About Codexis, Inc. - Common Stock Company overview from Wikipedia

Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.

History

Codexis is based in Redwood City, CA and was incorporated in 2002. It went public in April 2010 on NASDAQ, and in October, acquired Maxygen's MolecularBreeding technology portfolio.

Pharmaceutical

Codexis won the Presidential Green Chemistry Challenge Award from the U.S. Environmental Protection Agency (EPA) in 2006 for its work on a building block of Lipitor. It then won a second time in 2010 for its work with Merck & Co. on the active ingredient in Januvia.

Nutrition

In 2017, the company entered a partnership with Tate & Lyle to provide research and development for the production of new ingredients. That same year, Codexis announced a collaboration with Nestle to provide enzymes for metabolic disorders.

Biotherapeutics

In 2017, Codexis developed a recombinant phenylalanine ammonia-lyase (PAL) enzyme, to act as a substitute phenylalanine hydroxylase (PAH) enzyme for people who suffer from phenylketonuria. The enzyme was in-licensed by Nestle Health Sciences.

In 2020, Takeda Pharmaceutical announced a collaboration with Codexis to research and create gene therapies for rare diseases, including lysosomal storage disorders.

Life science

In June 2020, they announced a partnership with Molecular Assemblies to engineer enzymes for DNA synthesis.

Technology

Codexis uses directed evolution to develop its enzymes. Using this method, scientists genetically engineer genes, then screen the enzymes produced to see if it creates the properties needed for a specific reaction. Their protein engineering platform, called CodeEvolver, uses machine learning and high-throughput experimentation to learn protein sequence changes and their impacts on protein function.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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CDXS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$1.56

Market Cap

$142M

P/E (TTM)

-3.1

EPS (TTM)

$-0.50

Revenue (TTM)

$70M

Div Yield

—

ROE

-82.8%

Debt/Equity

0.8

52W Range

$1 – $3

CDXS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $70M

2016-12-31 → 2025-12-31

EPS $-0.50

2019-12-31 → 2025-12-31

Free Cash Flow $-24M

2016-12-31 → 2025-12-31

Margins -62.5%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

CDXS

Peer Median

P/E (TTM)

-3.1

17.5

P/S (TTM)

2.0

3.3

P/B

2.8

2.1

EV / EBITDA

-2.8

—

Price / FCF

-5.9

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

CDXS

Peer Median

Operating Margin

-59.3%

—

Net Profit Margin

-62.5%

-56.5%

ROA

-29.6%

-17.2%

ROE

-82.8%

-41.3%

ROIC

-46.1%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

CDXS

Peer Median

Debt / Equity

0.8

369.6

Current Ratio

3.8

4.9

Quick Ratio

3.1

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

CDXS

Peer Median

Revenue YoY

18.6%

—

Revenue CAGR 3Y

-20.2%

—

Revenue CAGR 5Y

0.38%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

CDXS

Peer Median

EPS (Diluted)

$-0.50

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

CDXS

Peer Median

CDXS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 13 analysts

Strong Buy 4 30.8%
Buy 6 46.2%
Hold 3 23.1%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

6 analysts · 2026-08-13

Median $7.00

← Below all targets $1.56

Low $2.00

High $11.00

Median target $7.00 +347.3%

Mean target $6.58 +320.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.01%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$-0.13	$-0.14	0.01%
March 31, 2026	$-0.10	$-0.14	0.04%
Dec. 31, 2025	$0.11	$-0.04	0.15%
Sept. 30, 2025	$-0.22	$-0.15	-0.07%
June 30, 2025	$-0.16	$-0.19	0.03%
March 31, 2025	$-0.25	$-0.24	-0.01%
Dec. 31, 2024	$-0.13	$-0.04	-0.09%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
CDXS	$147M	-3.3	18.6%	-62.5%	-82.8%	—
DNA	$484M	-1.5	-25.1%	-183.8%	-55.8%	—
TKNO	$204M	-11.9	7.3%	-42.6%	-23.8%	33.2%
PACB	$565M	-1.0	3.9%	-341.5%	-1634.9%	28.6%
LAB	$495M	-6.4	-6.2%	-87.8%	-17.6%	49.9%
LFCR	$249M	-5.3	0.47%	-30.0%	-461.3%	31.3%
QSI	—	—	—	—	—	—
MXCT	$166M	-3.7	-14.5%	-135.1%	-24.6%	81.2%
QTRX	$297M	-2.5	1.1%	-77.1%	-36.4%	46.8%
SEER	—	-1.4	17.0%	—	—	—
NAUT	$247M	-4.1	—	—	-34.9%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$70M	$59M	$70M	$139M	$105M	$69M	$68M	$61M	$50M	$49M	$42M	$35M
Cost of Revenue	$9M	$16M	$13M	$38M	$22M	$14M	$16M	$13M	$14M	$10M	$7M	$10M
R&D Expense	$52M	$46M	$59M	$80M	$56M	$44M	$34M	$30M	$30M	$22M	$21M	$23M
SG&A Expense	$47M	$55M	$53M	$52M	$49M	$35M	$32M	$29M	$29M	$25M	$22M	$22M
Operating Expenses	$112M	$118M	$138M	$173M	$127M	$93M	$81M	$72M	$73M	$57M	$50M	$54M
Operating Income	$-42M	$-59M	$-68M	$-35M	$-23M	$-24M	$-13M	$-11M	$-23M	$-9M	$-8M	$-19M
Interest Income	$3M	$4M	$4M	$1M	$459.0K	$405.0K	$1M	$671.0K	$147.0K	$60.0K	$19.0K	$18.0K
Other Non-op	$-5M	$-10M	$-12M	$124.0K	$1M	$-156.0K	$-656.0K	$-291.0K	$-92.0K	$-94.0K	·	·
Pretax Income	$-44M	$-65M	$-76M	$-33M	$-21M	$-24M	$-12M	$-11M	$-23M	$-9M	$-8M	$-19M
Income Tax	$47.0K	$34.0K	$69.0K	$276.0K	$189.0K	$339.0K	$17.0K	$-37.0K	$81.0K	$-40.0K	$-338.0K	$-256.0K
Net Income	$-44M	$-65M	$-76M	$-34M	$-21M	$-24M	$-12M	$-11M	$-23M	$-9M	$-8M	$-19M
EPS (Basic)	$-0.50	$-0.89	$-1.12	$-0.51	$-0.33	$-0.40	$-0.21	·	·	·	·	·
EPS (Diluted)	$-0.50	$-0.89	$-1.12	$-0.51	$-0.33	$-0.40	$-0.21	·	·	·	·	·
Shares (Basic)	87,142,000	73,408,000	68,131,000	65,344,000	64,568,000	59,360,000	56,525,000	·	·	·	·	·
Shares (Diluted)	87,142,000	73,408,000	68,131,000	65,344,000	64,568,000	59,360,000	56,525,000	·	·	·	·	·
EBITDA	$-36M	$-54M	$-68M	$-35M	$-23M	$-24M	$-13M	$-11M	$-23M	$-9M	$-8M	$-19M

