CODEXIS, INC.

CDXS · Industrial Organic Chemicals · 90.9M shares · +5%/yr ↑ dilution · EDGAR filings ↗

Reference price $2.37 · est. market cap ~$215M — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D51

Loss-making enzyme/RNAi-manufacturing tech company with strong gross margins and growth but deep operating losses.

Strengths

Very high gross margin 86.7% (94th pct) and strong revenue growth 18.6% (88.9th)
Adequate liquidity: cash $78M, current ratio 3.8, ~13 quarters runway
Differentiated CodeEvolver IP and emerging ECO Synthesis RNAi platform

Risks

Deep losses: net margin -62%, operating margin -59%, ROE -87% (14th pct), negative FCF
History of net losses with no clear path to profitability; customer concentration
ECO Synthesis platform still in feasibility/pre-commercial stage

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Net lossNet loss (net margin -62.5%)
Cash burnNegative free cash flow (-23.8M)
Revenue declineRevenue -60.8% YoY
Insider sellingInsider selling — 6 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $15M2025-09-30 · $9M2025-12-31 · $39M2026-03-31 · $15M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

86.7%

Operating margin

-59.3%

Net margin

-62.5%

Return on equity

-87.0%

Return on assets

-29.8%

ROIC

-36.4%

Revenue growth (QoQ)

-60.8%

Debt / equity

0.8×

Current ratio

3.8×

Free cash flow

-$24M

EBITDA

-$36M

Tangible book value

$48M

Cash & investments

$78M

Cash runway

13q

Stock comp / revenue

13.7%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-11	De Vre Raymond	Sell	2.6K	$2.37
2026-02-24	Lutz Stefan	Sell	5.9K	$1.13
2026-02-06	Lutz Stefan	Sell	2.5K	$1.31
2026-02-06	Erbez Georgia	Sell	3.8K	$1.31
2026-02-06	MOORE ALISON	Sell	3.8K	$1.31
2026-01-07	Lutz Stefan	Sell	4.7K	$1.70
2025-12-01	Opaleye Management Inc.	Sell	245K	$1.67
2025-12-01	Opaleye Management Inc.	Sell	8.5K	$1.67
2025-12-01	Opaleye Management Inc.	Sell	245K	$1.67
2025-12-01	Opaleye Management Inc.	Sell	8.5K	$1.67
2025-11-28	Opaleye Management Inc.	Sell	105K	$1.75
2025-11-28	Opaleye Management Inc.	Sell	105K	$1.75
2025-11-28	Opaleye Management Inc.	Sell	2.5K	$1.75
2025-11-28	Opaleye Management Inc.	Sell	2.5K	$1.75
2025-11-26	Opaleye Management Inc.	Sell	5.0K	$1.74
2025-11-26	Opaleye Management Inc.	Sell	148K	$1.74
2025-11-26	Opaleye Management Inc.	Sell	5.0K	$1.74
2025-11-26	Opaleye Management Inc.	Sell	148K	$1.74
2025-11-21	WOLF DENNIS P	Sell	9.0K	$1.56
2025-11-13	MOORE ALISON	Grant	85K	—
2025-11-12	Opaleye Management Inc.	Sell	27K	$1.94
2025-11-12	Opaleye Management Inc.	Sell	890K	$1.94
2025-11-12	Opaleye Management Inc.	Sell	165K	$1.96
2025-11-11	De Vre Raymond	Sell	1.4K	$1.74
2025-11-11	DILLY STEPHEN GEORGE	Grant	50K	$1.85
2025-11-11	Opaleye Management Inc.	Sell	535K	$1.80
2025-11-11	Opaleye Management Inc.	Sell	13K	$1.80
2025-11-11	Opaleye Management Inc.	Sell	13K	$1.80
2025-11-11	Opaleye Management Inc.	Sell	535K	$1.80
2025-11-10	Opaleye Management Inc.	Sell	205K	$1.73
2025-11-10	Opaleye Management Inc.	Sell	205K	$1.73
2025-11-10	Opaleye Management Inc.	Sell	3.3K	$1.73
2025-11-10	Opaleye Management Inc.	Sell	3.3K	$1.73
2025-11-07	Opaleye Management Inc.	Sell	10K	$1.70
2025-11-07	Opaleye Management Inc.	Sell	297K	$1.70
2025-11-07	Opaleye Management Inc.	Sell	10K	$1.70
2025-11-07	Opaleye Management Inc.	Sell	297K	$1.70
2025-10-13	Erbez Georgia	Sell	6.2K	$2.50
2025-10-13	MOORE ALISON	Sell	6.2K	$2.51
2025-08-04	Opaleye Management Inc.	Buy	780	$2.83
2025-07-31	Opaleye Management Inc.	Buy	84K	$2.68
2025-07-30	Opaleye Management Inc.	Buy	1.6K	$2.79
2025-07-29	Opaleye Management Inc.	Buy	8.4K	$2.82
2025-07-18	Opaleye Management Inc.	Buy	100K	$2.82
2025-06-27	Opaleye Management Inc.	Buy	100K	$2.39
2025-06-16	Opaleye Management Inc.	Buy	51K	$2.24
2025-06-13	Opaleye Management Inc.	Buy	99K	$2.23
2025-06-12	Opaleye Management Inc.	Buy	100K	$2.25
2025-06-10	Singhvi Rahul	Grant	41K	—
2025-06-10	Richards Christos	Grant	41K	—
2025-06-10	PARKER H STEWART	Grant	41K	—
2025-06-10	Martinborough Esther	Grant	41K	—
2025-06-10	De Vre Raymond	Grant	41K	—
2025-06-10	Collins Cynthia	Grant	41K	—
2025-06-10	WOLF DENNIS P	Grant	41K	—
2025-06-10	Smith David V	Grant	41K	—
2025-05-28	Opaleye Management Inc.	Buy	5.0K	$2.36
2025-05-23	Opaleye Management Inc.	Buy	2.3M	$2.36
2025-05-01	Opaleye Management Inc.	Buy	20K	$2.32
2025-04-30	Opaleye Management Inc.	Buy	25K	$2.31
2025-04-25	Opaleye Management Inc.	Buy	25K	$2.24
2025-04-17	Opaleye Management Inc.	Buy	45K	$2.09
2025-04-16	Opaleye Management Inc.	Buy	70K	$2.13
2025-04-15	Opaleye Management Inc.	Buy	25K	$2.23
2025-04-08	Opaleye Management Inc.	Buy	100K	$1.98
2025-04-03	Opaleye Management Inc.	Buy	75K	$2.30
2025-04-02	Opaleye Management Inc.	Buy	5.0K	$2.46
2025-04-01	Opaleye Management Inc.	Buy	35K	$2.48
2025-03-28	Collins Cynthia	Grant	71K	—
2025-03-21	Opaleye Management Inc.	Buy	93K	$2.54
2025-03-20	Opaleye Management Inc.	Buy	7	$2.54
2025-03-13	Opaleye Management Inc.	Buy	85K	$2.54
2025-03-06	Opaleye Management Inc.	Buy	100K	$2.61
2025-03-05	Opaleye Management Inc.	Buy	10K	$2.69
2025-03-04	Opaleye Management Inc.	Buy	55K	$2.64
2025-03-03	Opaleye Management Inc.	Buy	47K	$2.81
2025-02-28	Opaleye Management Inc.	Buy	148K	$2.99
2025-02-12	Opaleye Management Inc.	Buy	15K	$4.00
2025-02-11	Opaleye Management Inc.	Buy	12K	$4.11
2025-02-10	Opaleye Management Inc.	Buy	22K	$4.18
2025-02-05	MOORE ALISON	Grant	27K	—
2025-02-05	Erbez Georgia	Grant	27K	—
2025-02-05	DILLY STEPHEN GEORGE	Grant	89K	—
2025-02-05	Norrett Kevin	Grant	27K	—
2025-01-31	Opaleye Management Inc.	Buy	45K	$4.29
2025-01-30	Opaleye Management Inc.	Buy	20K	$4.49
2025-01-14	Richards Christos	Grant	44K	—
2024-12-31	Opaleye Management Inc.	Buy	10K	$4.66
2024-12-30	Opaleye Management Inc.	Buy	35K	$4.70

