CODEXIS, INC. reported the first quarter ended March 31, 2026 results: revenue $15.2 million, net income $8.7 million, or $0.10 per share, EPS $0.10 per share. Guidance reaffirmed.
“First Quarter 2026 Financial Highlights • Total revenues were $15.2 million for the first quarter of 2026 compared to $7.5 million in the first quarter of 2025. The increase was primarily due to the recognition of an additional $6.3 million in revenue from the Merck Technology Transfer agreement which we executed during the fourth quarter of 2025. • Product gross margin was 71% for the first quarter of 2026 compared to 55% in the first quarter of 2025. The increase in gross margin was largely due to a shift in sales toward more profitable products, and declines in less profitable, legacy products. • Research and Development expenses for the first quarter of 2026 were $11.4 million compared to $12.9 million in the first quarter of 2025. The decrease was primarily due to lower allocable costs, partially offset by higher employee-related costs and higher use of outside services. • Selling, General & Administrative expenses for the first quarter of 2026 were $9.8 million compared to $12.4”
Restructurings & Charges
CODEXIS, INC. announced a restructuring with charges of approximately $3.5 million affecting ECO Synthesis platform (approximately 24%).
“benefits to impacted employees, as well as the payment of other expenses such as related tax costs, will result in the recognition of an additional expense of approximately $3.5 million. The Company anticipates this expense will be recognized in the fourth quarter of 2025 and paid primarily during the same period. The Company expects the workforce reduction to”
Byron L. Dorgan departed as director at CODEXIS, INC..
“On April 4, 2025, Byron L. Dorgan provided notice to the board of directors (the “Board”) of Codexis, Inc. (the “Company”) of his intention to retire and not to stand for reelection to the Board at the expiration of his current term at the Company’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”).”
Cynthia Collins was appointed as Member of the Board, Class II Director at CODEXIS, INC..
“On March 28, 2025, the Board of Directors (the “Board”) of Codexis, Inc. (the “Company”), upon the recommendation of the Board’s Nominating and Corporate Governance Committee, appointed Cynthia Collins as a member of the Board as a Class II director, effective immediately.”
Christos Richards was appointed as Director at CODEXIS, INC..
“On January 14, 2025, the Board of Directors (the “Board”) of Codexis, Inc. (the “Company”), upon the recommendation of the Board’s Nominating and Corporate Governance Committee (the “Nominating and Corporate Governance Committee”), appointed Christos Richards as a member of the Board as a Class II director, effective immediately.”
Raymond De Vré was appointed as Class I director at CODEXIS, INC..
“appointed Raymond De Vré as a member of the Board as a Class I director, effective immediately.”
Sriram Ryali departed as Chief Financial Officer at CODEXIS, INC..
“Sriram Ryali ceased to serve as the Company’s Chief Financial Officer and principal financial and accounting officer effective as of September 30, 2024.”
Sriram Ryali departed as Chief Financial Officer at CODEXIS, INC..
“On September 30, 2024, the Board appointed Georgia Erbez as the Company’s Chief Financial Officer, replacing Sriram Ryali in such role, effective September 30, 2024.”
Georgia Erbez was appointed as Chief Financial Officer at CODEXIS, INC..
“On September 30, 2024, the Board appointed Georgia Erbez as the Company’s Chief Financial Officer, replacing Sriram Ryali in such role, effective September 30, 2024.”
Alison Moore resigned as Director at CODEXIS, INC..
“In connection with her appointment as Chief Technical Officer, Dr. Moore resigned from the Board and its committees, effective as of September 30, 2024.”
Alison Moore was appointed as Chief Technical Officer at CODEXIS, INC..
“On September 30, 2024, the board of directors (the “Board”) of Codexis, Inc. (the “Company” or “Codexis”) appointed Alison Moore, Ph.D., a current member of the Board, to serve as the Company’s Chief Technical Officer.”
Earnings Releases
CODEXIS, INC. reported the first quarter ended March 31, 2024 results: revenue $17.1 million. Guidance reaffirmed.
“in the second half of 2025, ahead of an anticipated full commercial launch of the platform in 2026. First Quarter 2024 Financial Highlights • Total revenues increased by 32% to $17.1 million for first quarter 2024 compared to $13.0 million in first quarter 2023. • Product revenues increased by 14% to $9.6 million for first quarter 2024 compared to $8.4 million in”
Auditor Changes
CODEXIS, INC. engaged KPMG LLP as its auditor.
“On February 29, 2024, the Audit Committee approved the engagement of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.”
Auditor Changes
CODEXIS, INC. dismissed BDO USA, P.C. as its auditor.
“On February 29, 2024, the Audit Committee (the “Audit Committee”) of the Board of Directors of Codexis, Inc. (the “Company”) dismissed BDO USA, P.C. (“BDO”) as the Company’s independent registered public accounting firm.”
Jennifer Aaker departed as Director at CODEXIS, INC..
“On February 13, 2024, Jennifer Aaker, Ph.D. provided notice to the board of directors (the “Board”) of Codexis, Inc. (the “Company”) of her intention not to stand for reelection to the Board at the expiration of her current term at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”).”
Debt Financings
CODEXIS, INC. incurred term loan of up to $40.0 million with Innovatus Life Sciences Lending Fund I, LP at the greater of (i) Primate Rate and (ii) 7.50%, plus (b) 3.25% maturing 5th anniversary of the initial funding date.
“Lenders listed on Schedule 1.1 thereto, pursuant to which Innovatus, as a Lender, has agreed to make certain term loans to the Company in the aggregate principal amount of up to $40.0 million (the “Term Loans”). Funding of the first $30.0 million tranche was completed on February 13, 2024. The Company will be eligible to draw on a second tranche of $10.0 million upon”
Material Agreements
CODEXIS, INC. entered into Loan Agreement with Innovatus Life Sciences Lending Fund I, LP valued at up to $40.0 million (effective 2024-02-13).
“On February 13, 2024, Codexis, Inc. (the “Company”) entered into a loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”) as collateral agent and the Lenders listed on Schedule 1.1 thereto, pursuant to which Innovatus, as a Lender, has agreed to make certain term loans to the Company in the aggregate principal amount of up to $40.0 million (the “Term Loans”).”
Governance Changes
CODEXIS, INC.: Modified definition of 'Acting in Concert' and added severability provision (effective 2024-02-08).
“On February 8, 2024, the Board of Directors (the “Board”) of Codexis, Inc., a Delaware corporation (the “Company”), approved and adopted the amended and restated bylaws of the Company (the “Amended and Restated Bylaws”), which became effective the same day, in order to modify the definition of “Acting in Concert” contained therein and include a provision regarding severability.”
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