Balance Sheet 29

Annual Balance Sheet data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$51M	$19M	$65M	$114M	$117M	$149M	$90M	$53M	$31M	$19M	$23M	$26M
Short-term Investments	$27M	$54M	$0	·	·	·	·	·	·	·	·	·
Receivables	·	·	$10M	$32M	$25M	$14M	$9M	$12M	$11M	$6M	$7M	$4M
Inventory	$2M	$2M	$3M	$2M	$1M	$964.0K	$371.0K	$589.0K	$1M	$825.0K	$992.0K	$1M
Prepaid Expense	$6M	$4M	$5M	$5M	$6M	$3M	$3M	$1M	$984.0K	$1M	$1M	$1M
Other Current Assets	$500.0K	$500.0K	$600.0K	$700.0K	·	·	·	·	·	·	·	·
Current Assets	$97M	$99M	$93M	$163M	$162M	$184M	$114M	$68M	$45M	$27M	$33M	$33M
PP&E (Net)	$13M	$14M	$15M	$23M	$21M	$10M	$6M	$5M	$3M	$2M	$3M	$4M
PP&E (Gross)	$58M	$55M	$55M	$62M	$57M	$43M	$40M	$38M	$35M	$34M	$35M	$37M
Accum. Depreciation	$45M	$41M	$39M	$40M	$36M	$33M	$33M	$33M	$32M	$32M	$32M	$31M
Goodwill	$2M	$2M	$2M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M
Intangibles	·	·	·	·	·	·	·	·	·	$0	$3M	$6M
Other Non-current Assets	$883.0K	$1M	$1M	$350.0K	$276.0K	$294.0K	$178.0K	$1M	$302.0K	$259.0K	$310.0K	$294.0K
Total Assets	$148M	$149M	$137M	$250M	$246M	$222M	$149M	$79M	$54M	$36M	$45M	$48M
Accounts Payable	$2M	$3M	$6M	$3M	$3M	$3M	$3M	$3M	$4M	$4M	$3M	$5M
Accrued Liabilities	$3M	$6M	$5M	$15M	$13M	$10M	$7M	$5M	$4M	$2M	$2M	$3M
Current Liabilities	$25M	$24M	$36M	$49M	$33M	$25M	$15M	$18M	$25M	$12M	$15M	$14M
Capital Leases	$30M	$28M	$12M	$38M	$44M	$22M	$25M	$61.0K	$302.0K	·	·	·
Other Non-current Liabilities	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$2M	$2M	$2M	$3M
Total Liabilities	$97M	$82M	$50M	$106M	$82M	$52M	$44M	$23M	$29M	$17M	$22M	·
Long-term Debt	$40M	$29M	·	·	·	·	·	·	·	·	·	·
Total Debt	$40M	$29M	·	·	·	·	·	·	$302.0K	·	·	·
Common Stock	$9.0K	$8.0K	$7.0K	$6.0K	$6.0K	$6.0K	$6.0K	$5.0K	$5.0K	$4.0K	$4.0K	$4.0K
Paid-in Capital	$657M	$630M	$584M	$566M	$552M	$537M	$448M	$387M	$340M	$311M	$306M	$302M
Retained Earnings	$-607M	$-563M	$-498M	$-421M	$-388M	$-366M	$-342M	$-330M	$-315M	$-292M	$-284M	$-276M
AOCI	$8.0K	$52.0K	$0	·	·	·	·	$0	$-472.0K	$0	$405.0K	$-142.0K
Stockholders' Equity	$51M	$67M	$87M	$145M	$164M	$170M	$106M	$56M	$25M	$19M	$23M	$26M
Liabilities + Equity	$148M	$149M	$137M	$250M	$246M	$222M	$149M	$79M	$54M	$36M	$45M	$48M
Shares Outstanding	90,478,000	81,850,000	69,905,000	65,811,000	65,109,000	64,283,000	58,877,000	54,065,000	48,365,000	41,255,000	40,343,000	39,563,000

Cash Flow 17

Annual Cash Flow data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$5M	$5M	$6M	$5M	·	·	·	·	·	·	·	·
Stock-based Comp	$10M	$13M	$10M	$15M	$12M	$8M	$7M	$8M	$7M	$6M	$5M	$5M
Deferred Tax	$-3.0K	$-2.0K	$0	$-7.0K	$-9.0K	$-8.0K	$-6.0K	$-29.0K	$12.0K	$-31.0K	$-330.0K	$110.0K
Amort. of Intangibles	·	·	·	·	·	·	·	$0	$0	$3M	$3M	$3M
Restructuring	$3M	$0	$3M	$3M	$0	$0	·	·	·	·	·	·
Other Non-cash	$10M	$-2M	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-19M	$-49M	$-53M	$11M	$-14M	$-16M	$-13M	$-14M	$-9M	$-2M	$-433.0K	$321.0K
CapEx	$4M	$4M	$4M	$8M	$14M	$4M	$4M	$3M	$985.0K	$888.0K	$1M	$302.0K
Investing Cash Flow	$24M	$-57M	$-5M	$-14M	$-21M	$-6M	$-4M	$-3M	$-983.0K	$-846.0K	$-1M	$5M
Debt Issued	$10M	$30M	$0	$0	·	·	·	·	·	·	·	·
Net Debt Issued	$10M	$30M	·	·	·	·	·	·	·	·	·	·
Stock Issued	$17M	$31M	$9M	$0	$0	$86M	$0	$37M	$24M	$0	$0	$9.0K
Net Stock Activity	$17M	$31M	$9M	$0	$0	$86M	$50M	·	$24M	$0	$0	$9.0K
Financing Cash Flow	$28M	$61M	$8M	$-575.0K	$4M	$81M	$54M	$39M	$22M	$-490.0K	$-2M	$-611.0K
Net Change in Cash	$32M	$-46M	$-49M	$-3M	$-32M	$59M	$38M	$22M	$12M	$-3M	$-3M	$4M
Taxes Paid	·	$17.0K	$194.0K	$100.0K	$102.0K	$312.0K	$5.0K	$5.0K	$32.0K	$5.0K	$8.0K	$15.0K
Free Cash Flow	$-24M	$-54M	$-57M	$3M	$-28M	$-20M	$-16M	$-17M	$-10M	$-4M	$-2M	$19.0K

