Codexis (CDXS)


Market Price (10/29/2026): $1.255 | Market Cap: $137.4 MilSector: Health Care | Industry: Biotechnology

Codexis (CDXS)


Market Price (10/29/2026): $1.255
Market Cap: $137.4 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Enzyme Engineering, and Biopharmaceutical R&D.

Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -109%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -31%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -2.7%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%

Key risks
CDXS key risks include [1] its dependence on the successful development and commercialization of its key technology platforms, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Enzyme Engineering, and Biopharmaceutical R&D.
3 Weak multi-year price returns
2Y Excs Rtn is -92%, 3Y Excs Rtn is -109%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -31%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.9%, Rev Chg QQuarterly Revenue Change % is -2.7%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%
8 Key risks
CDXS key risks include [1] its dependence on the successful development and commercialization of its key technology platforms, Show more.

CDXS in ETFs

Weight = CDXS's share of each fund

VTI0.00%
IWM0.00%
IBB0.01%
IWO0.01%
VTWO0.00%
IWN0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/16/2026

Codexis (CDXS) stock has lost about 45% since 6/30/2026 because of the following key factors:

1. Significant Share Dilution from Public Offering.

Codexis executed an underwritten public offering of 16,666,667 shares of its common stock at a price of $1.50 per share in July 2026. This offering was projected to generate approximately $23.1 million in net proceeds for working capital and general corporate purposes. The announcement and subsequent pricing of this dilutive offering led to a sharp repricing of the stock, with reports indicating a drop from the low $2s to around $1.45 by July 24, 2026.

2. Persistent Unprofitability and Cash Burn.

Despite slightly beating analyst expectations for Q2 fiscal 2026 (ending June 30, 2026) with an EPS of -$0.13 against a consensus of -$0.14 and revenue of $14.92 million against an expected $13.82 million, Codexis continued to report a net loss of $12.0 million for the quarter. This sustained unprofitability is further evidenced by a negative free cash flow of -$13.3 million in Q1 fiscal 2026, underscoring an ongoing cash burn and the company's reliance on capital markets, which likely necessitated the dilutive equity raise.

Show more
Updated on 10/16/2026

Codexis (CDXS) stock has lost about 45% since 6/30/2026 because of the following key factors:

1. Significant Share Dilution from Public Offering.

Codexis executed an underwritten public offering of 16,666,667 shares of its common stock at a price of $1.50 per share in July 2026. This offering was projected to generate approximately $23.1 million in net proceeds for working capital and general corporate purposes. The announcement and subsequent pricing of this dilutive offering led to a sharp repricing of the stock, with reports indicating a drop from the low $2s to around $1.45 by July 24, 2026.

2. Persistent Unprofitability and Cash Burn.

Despite slightly beating analyst expectations for Q2 fiscal 2026 (ending June 30, 2026) with an EPS of -$0.13 against a consensus of -$0.14 and revenue of $14.92 million against an expected $13.82 million, Codexis continued to report a net loss of $12.0 million for the quarter. This sustained unprofitability is further evidenced by a negative free cash flow of -$13.3 million in Q1 fiscal 2026, underscoring an ongoing cash burn and the company's reliance on capital markets, which likely necessitated the dilutive equity raise.

3. Weak or Contracting Revenue Growth.

Codexis has demonstrated challenges in top-line growth, with a reported three-year revenue Compound Annual Growth Rate (CAGR) of -12.4% and the latest quarterly revenue (Q2 fiscal 2026) showing a 2.7% year-over-year contraction. This lack of revenue expansion, despite maintaining a high gross margin (e.g., 88.9%), likely contributed to investor apprehension regarding the company's long-term business prospects and valuation.

