Codexis Product Mix Lifts Third-Quarter Sales

The Tip Desk · November 13, 2026 · 3 min read

Third-quarter revenue reached $19.3 million as product sales more than doubled and the company reiterated $72 million to $76 million of 2026 sales.

Codexis, Inc. (CDXS), a provider of enzymatic solutions for manufacturing complex therapeutics, reported third-quarter 2026 revenue of $19.3 million, up from $14.9 million in the second quarter after a sequential dip from $15.2 million in the first quarter.

The company said the increase versus $8.6 million a year earlier was primarily due to higher product revenue, driven by the approval and launch of new products by customers with higher margins compared with more established products. Product revenue was $15.74 million in the three months ended September 30, 2026, versus $6.81 million a year earlier. Research and development revenue was $3.52 million.

Product gross margin was 74.5% in the third quarter, compared with 73% in the second quarter and 71% in the first quarter. The company said the increase was largely due to a shift in sales toward more profitable products and declines in less profitable, established products.

Loss from operations was $7.44 million in the third quarter, versus $18.95 million a year earlier. The net loss was $8.1 million, or $0.08 a share, compared with $8.7 million, or $0.10 a share, in the first quarter of 2026.

Research and development expenses were $12.6 million in the third quarter, after $11.7 million in the second quarter and $11.4 million in the first quarter. The company said 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 $10.1 million. The company attributed the year-over-year decline primarily to lower employee-related costs associated with reduced headcount, lower stock-based compensation and lower allocable costs, partially offset by higher facility-related expenses.

As of September 30, 2026, Codexis had $72.7 million in cash, cash equivalents, and short-term investments. During the third quarter it completed an equity financing that raised about $25 million in net proceeds. After the close of the quarter, it entered a $60 million senior secured term loan with Trinity Capital; the first tranche of $42.5 million was used to replace an existing agreement with Innovatus Life Sciences Lending Fund I, LP. The remainder of the facility is available for future drawdown, subject to certain conditions.

Codexis reiterated full-year 2026 revenue guidance of $72 million to $76 million and forecast 2026 gross margin in the low 70% range. It said existing cash, cash equivalents, and short-term investments are expected to be sufficient to fund planned operations through the end of 2028, including expenses associated with the build-out of the GMP production facility.

In November the company hosted presentations at the 2026 TIDES Europe annual meeting showing production of 100 grams of high-quality oligonucleotide on the ECO Synthesis Manufacturing Platform and greater potency of stereo-defined siRNA versus chemically synthesized material. In October it announced a feasibility study with a pioneer company in the siRNA field, in which Codexis will use ECO Synthesis technology to synthesize stereo-defined fragments.

The company said it expects to begin retrofit construction for its ECO GMP Manufacturing Center in the new year, with the facility operational by the end of 2027, after previously targeting a building-permit application and a second-half 2026 construction start. The facility is intended to provide siRNA material for preclinical investigations and Phase 1 and 2 clinical trials. Codexis also said it will advance partnerships with drug innovators toward clinical-stage manufacturing agreements and expand relationships with CDMO partners with a goal of commencing a strategic partner agreement.