Here are 1-2 analogies to describe Codexis:

• Qualcomm for engineered enzymes: Codexis designs and licenses specialized enzyme technology that other companies integrate into their biomanufacturing processes, much like Qualcomm designs and licenses chip technology for the mobile industry.
• Intel for biological reactions: Codexis develops advanced enzymes that act as the highly efficient "processing units" or catalysts for various biological and chemical reactions in pharma, food, and other industries, similar to how Intel provides the "brains" for computers.

• Engineered Enzymes: Codexis develops and supplies custom-engineered enzymes used as biocatalysts in the manufacturing processes for pharmaceuticals, food ingredients, and other industrial applications.
• Enzymes for Life Science Tools: The company provides specialized enzymes critical for various life science applications, including molecular diagnostics, genomic sequencing, and synthetic biology.
• Enzyme Optimization and Discovery Services: Through its proprietary CodeEvolver® platform, Codexis partners with companies to discover and optimize novel enzymes tailored for specific industrial processes and research needs.

Codexis (CDXS) sells primarily to other companies.

Its major customers, identified through recent financial filings, include:

• GlaxoSmithKline Services Unlimited (a subsidiary of GSK plc), symbol: GSK
• Nestlé S.A., symbol: NSRGY

• Thermo Fisher Scientific Inc. (NYSE: TMO)
• Lonza Ltd. (SIX: LONN)
• WuXi AppTec Co., Ltd. (HKEX: 2359, SSE: 603259)

For Codexis (CDXS), the addressable markets for their main products and services are as follows:

• Protein Engineering: The global protein engineering market size was estimated at USD 3.61 billion in 2024 and is projected to surpass USD 10.4 billion by 2031. North America held a dominant share of the global protein engineering market in 2023 and 2024.

• Biocatalysts for Pharmaceutical Manufacturing (Pharmaceutical Enzymes): The global pharmaceutical enzymes market size was valued at USD 3,102.8 million in 2024 and is expected to reach approximately USD 6,575.6 million by 2034. North America led the global pharmaceutical enzymes market in 2024.

• Enzymatic RNA/siRNA Manufacturing Services: null

Codexis (CDXS) is focusing on several key areas to drive future revenue growth over the next 2-3 years:

1. Growth in Pharmaceutical Manufacturing Revenues and Biocatalysis Product Commercialization: Codexis anticipates continued revenue growth from its pharmaceutical manufacturing segment. This is expected as its existing pipeline of higher-margin biocatalysis products advances through clinical trials and moves into commercialization.
2. Increasing Demand for dsRNA Ligase: The company foresees increasing orders for its double-stranded RNA (dsRNA) ligase offering. This growth is linked to existing customers progressing their siRNA assets through clinical trials.
3. Expansion of the ECO Synthesis™ Manufacturing Platform: Codexis is strategically investing in and pivoting towards its proprietary ECO Synthesis™ manufacturing platform, which enables the enzymatic synthesis of oligonucleotide therapeutics, such as siRNA. This platform is viewed as a significant opportunity to capture value, with growing inbound inquiries and anticipated technical collaborations with major pharmaceutical partners. An evaluation agreement with Nitto Denko Avecia for therapeutic siRNA manufacturing using ECO Synthesis further highlights this driver.
4. Strategic Pharmaceutical Partnerships: A significant driver is the securing of strategic agreements with major pharmaceutical companies. A notable example is the $37.8 million Supply Assurance Agreement with Merck, which represents a substantial future revenue stream and validates Codexis's technology platform for pharmaceutical manufacturing. A significant portion of this revenue is expected to be recognized in Q4 2025 and Q1 2026.
5. Advancement of "Heritage Business" Pipeline Products: Codexis expects continued revenue contributions from its "heritage business," specifically from its existing products in the pipeline, which include 14 drugs currently in Phase 3 development. This indicates ongoing revenue generation from their traditional enzyme development activities as these products progress towards market.

Share Repurchases

• Codexis's 5-Year Share Buyback Ratio was -5.60% as of June 2025, indicating potential share issuance rather than significant repurchases.

Share Issuance

• The number of shares outstanding for Codexis increased by 20.48% in one year.
• Proceeds from the issuance of common stock in connection with equity sales agreements were $17.268 million in a recent period and $31.320 million in a prior period.
• Equity grants were approved for new employees in 2024 as part of an Inducement Plan, aimed at attracting talent.

Inbound Investments

• Opaleye Management Inc. acquired 100,000 shares of Codexis common stock for approximately $261,350 on March 10, 2025, increasing its total holdings to 9,065,000 shares.
• Aberdeen Group plc significantly increased its stake in Codexis by adding 3,594,656 shares on June 30, 2025, bringing its total holdings to 4,200,950 shares.
• In October 2025, Codexis signed a $37.8 million Supply Assurance Agreement with Merck, providing a significant infusion of non-dilutive cash.

Capital Expenditures

• Capital expenditures were $6.55 million in the last 12 months leading up to Q3 2025.
• For fiscal year 2024, net cash used for investing activities was $6.4 million.
• Expected capital expenditures are projected at $5 million annually from 2025 to 2029, representing 8% of revenue, with a focus on a new facility for GMP-grade manufacturing using ECO Synthesis technologies.