Codexis, Inc.

Total revenue was $14.9 million in Q2 2026, down from $15.3 million in Q2 2025. Product gross margin was 73% in the quarter, above Q1 2026 and above full-year 2025 levels, and management said this was driven mainly by higher sales of more profitable products. R&D expense was $11.7 million versus $13.8 million a year ago, SG&A was $10.9 million versus $12.3 million, and net loss was $12 million versus $13.3 million. For 2026, Codexis reiterated revenue guidance of $70 million to $76 million and expects gross margin to improve into the high 60s for the full year. The company ended Q2 with $54.9 million in cash, cash equivalents, and short-term investments, and pro forma cash was about $79.8 million after the $25 million net financing; management said cash should fund planned operations and capex through 2028, including the GMP facility buildout.

Alison Moore emphasized that Codexis is trying to prove ECOsynthesis can be industrialized into a scalable manufacturing platform for siRNA medicines. She highlighted customer interest after TIDES, progress on the GMP manufacturing facility, and the goal of signing higher-value contracts and innovative licensing deals. Her tone was upbeat and focused on execution, scale-up, and demonstrating real adoption milestones in 2026.

Georgia L. Erbez focused on the improving financial profile: revenue was $14.9 million, product gross margin reached 73%, R&D fell to $11.7 million, SG&A fell to $10.9 million, and net loss improved to $12 million. She said the revenue mix is diversified, the base biocatalysis business is improving, and 2026 revenue should still be back-half weighted within the $70 million to $76 million range. She also noted the company’s cash position improved to a pro forma $79.8 million after the $25 million net financing, and that runway now extends through 2028, including GMP facility expenses.

Analysts asked whether TIDES data on stereochemistry and Starterless ECOsynthesis was translating into new customer engagements, and management said the response was “extremely positive,” with several customers advancing conversations and some prior prospects now wanting to test the technology. Questions also focused on revenue cadence, the lumpiness of approved-product orders, and whether the biocatalysis business could accelerate; management said order timing can still be unpredictable, but approvals are starting to support a renewed growth trend and could drive high-single-digit growth over the next 5 to 7 years. On the CDMO pipeline, management said all three partners have completed small-scale tech transfer, one is the most advanced and in long-term commercial negotiations, while the other two are a step behind. Analysts also pressed on scaling and market demand; management said Codexis is currently at hundreds of grams scale, aims for about half-kilo scale by year-end, and sees industry demand potentially constrained by current stainless-steel capacity.