Codexis Reports Third Quarter 2026 Financial Results and Provides Business Update
Reports revenue of $19.3 million for the third quarter of 2026, company reiterates full-year revenue guidance
Shared new advances in RNA therapeutic manufacturing at TIDES Europe
Entered into a $60 million term loan facility with Trinity Capital; initial tranche used to refinance current debt
REDWOOD CITY, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable manufacturing of complex therapeutics, today announced financial results for the third quarter ended September 30, 2026, and provided a business update.
“I am pleased with our outstanding progress in 2026, through both innovation and technical achievements, that has garnered attention from leading innovators in the siRNA field," stated Alison Moore, PhD, President and Chief Executive Officer of Codexis. “Last week we presented new data at the TIDES Europe annual meeting showing successful scale-up of the ECO Synthesis® Manufacturing Platform at 100-gram scale with high product quality, and including improved process performance with reduced cycle time. In addition, we significantly strengthened our balance sheet with an equity raise of approximately $25 million in net proceeds, completed in July. This was followed by a $60 million term loan agreement which we closed earlier this month, of which $42.5 million was used to refinance our existing debt. We have made significant progress in industrializing our technology while simultaneously increasing our revenue base, managing expenses, and improving the financial stability of our company."
Third Quarter and Recent Business Highlights
Upcoming Milestones
Third Quarter 2026 Financial Highlights
2026 Financial Revenue Guidance Reiterated, Gross Margin Estimate Increased
Codexis reiterated and updated its full-year 2026 financial guidance as follows:
Conference Call and Webcast
Codexis will hold a conference call and webcast today beginning at 4:30 pm ET. A live webcast will be available on the Investors section of the Company website at ir.codexis.com. The conference call dial-in numbers are 877-705-2976 for domestic callers and 201-689-8798 for international callers.
A webcast replay will be available on the Investors section of the Company website, beginning approximately two hours after the completion of the call.
About Codexis
Codexis® is a leading provider of high-performance enzymatic solutions for efficient and scalable therapeutics manufacturing. The company is currently developing its proprietary ECO Synthesis® Manufacturing Platform, an aqueous enzymatic process that may offer a scalable alternative to traditional solid phase organic synthesis of oligonucleotide manufacturing. Initially, Codexis is applying its technology to address the rapidly growing demand for RNAi therapeutics. Codexis’ unique enzymes can drive improvements such as higher yields, increased purity, reduced energy usage and waste generation, stereoisomer control of siRNA, and improved overall capacity in manufacturing at substantially lower capital requirements, all of which may lead to greater efficiency and reduced costs. In addition, the company supplies high-performance enzymes through its BioCatalysis business that are used in the manufacture of multiple commercially available small molecule therapeutics. For additional information, please visit https://www.codexis.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “forecast,” “guidance,” “look forward to,” “milestone,” “on track,” “outlook,” “project,” “runway,” “seek,” “should,” “suggest,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management. These forward-looking statements include, but are not limited to, statements regarding anticipated milestones, including technical milestones, data releases and public announcements related thereto; Codexis’ expectation that its existing cash, cash equivalents and short-term investments will be sufficient to fund its planned operations, including the expenses associated with the build out of its GMP production facility; Codexis’ financial guidance; the receipt of required permits and approvals for, and the timing, cost and completion of, the retrofit construction of Codexis’ ECO GMP Manufacturing Center, the anticipated timing of the commencement of retrofit construction and the facility being operational, and the intended use of the facility to supply siRNA material for preclinical investigations and clinical trials; Codexis’ ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements; Codexis’ ability to expand relationships with CDMO partners and to commence a strategic partner agreement; the availability of the remainder of Codexis’ loan facility for future drawdown, subject to certain conditions; Codexis’ feasibility study; and the anticipated benefits, performance, sustainability and commercial potential of Codexis’ ECO Synthesis® Manufacturing Platform and the anticipated level of customer interest in and adoption of Codexis’ technology. The forward-looking statements in this press release are subject to the safe harbor created by these sections, speak only as of the date of this press release, and are qualified by the cautionary statements set forth below. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Codexis’ control and that could materially affect actual results. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators and the risk that collaborators may terminate their development programs under their respective license agreements with Codexis; Codexis’ dependence on a limited number of products and customers, and potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets; Codexis’ ability to successfully develop and commercialize new technology and products for its target markets, including its ECO Synthesis® Manufacturing Platform; the risk that competitors and potential competitors who have greater resources and experience than Codexis may develop products and technologies that make Codexis’ products and technologies obsolete; Codexis’ ability to advance partnerships with drug innovators toward clinical stage manufacturing agreements and to establish strategic partnerships with CDMOs; the timing, cost and successful completion of the retrofit construction of Codexis’ GMP facility and the risk that the facility may not achieve operational readiness on the anticipated timeline; the risk that the FDA or other regulatory authorities may not accept enzymatically synthesized oligonucleotides or that the regulatory pathway for ECO Synthesis-derived products may be longer or more uncertain than anticipated; risks relating to Codexis’ dependence on its GMP facility, and the risk of delays or cost overruns; the concentration of Codexis’ revenue in a limited number of contracts and milestones; Codexis’ potential need for additional capital in the future in order to expand its business and the risk that additional capital may not be available on acceptable terms or at all; Codexis’ ability to comply with debt covenants under its loan facility and to satisfy scheduled principal and interest payment obligations, and the effect of the terms of that facility on Codexis’ liquidity and operating flexibility; risks relating to Codexis’ ability to obtain, maintain, defend and enforce patents, trade secrets and other intellectual property rights covering its technologies, and the risk of intellectual property infringement claims by third parties; Codexis’ dependence on key personnel and its ability to attract and retain qualified employees; Codexis’ reliance on third-party suppliers; risks relating to cybersecurity incidents and data integrity; volatility in the market price of Codexis’ common stock and its ability to maintain compliance with Nasdaq listing requirements; Codexis’ ability to accurately forecast financial and operational performance; the impact of market, political and economic conditions on Codexis’ business, financial condition and share price; and the impact of international trade policies, including tariffs, sanctions and trade barriers, on Codexis’ business. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 11, 2026, and in Codexis’ Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, to be filed with the SEC, in each case including under the caption “Risk Factors,” and in Codexis’ other filings with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law. Codexis’ results presented in this press release are not necessarily indicative of Codexis’ operating results for any future periods.
For More Information
Investor Contact
Georgia Erbez
(650) 421-8100
ir@codexis.com