Codexis (CDXS) investor relations material

Executive summary

• Reported Q2 2026 revenue of $14.9 million, with strong performance in the biocatalytic enzyme business and improved gross margins driven by higher-margin product sales, despite a decline in R&D revenue.

• Net loss for Q2 2026 was $12.0 million ($0.13 per share), an improvement from $13.3 million ($0.16 per share) in Q2 2025.

• Successfully raised $25 million in equity financing in July 2026, enhancing financial stability and resulting in proforma cash of approximately $80 million.

• Advanced the ECO Synthesis platform, demonstrating full-length siRNA synthesis with precise stereochemistry control and introducing starterless synthesis capabilities.

• Construction of a new GMP manufacturing facility is on track, with $25 million allocated for the project to support clinical and commercial supply.

Financial highlights

• Q2 2026 revenue was $14.9 million, down slightly from $15.3 million in Q2 2025, with a 79% increase in product revenue offset by a 79% decline in R&D revenue.

• Product gross margin improved to 73% in Q2 2026 from 72% in Q2 2025.

• R&D expenses decreased to $11.7 million in Q2 2026 from $13.8 million in Q2 2025, mainly due to lower employee and external costs.

• SG&A expenses fell to $10.9 million from $12.3 million year-over-year, reflecting reduced headcount and lower stock-based compensation.

• Cash, cash equivalents, and short-term investments totaled $54.9 million as of June 30, 2026, before the equity raise.

Outlook and guidance

• 2026 revenue guidance remains $72–76 million, with revenue expected to be weighted toward the second half of the year.

• Gross margins for 2026 are expected to improve into the high 60s.

• Current cash runway projected to fund operations and capital expenditures through 2028, including GMP facility build-out.

• Plans to submit a building permit for the ECO GMP Manufacturing Center in H2 2026, with full production capability targeted by end of 2027.

• Additional capital may be sought if plans or assumptions change, with potential for further equity or debt financing.