Codexis Inc Stock Research

Market Summary

USD3.96+0.15

Market Closed

3.94%

CDXS Alerts

2 major insider sales recently.

CDXS Stock Price

CDXS RSI Chart

CDXS Valuation

Market Cap

260.6M

Price/Earnings (Trailing)

-7.76

Price/Sales (Trailing)

1.88

EV/EBITDA

-5.26

Price/Free Cashflow

87.54

CDXS Price/Sales (Trailing)

CDXS Profitability

EBT Margin

-24.04%

Return on Equity

-23.2%

Return on Assets

-13.42%

Free Cashflow Yield

1.14%

CDXS Fundamentals

CDXS Revenue

Revenue (TTM)

138.6M

Revenue Y/Y

23.97%

Revenue Q/Q

-11.88%

CDXS Earnings

Earnings (TTM)

-33.6M

Earnings Y/Y

-23.69%

Earnings Q/Q

-26.14%

Price Action

52 Week Range

3.7922.22

(Low)(High)

Last 7 days

-3.9%

Last 30 days

-27.2%

Last 90 days

-10.6%

Trailing 12 Months

-80.4%

CDXS Financial Health

Current Ratio

3.32

CDXS Investor Care

Shares Dilution (1Y)

1.08%

Diluted EPS (TTM)

-0.51

Peers (Alternatives to Codexis)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
A	38.9B	6.8B	-8.16%	-1.51%	30.98	5.67	8.37%	3.64%
ILMN	34.5B	4.6B	7.77%	-35.67%	-7.84	7.53	1.28%	-677.95%
MTD	32.4B	3.9B	0.40%	7.77%	37.17	8.27	5.43%	13.46%
TECH	11.4B	1.1B	-1.86%	-32.35%	43.34	10.14	8.77%	24.82%
MID-CAP
RGEN	9.1B	801.5M	-8.02%	-7.39%	48.92	11.35	19.54%	44.95%
SMALL-CAP
PACB	2.1B	128.3M	2.84%	-4.86%	-6.78	16.59	-1.69%	-73.40%
ADPT	1.1B	185.3M	-9.20%	-39.56%	-5.71	6.17	20.06%	3.42%
NSTG	417.7M	127.3M	-10.60%	-72.39%	-2.62	3.28	-12.28%	-38.43%
QTRX	404.9M	105.5M	-8.66%	-62.15%	-4.19	3.84	-4.55%	-67.63%
BNGO	323.9M	27.8M	-21.01%	-54.58%	-2.44	11.65	54.62%	-83.06%
CDXS	260.6M	138.6M	-27.21%	-80.41%	-7.76	1.88	32.30%	-57.86%
HBIO	128.8M	113.3M	4.79%	-47.51%	-13.53	1.14	-4.68%	-3204.17%
CDXC	119.3M	72.0M	-6.98%	-36.25%	-7.23	1.66	6.82%	39.11%
CSBR	56.3M	54.1M	-3.61%	-51.28%	521	1.04	21.80%	-72.38%