Profitability 7

Annual Profitability data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	-59.3%	-98.6%	-97.0%	-25.2%	-21.7%	-34.6%	-18.3%	-18.6%	-45.9%	-17.5%	-18.6%	-54.1%
Net Margin	-62.5%	-110.0%	-108.7%	-24.2%	-20.3%	-34.8%	-17.4%	-17.9%	-46.0%	-17.5%	-18.1%	-54.0%
Pretax Margin	-62.4%	-109.9%	-108.6%	-24.0%	-20.1%	-34.3%	-17.4%	-18.0%	-45.8%	-17.6%	-18.9%	-54.7%
EBITDA Margin	-51.8%	-90.3%	-97.0%	-25.2%	-21.7%	-34.6%	-18.3%	-18.6%	-45.9%	-17.5%	-18.6%	-54.1%
ROA	-29.6%	-45.7%	-39.4%	-13.5%	-9.1%	-13.0%	-10.4%	-16.4%	-51.5%	-21.3%	-16.3%	-35.7%
ROE	-82.8%	-93.0%	-85.6%	-22.5%	-12.8%	-18.4%	-11.5%	-19.6%	-98.6%	-40.8%	-30.8%	-56.3%
ROIC	-46.1%	-61.1%	-78.7%	-24.3%	-13.9%	-14.3%	-11.9%	-20.0%	-92.8%	-44.6%	-32.5%	-71.7%

Liquidity & Solvency 4

Annual Liquidity & Solvency data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	3.8	4.2	2.6	3.3	4.9	7.4	7.4	3.8	1.8	2.2	2.2	2.4
Quick Ratio	3.1	3.1	2.1	3.0	4.2	6.5	6.5	3.6	1.7	2.0	2.1	2.2
Debt / Equity	0.8	0.4	·	·	·	·	·	·	0.0	·	·	·
LT Debt / Equity	0.8	0.4	·	·	·	·	·	·	0.0	·	·	·

Efficiency 3

Annual Efficiency data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.5	0.4	0.4	0.6	0.4	0.4	0.6	0.9	1.1	1.2	0.9	0.7
Inventory Turnover	5.2	7.3	5.4	23.9	20.9	20.6	32.6	15.5	15.4	10.7	5.5	6.7
Receivables Turnover	·	·	3.3	4.9	5.4	6.0	6.7	5.3	5.6	7.4	7.5	7.6

Per Share 5

Annual Per Share data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$0.56	$0.82	$1.24	$2.20	$2.52	$2.65	$1.79	$1.03	$0.51	$0.46	$0.57	$0.67
Revenue / Share	$0.81	$0.81	$1.03	$2.12	$1.62	·	·	·	·	·	·	·
Cash Flow / Share	$-0.22	$-0.67	$-0.77	$0.17	$-0.22	·	·	·	·	·	·	·
Cash / Share	$0.56	$0.24	$0.93	$1.73	$1.79	$2.32	$1.54	$0.97	$0.65	$0.47	$0.58	$0.67
EPS (TTM)	$-0.50	$-0.89	$-1.12	$-0.51	$-0.33	$-0.40	$-0.21	·	·	·	·	·

Growth Rates 3

Annual Growth Rates data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	18.6%	-15.4%	-49.4%	32.3%	51.7%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-20.2%	-17.3%	0.52%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	0.38%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for CDXS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$70M	$59M	$70M	$139M	$105M	$69M	$68M	$61M	$50M	$49M	$42M	$35M
Net Income TTM	$-44M	$-65M	$-76M	$-34M	$-21M	$-24M	$-12M	$-11M	$-23M	$-9M	$-8M	$-19M
Market Cap	$147M	$390M	$213M	$307M	$2.04B	$1.40B	$941M	$912M	$404M	$190M	$171M	$100M
Enterprise Value	$109M	$346M	·	·	·	·	·	·	$373M	·	·	·
P/E	-3.3	-5.4	-2.7	-9.1	-94.8	-54.6	-76.1	·	·	·	·	·
P/S	2.1	6.6	3.0	2.2	19.4	20.3	13.8	15.0	8.1	3.9	4.1	2.8
P/B	2.9	5.8	2.5	2.1	12.4	8.2	8.9	16.2	16.5	9.9	7.5	3.8
P / Tangible Book	3.1	6.1	2.5	2.2	12.6	8.4	·	·	·	·	·	·
P / Cash Flow	-7.6	-7.9	-4.1	27.2	-142.7	-85.2	-75.0	-64.7	-46.1	-70.3	-394.1	310.6
P / FCF	-6.2	-7.3	-3.7	103.0	-72.5	-69.4	-57.8	-54.1	-41.4	-52.9	-104.6	5247.3
EV / EBITDA	-3.0	-6.5	·	·	·	·	·	·	-16.2	·	·	·
EV / FCF	-4.6	-6.4	·	·	·	·	·	·	-38.3	·	·	·
EV / Revenue	1.6	5.8	·	·	·	·	·	·	7.5	·	·	·
Earnings Yield	-30.7%	-18.7%	-36.7%	-10.9%	-1.1%	-1.8%	-1.3%	·	·	·	·	·

