Codexis Stock Earnings Reports

Codexis is transitioning from an enzyme supplier to a full-service oligonucleotide manufacturing solutions provider centered on its ECO Synthesis platform. Management signed a supply assurance agreement with Merck that provides nondilutive cash and confidence in 2025 revenue guidance; they expect to recognize most of that revenue in Q4 2025 and the remainder in Q1 2026. The company is about to sign a lease for a GMP facility to produce kilogram-scale siRNA and reports strong technical progress (11 revenue-bearing siRNA contracts today, ~40 in the pipeline), validated by a ligase used in a 3-kg production run. Leadership is changing: Alison Moore (CTO) will succeed Stephen Dilly as CEO while Dilly becomes Executive Chair; Britton Jimenez now leads commercial. Financially, Q3 revenue was $8.6M (down vs. prior-year variability), product gross margin improved to 64%, Q3 net loss was $19.6M, and cash was $58.7M at quarter-end (not including Merck funds). Management expects to meet or slightly exceed the top end of 2025 revenue guidance, will reduce cost structure (headcount reductions and reprioritization) to cut burn by ~25%, and, together with Merck proceeds, expects runway through the end of 2027. The company will de-emphasize promotion of its legacy small-molecule biocatalysis sales while continuing to supply existing customers and focus commercial efforts on ligase and ECO Synthesis services and products. Upcoming catalysts include data presentations at TIDES EU and progress with CDMO partners such as Nitto for scale-up.