📊 CDXS Key Takeaways
Investment Thesis
Codexis is a pre-profitability biotech/industrial chemicals company burning cash despite modest revenue growth, with operating losses of -$41.7M and negative free cash flow of -$23.8M. While the company maintains adequate liquidity (3.82x current ratio and $50.8M cash), it is consuming capital at an unsustainable rate and will deplete reserves within 2-3 years at current burn rates without achieving profitability or securing additional funding.
CDXS Strengths
- Revenue growth of 18.6% YoY demonstrates ongoing demand for services/products
- Strong liquidity position with $50.8M cash and 3.82x current ratio providing near-term financial flexibility
- Reasonable debt-to-equity ratio of 0.79x indicates manageable leverage relative to equity base
CDXS Risks
- Massive operating losses (-$59.3% operating margin) with no clear path to profitability in near term
- Severe negative free cash flow of -$23.8M annually will exhaust cash reserves in approximately 2 years without operational improvement or external funding
- High insider trading activity (7 Form 4 filings in 90 days) coupled with deteriorating financials may indicate insider uncertainty about near-term prospects
Key Metrics to Watch
- Operating cash flow trajectory - must improve to positive before cash depletion
- Gross profit margin data - critical missing metric that may reveal unit economics issues
- Path to operating break-even - timeline and milestones for achieving EBITDA profitability
CDXS Financial Metrics
💡 AI Analyst Insight
Strong liquidity with a 3.82x current ratio provides a solid financial cushion.
CDXS Profitability Ratios
CDXS vs Industrial Sector
How CODEXIS, INC. compares to Industrial sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
CDXS Balance Sheet & Liquidity
CDXS 5-Year Financial Trend
5-Year Trend Summary: CODEXIS, INC.'s revenue has declined by 33% over the 5-year period, indicating business contraction. The most recent EPS of $-1.12 indicates the company is currently unprofitable.
CDXS Growth Metrics (YoY)
CDXS Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $8.6M | -$19.6M | $-0.22 |
| Q2 2025 | $8.0M | -$13.3M | $-0.16 |
| Q1 2025 | $7.5M | -$11.5M | $-0.16 |
| Q3 2024 | $9.3M | -$20.6M | $-0.29 |
| Q2 2024 | $8.0M | -$11.5M | $-0.17 |
| Q1 2024 | $13.0M | -$11.5M | $-0.16 |
| Q3 2023 | $9.3M | -$10.0M | $-0.15 |
| Q2 2023 | $21.3M | -$2.6M | $-0.04 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
CDXS Capital Allocation
CDXS SEC Filings
Access official SEC EDGAR filings for CODEXIS, INC. (CIK: 0001200375)
📋 Recent SEC Filings
❓ Frequently Asked Questions about CDXS
What is the AI rating for CDXS?
CODEXIS, INC. (CDXS) has an AI rating of SELL with 85% confidence, based on fundamental analysis of SEC EDGAR filings.
What are CDXS's key strengths?
Revenue growth of 18.6% YoY demonstrates ongoing demand for services/products. Strong liquidity position with $50.8M cash and 3.82x current ratio providing near-term financial flexibility.
What are the risks of investing in CDXS?
Massive operating losses (-$59.3% operating margin) with no clear path to profitability in near term. Severe negative free cash flow of -$23.8M annually will exhaust cash reserves in approximately 2 years without operational improvement or external funding.
What is CDXS's revenue and growth?
CODEXIS, INC. reported revenue of $70.4M.
Does CDXS pay dividends?
CODEXIS, INC. does not currently pay dividends.
Where can I find CDXS SEC filings?
Official SEC filings for CODEXIS, INC. (CIK: 0001200375) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is CDXS's EPS?
CODEXIS, INC. has a diluted EPS of $-0.50.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.