Income Statement 16

Quarterly Income Statement data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$15M	$15M	$39M	$9M	$15M	$8M	$21M	$13M	$8M	$17M	$27M	$9M	$21M	$13M	$30M	$34M
Cost of Revenue	$4M	$2M	$2M	$2M	$2M	$3M	$4M	$4M	$3M	$5M	$3M	$2M	$3M	$5M	$8M	$10M
R&D Expense	$12M	$11M	$12M	$14M	$14M	$13M	$12M	$12M	$11M	$11M	$11M	$14M	$17M	$17M	$20M	$22M
SG&A Expense	$11M	$10M	$11M	$11M	$12M	$12M	$13M	$14M	$16M	$13M	$12M	$12M	$13M	$15M	$12M	$13M
Operating Expenses	$26M	$23M	$28M	$28M	$28M	$28M	$29M	$29M	$31M	$29M	$26M	$41M	$34M	$37M	$44M	$45M
Operating Income	$-11M	$-8M	$11M	$-19M	$-13M	$-20M	$-7M	$-17M	$-23M	$-12M	$282.0K	$-32M	$-13M	$-24M	$-13M	$-11M
Interest Income	$535.0K	$665.0K	$656.0K	$634.0K	$584.0K	$751.0K	$940.0K	$849.0K	$972.0K	$909.0K	$906.0K	$1M	$1M	$1M	$823.0K	$436.0K
Other Non-op	$-1M	$-1M	$-2M	$-1M	$-984.0K	$-942.0K	$-4M	$-5M	$-985.0K	$-516.0K	$-8M	$-4M	$-9.0K	$-25.0K	$-26.0K	$216.0K
Pretax Income	$-12M	$-9M	$10M	$-20M	$-13M	$-21M	$-10M	$-21M	$-23M	$-11M	$-7M	$-35M	$-12M	$-23M	$-12M	$-10M
Income Tax	$10.0K	$36.0K	$18.0K	$8.0K	$10.0K	$11.0K	$4.0K	$10.0K	$10.0K	$10.0K	$35.0K	$9.0K	$9.0K	$16.0K	$151.0K	$8.0K
Net Income	$-12M	$-9M	$10M	$-20M	$-13M	$-21M	$-10M	$-21M	$-23M	$-12M	$-7M	$-35M	$-12M	$-23M	$-13M	$-10M
EPS (Basic)	$-0.13	$-0.10	$0.13	$-0.22	$-0.16	$-0.25	$-0.12	$-0.29	$-0.32	$-0.16	$-0.11	$-0.50	$-0.17	$-0.34	$-0.19	$-0.15
EPS (Diluted)	$-0.13	$-0.10	$0.13	$-0.22	$-0.16	$-0.25	$-0.12	$-0.29	$-0.32	$-0.16	$-0.11	$-0.50	$-0.17	$-0.34	$-0.19	$-0.15
Shares (Basic)	91,053,000	90,768,000	-170,908,000	90,251,000	85,389,000	82,410,000	-138,854,000	72,032,000	70,376,000	69,854,000	-134,839,000	69,466,000	67,573,000	65,931,000	-130,466,000	65,426,000
Shares (Diluted)	91,053,000	90,768,000	-170,908,000	90,251,000	85,389,000	82,410,000	-138,854,000	72,032,000	70,376,000	69,854,000	-134,839,000	69,466,000	67,573,000	65,931,000	-130,466,000	65,426,000
EBITDA	$-11M	·	·	$-19M	$-13M	$-19M	·	$-17M	$-23M	$-12M	·	$-32M	$-13M	$-24M	·	$-11M

Balance Sheet 27

Quarterly Balance Sheet data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$27M	$37M	$51M	$25M	$27M	$18M	$19M	$37M	$19M	$58M	$65M	$75M	$92M	$103M	$114M	$109M
Short-term Investments	$28M	$29M	$27M	$33M	$40M	$41M	$54M	$53M	$55M	$27M	·	·	·	·	·	·
Inventory	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	·	$2M	$2M	$2M	·	$2M
Prepaid Expense	$3M	$4M	$6M	$5M	$3M	$4M	$4M	$3M	$3M	$5M	·	$5M	$4M	$5M	·	$5M
Other Current Assets	$500.0K	$400.0K	$500.0K	$500.0K	$100.0K	$500.0K	$500.0K	$300.0K	$900.0K	$500.0K	·	·	·	·	·	·
Current Assets	$72M	$80M	$97M	$76M	$89M	$78M	$99M	$113M	$91M	$108M	·	$103M	$120M	$130M	·	$146M
PP&E (Net)	$12M	$13M	$13M	$14M	$15M	$16M	$14M	$13M	$14M	$15M	·	$15M	$23M	$24M	·	$23M
PP&E (Gross)	$59M	$59M	$58M	$58M	$58M	$57M	$55M	$54M	$54M	$55M	·	$54M	$66M	$65M	·	$63M
Accum. Depreciation	$47M	$46M	$45M	$44M	$43M	$42M	$41M	$41M	$40M	$40M	·	$39M	$42M	$41M	·	$39M
Goodwill	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	·	$2M	$3M	$3M	$3M	$3M
Other Non-current Assets	$1M	$994.0K	$883.0K	$912.0K	$950.0K	$967.0K	$1M	$2M	$2M	$1M	·	$726.0K	$498.0K	$415.0K	·	$208.0K
Total Assets	$120M	$129M	$148M	$124M	$138M	$129M	$149M	$148M	$132M	$150M	·	$154M	$207M	$218M	·	$235M
Accounts Payable	$3M	$2M	$2M	$2M	$1M	$6M	$3M	$4M	$4M	$3M	·	$3M	$4M	$4M	·	$3M
Accrued Liabilities	$3M	$3M	$3M	$3M	$3M	$5M	$6M	$7M	$5M	$5M	·	$9M	$7M	$8M	·	$13M
Current Liabilities	$24M	$15M	$25M	$18M	$15M	$21M	$24M	$35M	$31M	$29M	·	$38M	$36M	$38M	·	$32M
Capital Leases	$28M	$29M	$30M	$26M	$27M	$27M	$28M	$9M	$10M	$11M	·	$13M	$35M	$37M	·	$40M
Other Non-current Liabilities	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·	$1M	$1M	$1M	·	$1M
Total Liabilities	$87M	$86M	$97M	$85M	$83M	$79M	$82M	$75M	$71M	$70M	·	$63M	$83M	$92M	·	$81M
Long-term Debt	$41M	$40M	$40M	$40M	$39M	$29M	·	$29M	$28M	$28M	·	·	·	·	·	·
Total Debt	$41M	·	·	$40M	$39M	$29M	·	$29M	$28M	$28M	·	·	·	·	·	·
Common Stock	$9.0K	$9.0K	$9.0K	$9.0K	$9.0K	$8.0K	$8.0K	$8.0K	$7.0K	$7.0K	·	$6.0K	$6.0K	$6.0K	·	$6.0K
Paid-in Capital	$660M	$659M	$657M	$655M	$652M	$633M	$630M	$626M	$593M	$588M	·	$582M	$580M	$570M	·	$563M
Retained Earnings	$-627M	$-615M	$-607M	$-616M	$-597M	$-583M	$-563M	$-552M	$-532M	$-509M	·	$-490M	$-455M	$-444M	·	$-409M
AOCI	$-13.0K	$-11.0K	$8.0K	$12.0K	$-3.0K	$14.0K	$52.0K	$126.0K	$-23.0K	$-16.0K	·	·	·	·	·	·
Stockholders' Equity	$33M	$43M	$51M	$39M	$56M	$50M	$67M	$73M	$61M	$79M	$87M	$92M	$124M	$126M	$145M	$154M
Liabilities + Equity	$120M	$129M	$148M	$124M	$138M	$129M	$149M	$148M	$132M	$150M	·	$154M	$207M	$218M	·	$235M
Shares Outstanding	91,388,000	90,894,000	90,478,000	90,281,000	90,254,000	82,841,000	81,850,000	81,376,000	70,914,000	70,554,000	·	69,827,000	69,804,000	66,696,000	·	65,613,000

