0M | $3.5M | $4.2M |
| Total current liabilities | $25.3M | $23.6M | $35.8M | $49.1M | $33.4M | $25.0M | $15.4M | $18.1M | $25.0M | $12.4M |
| Long-term debt | $40.1M | $28.9M | $0 | — | — | — | — | — | $302.0K | $0 |
| Total liabilities | $97.3M | $82.1M | $49.9M | $105.6M | $82.0M | $51.5M | $43.6M | $23.0M | $29.1M | $16.5M |
| Retained earnings | -$606.8M | -$562.8M | -$497.5M | -$421.3M | -$387.7M | -$366.4M | -$342.4M | -$330.5M | -$315.1M | -$292.1M |
| Total equity | $50.5M | $66.9M | $86.6M | $144.8M | $164.4M | $170.1M | $105.5M | $56.3M | $24.5M | $19.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$19.4M | -$49.4M | -$52.6M | $11.3M | -$14.3M | -$16.5M | -$12.6M | -$14.1M | -$8.8M | -$1.9M |
| Depreciation and amortisation | $5.2M | $4.9M | $5.5M | $5.4M | $3.1M | $1.9M | $1.6M | $1.1M | $1.0M | $1.7M |
| Stock-based compensation | $9.6M | $13.1M | $10.0M | $14.5M | $11.6M | $7.7M | $6.9M | $7.9M | $7.1M | $5.7M |
| Capital expenditure | $4.5M | $4.3M | $4.4M | $8.3M | $13.8M | $3.7M | $3.7M | $2.8M | $985.0K | $888.0K |
| Investing cash flow | $23.5M | -$57.0M | -$4.9M | -$13.6M | -$21.4M | -$5.7M | -$3.7M | -$2.8M | -$983.0K | -$846.0K |
| Financing cash flow | $27.9M | $60.5M | $8.2M | -$575.0K | $3.8M | $80.8M | $54.0M | $38.6M | $21.6M | -$490.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-186994.
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