Codexis Q4 Revenue Soars 81% to $38.9M, Secures $37.8M Merck Deal
Codexis posted Q4 revenue of $38.9 million, an 81% year-over-year increase, and full-year revenue rose 19% to $70.4 million, driven by a $37.8 million Merck technology transfer agreement. The company ended 2025 with $78.2 million in cash, extending its runway through 2027 and delivering a Q4 net income of $9.6 million.
1. Financial Performance
In Q4 2025, Codexis achieved revenue of $38.9 million, up 81% from $21.5 million a year earlier, delivering net income of $9.6 million, or $0.11 per share, compared with a $10.4 million loss in Q4 2024. For the full year, revenue increased by 19% to $70.4 million, gross margin rose to 64%, and net loss narrowed to $44.0 million, or $0.50 per share, from $65.3 million a year prior.
2. Partnerships and Platform Expansion
Codexis completed a $37.8 million technology transfer agreement with Merck in Q4, fueling revenue growth and strengthening its ECO Synthesis® platform footprint. The company engaged over 40 clients on 55 opportunities, signed a third CDMO partnership with Axolabs, unveiled stereoisomer control advancements at TIDES US, and secured ISO 9001 certification alongside a GMP facility lease for kilogram-scale manufacturing.
3. Cash Position and Future Manufacturing Capacity
As of December 31, 2025, Codexis held $78.2 million in cash, cash equivalents and short-term investments, supporting operations through 2027. The company plans to retrofit its leased GMP facility starting in H2 2026, targeting full production capability by end-2027 and aiming to convert expanded partnerships into clinical-stage manufacturing agreements.