Cash Flow 15

Quarterly Cash Flow data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·	·	·	·
Stock-based Comp	$2M	$1M	$2M	$3M	$3M	$2M	$3M	$3M	$5M	$3M	$2M	$2M	$3M	$3M	$3M	$5M
Restructuring	·	·	·	·	·	·	$0	$0	$0	$0	$0	$3M	$72.0K	$72.0K	$3M	$0
Other Non-cash	·	·	·	·	·	$3M	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-10M	$-13M	$20M	$-8M	$-18M	$-14M	$-16M	$-13M	$-12M	$-8M	$-11M	$-16M	$-16M	$-9M	$5M	$20M
CapEx	$898.0K	$176.0K	$520.0K	$182.0K	$3M	$1M	$2M	$1M	$395.0K	$1M	$-380.0K	$678.0K	$2M	$3M	$-33.0K	$1M
Investing Cash Flow	$175.0K	$-1M	$6M	$6M	$-367.0K	$12M	$-3M	$2M	$-27M	$-29M	$1M	$-1M	$-2M	$-3M	$33.0K	$-1M
Debt Issued	·	·	$0	$0	$10M	$0	$0	$0	$0	$30M	$0	$0	$0	$0	·	·
Net Debt Issued	·	·	·	·	·	$0	·	·	·	$30M	·	·	·	·	·	·
Stock Issued	·	·	$-1.0K	$0	·	·	$-1.0K	$31M	$0	$0	$0	$0	$7M	$2M	$0	$0
Net Stock Activity	·	·	·	·	·	·	·	·	·	$0	·	·	·	$2M	·	·
Financing Cash Flow	$66.0K	$-14.0K	$180.0K	$-111.0K	$27M	$1M	$1M	$30M	$-197.0K	$29M	$0	$-108.0K	$7M	$1M	$339.0K	$133.0K
Net Change in Cash	$-9M	$-14M	$26M	$-1M	$8M	$-944.0K	$-18M	$19M	$-39M	$-7M	$-10M	$-18M	$-11M	$-11M	$5M	$19M
Taxes Paid	·	·	·	·	·	$0	·	·	·	$17.0K	·	·	·	·	·	·
Free Cash Flow	·	·	·	·	·	$-15M	·	·	·	$-9M	·	·	·	$-12M	·	·

Profitability 7

Quarterly Profitability data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-75.3%	·	·	-220.3%	-83.9%	-271.6%	·	-129.0%	-284.9%	-69.6%	·	-345.6%	-59.2%	-182.3%	·	-30.9%
Net Margin	-80.5%	·	·	-228.1%	-86.6%	-274.3%	·	-160.8%	-285.2%	-67.4%	·	-376.3%	-54.0%	-174.2%	·	-29.0%
Pretax Margin	-80.4%	·	·	-228.0%	-86.5%	-274.1%	·	-160.8%	-285.1%	-67.3%	·	-376.2%	-54.0%	-174.1%	·	-29.0%
EBITDA Margin	-75.3%	·	·	-220.3%	-83.9%	-255.8%	·	-129.0%	-284.9%	-69.6%	·	-345.6%	-59.2%	-182.3%	·	-30.9%
ROA	-9.3%	·	·	-14.4%	-9.8%	-14.9%	·	-13.6%	-13.4%	-6.3%	·	-17.9%	-5.2%	-10.0%	·	-4.3%
ROE	-27.1%	·	·	-35.0%	-22.7%	-32.1%	·	-25.0%	-24.5%	-11.2%	·	-28.4%	-8.1%	-15.9%	·	-6.2%
ROIC	-15.2%	·	·	-24.2%	-13.6%	-26.0%	·	-16.2%	-25.3%	-11.1%	·	-35.0%	-10.2%	-18.8%	·	-6.9%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	3.1	·	·	4.1	5.8	3.7	·	3.2	3.0	3.7	·	2.7	3.4	3.4	·	4.6
Quick Ratio	2.3	·	·	3.2	4.4	2.9	·	2.6	2.4	2.9	·	1.9	2.6	2.7	·	3.4
Debt / Equity	1.2	·	·	1.0	0.7	0.6	·	0.4	0.5	0.4	·	·	·	·	·	·
LT Debt / Equity	1.0	·	·	1.0	0.7	0.6	·	0.4	0.5	0.4	·	·	·	·	·	·

Efficiency 2

Quarterly Efficiency data for CDXS
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.1	·	·	0.1	0.1	0.1	·	0.1	0.0	0.1	·	0.0	0.1	0.1	·	0.1
Inventory Turnover		2.0	·	·	1.2	1.0	1.3	·	2.0	1.6	2.2	·	1.1	1.7	2.5	·	7.2