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Stock Movement Drivers

Fundamental Drivers

The -44.2% change in CDXS stock from 6/30/2026 to 10/28/2026 was primarily driven by a -43.8% change in the company's P/S Multiple.
(LTM values as of)630202610282026Change
Stock Price ($)2.261.26-44.2%
Change Contribution By: 
Total Revenues ($ Mil)7878-0.5%
P/S Multiple2.61.5-43.8%
Shares Outstanding (Mil)9191-0.3%
Cumulative Contribution-44.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/28/2026
ReturnCorrelation
CDXS-44.2% 
Market (SPY)3.4%16.6%
Sector (XLV)13.3%5.9%

Fundamental Drivers

The -22.7% change in CDXS stock from 3/31/2026 to 10/28/2026 was primarily driven by a -29.5% change in the company's P/S Multiple.
(LTM values as of)331202610282026Change
Stock Price ($)1.631.26-22.7%
Change Contribution By: 
Total Revenues ($ Mil)707810.4%
P/S Multiple2.11.5-29.5%
Shares Outstanding (Mil)9091-0.7%
Cumulative Contribution-22.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/28/2026
ReturnCorrelation
CDXS-22.7% 
Market (SPY)19.1%32.8%
Sector (XLV)23.1%8.8%

Fundamental Drivers

The -48.4% change in CDXS stock from 9/30/2025 to 10/28/2026 was primarily driven by a -59.5% change in the company's P/S Multiple.
(LTM values as of)930202510282026Change
Stock Price ($)2.441.26-48.4%
Change Contribution By: 
Total Revenues ($ Mil)577835.9%
P/S Multiple3.61.5-59.5%
Shares Outstanding (Mil)8591-6.2%
Cumulative Contribution-48.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/28/2026
ReturnCorrelation
CDXS-48.4% 
Market (SPY)16.9%27.0%
Sector (XLV)30.8%6.5%

Fundamental Drivers

The -33.3% change in CDXS stock from 9/30/2023 to 10/28/2026 was primarily driven by a -25.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)930202310282026Change
Stock Price ($)1.891.26-33.3%
Change Contribution By: 
Total Revenues ($ Mil)9978-21.7%
P/S Multiple1.31.514.7%
Shares Outstanding (Mil)6891-25.8%
Cumulative Contribution-33.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/28/2026
ReturnCorrelation
CDXS-33.3% 
Market (SPY)86.9%34.5%
Sector (XLV)46.2%19.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CDXS Return43%-85%-35%56%-66%-21%-94%
Peers Return-15%-20%-11%0%-35%-44%-78%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
CDXS Win Rate50%17%50%58%25%30% 
Peers Win Rate46%31%44%47%47%24% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CDXS Max Drawdown-39%-87%-78%-44%-72%-57% 
Peers Max Drawdown-35%-40%-49%-45%-59%-51% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, CMND, CNSY, CNXU, CSBR. See CDXS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)

How Low Can It Go

EventCDXSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-56.4%-9.5%
  % Gain to Breakeven129.3%10.5%
  Time to Breakeven155 days24 days
2020 COVID-19 Crash
  % Loss-37.2%-33.7%
  % Gain to Breakeven59.2%50.9%
  Time to Breakeven210 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.8%-19.2%
  % Gain to Breakeven24.8%23.8%
  Time to Breakeven30 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-12.7%-3.7%
  % Gain to Breakeven14.5%3.9%
  Time to Breakeven14 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.2%-12.2%
  % Gain to Breakeven26.9%13.9%
  Time to Breakeven43 days62 days
2014-2016 Oil Price Collapse
  % Loss-16.9%-6.8%
  % Gain to Breakeven20.4%7.3%
  Time to Breakeven14 days15 days

Compare to VRTX, CMND, CNSY, CNXU, CSBR

In The Past

Codexis's stock fell -3.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCDXSS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-56.4%-9.5%
  % Gain to Breakeven129.3%10.5%
  Time to Breakeven155 days24 days
2020 COVID-19 Crash
  % Loss-37.2%-33.7%
  % Gain to Breakeven59.2%50.9%
  Time to Breakeven210 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.2%-12.2%
  % Gain to Breakeven26.9%13.9%
  Time to Breakeven43 days62 days
2013 Taper Tantrum
  % Loss-41.6%-0.2%
  % Gain to Breakeven71.2%0.2%
  Time to Breakeven219 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-54.2%-17.9%
  % Gain to Breakeven118.2%21.8%
  Time to Breakeven2324 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-50.8%-15.4%
  % Gain to Breakeven103.2%18.2%
  Time to Breakeven2884 days125 days

Compare to VRTX, CMND, CNSY, CNXU, CSBR

In The Past

Codexis's stock fell -3.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Codexis (CDXS)

Codexis, Inc. (CDXS) is a biotechnology company focused on the discovery, development, and commercialization of enzymes and other proteins. The company specializes in creating highly efficient biocatalysts, which are biological agents designed to drive or accelerate specific chemical reactions. This core capability is applied across various industrial and therapeutic areas.

