Short answer
CODEXIS, INC. (CDXS) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $9M (down 33.0% year over year) with net income of −$20M.
Q3 2025 key financials · XBRL
- Revenue
- $9M
- −33.0% YoY · −43.9% QoQ
- Net income
- −$20M
- +5.0% YoY · −47.8% QoQ
- Operating margin
- -220.3%
- EPS (diluted)
- −$0.22
- +24.1% YoY · −46.7% QoQ
Source: XBRL data from the CODEXIS, INC. (CDXS) Q3 2025 10-Q on SEC EDGAR. USD.
CODEXIS, INC. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $8.6M, down $4.2M or 33% YoY; product revenue $6.8M, down 39%
- Product gross margin 64% vs 61% YoY; net loss $19.6M vs $20.6M
- Best line research and development revenue $1.8M, up 7%; weakest product revenue $6.8M, down 39%
- Cash and equivalents $25.4M vs $19.3M; short-term investments $33.4M vs $54.2M
- Operating cash use $39.5M; $10.0M Innovatus tranche funded, $16.4M net equity proceeds
- Outlook: adequate funds for at least 12 months; potential additional capital needs and ECO Synthesis commercialization risks
Risk Factors
- Customer concentration risk: customers contributing at least 10% represented 55% of nine-month revenue, up from 43% in 2024
- Regulatory risk: anticipated CDMO partnership for GMP-grade siRNA could trigger delays, insufficient supply, or compliance failures
- Manufacturing risk: substantially all large-scale enzyme production depends on three third-party contract manufacturers
- Strategic risk: completed Innovation Lab build-out and planned CDMO scale-up create capacity constraints and higher-cost exposure
- Financial risk: net loss $53.6 million and accumulated deficit $616.4 million as of September 30, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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