Per Share 5

Quarterly Per Share data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$0.36	·	·	$0.43	$0.62	$0.60	·	$0.90	$0.87	$1.12	·	$1.31	$1.78	$1.89	·	$2.35
Revenue / Share	$0.16	·	·	$0.10	$0.18	$0.09	·	$0.18	$0.11	$0.24	·	$0.13	$0.32	$0.20	·	$0.53
Cash Flow / Share	·	·	·	·	·	$-0.17	·	·	·	$-0.11	·	·	·	$-0.14	·	·
Cash / Share	$0.30	·	·	$0.28	$0.30	$0.22	·	$0.46	$0.26	$0.82	·	$1.07	$1.32	$1.54	·	$1.66
EPS (TTM)	$-0.61	$-0.73	·	$-0.92	$-1.02	$-1.02	·	$-1.27	$-1.15	$-1.17	·	$-1.16	$-0.70	$-0.66	·	$-0.29

Valuation (TTM) 14

Quarterly Valuation (TTM) data for CDXS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$54M	$47M	·	$44M	$44M	$45M	·	$47M	$56M	$61M	·	$78M	$107M	$121M	·	$145M
Net Income TTM	$-54M	$-62M	·	$-74M	$-77M	$-76M	·	$-90M	$-81M	$-81M	·	$-79M	$-47M	$-44M	·	$-19M
Market Cap	$207M	·	·	$220M	$220M	$223M	·	$251M	$220M	$246M	·	$132M	$195M	$276M	·	$398M
Enterprise Value	$192M	·	·	$201M	$193M	$192M	·	$189M	$175M	$189M	·	·	·	·	·	·
P/E	-3.7	-2.2	·	-2.7	-2.4	-2.6	·	-2.4	-2.7	-3.0	·	-1.6	-4.0	-6.3	·	-20.9
P/S	3.8	·	·	5.0	5.0	4.9	·	5.3	4.0	4.1	·	1.7	1.8	2.3	·	2.7
P/B	6.3	·	·	5.7	4.0	4.5	·	3.4	3.6	3.1	·	1.4	1.6	2.2	·	2.6
P / Tangible Book	6.8	3.6	·	6.1	4.1	4.7	·	3.5	3.7	3.2	·	1.5	1.6	2.2	·	2.6
P / Cash Flow	·	·	·	·	·	-16.2	·	·	·	-31.6	·	·	·	-30.0	·	·
P / FCF	·	·	·	·	·	-14.8	·	·	·	-27.6	·	·	·	-23.5	·	·
EV / EBITDA	-17.1	·	·	-10.6	-15.0	-10.0	·	-11.4	-7.7	-15.9	·	·	·	·	·	·
EV / FCF	·	·	·	·	·	-12.8	·	·	·	-21.2	·	·	·	·	·	·
EV / Revenue	3.6	·	·	4.5	4.4	4.2	·	4.0	3.1	3.1	·	·	·	·	·	·
Earnings Yield	-27.0%	-44.8%	·	-37.7%	-41.8%	-37.9%	·	-41.2%	-37.1%	-33.5%	·	-61.4%	-25.0%	-15.9%	·	-4.8%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$70M	$59M	$70M	$139M	$105M
Operating Margin %	-59.3%	-98.6%	-97.0%	-25.2%	-21.7%
Net Income	$-44M	$-65M	$-76M	$-34M	$-21M
Diluted EPS	$-0.50	$-0.89	$-1.12	$-0.51	$-0.33

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.8	0.4	—	—	—
Current Ratio	3.8	4.2	2.6	3.3	4.9
Quick Ratio	3.1	3.1	2.1	3.0	4.2