The company's offerings include a range of biocatalyst products, intermediate chemicals used in chemical processing, and specialized kits for chemistry screening. Central to its operations is the CodeEvolver protein engineering technology platform. This proprietary platform allows Codexis to engineer and optimize enzymes, enhancing the efficiency and productivity of manufacturing processes, and also to discover novel biotherapeutic drug candidates for targeted human diseases. Additionally, its technology is applied to developing enzymes for molecular biology and in vitro diagnostics.

Codexis primarily serves pharmaceutical manufacturers, distributing its products and services directly in the United States and Europe. Its innovative biocatalyst solutions and protein engineering capabilities also cater to other industries that require advanced chemical transformations, improved manufacturing efficiencies, and new tools for therapeutic development and diagnostics.

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Here are 1-2 brief analogies to describe Codexis (CDXS):

  • The Intel Inside for industrial biotech processes. (Analogy: Intel for microprocessors)
    Just as Intel provides the essential processing power for computers, Codexis engineers and supplies the core biological components (enzymes) that drive efficiency and new capabilities in chemical and biopharmaceutical manufacturing for other companies.
  • A specialized Thermo Fisher Scientific for engineered enzymes. (Analogy: Thermo Fisher Scientific for broad scientific instruments and reagents)
    While Thermo Fisher supplies a vast array of tools to the scientific community, Codexis is a more focused supplier, specifically engineering and providing advanced enzyme tools and the platform to create them, primarily for pharmaceutical and chemical companies.

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  • Biocatalyst Products: Enzymes and other proteins that accelerate chemical reactions for industrial applications.
  • Intermediate Chemicals: Chemical compounds produced for further processing by other companies.
  • Codex Biocatalyst Panels and Kits: Ready-to-use kits enabling customers to screen and optimize chemical processes with biocatalysts.
  • Biocatalyst Screening Services: Expert services to identify and develop optimal biocatalysts for specific chemical transformations.
  • Protein Engineering Services: Custom services to design and modify proteins for enhanced performance and desired properties.
  • CodeEvolver Protein Engineering Technology Platform: A proprietary technology used to develop high-performance biocatalysts and discover novel biotherapeutic drug candidates.
  • Biotherapeutic Drug Candidates: Novel protein-based drug candidates discovered using their platform for targeted human diseases.
  • Molecular Biology and In Vitro Diagnostic Enzymes: Specialized enzymes designed for use in molecular biology research and diagnostic tests.

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Codexis (CDXS) primarily sells its products and services to other companies.

Based on the provided information, its major customers are:

  • Pharmaceutical manufacturers

The background description does not specify individual customer company names or their public symbols.

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Alison Moore, PhD, President and Chief Executive Officer

Dr. Moore was appointed CEO of Codexis effective November 7, 2025. She brings extensive experience as a biotechnology and pharmaceutical executive, having served as Chief Technical Officer of Allogene Therapeutics, a clinical-stage company. Prior to Allogene, she spent 20 years at Amgen, holding roles such as Senior Vice President, Process Development, and in Supply Chain and Manufacturing. She also has experience at Genentech as a Director in Chemistry, Manufacturing and Controls, and Regulatory Affairs. Her background is centered on perfecting and scaling novel manufacturing platforms.

Georgia Erbez, Chief Financial Officer and Chief Business Officer

Ms. Erbez was appointed CFO of Codexis as of September 30, 2024. She is a seasoned financial and operations executive, most recently serving as Chief Operating Officer at Walking Fish Therapeutics, a private B cell therapy company. Previously, she was the Chief Financial Officer of Harpoon Therapeutics, a public T cell therapy company, and held CFO roles at Zosano Pharma Corp., Revolution Medicines, Asterias Biotherapeutics, and Raptor Pharmaceuticals. Her earlier career includes senior positions in investment banking at Cowen and Company and Jefferies, and she was a Managing Director at Axiom Financial Partners, a life-sciences consulting firm.

Stefan Lutz, PhD, Chief Scientific Officer

Dr. Lutz joined Codexis in 2020 as the Senior Vice President of Research, leading the company's protein discovery team. Before joining Codexis, he was a Professor and Chair of the Chemistry Department at Emory University, a position he held after joining the university in 2002 and ascending to Chair in 2014. He has also consulted for AgriMetis and served on the scientific advisory boards of ZuvaChem, CODA Genomics Inc., and SynBioX Inc.

