Q4 2025 Codexis Inc Earnings Call Transcript
Key Points
- Codexis Inc (CDXS) achieved significant milestones in 2025, including synthesizing 10 grams of a commercially relevant siRNA using their ECO Synthesis platform.
- The company signed three CDMO agreements in 2025, surpassing their goal of one, with major providers like Bachem, Nitto Avecia, and Axolabs.
- Codexis Inc (CDXS) returned their small molecule biocatalysis business to a healthy profit margin and stabilized revenues.
- The company ended 2025 with a strong cash position, bolstered by a $37.8 million technology transfer agreement with Merck.
- Codexis Inc (CDXS) expects their current cash balance to fund operations and capital expenditures through the end of 2027.
- Codexis Inc (CDXS) had to realign their workforce in the fourth quarter of 2025 to manage expenditures.
- The company reported a net loss of $44 million for the year ended December 31, 2025, despite improvements from the previous year.
- R&D expenses increased year-over-year due to higher employee-related costs and lab supplies expenses.
- The company anticipates operating expenses will remain high in 2026 due to planned capital expenditures for their GMP facility build-out.
- Revenue guidance for 2026 is speculative, with a portion of projections based on historical buying practices and speculative future contracts.
Greetings. Welcome to Codexis Reports fourth-quarter and fiscal-year 2025 financial results call. (Operator Instructions)
Please note, this conference is being recorded. I will now turn the call over to Georgia Erbez, Chief Financial Officer and Chief Business Officer. Please go ahead.
Thank you, operator. With me today are Dr. Alison Moore, Codexis' President and CEO; and Britton Jimenez, Senior Vice President, Sales and Marketing. During this call, management will make a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2026, revenue anticipated milestones, including product launches, facility expansions, technical milestones and public announcements related thereto as well as our strategies and prospects for revenue growth, path to profitability and successful execution of current and future programs and partnerships. To the extent that statements contained in this call are not descriptions of historical
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