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-24M	$-54M	$-57M	$3M	$-28M

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Institutional owners (13F) 156 filers · $120.9M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
32 (+4 vs prior Q)	11 (-10 vs prior Q)	50 (+4 vs prior Q)	41 (+8 vs prior Q)	+6.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
Opaleye Management Inc.	$15,334,100	6,785,000	12.69%	Shares
Aberdeen Group plc	$15,300,096	6,769,954	12.66%	Shares
MILLENNIUM MANAGEMENT LLC	$12,541,054	5,549,139	10.38%	Shares
Telemark Asset Management, LLC	$8,692,889	3,846,411	7.19%	Shares
AMERIPRISE FINANCIAL INC	$8,609,334	3,809,440	7.12%	Shares
Nantahala Capital Management, LLC	$8,189,365	3,623,613	6.78%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$8,174,666	3,617,109	6.76%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$4,204,899	1,860,140	3.48%	Shares
STATE STREET CORP	$3,970,400	1,756,814	3.29%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$3,006,263	1,330,205	2.49%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$2,954,206	1,307,171	2.44%	Shares
Assenagon Asset Management S.A.	$2,888,746	1,278,206	2.39%	Shares
D. E. Shaw & Co., Inc.	$2,500,229	1,106,296	2.07%	Shares
Tallon Kerry Patrick	$2,018,337	403,667	1.67%	Shares
TWO SIGMA INVESTMENTS, LP	$1,574,314	696,599	1.30%	Shares
FRANKLIN RESOURCES INC	$1,533,726	678,640	1.27%	Shares
VANGUARD FIDUCIARY TRUST CO	$1,313,191	581,058	1.09%	Shares
Man Group plc	$1,278,240	565,593	1.06%	Shares
Post Resch Tallon Group Inc.	$1,273,460	563,478	1.05%	Shares
PERKINS CAPITAL MANAGEMENT INC	$1,188,986	526,100	0.98%	Shares
ALGERT GLOBAL LLC	$973,857	430,910	0.81%	Shares
TUDOR INVESTMENT CORP ET AL	$808,910	357,925	0.67%	Shares
BlackRock, Inc.	$648,681	287,027	0.54%	Shares
PLATINUM INVESTMENT MANAGEMENT LTD	$597,689	264,464	0.49%	Shares
Potomac Capital Management, Inc.	$587,600	260,000	0.49%	Shares
DIMENSIONAL FUND ADVISORS LP	$583,674	258,263	0.48%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$547,397	242,211	0.45%	Shares
XTX Topco Ltd	$543,817	240,627	0.45%	Shares
UBS Group AG	$542,188	239,906	0.45%	Shares
FMR LLC	$457,501	202,434	0.38%	Shares
GOLDMAN SACHS GROUP INC	$389,726	172,445	0.32%	Shares
Cubist Systematic Strategies, LLC	$359,610	147,381	0.30%	Shares
BARCLAYS PLC	$347,740	153,867	0.29%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$334,595	148,051	0.28%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$284,552	125,908	0.24%	Shares
STRS OHIO	$273,460	121,000	0.23%	Shares
JANE STREET GROUP, LLC	$261,857	115,866	0.22%	Shares
MARSHALL WACE, LLP	$254,791	112,739	0.21%	Shares
Stonepine Capital Management, LLC	$247,836	109,662	0.21%	Shares
RHUMBLINE ADVISERS	$233,449	103,301	0.19%	Shares
CITADEL ADVISORS LLC	$227,295	100,573	0.19%	Shares
ALLIANCEBERNSTEIN L.P.	$206,081	126,430	0.17%	Shares
WELLS FARGO & COMPANY/MN	$176,113	77,926	0.15%	Shares
Bank of New York Mellon Corp	$174,178	77,070	0.14%	Shares
LPL Financial LLC	$173,026	76,560	0.14%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$161,879	71,628	0.13%	Shares
BANK OF AMERICA CORP /DE/	$145,582	64,417	0.12%	Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	$144,082	63,753	0.12%	Shares
Numerai GP LLC	$136,072	60,209	0.11%	Shares
PANAGORA ASSET MANAGEMENT INC	$131,532	58,200	0.11%	Shares
Mariner, LLC	$123,484	54,637	0.10%	Shares
MetLife Investment Management, LLC	$117,545	52,011	0.10%	Shares
ENVESTNET ASSET MANAGEMENT INC	$116,108	51,375	0.10%	Shares
LOS ANGELES CAPITAL MANAGEMENT LLC	$108,763	48,125	0.09%	Shares
IEQ CAPITAL, LLC	$104,559	46,265	0.09%	Shares
TWO SIGMA ADVISERS, LP	$96,822	59,400	0.08%	Shares
RENAISSANCE TECHNOLOGIES LLC	$93,790	41,500	0.08%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$89,957	39,804	0.07%	Shares
CITIGROUP INC	$86,660	38,345	0.07%	Shares
Frec Markets, Inc.	$84,228	37,269	0.07%	Shares
OSAIC HOLDINGS, INC.	$82,186	36,366	0.07%	Shares
COMMONWEALTH EQUITY SERVICES, LLC	$81,820	36,204	0.07%	Shares
BANK OF MONTREAL /CAN/	$79,095	34,998	0.07%	Shares
Krilogy Financial LLC	$78,705	34,825	0.07%	Shares
MORGAN STANLEY	$77,462	34,275	0.06%	Shares
Invesco Ltd.	$77,181	34,151	0.06%	Shares
Dynamic Technology Lab Private Ltd	$74,000	33,000	0.06%	Shares
Vanguard Global Advisers, LLC	$73,681	32,602	0.06%	Shares
MERCER GLOBAL ADVISORS INC /ADV	$73,111	32,350	0.06%	Shares
AMERICAN CENTURY COMPANIES INC	$68,932	30,501	0.06%	Shares
BLAIR WILLIAM & CO/IL	$68,295	30,219	0.06%	Shares
EVERGREEN CAPITAL MANAGEMENT LLC	$65,540	29,000	0.05%	Shares
CWM, LLC	$63,696	39,077	0.05%	Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	$61,418	25,275	0.05%	Shares
Nuveen Asset Management, LLC	$59,902	12,558	0.05%	Shares
PRUDENTIAL FINANCIAL INC	$59,619	26,380	0.05%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$56,963	25,205	0.05%	Shares
Cerity Partners LLC	$53,695	23,759	0.04%	Shares
VANGUARD GROUP INC	$53,141	32,602	0.04%	Shares
INTECH INVESTMENT MANAGEMENT LLC	$48,486	21,454	0.04%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$45,426	20,100	0.04%	Call option
Police & Firemen's Retirement System of New Jersey	$43,937	19,441	0.04%	Shares
VOYA INVESTMENT MANAGEMENT LLC	$41,948	18,561	0.03%	Shares
Vanguard Personalized Indexing Management, LLC	$40,562	17,948	0.03%	Shares
Simplicity Wealth,LLC	$39,410	17,438	0.03%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$38,167	16,888	0.03%	Shares
CITADEL ADVISORS LLC	$35,708	15,800	0.03%	Call option
Creative Planning	$35,003	15,488	0.03%	Shares
BNP PARIBAS FINANCIAL MARKETS	$34,942	15,461	0.03%	Shares
Navalign, LLC	$34,668	15,340	0.03%	Shares
EP Wealth Advisors, LLC	$34,526	15,277	0.03%	Shares
China Universal Asset Management Co., Ltd.	$32,693	14,466	0.03%	Shares
ProShare Advisors LLC	$32,324	14,303	0.03%	Shares
Elmwood Wealth Management, Inc.	$28,691	12,695	0.02%	Shares
NORTHERN TRUST CORP	$27,992	12,386	0.02%	Shares
OXFORD ASSET MANAGEMENT LLP	$27,335	12,095	0.02%	Shares
Graham Capital Management, L.P.	$27,287	12,074	0.02%	Shares
Tower Research Capital LLC (TRC)	$27,244	12,055	0.02%	Shares
Abel Hall, LLC	$26,930	11,916	0.02%	Shares
Caerus Investment Advisors, LLC	$26,297	11,636	0.02%	Shares