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT03797664 ↗	A Study of the Safety and Tolerability of CDX-6114 in Healthy Volunteers Healthy	PHASE1	Completed	2019-04-12
NCT03577886 ↗	Safety and Tolerability of CDX-6114 in Healthy Volunteers Healthy	PHASE1	Completed	2018-08-21

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Supply chain

Customers (0)

Suppliers (1)

DYADIC INTERNATIONAL INC

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-22	Shareholder vote	filing ↗
2026-05-07	ResultsExhibits	filing ↗
2026-04-14	Exec/director change	filing ↗
2026-03-11	ResultsExhibits	filing ↗
2025-11-06	Results2.05Exec/director changeExhibits	filing ↗
2025-08-13	ResultsExhibits	filing ↗
2025-06-11	Exec/director changeShareholder vote	filing ↗
2025-05-14	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-22	2026-06-17	0001193125-26-276602 ↗
8-K	2026-05-07	2026-05-07	0001193125-26-211956 ↗
10-Q	2026-05-07	2026-03-31	0001200375-26-000012 ↗
8-K	2026-04-14	2026-04-08	0001193125-26-154866 ↗
10-K	2026-03-11	2025-12-31	0001200375-26-000006 ↗
8-K	2026-03-11	2026-03-11	0001193125-26-102146 ↗
10-Q	2025-11-06	2025-09-30	0001200375-25-000016 ↗
8-K	2025-11-06	2025-11-05	0001193125-25-269716 ↗
8-K	2025-08-13	2025-08-13	0001193125-25-179817 ↗
10-Q	2025-08-13	2025-06-30	0001200375-25-000012 ↗
8-K	2025-06-11	2025-06-10	0001193125-25-139123 ↗
10-Q	2025-05-14	2025-03-31	0001200375-25-000006 ↗