TLDR
- Codexis (CDXS) exceeded Q4 EPS estimates by $0.10, reporting $0.11 as opposed to the $0.01 consensus.
- Q4 revenue reached $38.9 million, a year – on – year increase of 81%, surpassing the $35.83 million estimate.
- A $37.8 million Technology Transfer Agreement with Merck led to the Q4 revenue surge.
- The full – year 2025 net loss decreased to $44.0 million from $65.3 million in 2024.
- The 2026 revenue guidance is set at $72–$76 million; the cash runway extends through 2027.
On March 11, 2026, Codexis reported its Q4 and full – year 2025 results, outperforming Wall Street estimates on both earnings and revenue. The stock went up 2.4% to $1.27 upon the news.
$CDXS soaring +33% after earnings
Q4 revenue hit $38.9M while FY2025 reached $70.4M, and the company shifted from a loss last year to a $9.6M profit — a significant sentiment change for the biotech company
$37.8M Merck tech transfer adds validation.$NOK $ONDS $HIMX $HIMS $ORCL pic.twitter.com/iCEgKZKpkc
— Jared Noble
(@McAdamsMarkets) March 12, 2026
Q4 EPS was $0.11, beating the consensus estimate of $0.01 by $0.10. The quarter’s revenue reached $38.9 million, exceeding the $35.83 million estimate and increasing 81% from $21.5 million in Q4 2024.
The main factor was a $37.8 million Technology Transfer Agreement with Merck, completed in Q4. That single deal changed the quarter’s figures.
Codexis, Inc., CDXS
For the full year, total revenue increased 19% to $70.4 million, up from $59.3 million in 2024. The product gross margin improved to 64% from 56% in the previous year.
The full – year net loss decreased 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, with a net income of $9.6 million compared to a $10.4 million loss a year earlier.
SG&A costs dropped to $47.1 million for the year, down from $55.1 million in 2024, due to lower stock – based compensation and legal expenses. R&D spending increased slightly to $52.3 million from $46.3 million.
The year also included $3.4 million in one – time restructuring charges related to a workforce reduction in November 2025.
Cash Position and Guidance
Codexis ended 2025 with $78.2 million in cash, cash equivalents, and short – term investments. The company says this provides a runway through the end of 2027.
For 2026, the company is forecasting total revenues of $72 million to $76 million.
On the business side, Codexis says it is involved with over 40 companies across 55 potential opportunities. CEO Alison Moore noted that discussions have moved from feasibility testing to broader contract talks.
The company signed a lease for a GMP facility capable of kilogram – scale manufacturing. Construction retrofits are expected to start in the second half of 2026, with full production capacity by the 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 negative. 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 is $1.39 and the 200 – day is $1.90.
Institutional investors have been purchasing. Millennium Management increased its stake by 3,376.5% in Q3. Renaissance Technologies raised its position by 137.5% in Q4. Overall, 78.54% of the stock is held by institutions.
The company is aiming for 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.