Codexis turns profitable, guiding modest 2026 growth as siRNA platform commercializes
Codexis beats Q4 estimates with non-GAAP EPS $0.11 (+185% YoY), revenue $38.9M, turns profitable while guiding modest 2026 growth as ECO siRNA platform commercializes
- Q4 revenue jumped 81% YoY to $38.9M, largely from Merck tech transfer.
- Full-year 2025 revenue grew 19% to $70.4M; company still posted $44M net loss.
- Product gross margin improved to 64% for 2025, up from 56% in 2024.
- 2026 revenue guided to $72–76M, implying only low-to-mid single-digit growth.
- Cash of $78.2M plus Merck’s $37.8M deal funds operations through end of 2027.
- ECO siRNA platform advanced commercially with 55 opportunities across 40 companies and three CDMO deals
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