Britton Jimenez, Senior Vice President, Sales and Marketing

Mr. Jimenez joined Codexis in July 2024, taking responsibility for all commercial activities across RNA manufacturing and pharma biocatalysis. Prior to Codexis, he served as Vice President, Global Partners at Catalent Pharma Solutions. Before Catalent, he was Vice President of Business Development at Mayne Pharma, where he managed commercial activities and drove growth of their CDMO business, ultimately facilitating its $475 million sale in 2022.

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Key Business Risks for Codexis (CDXS)

Codexis, Inc. (CDXS) faces several key risks inherent to its operations in the biotechnology sector, particularly concerning its financial stability, the execution of its strategic technological pivot, and its reliance on a concentrated customer base.

The most significant risk to Codexis's business is its **ongoing financial health and profitability challenges**. The company has a history of net losses, with concerning profitability metrics such as negative operating and net margins. Despite some recent quarterly profitability, Codexis continues to burn cash, and its balance sheet strength is rated as poor, largely due to high leverage and a high debt-to-equity ratio. While current financial resources are projected to last through 2027, the sustained inability to achieve and maintain overall profitability poses a fundamental threat to its long-term viability.

Another crucial risk is the **successful execution and commercialization of its strategic shift to the ECO Synthesis platform**. Codexis is heavily investing in this platform, moving from a heritage enzyme supplier to a full-service oligonucleotide Contract Development and Manufacturing Organization (CDMO). The success of this pivot depends on validating the performance of these new technologies at scale, achieving regulatory acceptance, and converting initial feasibility studies into higher-margin, multi-year licensing, clinical supply, and commercial supply agreements. Delays in scaling production to kilogram volumes or a slower-than-anticipated adoption rate could significantly impede future revenues and profitability.

Finally, Codexis faces substantial **customer concentration risk and dependence on collaborations**. A limited number of customers account for a significant portion of its total revenue, with key agreements driving a large share of its product revenue. The loss or reduction of business from one or more of these significant customers, or the termination of development programs by collaborators, could materially and adversely affect Codexis's revenues, financial condition, and results of operations. Additionally, revenue can be volatile due to the unpredictable nature of customer manufacturing schedules and clinical trial progression.

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Codexis, Inc. (CDXS) operates in several key addressable markets related to enzymes, proteins, and their applications in various industries, including pharmaceuticals and diagnostics. Based on recent information, the addressable markets for their main products and services are as follows:

  • Biocatalyst Market: The global biocatalyst market was valued at approximately USD 607.6 million in 2023 and is projected to reach around USD 925.2 million by 2030. Other estimates place the global market at USD 755.9 million in 2025, expected to grow to USD 1,329.3 million by 2033.
  • Protein Engineering Market: The global protein engineering market size was valued at an estimated USD 3.65 billion in 2025 and is projected to grow to USD 14.46 billion by 2034. Another report indicates a global market size of USD 3.5 billion in 2025, growing at a compound annual growth rate (CAGR) of 16.4% from 2026 to 2035.
  • In-vitro Diagnostics Enzymes Market: The global in-vitro diagnostics enzymes market was estimated at USD 2.49 billion in 2025 and is predicted to increase to approximately USD 4.34 billion by 2034. Other figures suggest the global market was valued at USD 2.92 billion in 2024 and is expected to reach USD 5.69 billion by 2033.
  • RNA/siRNA Manufacturing Technologies: Codexis has identified an estimated total addressable annual market of USD 2 billion for production technologies in the siRNA/RNA therapeutics market within the next five years. This market is global.
  • Biologics Drug Discovery Market: The global biologics drug discovery market is projected to expand from a valuation of USD 9.66 billion in 2025 to USD 15.49 billion by 2031.

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Expected Drivers of Future Revenue Growth for Codexis (CDXS)

Codexis (CDXS) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives, primarily centered on its ECOsynthesis platform for RNA manufacturing and the continued performance of its core biocatalysis business.

