Codexis Reaffirms 2026 Revenue at $72–76 Million and Raises Gross Margin Outlook
Key Facts
Codexis reaffirmed its 2026 revenue outlook at $72–76 million and raised its estimate for full-year gross margin to the low 70% range, according to its third-quarter results statement published on November 12. The company said revenue reached $19.3 million in the third quarter, compared with $8.6 million in the same period of 2025. It attributed the increase mainly to product revenue growth, as customers launched newly approved products with higher margins. The company also said product gross margin rose to 74.5% from 64% a year earlier. The outlook update comes as the company continues to report a net loss, though it narrowed year over year.
Product revenue was $15.740 million in the third quarter, compared with $6.807 million in the same quarter of 2025, according to the income statement in the company’s release. Research and development revenue rose to $3.522 million from $1.794 million. Codexis said overall revenue growth was driven mainly by products its customers launched after receiving approvals, which carried higher margins than more established products. The company said the shift in product mix toward more profitable offerings, alongside declining sales of older, less profitable products, supported the improvement in product margins. In the second quarter of 2026, revenue was $14.9 million, compared with $15.3 million a year earlier, with the decline attributed mainly to lower research and development revenue.
The net loss narrowed to $8.1 million, or $0.08 per share, in the third quarter of 2026, compared with a loss of $19.6 million, or $0.22 per share, a year earlier. Research and development expenses fell to $12.6 million from $13.9 million. Selling and administrative expenses also declined to $10.1 million from $11.2 million. The company attributed the lower expenses mainly to reduced employee costs. According to Investing.com data, the per-share loss and revenue beat analysts’ average estimates for the quarter, which were a loss of $0.09 per share and revenue of $18.62 million. The site reported revenue of $19.26 million and a per-share loss of $0.08.
Codexis said cash, cash equivalents and short-term investments totaled $72.7 million on September 30, 2026. It added that these current resources are sufficient to fund planned operations through the end of 2028, including costs to build a facility for manufacturing under good manufacturing practices. In November, the company entered into a $60 million secured loan agreement with Trinity Capital. It used the first tranche, worth $42.5 million, to replace its previous agreement with Innovatus Capital’s life sciences lending fund. The agreement includes an additional $7.5 million tranche available through December 15, 2027, subject to conditions, and a $10 million tranche that requires lender approval. The loans carry a variable interest rate of at least 10.50% annually.
In a technology update, Codexis said its “Eco Synthesis” platform produced 100 grams of high-quality oligonucleotide. Data presented by the company showed greater potency for a structurally defined siRNA molecule than for chemically synthesized material. In October, the company announced a feasibility study with a leading siRNA company, using its technology to produce structurally defined components. The work aims to help the partner improve component purity compared with what conventional solid-phase chemistry can deliver. The company links its manufacturing scale-up pathway to developing partnerships with drug innovators and contract manufacturing partners.
Codexis expects rehabilitation work at its “Eco GMP” manufacturing center to begin in the new year, and is targeting the center to be ready for operations by the end of 2027. It said the facility will supply siRNA material for preclinical research and Phase 1 and Phase 2 trials. Its stated priorities include advancing partnerships with drug innovators toward manufacturing agreements for clinical use. The company also aims to expand its relationships with contract manufacturing partners, with the goal of securing a strategic partnership agreement. In the market, Codexis shares closed at $0.9581 on November 12, compared with a close of $0.9764 in the previous session.