REDWOOD CITY, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable manufacturing of complex therapeutics, today announced that it will report its financial results for the fourth quarter and fiscal year 2025 on Wednesday, March 11, 2026, following the close of market. Codexis management will host a conference call and webcast at 4:30 pm Eastern Time to discuss the Company’s financial results and provide a business update ...

Business Highlights - Codexis secured a $37.8 million Supply Assurance Agreement with Merck [7, 15] - The company expects to receive the cash from the Merck agreement by the end of 2025 [7, 15] - Codexis has a cash runway through 2027 [7] - Codexis has 11 customers this year and a pipeline of 40 prospects [7, 13] - The company will sign a lease on a 34,000 square feet multi-purpose GMP facility in the next few weeks [7] Executive Management Transition and Cost Reduction - Codexis is reducing operating expenses by 25% through the elimination of 46 positions [10] - Dr Stephen Dilly will transition to Chairman, and Dr Alison Moore will assume the role of President and CEO [10] Q3 2025 Financial Results - Total revenue for Q3 2025 was $8.6 million, compared to $12.8 million in Q3 2024 [16] - Product gross margin increased to 64% in Q3 2025 from 61% in Q3 2024 [16] - R&D expenses for Q3 2025 were $13.9 million, compared to $11.5 million in Q3 2024 [16] - Net loss for Q3 2025 was $19.6 million, or $0.22 per share, compared to a net loss of $20.6 million, or $0.29 per share, in Q3 2024 [16]

Core Insights - Codexis, Inc. has signed a $37.8 million Supply Assurance Agreement with Merck, which is expected to provide a significant non-dilutive cash infusion into the company [2][3][6] - Organizational changes have been implemented to streamline operations and reduce expenses, including a leadership transition where Dr. Alison Moore will succeed Dr. Stephen Dilly as CEO [3][6] - The company has extended its cash runway through 2027, allowing for continued investment in its innovative manufacturing solutions [2][3] Financial Performance - Total revenues for the third quarter of 2025 were $8.6 million, a decrease from $12.8 million in the same quarter of 2024, primarily due to variability in customers' manufacturing schedules and clinical trial progression [12][15] - Product gross margin improved to 64% in Q3 2025 from 61% in Q3 2024, attributed to a shift towards more profitable products [12] - The net loss for Q3 2025 was $19.6 million, or $0.22 per share, compared to a net loss of $20.6 million, or $0.29 per share, in Q3 2024 [12][16] Organizational Changes - Dr. Stephen Dilly will transition to Chairman of the Board, while Dr. Alison Moore, previously Chief Technology Officer, will take over as CEO [3][6] - The company has eliminated 46 positions, approximately 24% of its workforce, to reduce operational costs [6] - Dr. Stefan Lutz has been promoted to Chief Scientific Officer, and Georgia Erbez will also serve as Chief Business Officer [6] Upcoming Events - Codexis will present at the 2025 TIDES Europe Annual Meeting from November 11-13 in Basel, Switzerland [5]

Q2 2025 Financial Performance - Total revenue increased to $15.3 million, compared to $8.0 million in Q2 2024[11] - Product gross margin improved significantly to 72% from 45% in Q2 2024[11] - Loss from operations decreased to ($12.9) million from ($22.7) million year-over-year[11] - Net loss per share improved to ($0.16) from ($0.32) year-over-year[11] Business Highlights - The company is experiencing growing momentum with ECO Synthesis, with 34 ongoing customer engagements[7] - Customers are bringing their most complex manufacturing challenges to Codexis, indicating strong demand for their solutions[10] - Chemo-enzymatic route (ligation) is becoming the new standard in siRNA manufacturing, benefiting the company's ligase business[10] Strategic Focus - The company is shifting emphasis to newer assets with longer runway and better economics[7] - The company is exploring the development of a Codexis-owned GMP facility[10] - The company continues to carefully manage burn rate and reiterates 2025 guidance range[13]