  1. Expansion and Commercialization of the ECOsynthesis RNA Manufacturing Platform: Codexis is strategically focusing on its proprietary ECOsynthesis platform for enzymatic RNA manufacturing, particularly for siRNA therapeutics. The company has a robust sales pipeline with 55 opportunities across 40 individual companies, demonstrating strong industry interest. This platform is seen as a crucial disruptive alternative to traditional chemical synthesis, addressing the increasing demand for siRNA medicines.

  2. Growth through Strategic Partnerships and CDMO Agreements: Codexis is actively expanding its network of partners, having already signed three CDMO agreements with companies like Bachem, Nitto Avecia, and Axolabs. These collaborations are vital for the widespread adoption and commercialization of the ECOsynthesis platform. The company is also pursuing additional licensing deals with major pharmaceutical companies, further validating its technology and generating non-dilutive capital.

  3. Scaling Up of GMP Manufacturing Capabilities: To meet anticipated demand for its ECOsynthesis platform, Codexis plans to begin retrofitting a new Good Manufacturing Practice (GMP) facility in the second half of 2026, with full operational capability targeted by the end of 2027. This expansion will enable the company to provide large-scale clinical and commercial GMP-grade siRNA material, a critical step for securing larger contracts and serving the growing RNA therapeutics market.

  4. Stable Performance and Profitability of Small-Molecule Biocatalysis Business: While the primary focus is on ECOsynthesis, Codexis' traditional small-molecule biocatalysis segment has returned to profitable margins and stable revenue. This established business continues to contribute to the company's overall financial health and provides a steady revenue stream as the newer platforms scale up.

  5. Technological Advancements and Innovation in siRNA Manufacturing: Codexis is committed to ongoing innovation within its ECOsynthesis platform, including advancements in stereoisomer control for siRNA manufacturing. Such developments aim to enhance the potency and purity of siRNA products, potentially leading to new applications, expanded market share, and premium offerings that can drive future revenue growth. The company is also scaling up its production capabilities, with plans to reach half a kilogram scale by the end of 2026.

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Share Issuance

  • Codexis raised $31 million in 2024 through an At-The-Market (ATM) equity facility.
  • The company reported proceeds from the issuance of common stock of $19.91 million for the trailing twelve months ending September 2025, $33.35 million in fiscal year 2024, and $9.07 million in fiscal year 2023.

Inbound Investments

  • Codexis completed a $37.8 million Technology Transfer Agreement with Merck, with cash expected by the end of 2025, serving as a significant non-dilutive cash injection.
  • In February 2024, Codexis secured a loan facility agreement with Innovatus Capital Partners, LLC for up to $40 million, including an upfront payment of $30 million.
  • Aberdeen Group plc increased its stake in Codexis Inc. on December 31, 2025, acquiring an additional 3,874,436 shares at $1.63 per share, bringing its total holdings to 7,966,498 shares, representing 8.82% of the company's outstanding shares.

Outbound Investments

  • Codexis's most recent investment deal was a Later Stage VC with Molecular Assemblies on September 21, 2022.

Capital Expenditures

  • Capital expenditures were -$5.73 million for the trailing twelve months ending September 2025, -$4.31 million in fiscal year 2024, and -$4.42 million in fiscal year 2023.
  • The company plans to begin construction of a new GMP (Good Manufacturing Practice) plant in the second half of 2026, which is expected to be fully operational by the end of 2027.
  • Savings from an organizational restructuring in late 2025 are intended to partially offset the costs associated with the GMP facility build-out.

Better Bets vs. Codexis (CDXS)

