Codexis
CDXS on Nasdaq. Codexis sells enzymes and manufacturing tools to drugmakers. Market value $152m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-8.18 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -83 cents a year. Above 10 is good.
Quality score: 25 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.36 a share, 42% above its 1-year low
Over the past year the price has ranged from $0.96 to $2.98.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $12 million in the past 12 months, a shortfall of $24 million in the year to December 2025.
| Revenue | |||||
| Revenue | $105m | $139m | $70m | $59m | $70m |
| Operating margin | |||||
| Operating margin | -21.7% | -25.2% | -97.0% | -98.6% | -59.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.00 | 0.43 | 0.79 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.08bn | 0.09bn | 0.11bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.79× equity
- Revenue growth, five yearsSlow, 0.4% a year
- Buying back its own sharesNo, 67% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $15 million last quarter, about the same as a year ago.
- A loss of $12 million, compared with a loss of $13 million a year ago.
- It loses 36 cents on each $1 of sales, compared with 100 cents a year earlier.
- Over the past 12 months it spent $12 million more cash than it brought in, compared with $68 million a year earlier.
- 7% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $14 million more than cash, up from $13 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | $21m |
| March 2025 | $8m |
| June 2025 | $15m |
| September 2025 | $9m |
| December 2025 | $39m |
| March 2026 | $15m |
| June 2026 | $15m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$21m |
| December 2024 | -$10m |
| March 2025 | -$21m |
| June 2025 | -$13m |
| September 2025 | -$20m |
| December 2025 | $10m |
| March 2026 | -$9m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 149 funds in all.
- Platinum Investment ManagementPlatinum team
- Value
- $597,689
- Share of fund
- 0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $22,600
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Platinum Investment ManagementPlatinum team | $597,689 | 0.1% | |
| GAMCO InvestorsMario Gabelli | $22,600 | <0.1% |
Largest holders overall
- BlackRock$16mAdded
- Nantahala Capital Management$16mAdded
- Opaleye Management$15m
- Aberdeen Group$15mCut
- Millennium Management$13mAdded
- Telemark Asset Management$9m
- Ameriprise Financial$9mAdded
- Vanguard Capital Management$8m
- Assenagon Asset Management$6mAdded
- Geode Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Opaleye Management Inc.Passive investorat least 7.5%−0.1 pts(filed with 2 related holders)Since 31 March 2026
- Aberdeen Group plcPassive investorat least 7.4%−1.4 pts(filed with 1 related holder)Since 30 June 2026
- Telemark Asset Management, LLCPassive investorat least 7.3%(filed with 2 related holders)Since 24 July 2026
- BlackRock, Inc.Passive investor7.2%Since 31 March 2025
- LYTTON LAURENCE WPassive investor5.2%+0.2 ptsSince 30 June 2026
- Integrated Core Strategies (US) LLCPassive investorat least 5.2%(filed with 3 related holders)Since 9 April 2026
- FMR LLCPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- CASDIN CAPITAL, LLCPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Opaleye Management Inc. Passive investor | at least 7.5%−0.1 pts (filed with 2 related holders) | 31 March 2026 | |
Aberdeen Group plc Passive investor | at least 7.4%−1.4 pts (filed with 1 related holder) | 30 June 2026 | |
Telemark Asset Management, LLC Passive investor | at least 7.3% (filed with 2 related holders) | 24 July 2026 | |
BlackRock, Inc. Passive investor | 7.2% | 31 March 2025 | |
LYTTON LAURENCE W Passive investor | 5.2%+0.2 pts | 30 June 2026 | |
Integrated Core Strategies (US) LLC Passive investor | at least 5.2% (filed with 3 related holders) | 9 April 2026 | |
FMR LLC Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
CASDIN CAPITAL, LLC Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $81,795.
- De Vre RaymondDirectorSold
- Date
- 11 June 2026
- Shares
- 2,605
- Price
- $2.37
- Value
- $6,174
- Lutz StefanChief Scientific OfficerSold
- Date
- 24 February 2026
- Shares
- 5,862
- Price
- $1.13
- Value
- $6,624
- Lutz StefanChief Scientific OfficerSold
- Date
- 6 February 2026
- Shares
- 2,492
- Price
- $1.31
- Value
- $3,265
- Erbez GeorgiaSee RemarksSold
- Date
- 6 February 2026
- Shares
- 3,826
- Price
- $1.31
- Value
- $5,012
- MOORE ALISONPresident and CEO, DirectorSold
- Date
- 6 February 2026
- Shares
- 3,826
- Price
- $1.31
- Value
- $5,012
- Lutz StefanCSOSold
- Date
- 7 January 2026
- Shares
- 4,685
- Price
- $1.70
- Value
- $7,965
- WOLF DENNIS PDirectorSold
- Date
- 21 November 2025
- Shares
- 8,952
- Price
- $1.56
- Value
- $13,965
- De Vre RaymondDirectorSold
- Date
- 11 November 2025
- Shares
- 1,413
- Price
- $1.74
- Value
- $2,459
- MOORE ALISONChief Technical OfficerSold
- Date
- 13 October 2025
- Shares
- 6,239
- Price
- $2.51
- Value
- $15,660
- Erbez GeorgiaChief Financial OfficerSold
- Date
- 13 October 2025
- Shares
- 6,239
- Price
- $2.51
- Value
- $15,660
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 June 2026 | De Vre Raymond Director | Sold | 2,605 | $2.37 | $6,174 |
| 24 February 2026 | Lutz Stefan Chief Scientific Officer | Sold | 5,862 | $1.13 | $6,624 |
| 6 February 2026 | Lutz Stefan Chief Scientific Officer | Sold | 2,492 | $1.31 | $3,265 |
| 6 February 2026 | Erbez Georgia See Remarks | Sold | 3,826 | $1.31 | $5,012 |
| 6 February 2026 | MOORE ALISON President and CEO, Director | Sold | 3,826 | $1.31 | $5,012 |
| 7 January 2026 | Lutz Stefan CSO | Sold | 4,685 | $1.70 | $7,965 |
| 21 November 2025 | WOLF DENNIS P Director | Sold | 8,952 | $1.56 | $13,965 |
| 11 November 2025 | De Vre Raymond Director | Sold | 1,413 | $1.74 | $2,459 |
| 13 October 2025 | MOORE ALISON Chief Technical Officer | Sold | 6,239 | $2.51 | $15,660 |
| 13 October 2025 | Erbez Georgia Chief Financial Officer | Sold | 6,239 | $2.51 | $15,660 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 6 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 51% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, one customer accounted for approximately 51% of our total revenues.”
From the 10-K filed 11 March 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.