Codexis, Inc. reported a total revenue of $70.4 million for the fiscal year ended December 31, 2025, marking a 19% increase from $59.3 million in 2024. This growth was primarily driven by a significant rise in research and development revenue, which surged by 97% to $44.4 million, compared to $22.6 million in the previous year. In contrast, product revenue fell by 29% to $26.0 million, down from $36.8 million in 2024, attributed to variability in customer manufacturing schedules and clinical trial timelines.
The company's net loss for 2025 was $44.0 million, or $0.50 per share, a notable improvement from a net loss of $65.3 million, or $0.89 per share, in 2024. This reduction in losses was largely due to increased revenues and a decrease in operating expenses, which totaled $112.1 million, down from $117.9 million in the prior year. The cost of product revenue also decreased significantly by 43% to $9.3 million, contributing to an improved product gross margin of 64%, up from 56% in 2024.
Strategically, Codexis has focused on enhancing its ECO Synthesis manufacturing platform, which aims to facilitate the large-scale production of RNA interference (RNAi) therapeutics. The company successfully manufactured non-GMP-grade siRNA drug substances in its ECO Synthesis Innovation Lab and entered partnerships with three contract development and manufacturing organizations (CDMOs) to evaluate the platform's capabilities. These partnerships are expected to advance in 2026, with plans to initiate technology transfers to CDMOs for GMP-grade production.
Operationally, Codexis had 146 employees as of December 31, 2025, with a restructuring plan announced in 2023 that included a workforce reduction of approximately 24%. The company also reported a significant customer concentration, with one customer accounting for 51% of total revenues. Looking ahead, Codexis anticipates continued growth in research and development revenue, driven by ongoing collaborations and the commercialization of its ECO Synthesis platform, while managing the challenges associated with product revenue fluctuations and customer dependencies.
About CODEXIS, INC.
Codexis is a biotechnology company specializing in enzyme engineering and biocatalysis for pharmaceutical manufacturing and RNAi therapeutics. Its proprietary CodeEvolver platform develops high-performance enzymes to improve drug synthesis efficiency, yield, and sustainability. The company offers enzymatic solutions, contract development, and manufacturing services, targeting large pharma clients and the growing RNAi market with a focus on scalable, environmentally friendly processes.
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