Codexis (CDXS) investor relations material

Executive summary

• Q1 2026 revenue reached $15.2 million, doubling year-over-year, driven by the Merck Technology Transfer agreement and higher product sales volumes.

• Net loss narrowed to $8.7 million from $20.7 million in Q1 2025, reflecting higher revenues and reduced operating expenses.

• Product gross margin improved to 71% from 55% year-over-year due to a favorable product mix.

• The company advanced the ECO Synthesis platform for RNA medicine manufacturing, with upcoming TIDES USA presentations and ongoing technology development.

• Achieved ISO 9001 certification for in-house manufacturing and supported FDA approval for a pharma biocatalysis product.

Financial highlights

• Product revenue increased 19% year-over-year to $7.2 million; R&D revenue rose 443% to $8.1 million, mainly from deferred revenue recognition related to a licensing agreement.

• R&D expenses decreased to $11.4 million from $12.9 million; SG&A expenses fell to $9.8 million from $12.4 million year-over-year.

• Net loss per share improved to $0.10 from $0.25 year-over-year; weighted average shares outstanding increased to 90.8 million.

• Cash, cash equivalents, and short-term investments totaled $65.1 million as of March 31, 2026, expected to fund operations through 2027.

• Long-term debt stood at $40.5 million.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $72–$76 million, with revenue expected to be weighted toward the second half.

• Gross margins for 2026 expected to be comparable to 2025 levels.

• Cash runway expected to last through the end of 2027.

• Plans to apply for a building permit for the ECO GMP Manufacturing Center in Q2 2026, with full production by end of 2027.

• Focus on signing broader, higher-value contracts and innovative licensing deals in 2026.