Codexis, Inc. is a biotechnology company that specializes in the discovery, development, enhancement, and commercialization of novel, high-performance enzymes and other classes of proteins. The company utilizes its proprietary CodeEvolver directed evolution technology platform to create these enzymes, which are used in various applications. Codexis sells biocatalysts, pharmaceutical intermediates, and offers research and development services.
- Product Revenue - Sells biocatalysts used in the manufacture of small molecule active pharmaceutical intermediaries, enzymes for molecular biology and diagnostic markets, and Codex biocatalyst panels and kits.
- Research and Development Revenue - Provides license, technology access and exclusivity fees, research services fees, milestone payments, royalties, optimization, and screening fees.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Stephen Dilly ExecutiveBoard | President and Chief Executive Officer | Stephen Dilly has been serving as President and CEO of Codexis since August 2022 and as Chairman of the Board since August 2024, bringing over two decades of leadership in the pharmaceutical industry. | View Report → | |
Alison Moore Executive | Chief Technical Officer | Technical Advisory Board Member at National Resilience, Inc.; Board of Directors at Artiva Biotherapeutics, Inc. | Alison Moore has been serving as the Chief Technical Officer at Codexis since September 2024 after a four-year tenure as a Board member from June 2020 to September 2024. | |
Georgia Erbez Executive | Chief Financial Officer | Member of the Board of Directors at Coherus BioSciences | Georgia Erbez has served as the Chief Financial Officer at Codexis, Inc. since September 2024. She has extensive experience in biotechnology, having previously served as CFO at Harpoon Therapeutics and COO at Walking Fish Therapeutics. | |
Kevin Norrett Executive | Chief Operating Officer | Kevin Norrett has served as Chief Operating Officer of Codexis since October 2022. He previously held executive roles at Sierra Oncology as Chief Business Officer and at Angion Biomedica as Chief Commercial Officer. | ||
Christos Richards Board | Director | Partner and Global Head of Healthcare and Life Sciences at Calibre One, Inc. | Christos Richards is a Director at Codexis since January 16, 2025 and a member of the Strategy Committee, bringing over 30 years of executive advisory experience in the biopharmaceutical and healthcare sectors. | |
Cynthia Collins Board | Director | Executive Chair and Interim Chief Executive Officer of Nutcracker Therapeutics, Inc. (since February 2025); Board Member of MaxCyte, Inc. (since October 2024); Board Member of Alanis Therapeutics Inc. (since November 2023); Board Member of Certara, Inc. (since July 2021); Board Member of DermTech, Inc. (since May 2018); Board Member of Draper Laboratory (since 2021); Board Member of Foundation for mRNA Medicines | Cynthia Collins has served on the Board of Directors at Codexis, Inc. since March 2025, leveraging over four decades of biotech experience. She brings extensive expertise in genetic and cell medicines, biopharmaceuticals, life sciences, and diagnostics to her role. | |
David V. Smith Board | Lead Independent Director | Director of IO Biotech; Director of Neurelis Inc. | David V. Smith has served as Director at Codexis since March 2016 and became Lead Independent Director in August 2024. He previously held executive roles including CFO at Five Prime Therapeutics and COO at IntegenX. | |
Dennis P. Wolf Board | Director | Board member of Siegel Rare Neuro Immune Association (SRNA) | Dennis P. Wolf has served as a Director at Codexis since December 2007. He is a member of the audit committee and compensation committee and previously held CFO roles at DataStax and Fusion-IO. | |
Esther Martinborough Board | Director | Board member of San Diego Squared (SD2) | Esther Martinborough, Ph.D., has served as a director at Codexis since February 2021 and chairs the Science and Technology Committee while also serving on the Strategy Committee, with extensive experience in drug development from her previous executive roles. | |
H. Stewart Parker Board | Director | Principal at Parker BioConsulting; Board member at Sangamo Therapeutics, Inc.; Board member at Inventprise, Inc. | H. Stewart Parker has served as a Director at Codexis since December 2022 and brings extensive experience in biotechnology management, including founding and leading companies since 1992. | |
Rahul Singhvi Board | Director | Founder and CEO of Axella Biosciences, Inc.; Board Member of TAG1; Board Member of Kairos Pharmaceuticals, Ltd.; Board Member of Garuda Therapeutics; Board of Trustees of Keck Graduate Institute | Dr. Rahul Singhvi has served as a Director at Codexis since September 2022. He brings extensive leadership experience having held executive and board roles at organizations such as National Resilience, Inc. and others. | |
Raymond De Vrè Board | Director | Founder and Managing Director, RADV Advisory | Raymond De Vrè, Ph.D., has been a Director at Codexis since November 7, 2024 and a Science and Technology Committee Member since November 2024, leveraging over 20 years of experience in the pharmaceutical and biotech industries. He has held senior roles at PolyPeptide Group, Dr. Reddy’s Laboratories, and McKinsey & Company. |
- Given the delay in receiving the $2.5 million Pharma Biocatalysis order that affected your Q1 revenue, can you elaborate on the internal controls you’ve implemented to minimize such delays in future revenue recognition?
- With your revenue ramp heavily dependent on new contracts in the second half of the year, what specific steps are being taken to ensure consistent order flow from CDMOs and mitigate the risks of client order variability?
