Codexis Q1 Revenue Jumps 103% to $15.2M, Gross Margin Hits 71%
CDXS•Codexis reported Q1 revenue of $15.2 million, a 103% increase year-over-year, with product gross margin rising to 71% from 55%. The company narrowed its net loss to $8.7 million and ended the quarter with $65.1 million in cash, funding operations through end-2027.
1. Financial Results
Codexis generated $15.2 million in revenue for Q1 2026, up from $7.5 million in Q1 2025, driven by $6.3 million recognized from the Merck Technology Transfer agreement. Product gross margin improved to 71% from 55%, and the net loss narrowed to $8.7 million compared to $20.7 million a year ago.
2. Business and Technical Milestones
During the quarter, Codexis received ISO 9001 certification for its manufacturing suite and supported FDA approval of a Phase 3 biocatalysis product, bringing its enzyme portfolio to 13 licensed branded drugs. The company agreed to supply 50g of siRNA via its ECO Synthesis platform, showcasing enhanced stereochemistry control and superior siRNA quality.
3. Guidance and Cash Position
Codexis reiterated full-year 2026 revenue guidance of $72 million to $76 million and reported $65.1 million in cash and equivalents, sufficient to fund operations through the end of 2027. The company plans to apply for its ECO GMP Manufacturing Center building permit in Q2 and aims for full production capability by end-2027.