Peer Outperformance in Biotechnology

CDXS has trailed 74% of its 364 Biotechnology peers over 5Y. Among the peers that beat it are BIIB, IMNM and XNCR. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that CDXS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
32%
of 453 industry peers · -51.4% return
3Y
49%
of 398 industry peers · -18.7% return
5Y
26%
of 364 industry peers · -96.4% return
Biotechnology peers with revenue growth within 4pp of CDXS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CDXS Codexis -2.9% -3.7x -51.4%-18.7%-96.4% —
BIIB Biogen 0.2% 43.2x 63.6%4.1%-7.9% +89pp
IMNM Immunome -6.8% -8.4x 14.5%114.9%-17.9% +78pp
XNCR Xencor 0.6% -13.9x 110.5%79.0%-24.4% +72pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CDXS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 8.6%52.6%97.9% CAH 468% · MCK 380% · COR 183%
Health Care Services 20 40.1%49.1%16.2% HIMS 271% · RDNT 137% · DGX 86%
Health Care Facilities 25 1.3%24.8%0.5% THC 274% · NHC 254% · EHC 152%
Managed Health Care 8 26.0%-1.0%-4.3% OSCR 78% · HQY 54% · ELV 3%
Health Care Equipment 50 -3.3%13.8%-18.1% UFPT 358% · GKOS 297% · PLSE 160%
Pharmaceuticals 61 -16.2%9.8%-32.5% LQDA 1113% · KNSA 770% · LLY 432%
Health Care Supplies 11 19.3%1.8%-38.4% LNTH 337% · HAE 76% · MMSI 36%
Life Sciences Tools & Services 107 -7.5%8.2%-65.2% NTRA 262% · AXGN 226% · MEDP 215%
Biotechnology ← 365 -22.5%-17.6%-80.0% DNTH 1140% · ELVN 1127% · TRVI 1107%
Health Care Technology 21 -30.9%-55.8%-82.1% VEEV 1% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CDXSVRTXCMNDCNSYCNXUCSBRMedian
NameCodexis Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Mkt Price1.25547.985.951.752.935.013.97
Mkt Cap0.1139.00.00.00.10.10.1
Rev LTM7812,5870006130
Op Inc LTM-244,777-9-26-14-1-11
FCF LTM-123,796-7-24-11-6-9
FCF 3Y Avg-431,957-5-17--0-5
CFO LTM-104,293-7-22-11-6-9
CFO 3Y Avg-402,398-5-16-0-5

Growth & Margins

CDXSVRTXCMNDCNSYCNXUCSBRMedian
NameCodexis Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Rev Chg LTM35.9%10.2%---6.7%10.2%
Rev Chg 3Y Avg-2.9%9.8%---4.9%4.9%
Rev Chg Q-2.7%12.5%---8.8%8.8%
QoQ Delta Rev Chg LTM-0.5%3.0%---2.1%2.1%
Op Inc Chg LTM57.6%2,497.9%-53.0%-106.7%--131.0%-53.0%
Op Inc Chg 3Y Avg18.8%792.2%-18.0%-26.9%-40.9%18.8%
Op Mgn LTM-31.2%37.9%----1.5%-1.5%
Op Mgn 3Y Avg-72.9%23.9%----0.7%-0.7%
QoQ Delta Op Mgn LTM1.9%-0.2%---0.2%0.2%
CFO/Rev LTM-13.4%34.1%----9.2%-9.2%
CFO/Rev 3Y Avg-66.1%19.6%---0.3%0.3%
FCF/Rev LTM-15.7%30.2%----10.1%-10.1%
FCF/Rev 3Y Avg-71.8%15.7%----0.4%-0.4%

Valuation

CDXSVRTXCMNDCNSYCNXUCSBRMedian
NameCodexis Vertex P.Clearmin.Cerenome Conexeu .Champion. 
Mkt Cap0.1139.00.00.00.10.10.1
P/S1.511.0---1.11.5
P/Op Inc-4.729.1-0.1-0.5-5.8-74.7-2.6
P/EBIT-4.527.6-0.2-0.5-5.8-74.7-2.5
P/E-3.731.6-0.2-0.5-5.8-64.9-2.1
P/CFO-11.032.4-0.2-0.5-7.5-12.5-4.0
Total Yield-26.8%3.3%-625.6%-217.3%-17.5%-1.6%-22.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-21.7%1.6%-1,975.5%---1.2%-11.4%
D/E0.60.01.50.00.00.20.1
Net D/E0.2-0.0-12.0-0.7-0.00.1-0.0

Returns

CDXSVRTXCMNDCNSYCNXUCSBRMedian
NameCodexis Vertex P.Clearmin.Cerenome Conexeu .Champion. 
1M Rtn-7.7%3.8%655.1%-13.4%-22.3%1.6%-3.0%
3M Rtn-14.6%13.4%307.5%-55.8%-62.9%-8.2%-11.4%
6M Rtn-55.3%29.5%-14.5%-55.8%-79.7%-14.4%-34.9%
12M Rtn-51.5%29.7%-98.5%-55.8%-79.7%-26.3%-53.7%
3Y Rtn-19.0%54.2%-99.6%-55.8%-79.7%-12.9%-37.4%
1M Excs Rtn-8.0%3.0%632.7%-6.9%-22.0%3.6%-1.9%
3M Excs Rtn-19.3%9.5%263.2%-60.0%-71.0%-8.9%-14.1%
6M Excs Rtn-63.8%20.7%-22.9%-64.4%-88.3%-23.0%-43.4%
12M Excs Rtn-64.3%17.3%-110.9%-68.5%-92.5%-39.4%-66.4%
3Y Excs Rtn-108.6%-37.5%-181.8%-139.9%-164.7%-107.0%-124.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Research and development revenue4423272234
Product revenue26374311771
Total705970139105


