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CDXS 
Codexis Inc (CDXS)
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Upturn Advisory Summary
12/03/2025: CDXS (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
7 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $6.58
1 Year Target Price $6.58
| 4 | Strong Buy |
| 1 | Buy |
| 2 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -35.85% | Avg. Invested days 24 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/03/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 149.04M USD | Price to earnings Ratio - | 1Y Target Price 6.58 |
Price to earnings Ratio - | 1Y Target Price 6.58 | ||
Volume (30-day avg) 7 | Beta 2.45 | 52 Weeks Range 1.52 - 6.08 | Updated Date 12/2/2025 |
52 Weeks Range 1.52 - 6.08 | Updated Date 12/2/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.73 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -120.82% | Operating Margin (TTM) -220.31% |
Management Effectiveness
Return on Assets (TTM) -27.39% | Return on Equity (TTM) -114.26% |
Valuation
Trailing PE - | Forward PE 138.89 | Enterprise Value 166181182 | Price to Sales(TTM) 2.82 |
Enterprise Value 166181182 | Price to Sales(TTM) 2.82 | ||
Enterprise Value to Revenue 3.14 | Enterprise Value to EBITDA -10.67 | Shares Outstanding 90324383 | Shares Floating 77837037 |
Shares Outstanding 90324383 | Shares Floating 77837037 | ||
Percent Insiders 2.62 | Percent Institutions 74.28 |
Upturn AI SWOT
Codexis Inc
Company Overview
History and Background
Codexis, Inc. was founded in 2002. It specializes in enzyme engineering for various industries. Over time, it has evolved into a leading provider of protein engineering solutions, focusing on developing high-performance enzymes for pharmaceutical, food, and industrial applications.
Core Business Areas
- Codexis BioSolutionsu2122: Codexis BioSolutionsu2122 delivers sustainable solutions for food and other industries by unlocking the power of enzymes.
- Novel Enzymes: Codexis engineers novel enzymes that can be used across various industries, increasing manufacturing efficiency, reducing waste, and promoting sustainability.
- Pharmaceuticals: Codexis provides enzymes to produce key pharmaceutical intermediates and active pharmaceutical ingredients (APIs) more efficiently and sustainably, improving drug manufacturing processes.
Leadership and Structure
The leadership team includes Stephen Dilly (President and CEO). The company operates with a focus on research and development, commercial operations, and corporate functions to support its business segments.
Top Products and Market Share
Key Offerings
- CodeEvolveru00ae Platform: This is Codexis's proprietary protein engineering platform which uses directed evolution to create novel enzymes with improved performance. While specific market share data is not publicly disclosed, the platform is widely used in enzyme engineering applications. Key competitors include companies offering alternative protein engineering techniques. Revenue for 2023 was $120 Million.
- Enzymes for API Manufacturing: Codexis provides enzymes used in the manufacturing of APIs. Codexis has a strong reputation in this space and many clients who use their technology. These enzymes reduce chemical waste in pharma manufacturing. This is a significant portion of their revenue. Revenue can be variable as production ramps based on the customer demand. Competitors include companies offering alternative chemical catalysis or enzyme development services.
Market Dynamics
Industry Overview
The enzyme engineering market is growing, driven by demand for sustainable manufacturing processes and improved efficiency in pharmaceuticals, food, and industrial biotechnology. Advancements in protein engineering technology and increased investment in R&D are driving growth.
Positioning
Codexis is a leader in the enzyme engineering market, with a strong technology platform (CodeEvolveru00ae) and a focus on developing high-performance enzymes. Their competitive advantage lies in their proprietary technology and their ability to tailor enzymes to specific customer needs.
Total Addressable Market (TAM)
The TAM for enzyme engineering is expected to reach billions of dollars. Codexis is well-positioned to capture a significant portion of this market through its proprietary technology and strategic partnerships.
Upturn SWOT Analysis
Strengths
- Proprietary CodeEvolveru00ae technology
- Expertise in enzyme engineering
- Strong relationships with pharmaceutical companies
- Focus on sustainability
- Experienced leadership team
Weaknesses
- Reliance on partnerships
- Fluctuations in revenue based on client programs
- Need to convert from an R&D company to a sales focused company
- Customer concentration
Opportunities
- Expanding into new markets (e.g., food, industrial biotechnology)
- Developing new enzyme applications
- Forming strategic alliances
- Capitalizing on the growing demand for sustainable manufacturing
Threats
- Competition from other enzyme engineering companies
- Technological advancements by competitors
- Economic downturn affecting R&D spending
- Changes in regulatory environment
Competitors and Market Share
Key Competitors
- Amyris (AMRSQ)
- Novozymes (NVZMY)
- DSM (DSM)
- Ginkgo Bioworks (DNA)
Competitive Landscape
Codexis has a competitive advantage in its CodeEvolveru00ae platform, but faces competition from larger companies with more resources.
Major Acquisitions
BioCatalytics, Inc.
- Year: 2023
- Acquisition Price (USD millions): 23.5
- Strategic Rationale: Expanded Codexis' enzyme discovery capabilities and broadened its portfolio of biocatalysts.
Growth Trajectory and Initiatives
Historical Growth: Growth has been inconsistent due to the project-based nature of their business. Focus is on converting their customer base into long-term high value customers.
Future Projections: Analysts project revenue growth as they have a growing client list and project portfolio. Profitability is expected to improve as they scale their operations.
Recent Initiatives: Focus on commercialization of the CodeEvolver platform, strategic partnerships with pharmaceutical and food companies, and expansion into new markets.
Summary
Codexis has leading enzyme engineering technology and a growing portfolio of pharma clients. They need to convert more customers to long-term deals to create stability and predictability. There needs to be a renewed focus on sales and profitability. They will need to raise money to survive and continue operations. They need to compete with larger companies with more resources.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Codexis Investor Relations
- Company Filings
- Analyst Reports
- Industry Research Reports
Disclaimers:
The data and analysis provided are for informational purposes only and should not be considered investment advice. Market share figures are estimates and may not be precise. Please conduct your own research before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Codexis Inc
Exchange NASDAQ | Headquaters Redwood City, CA, United States | ||
IPO Launch date 2010-04-22 | President, CEO & Director Dr. Alison Moore Ph.D. | ||
Sector Healthcare | Industry Biotechnology | Full time employees 188 | Website https://www.codexis.com |
Full time employees 188 | Website https://www.codexis.com | ||
Codexis, Inc. provides enzymatic solutions for therapeutics manufacturing, leveraging its proprietary CodeEvolver technology platform to discover, develop, and enhance novel enzymes in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China. The company develops its proprietary ECO Synthesis manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. It has a license agreement with Aldevron LLC and Pfizer Inc. The company was incorporated in 2002 and is headquartered in Redwood City, California.
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