Codexis, Inc.

Overview

Codexis is a biotechnology company that provides enzyme and protein design solutions to improve therapeutics manufacturing. Its core technologies and business activities focus on enzyme engineering, RNAi manufacturing, biocatalysis for small-molecule APIs, and licensing of enzymatic tools.

What Codexis does

• CodeEvolver directed evolution platform to design and optimize enzymes and other proteins.
• Two main business platforms:
  • ECO Synthesis manufacturing platform: enzymatic synthesis of RNAi therapeutics (siRNA) and related RNA constructs, enabling end-to-end manufacturing, conjugation (e.g., GalNAc), and ligation of RNA sequences.
  • Pharma biocatalysis: engineering and supplying enzymes for the manufacture of small-molecule pharmaceutical intermediates and APIs, plus collaborations and licensing of CodeEvolver technology.
• Applies CodeEvolver to other molecular biology applications (DNA/RNA synthesis, sequencing, diagnostics) and maintains a portfolio of licensing agreements for its enzymatic tools.

Key products and areas

ECO Synthesis (RNAi manufacturing)

• End-to-end enzymatic production of RNAi therapeutics, including enzymatic synthesis, ligation, and conjugation with emphasis on purity and manufacturing efficiency.
• ECO Synthesis Innovation Lab established in 2024 for process development and non‑GMP material; produces non‑GMP-grade siRNA for preclinical use and provides development services.
• Partnerships with three large CDMOs to evaluate enzymatic GMP‑grade siRNA production; feasibility work with expected technology transfer activity in 2026.
• Lease signed November 2025 for a GMP manufacturing facility in Hayward, California; planned retrofit for RNAi production with Phase 1/2 operations targeted to begin in 2027.
• In 2025, successfully manufactured non‑GMP-grade siRNA drug substance for customers under development services contracts.

Pharma biocatalysis

• Sells engineered enzymes for pharmaceutical manufacturing to improve yields, purity, and sustainability.
• Customer base includes major pharmaceutical companies; Codexis enzymes are used in the manufacture of 18 approved drugs in commercial production as of 2025.
• Fifteen drug candidates are in Phase 2/3 or transitioning to enzymatic processes.
• Licensing and collaboration agreements include GSK, Merck, Novartis, Aldevron (Codexis HiCap RNA Polymerase), Alphazyme, and Pfizer; MAI collaboration assets sold to Maravai in 2025.
• In November 2025, Codexis reduced emphasis on pursuing new small‑molecule biocatalysis projects while continuing work with existing customers.

Other applications and licensing

• CodeEvolver technology licensed to multiple pharma companies.
• Maintains a portfolio of enzyme reagents and processes for diagnostics, sequencing, and oligonucleotide synthesis.

Scale, customers, and financials

• Employees: 146 full‑time and part‑time employees worldwide (as of December 31, 2025).
• Revenue concentration:
  • In 2025, one customer accounted for approximately 51% of total revenues.
  • As of December 31, 2025, three customers accounted for approximately 40%, 14%, and 13% of accounts receivable, indicating customer concentration.
• Net income (loss):
  • Net loss for 2025: $44.0 million.
  • Net loss for 2024: $65.3 million.
  • Net loss for 2023: $76.2 million.
  • Accumulated deficit: $606.8 million as of December 31, 2025.
• Intellectual property and branding:
  • Approximately 1,600 active issued patents and pending patent applications in the U.S. and foreign jurisdictions; patent terms anticipated to run 2026–2046, with CodeEvolver-related U.S. patents potentially expiring 2029–2034.
  • About 92 trademark registrations (U.S. and foreign), plus various common law trademarks.
• Market and pipeline context:
  • As of December 31, 2025, eight RNAi therapeutics were approved and on the U.S. market, with hundreds of RNAi assets in development, including 41 assets in Phase 2/3.
  • Codexis states capabilities to supply enzyme‑based manufacturing for RNAi assets and to support GLP material development, with potential GMP material supplies for early clinical studies through CDMO partners.

Facilities and operations

• Corporate headquarters and primary R&D in Redwood City, California.
• In‑house manufacturing for Codexis biocatalysts and enzymes; external CMOs for larger‑scale production (Lactosan in Austria; ACSD in Italy; Sekisui Diagnostics in the UK).
• ECO Synthesis Innovation Lab at Redwood City for non‑GMP material production and development services.
• GMP Hayward facility lease signed November 2025; planned retrofit for RNAi GMP production with occupancy targeted for 2027 and two five‑year extension options.
• Huntwood Space lease of approximately 34,000 square feet in Hayward, entered November 2025; occupancy expected in early 2027 for office, lab, R&D, and manufacturing, with up to two five‑year extension options.

Strategic posture and focus

• Core competitive advantage: CodeEvolver directed evolution platform, using machine learning, design and screening workflows, and data‑driven optimization to produce enzymes with improved activity, specificity, and manufacturability.
• ECO Synthesis addresses scalability and waste issues of traditional phosphoramidite chemistry used in SPOS for RNAi manufacturing by enabling aqueous, enzyme‑based processes with potential batch‑scale advantages.
• Pharma biocatalysis uses engineered enzymes to improve manufacturing efficiency and sustainability for small‑molecule APIs, supported by collaborations and licensing with major industry players.
• Growth priorities described in 2025 filings:
  • Expand partnerships with CDMOs for GMP‑grade RNAi material.
  • Develop and commercialize GMP‑grade RNAi manufacturing services.
  • Continue licensing and collaboration arrangements to monetize platform technology and engineered enzymes.
• Divestitures and refocus:
  • Sold or divested certain biotherapeutics programs (for example, CDX‑7108 with Nestlé; assets with Crosswalk; other biotherapeutics assets divested in 2024–2025) to concentrate on core enzyme and RNAi manufacturing businesses.