Shares of Codexis, Inc. (CDXS) are up over 25% in premarket trading at $1.56, after the company reported strong fourth-quarter and full-year 2025 results and issued an upbeat outlook for 2026.
Codexis is an enzyme engineering company focused on therapeutic possibilities from next-gen RNA medicines to precision diagnostic enzymes. With its proprietary CodeEvolver platform and ECO (Enzyme-Catalysed Oligonucleotide) Synthesis platform, it delivers enzymes for RNAi therapeutics, diagnostics, and small-molecule manufacturing.
For the fourth quarter of 2025, the firm swung to a net profit of $9.6 million, or $0.11 per share, from a net loss of $10.37 million, or $0.13 per share, in the prior year.
Total revenue jumped by 81% to $38.92 million from $21.46 million in the prior year. The increase was primarily due to the Merck Technology Transfer Agreement executed in the fourth quarter of 2025, the firm stated.
For the full year 2025, net loss narrowed to $43.97 million, or $0.50 per share, from $65.27 million, or $0.89 per share, in the year-ago period.
Total revenue increased by 19% to $70.38 million from $59.34 million in the prior year.
Looking ahead to the full year 2026, the firm expects total revenue to be in the range of $72 million to $76 million, up approximately 2% to 8% from $70.38 million in 2025.
As of December 31, 2025, Codexis had $78.2 million in cash, cash equivalents, and short-term investments, and expects this to be sufficient to fund its planned operations through the end of 2027.
Upcoming milestones for the firm include expanding its relationships with at least one CDMO partner by the end of 2026 and signing a licensing deal with a major pharmaceutical company in the second half of 2026.
Codexis expect to begin retrofit construction of its GMP facility in the second half of 2026, with the facility in full production capability by the end of 2027.
CDXS has traded between $0.96 and $3.87 in the last year. The stock closed Wednesday's trade at $2.42% at $1.27.
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