- As you plan to flip to cash flow positivity by the end of 2026 while simultaneously investing in a GMP facility, can you detail the timing and financing strategies that will avoid diluting your operating cash flow assumptions?
- Your product gross margin improved from 49% to 55% due to shifts towards more profitable products; what risks do you see if this mix changes, and how will you address potential margin compression if cost pressures increase?
- While your machine learning tools are proving effective in enzyme engineering and process optimization, what challenges do you anticipate in scaling these technologies across your entire manufacturing platform, and how might they impact your operating burn?
Research analysts who have asked questions during CODEXIS earnings calls.
Matthew Hewitt
Craig-Hallum Capital Group LLC
4 questions for CDXS
Allison Bratzel
Piper Sandler Companies
3 questions for CDXS
Brendan Smith
Stifel, Nicolaus & Company, Incorporated
3 questions for CDXS
Daniel Arias
Stifel, Nicolaus & Company, Incorporated
3 questions for CDXS
Kristen Kluska
Cantor Fitzgerald
3 questions for CDXS
Jacob Johnson
Stephens Inc.
2 questions for CDXS
Matthew Stanton
Jefferies
2 questions for CDXS
Chad Wiatrowski
TD Cowen
1 question for CDXS
Jack Melick
Jefferies
1 question for CDXS
Rick Miller
C.L. King & Associates
1 question for CDXS
Tycho Peterson
Jefferies
1 question for CDXS
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Solvias AG | Competes in the development and marketing of conventional catalysts, which are alternatives to biocatalysts in pharmaceutical manufacturing. |
BASF | Offers conventional catalysts that compete with biocatalysts in pharmaceutical manufacturing. |
Johnson-Matthey | Provides conventional catalysts as an alternative to biocatalysts in pharmaceutical manufacturing. |
Takasago International Corporation | Develops conventional catalysts that compete with biocatalysts in pharmaceutical manufacturing. |
DSM Firmenich | A subsidiary of a larger contract research/contract manufacturing organization that competes in the supply of enzymes for pharma biocatalysis. |
Cambrex Corporation | Competes as a contract development and manufacturing organization (CDMO) in the supply of APIs and intermediates, including biocatalytic processes. |
Lonza | A CDMO that competes in the supply of APIs and intermediates, including biocatalytic processes. |
WuXi STA | A CDMO offering both conventional and biocatalytic approaches to API and intermediate production. |
Almac Group Ltd | Competes as a CDMO in the supply of APIs and intermediates, including biocatalytic processes. |
Traditionally focuses on designing microorganisms that express small molecule chemicals but could extend into designing organisms that express enzymes. | |
BRAIN AG | Competes in enzyme customization and optimization for pharma biocatalysis. |
evoxx technologies GmbH | A smaller company competing in enzyme customization and optimization for pharma biocatalysis. |
c-LEcta GmbH | Competes in enzyme customization and optimization for pharma biocatalysis. |
Enzymicals AG | Competes in enzyme customization and optimization for pharma biocatalysis. |
Enzymaster | A smaller company competing in enzyme customization and optimization for pharma biocatalysis. |
A large industrial enzyme company competing in the supply of enzymes for pharma biocatalysis. | |
Competes as a large industrial enzyme company in the supply of enzymes for pharma biocatalysis. | |
Arzeda Corp. | Competes in enzyme customization and optimization for pharma biocatalysis. |
Evocatal GmbH | A smaller company competing in enzyme customization and optimization for pharma biocatalysis. |
A CDMO that has made significant capital investments to expand RNA manufacturing capabilities using phosphoramidite chemistry. | |
EnPlusOne Biosciences | An early-stage competitor pursuing fully enzymatic approaches to RNA manufacturing. |
CPI-led UK consortium | Includes academic and research organizations like The University of Manchester and large pharmaceutical companies such as AstraZeneca plc and Novartis, pursuing enzymatic approaches to RNA manufacturing. |
Recent press releases and 8-K filings for CDXS.
- Codexis reported Q2 2025 revenue of $15.3 million, exceeding the analyst consensus estimate of $14.1 million.
- The company strengthened its cash position by raising $27.3 million through an at-the-market (ATM) facility and an Innovatus loan. As of June 30, 2025, Codexis had $66.3 million in cash, cash equivalents, and short-term investments.
- The ECO Synthesis platform gained significant external validation with six presentations at the 2025 TIDES USA annual meeting, including three from CDMO collaborators. The company anticipates achieving pilot scale GLP-grade siRNA production and signing a GMP scale-up partner by the end of 2025.
- Codexis's GLP Eco Innovation Lab is operational and has secured its first revenue-generating contract for the Ecosystems Platform, involving manufacturing a novel construct for a pharma innovator with a CDMO partner.
- The company expects four customers to purchase its ligase by the end of 2025, up from one last year, with three CDMOs (Bachem, Nitto, ST Pharma) already seeing the advantage of access to their ligase.
- Codexis recently rolled out a machine learning AI platform for ligase selection, enabling rapid optimization of molecules for specific reactions.
- The company plans to cost-effectively build a 50 kilo annual capacity GMP facility for siRNA production, estimated to cost $30 million over two years for a 35,000 square foot facility.
- Codexis aims to reach cash flow positive by the end of 2026, supported by its profitable heritage pharma manufacturing business.