$CDXS

CODEXIS INC

CIK:0001200375|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 14,915	$ 15,328	$ 30,163	$ 22,871
Costs and operating expenses:
Cost of product revenue	3,512	2,098	5,576	4,830
Research and development	11,705	13,775	23,153	26,717
Selling, general and administrative	10,927	12,317	20,706	24,672
Total costs and operating expenses	26,144	28,190	49,435	56,219
Loss from operations	(11,229)	(12,862)	(19,272)	(33,348)
Interest income	535	584	1,200	1,335
Interest and other expense, net	(1,301)	(984)	(2,591)	(1,926)
Loss before income taxes	(11,995)	(13,262)	(20,663)	(33,939)
Provision for income taxes	10	10	46	21
Net loss	$ (12,005)	$ (13,272)	$ (20,709)	$ (33,960)
Net loss per share, basic (in dollars per share)	$ (0.13)	$ (0.16)	$ (0.23)	$ (0.40)
Net loss per share, diluted (in dollars per share)	$ (0.13)	$ (0.16)	$ (0.23)	$ (0.40)
Weighted average common stock shares used in computing net loss per share, basic (in shares)	91,053	85,389	90,911	83,908
Weighted average common stock shares used in computing net loss per share, diluted (in shares)	91,053	85,389	90,911	83,908
Product revenue
Revenues:
Total revenues	$ 13,218	$ 7,380	$ 20,409	$ 13,439
Research and development revenue
Revenues:
Total revenues	$ 1,697	$ 7,948	$ 9,754	$ 9,432

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (20,709)	$ (33,960)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,496	2,535
Reduction in the carrying amount of right-of-use assets	1,882	1,440
Stock-based compensation	3,011	4,911
Provision (recovery) for credit losses	0	(113)
Non-cash interest expense	774	572
Amortization of discount on short-term investments	(473)	(597)
Changes in operating assets and liabilities:
Financial assets	(1,273)	2,640
Inventories	215	(146)
Prepaid expenses and other assets	2,405	405
Accounts payable	1,049	(1,398)
Accrued compensation and other accrued liabilities	(3,944)	(6,278)
Other long-term liabilities	(1,719)	(1,526)
Deferred revenue	(6,507)	(250)
Net cash used in operating activities	(22,793)	(31,765)
Investing activities:
Purchase of property and equipment	(1,074)	(3,769)
Proceeds from sale of property and equipment	15	4
Purchases of short-term investments	(32,967)	(24,183)
Proceeds from maturity of short-term investments	33,090	39,350
Net cash (used in) provided by investing activities	(936)	11,402
Financing activities:
Proceeds from exercises of stock options	0	1,098
Proceeds from issuance of stock under employee stock purchase plan	148	317
Proceeds from issuance of common stock in connection with equity sales agreements	0	17,268
Costs incurred in connection with equity sales agreements	(96)	(718)
Proceeds from long-term debt	0	9,897
Payment of debt issuance costs	0	(3)
Net cash provided by financing activities	52	27,859
Net (decrease) increase in cash, cash equivalents and restricted cash	(23,677)	7,496
Cash, cash equivalents and restricted cash at the beginning of the period	52,883	20,829
Cash, cash equivalents and restricted cash at the end of the period	29,206	28,325
Supplemental disclosure of cash flow information:
Interest paid	1,498	1,340
Income taxes paid	36	0
Supplemental non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	240	48
Cash reconciliation:
Cash and cash equivalents	27,172	26,761
Restricted cash, current and non-current	2,034	1,564
Total cash, cash equivalents and restricted cash	$ 29,206	$ 28,325

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 27,172	$ 50,793
Restricted cash, current	422	478
Short-term investments	27,746	27,416
Financial assets:
Accounts receivable	6,545	8,757
Contract assets	4,340	492
Unbilled receivables	805	1,480
Total financial assets	11,690	10,729
Less: allowances	(43)	(43)
Total financial assets, net	11,647	10,686
Inventories	1,602	1,817
Prepaid expenses and other current assets	3,327	5,626
Total current assets	71,916	96,816
Restricted cash	1,612	1,612
Investment in non-marketable equity securities	2,498	2,498
Right-of-use assets - Operating leases, net	28,618	30,501
Property and equipment, net	11,907	13,024
Goodwill	2,463	2,463
Other non-current assets	1,041	883
Total assets	120,055	147,797
Current liabilities:
Accounts payable	2,609	1,554
Accrued compensation	6,324	11,042
Other accrued liabilities	3,365	2,768
Current portion of lease obligations - Operating leases	3,294	2,944
Current portion of long term debt	7,057	0
Deferred revenue	862	7,009
Total current liabilities	23,511	25,317
Deferred revenue, net of current portion	0	360
Long-term lease obligations - Operating leases	28,417	30,159
Long-term debt	33,819	40,105
Other long-term liabilities	1,350	1,327
Total liabilities	87,097	97,268
Commitments and Contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value per share; 200,000 shares authorized; 91,388 shares and 90,478 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	9	9
Additional paid-in capital	660,451	657,292
Accumulated other comprehensive income (loss)	(13)	8
Accumulated deficit	(627,489)	(606,780)
Total stockholders' equity	32,958	50,529
Total liabilities and stockholders' equity	$ 120,055	$ 147,797