Company insiders 40 insiders · 19 officers · 20 directors

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
John J Nicols	President and CEO	June 11, 2018 M	1,072,679	0	$0
Peter M Strumph	Interim President and CEO	June 1, 2012 A	60,756	0	$0
Alan Shaw	President and CEO	Dec. 16, 2011 S	202,000	0	$0
Georgia Erbez	Chief Financial Officer	Feb. 5, 2025 A	76,875	0	$0
Sriram Ryali	Chief Financial Officer	Jan. 1, 2024 A	175,791	0	$0
Gordon Sangster	SVP & Chief Financial Officer	May 24, 2018 S	153,189	0	$0
David D O'Toole	SVP & Chief Financial Officer	Sept. 4, 2013 F	110,687	0	$0
Brian Paul Dowd	Interim CFO	June 1, 2012 A	28,310	0	$0
Robert J Lawson	SVP and CFO	May 11, 2011 P	44,000	0	$0
Kevin Norrett	Chief Operating Officer	Feb. 5, 2025 A	177,327	0	$0
Alison Moore	Chief Technical Officer	Feb. 5, 2025 A	175,571	0	$0
Margaret Nell Fitzgerald	Chief Legal and Compliance Officer	Jan. 1, 2024 A	133,770	0	$0
James Lalonde	SVP, R&D	July 17, 2018 S	195,066	0	$0
Michael D. Aldridge	Senior Vice President, Corporate & Strategic Development	May 17, 2018 M	0	0	$0
Douglas T. Sheehy	EVP, Chief Administrative Officer, General Counsel & Secretary	March 5, 2016 F	247,617	0	$0
Matthew Tobin	SVP, Research & Development	May 16, 2013 M	78,707	0	$0
David L. Anton	SVP, BioIndustrials	Feb. 10, 2013 F	93,777	0	$0
Seufer-Wasserthal Peter	SVP, Pharmaceuticals	Jan. 24, 2013 A	93,064	0	$0
Joseph J. Sarret	SVP and CBO	March 7, 2012 A	74,000	0	$0
Raymond De Vre	Director	June 17, 2026 A	84,811	1	$-6,174
Esther Martinborough	Director	June 17, 2026 A	129,036	0	$0
Christos Richards	Director	June 17, 2026 A	85,133	0	$0
Cynthia Collins	Director	June 17, 2026 A	112,157	0	$0
Stephen George Dilly	Director	June 17, 2026 A	673,053	0	$0
Rahul Singhvi	Director	June 17, 2026 A	137,052	0	$0
David V Smith	Director	June 17, 2026 A	105,705	0	$0
PARKER H STEWART	Director	June 17, 2026 A	143,583	0	$0
Dennis P Wolf	Director	June 10, 2025 A	147,903	0	$0
Byron L Dorgan	Director	June 11, 2024 A	223,581	0	$0
Patrick Y Yang	Director	July 19, 2018 S	304,157	0	$0
Kathleen Sereda Glaub	Director	July 18, 2018 S	98,120	0	$0
Thomas R Baruch	Director	June 26, 2018 S	153,093	0	$0
Bernard J Kelley	Director	June 21, 2018 S	225,668	0	$0
Pam P. Cheng	Director	June 11, 2018 A	64,642	0	$0
Alexander Karsner	Director	Jan. 2, 2014 A	78,519	0	$0
Bruce A Pasternack	Director	Aug. 24, 2010 P	10,000	0	$0
James R Sulat	Director	April 27, 2010 J	5,957,108	0	$0
Brazil Holding B.V. Shell	10% owner	May 31, 2011 J	5,573,319	0	$0
Equilon Enterprises LLC	10% owner	May 20, 2011 J	5,573,319	0	$0
MAXYGEN INC	10% owner	Dec. 14, 2010 J	524,643	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
John Nicols	Feb. 16, 2021	—	Initial filing	—	SEC
– I.RS. IDENTIFICATION NO. OF ABOVE PERSON RAÍZEN ENERGIA S.A., – I.RS. IDENTIFICATION NO. OF ABOVE PERSON SHELL BRAZIL HOLDING B.V., – I.RS. IDENTIFICATION NO. OF ABOVE PERSON ROYAL DUTCH SHELL PLC, – I.RS. IDENTIFICATION NO. OF ABOVE PERSON COSAN S.A. INDUSTRIA E COMÉRCIO, – I.RS. IDENTIFICATION NO. OF ABOVE PERSON COSAN INVESTIMENTOS E PARTICIPAÇÕES S.A., – I.RS. IDENTIFICATION NO. OF ABOVE PERSON COSAN LIMITED ×2 filings	May 26, 2015	—	Initial filing	—	SEC
– I.RS. IDENTIFICATION NO. OF ABOVE PERSON RAIZEN ENERGIA PARTICIPA Ç Õ ES S.A., – I.RS. IDENTIFICATION NO. OF ABOVE PERSON ISPAGNAC PARTICIPA Ç Õ ES LTDA., – I.RS. IDENTIFICATION NO. OF ABOVE PERSON ROYAL DUTCH SHELL PLC, – I.RS. IDENTIFICATION NO. OF ABOVE PERSON COSAN S.A. INDUSTRIA E COM É RCIO, – I.RS. IDENTIFICATION NO. OF ABOVE PERSON COSAN LIMITED	June 7, 2011	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 26 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
QQQS · Invesco Exchange-Traded Fund Trust …	0.26%	40,370 SH	Aug. 8, 2026	Daily
IWC · iShares Trust	0.03%	290,804 SH	Aug. 8, 2026	Daily
BIB · ProShares Trust	0.01%	3,341 NS	May 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.01%	496,936 SH	Aug. 8, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.01%	78,444 SH	Aug. 8, 2026	Daily
IBB · iShares Trust	0.01%	613,531 SH	Aug. 8, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	0.01%	4,900 SH	Aug. 8, 2026	Daily
RSSL · Global X Funds	0.01%	38,712 NS	April 30, 2026	N-PORT
IWO · iShares Trust	0.01%	679,206 SH	Aug. 8, 2026	Daily
ITWO · ProShares Trust	0.01%	4,198 NS	May 31, 2026	N-PORT
IWM · iShares Trust	0.00%	2,240,076 SH	Aug. 8, 2026	Daily
UWM · ProShares Trust	0.00%	3,283 NS	May 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.00%	71,405 SH	Aug. 8, 2026	Daily
AVSC · AMERICAN CENTURY ETF TRUST	0.00%	28,868 NS	May 31, 2026	N-PORT
URTY · ProShares Trust	0.00%	3,320 NS	May 31, 2026	N-PORT
IWN · iShares Trust	0.00%	128,823 SH	Aug. 8, 2026	Daily
HDG · ProShares Trust	0.00%	83 NS	May 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.00%	52,788 NS	April 30, 2026	N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.00%	2,554 NS	May 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	1,729 NS	April 30, 2026	N-PORT
IWV · iShares Trust	0.00%	16,926 SH	Aug. 8, 2026	Daily
DFAC · Dimensional ETF Trust	0.00%	19,277 NS	April 30, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.00%	895,869 SH	Aug. 8, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	2,633,770 SH	Aug. 8, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.00%	9,454 SH	Aug. 8, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	6,744 SH	Aug. 8, 2026	Daily

About Codexis, Inc. - Common Stock Company overview from Wikipedia

History

Pharmaceutical

Nutrition

Biotherapeutics

Life science

Technology

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Institutional owners (13F) 156 filers · $120.9M total · As of June 30, 2026

Company insiders 40 insiders · 19 officers · 20 directors

Activists & 5%+ owners 3 positions

ETF ownership Held by 26 ETFs