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Codexis Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Signed a $37.8 million supply assurance agreement with Merck, providing a significant non-dilutive cash infusion expected by year-end and supporting a new GMP facility buildout.
Leadership transition: Alison Moore appointed CEO, Stephen Dilly becomes Executive Chair, with additional organizational realignment and elimination of 46 positions (24% of workforce) to streamline operations.
Strategic pivot from small molecule biocatalysis to focus on ECO Synthesis and ligase platforms for oligonucleotide and siRNA manufacturing, with new partnerships and commercial pipeline growth.
Eleven revenue-generating contracts in place, up from one last year, with 40 more in the pipeline.
Completed ECO Synthesis Innovation Lab and expect to manufacture GLP-grade siRNA for customers, with plans to partner with a CDMO for GMP-grade production.
Financial highlights
Q3 2025 total revenue was $8.6 million, down from $12.8 million in Q3 2024, mainly due to customer manufacturing schedule variability.
Product gross margin improved to 64% in Q3 2025 from 61% in Q3 2024, driven by a shift to more profitable products.
Research and development expenses rose to $13.9 million from $11.5 million year-over-year, reflecting higher headcount and lab supply costs.
Selling, general, and administrative expenses decreased to $11.2 million from $13.6 million, reflecting lower employee and legal costs.
Net loss for Q3 2025 was $19.6 million ($0.22 per share), compared to $20.6 million ($0.29 per share) in Q3 2024.
Cash, cash equivalents, and short-term investments totaled $58.7 million as of September 30, 2025, not including Merck funds.
Outlook and guidance
Cash runway projected through 2027, supported by the $37.8 million Merck agreement and cost reductions.
Significant Merck contract revenue to be recognized in Q4 2025 and Q1 2026.
Restructuring and workforce reduction expected to reduce cash burn by approximately 24–25% and extend runway.
More specific 2026 guidance to be provided after the start of the year.
Describe ECO Synthesis long-term revenue model.
What is the path to profitability for Codexis?
How will ECO Synthesis scale to commercial needs?
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Frequently asked questions
Codexis, Inc. discovers, develops, and sells enzymes and other proteins to the pharmaceutical and renewable chemical industries. The company offers CodeEvolver protein engineering platform that involves designing of molecule, designing an enzyme to do the job, and optimizing the enzyme for industrial use in discovery drug safety evaluations (DSEs) market; CodeXyme enzyme for converting sugar into specialty chemicals; and enzymes for manufacturing APIs. It also provides enzymes for fuel ethanol industry.
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