Operating Income by Segment
$ Mil2022202120202019
Performance Enzymes4633415
Novel Biotherapeutics-41-19-3-5
Total51419


Price Behavior

Price Behavior
Market Price$1.26 
Market Cap ($ Bil)0.1 
First Trading Date04/22/2010 
Distance from 52W High-55.8% 
   50 Days200 Days
DMA Price$1.42$1.82
DMA Trenddowndown
Distance from DMA-11.0%-30.9%
 3M1YR
Volatility60.5%86.1%
Downside Capture254.25252.45
Upside Capture114.19130.61
Correlation (S&P 500)21.7%27.8%
CDXS Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.140.880.831.961.751.95
Up Beta3.08-1.671.742.262.321.77
Down Beta6.345.373.062.151.311.54
Up Capture-138%110%-97%134%136%1355%
Bmk +ve Days6162766132424
Stock +ve Days10202763122363
Down Capture82%137%157%200%158%113%
Bmk -ve Days16263760120328
Stock -ve Days11203459123364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CDXS
CDXS-51.7%86.1%-0.47-
Sector ETF (XLV)24.5%16.3%1.156.0%
Equity (SPY)13.7%12.7%0.7226.6%
Gold (GLD)1.8%28.3%0.056.7%
Commodities (DBC)48.4%20.6%1.80-6.9%
Real Estate (VNQ)2.8%13.9%-0.050.5%
Bitcoin (BTCUSD)-29.4%43.4%-0.6819.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CDXS
CDXS-45.8%85.7%-0.33-
Sector ETF (XLV)8.3%15.2%0.3424.9%
Equity (SPY)12.7%17.1%0.5639.5%
Gold (GLD)17.5%18.9%0.747.9%
Commodities (DBC)9.1%19.5%0.353.9%
Real Estate (VNQ)0.6%18.9%-0.0833.4%
Bitcoin (BTCUSD)4.1%51.6%0.2625.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CDXS
CDXS-11.5%72.1%0.15-
Sector ETF (XLV)11.7%16.7%0.5729.0%
Equity (SPY)15.5%17.9%0.7339.1%
Gold (GLD)12.0%16.4%0.606.3%
Commodities (DBC)8.2%18.1%0.378.1%
Real Estate (VNQ)5.0%20.7%0.2030.8%
Bitcoin (BTCUSD)62.3%66.2%1.0219.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity5.0 Mil
Short Interest: % Change Since 93020262.4%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest6.3 days
Basic Shares Quantity91.1 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/20268.1%1.4%-2.7%
5/7/202610.5%-0.4%1.0%
3/11/202634.6%15.7%76.4%
11/6/2025-17.0%-19.9%-8.4%
8/13/20251.6%-7.5%-20.3%
5/14/20251.6%-5.3%-9.7%
2/27/2025-22.6%-30.5%-28.5%
10/31/202411.5%33.1%50.3%
...
SUMMARY STATS   
# Positive151010
# Negative91414
Median Positive10.5%6.0%15.1%
Median Negative-11.1%-11.0%-16.2%
Max Positive34.6%33.1%76.4%
Max Negative-22.6%-37.0%-46.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/20268.1%1.4%-2.7%
5/7/202610.5%-0.4%1.0%
3/11/202634.6%15.7%76.4%
11/6/2025-17.0%-19.9%-8.4%
8/13/20251.6%-7.5%-20.3%
5/14/20251.6%-5.3%-9.7%
2/27/2025-22.6%-30.5%-28.5%
10/31/202411.5%33.1%50.3%
8/8/2024-11.1%-10.8%-16.8%
5/2/202417.4%3.9%4.2%
2/28/202425.0%-2.2%-6.2%
11/2/20237.2%-11.1%33.9%
8/3/2023-14.5%-37.0%-46.7%
5/4/2023-4.8%-33.2%-34.4%
2/23/2023-13.8%-13.1%-29.3%
11/3/202211.0%17.3%3.9%
8/4/20229.6%4.5%-15.5%
5/5/2022-0.9%-10.0%-18.4%
2/24/20223.5%4.4%0.9%
11/4/202114.9%7.4%-10.1%
8/5/202111.8%7.0%23.2%
5/6/2021-2.4%-11.3%7.0%
2/25/20214.1%-5.8%-2.5%
11/5/2020-0.1%5.0%23.8%
SUMMARY STATS   
# Positive151010
# Negative91414
Median Positive10.5%6.0%15.1%
Median Negative-11.1%-11.0%-16.2%
Max Positive34.6%33.1%76.4%
Max Negative-22.6%-37.0%-46.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/07/202610-Q
12/31/202503/11/202610-K
09/30/202511/06/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/08/202410-Q
03/31/202405/02/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/11/202610-Q
03/31/202605/07/202610-Q
12/31/202503/11/202610-K
09/30/202511/06/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202402/27/202510-K
09/30/202410/31/202410-Q
06/30/202408/08/202410-Q
03/31/202405/02/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/09/202210-Q
12/31/202102/28/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/01/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201902/28/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2026 Earnings Reported 8/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported72.00 Mil74.00 Mil76.00 Mil0 AffirmedGuidance: 74.00 Mil for 2026
2026 Gross ProfitCalculated48.96 Mil51.06 Mil53.12 Mil  Rev x Gross Margin
2026 Gross MarginReported68.0%69.0%69.9%   


