Codexis Reiterates 2026 Outlook After July Equity Raise
The enzymatic-therapeutics maker booked $14.9 million of second-quarter revenue and said proforma cash of about $80 million will fund operations through the end of 2028.
Codexis, Inc. (CDXS) reported second-quarter 2026 revenue of $14.9 million and reiterated full-year guidance of $72 million to $76 million, the same range it had restated after the first quarter.
The enzymatic-therapeutics company said the year-over-year revenue decline was primarily due to lower research and development revenue, mostly offset by higher product revenue from customer approvals and launches. Product revenue was $13.2 million, up from $7.4 million a year earlier. Research and development revenue was $1.7 million.
That mix shift is the operating story of the quarter. Product gross margin expanded to 73%, from 71% in the first quarter and 72% a year earlier. The company attributed the increase to a shift toward more profitable products and declines in less profitable established products.
Total revenue of $14.9 million was down from $15.2 million in the first quarter, when the print had included an additional $6.3 million from the Merck Technology Transfer agreement executed in the fourth quarter of 2025.
Research and development expenses were $11.7 million. The year-over-year decrease was primarily due to lower employee-related costs, reduced spending on outside services and lower lab supplies, partially offset by higher allocable costs. Selling, general and administrative expenses were $10.9 million, reflecting lower employee-related costs associated with reduced headcount, lower stock-based compensation and lower allocable costs, partially offset by higher facility-related expenses.
Net loss was $12.0 million, or $0.13 a share, compared with a net loss of $13.3 million, or $0.16 a share, a year earlier.
Cash, cash equivalents and short-term investments were $54.9 million as of June 30, 2026. After the close of the quarter, Codexis completed an equity financing that raised approximately $25 million in net proceeds, resulting in pro forma cash of approximately $80 million.
President and Chief Executive Officer Alison Moore said the company had made significant progress in the first half of 2026 in industrializing its ECO Synthesis Manufacturing Platform. In May, Codexis presented data at the TIDES US annual meeting showing enzyme-driven stereoisomer control of siRNA, superior performance of its ligase in siRNA ligation reactions, and improved sustainability versus solid-phase oligonucleotide synthesis. Those presentations generated interest from startup and established participants in the siRNA field.
Codexis said it will submit an application for a building permit for its ECO GMP Manufacturing Center in preparation to commence retrofit construction during the second half of 2026. Full production capability is planned by the end of 2027. The facility is intended to provide siRNA material for preclinical investigations and Phase 1 clinical trials.
The company aims to commence an additional strategic partnership with a CDMO partner by the end of 2026, advance partnerships with drug innovators toward clinical-stage manufacturing agreements, and continue engagement with the FDA Emerging Technologies team, with a meeting anticipated in the fourth quarter of 2026.
Codexis expects its existing cash, cash equivalents, and short-term investments to be sufficient to fund its planned operations through the end of 2028. The financial guidance and cash-runway projections include expenses associated with the build-out of the GMP production facility. Gross margin for 2026 is expected to be in the high 60% range.