# Codexis Inc. (CDXS)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $205M  
**Price:** $2.35 (-4.86%)

> Codexis Inc. is a leading enzyme engineering company that develops scalable, sustainable enzymatic solutions for therapeutic manufacturing and development. It leverages the proprietary CodeEvolver protein engineering technology platform to design and optimize novel enzymes that outperform traditional methods, enabling efficient production with fewer impurities, reduced waste, and lower energy use. The company operates through two main segments: Performance Enzymes, which commercializes enzyme products and technologies primarily for the pharmaceuticals market, including applications in RNAi therapeutics manufacturing via the ECO Synthesis platform; and Novel Biotherapeutics, which focuses on discovering and improving biotherapeutic drug candidates. Codexis Inc. also provides enzymes for precision diagnostics, such as Codex HiFi Hot Start DNA Polymerase and screening kits, along with services supporting small molecule manufacturing. These offerings serve partners in therapeutics development across regions including the United States, Europe, Asia, and beyond. Founded in 2002 and headquartered in Redwood City, California, Codexis Inc. plays a key role in advancing enzymatic manufacturing innovations for the biotechnology and pharmaceutical industries.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $70M | $61M | -$42M | -$44M | — |
| 2024 | $59M | $43M | -$59M | -$65M | — |
| 2023 | $70M | $57M | -$68M | -$76M | — |
| 2022 | $139M | $101M | -$35M | -$34M | — |
| 2021 | $105M | $83M | -$23M | -$21M | — |
| 2020 | $69M | $55M | -$24M | -$24M | — |
| 2019 | $68M | $53M | -$13M | -$12M | — |
| 2018 | $61M | $48M | -$11M | -$11M | — |
| 2017 | $50M | $36M | -$23M | -$23M | — |
| 2016 | $49M | $39M | -$9M | -$9M | — |
| 2015 | $42M | $35M | -$8M | -$8M | — |
| 2014 | $35M | $26M | -$19M | -$19M | — |
| 2013 | $32M | $17M | -$41M | -$41M | — |
| 2012 | $88M | $58M | -$31M | -$31M | — |
| 2011 | $124M | $82M | -$16M | -$17M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $148M | $97M | $51M | $51M | $40M |
| 2024 | $149M | $82M | $67M | $19M | $29M |
| 2023 | $137M | $50M | $87M | $65M | — |
| 2022 | $250M | $106M | $145M | $114M | — |
| 2021 | $246M | $82M | $164M | $117M | — |
| 2020 | $222M | $52M | $170M | $149M | — |
| 2019 | $149M | $44M | $106M | $90M | — |
| 2018 | $79M | $23M | $56M | $53M | — |
| 2017 | $54M | $29M | $25M | $31M | $302,000 |
| 2016 | $36M | $17M | $19M | $19M | — |
| 2015 | $45M | $22M | $23M | $23M | — |
| 2014 | $48M | $22M | $26M | $26M | — |
| 2013 | $59M | $17M | $41M | $22M | — |
| 2012 | $100M | $22M | $78M | $32M | — |
| 2011 | $136M | $33M | $103M | $26M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$19M | $4M | -$24M |
| 2024 | -$49M | $4M | -$54M |
| 2023 | -$53M | $4M | -$57M |
| 2022 | $11M | $8M | $3M |
| 2021 | -$14M | $14M | -$28M |
| 2020 | -$16M | $4M | -$20M |
| 2019 | -$13M | $4M | -$16M |
| 2018 | -$14M | $3M | -$17M |
| 2017 | -$9M | $985,000 | -$10M |
| 2016 | -$2M | $888,000 | -$3M |
| 2015 | -$433,000 | $1M | -$2M |
| 2014 | $321,000 | $302,000 | $19,000 |
| 2013 | -$23M | $1M | -$24M |
| 2012 | -$12M | $3M | -$15M |
| 2011 | -$490,000 | $11M | -$11M |

Source: [CompaniesByCap](https://companiesbycap.com/company/CDXS)