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported72.00 Mil74.00 Mil76.00 Mil0 AffirmedGuidance: 74.00 Mil for 2026

Q4 2025 Earnings Reported 3/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported72.00 Mil74.00 Mil76.00 Mil   

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Severance ExpenseReported 3.50 Mil    

Insider Activity

Updated 10/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Erbez, GeorgiaSee RemarksDirectSell101420261.366,3358,61982,282Form
2Moore, AlisonPresident and CEODirectSell101420261.366,3358,619332,219Form
3De, Vre Raymond DirectSell61120262.372,6056,174201,002Form
4Lutz, StefanChief Scientific OfficerDirectSell22520261.135,8626,641147,754Form
5Lutz, StefanChief Scientific OfficerDirectSell20920261.312,4923,257178,136Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Erbez, GeorgiaSee RemarksDirectSell101420261.366,3358,61982,282Form
2Moore, AlisonPresident and CEODirectSell101420261.366,3358,619332,219Form
3De, Vre Raymond DirectSell61120262.372,6056,174201,002Form
4Lutz, StefanChief Scientific OfficerDirectSell22520261.135,8626,641147,754Form
5Lutz, StefanChief Scientific OfficerDirectSell20920261.312,4923,257178,136Form
6Erbez, GeorgiaSee RemarksDirectSell20920261.313,8265,00187,327Form
7Moore, AlisonPresident and CEODirectSell20920261.313,8265,001327,436Form
8Opaleye, Management IncOpaleye, L.P.Sell120120251.67245,000408,53816,599,962Form
9Opaleye, Management IncManaged AccountSell120120251.678,53314,229300,132Form
10Opaleye, Management IncOpaleye, L.P.Sell120120251.75105,000183,75017,850,000Form
11Opaleye, Management IncManaged AccountSell120120251.752,4904,358329,914Form
12Opaleye, Management IncOpaleye, L.P.Sell120120251.74148,318258,26617,944,096Form
13Opaleye, Management IncManaged AccountSell120120251.745,0008,706332,609Form
14Wolf, Dennis P DirectSell112520251.568,95213,988217,125Form
15Opaleye, Management IncOpaleye, L.P.Sell111420251.941,055,0002,047,83820,290,713Form
16Opaleye, Management IncManaged AccountSell111420251.9427,45953,194379,714Form
17De, Vre Raymond DirectSell111320251.741,4132,459152,104Form
18Moore, AlisonChief Technical OfficerDirectSell101520252.516,23915,629424,194Form
19Erbez, GeorgiaChief Financial OfficerDirectSell101520252.506,23915,629176,943Form
Core Cache Last Updated: 10/28/2026