Financials for Codexis

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	4.4%	138,590,000	132,717,000	135,016,000	122,063,000	104,754,000
S&GA Expenses	1.1%	52,172,000	51,583,000	51,491,000	53,630,000	49,323,000
R&D Expenses	4.3%	80,099,000	76,767,000	70,111,000	63,848,000	55,919,000
EBITDA	-7.1%	-27,880,000	-26,024,000	-14,330,000	-16,687,000	-
EBITDA Margin	-2.6%	-0.20	-0.20	-0.11	-0.14	-
Earnings Before Taxes	-7.5%	-33,316,000	-30,985,000	-18,647,000	-20,372,000	-21,090,000
EBT Margin	-3.0%	-0.24	-0.23	-0.14	-0.17	-
Interest Expenses	13.3%	34,000	30,000	23,000	16,000	14,000
Net Income	-7.7%	-33,592,000	-31,178,000	-18,942,000	-20,567,000	-21,279,000
Net Income Margin	-3.2%	-0.24	-0.23	-0.14	-0.17	-
Free Cahsflow	143.8%	2,977,000	-6,793,000	-29,413,000	-35,380,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	6.4%	250	235	235	235	246
Current Assets	11.6%	163	146	145	145	162
Cash Equivalents	4.9%	114	109	90.00	94.00	117
Inventory	25.0%	2.00	2.00	2.00	2.00	1.00
Net PPE	-3.0%	23.00	23.00	24.00	23.00	21.00
Goodwill	-1.3%	3.00	3.00	3.00	3.00	3.00
Liabilities	30.1%	106	81.00	76.00	77.00	82.00
Current Liabilities	53.8%	49.00	32.00	30.00	29.00	33.00
Shareholder's Equity	-6.1%	145	154	159	159	164
Retained Earnings	-3.1%	-421	-408	-398	-396	-387
Additional Paid-In Capital	0.6%	566	563	558	555	552
Accumulated Depreciation	3.2%	39.00	38.00	37.00	36.00	-
Shares Outstanding	0.3%	66.00	66.00	65.00	65.00	65.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	60.6%	11.00	7.00	-12.90	-19.01	-14.27
Share Based Compensation	-0.8%	15.00	15.00	13.00	13.00	12.00
Cashflow From Investing	28.9%	-13.58	-19.09	-28.78	-28.97	-21.42
Cashflow From Financing	-138.0%	-0.57	2.00	2.00	2.00	4.00

Risks for CDXS

What is the probability of a big loss on CDXS?

99.2%

Probability that Codexis stock will be more than 20% underwater in next one year

69.2%

Probability that Codexis stock will be more than 30% underwater in next one year.

53.9%

Probability that Codexis stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CDXS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Codexis was unfortunately bought at previous high price.

Drawdowns

Returns for CDXS

Cumulative Returns on CDXS

5.4%

10-Year Cumulative Returns

3.2%

7-Year Cumulative Returns

-18.5%

5-Year Cumulative Returns

-26.5%

3-Year Cumulative Returns

What are the long-term rolling returns for CDXS?

FIve years rolling returns for Codexis.

Annualized Returns

Which funds bought or sold CDXS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	BAILLIE GIFFORD & CO	reduced	-12.13	-13,891,800	28,941,200	0.03%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-9.09	-2,000	4,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-33,577	112,423	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-99.97	-19,995	5.00	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-	-4,000	-	-%
2023-02-16	WHITE PINE CAPITAL LLC	added	53.4	155,988	1,023,990	0.40%
2023-02-15	MetLife Investment Management, LLC	unchanged	-	-46,392	153,608	-%
2023-02-15	JANE STREET GROUP, LLC	sold off	-100	-63,000	-	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	added	23.88	-17,582	355,418	-%
2023-02-15	HOWE & RUSLING INC	sold off	-100	-30,000	-	-%

Latest Funds Activity

Are funds buying CDXS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CDXS

No. of Funds

CDXS Alerts

2 major insider sales recently.

Codexis News

Schedule 13G FIlings of Codexis

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	nantahala capital management, llc	6.8%	4,487,782	SC 13G/A
Feb 14, 2023	casdin capital, llc	0%	0	SC 13G/A
Feb 10, 2023	ark investment management llc	6.00%	3,941,985	SC 13G/A
Feb 09, 2023	vanguard group inc	5.54%	3,642,208	SC 13G/A
Jan 24, 2023	blackrock inc.	9.4%	6,154,933	SC 13G/A
Jan 18, 2023	baillie gifford & co	9.46%	6,210,551	SC 13G/A
Feb 09, 2022	vanguard group inc	5.24%	3,400,490	SC 13G
Feb 09, 2022	ark investment management llc	5.00%	3,244,040	SC 13G/A
Feb 03, 2022	blackrock inc.	7.9%	5,144,949	SC 13G/A
Jan 12, 2022	baillie gifford & co	11.07%	7,182,402	SC 13G/A

CDXS Fair Value

Codexis fair value in different scenarios

The table shows the Fair Value estimates for Codexis for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.76 -80.81%	1.07 -72.98%	1.68 -57.58%	3.15 -20.45%	4.97 25.51%
Current Inflation	0.74 -81.31%	1.02 -74.24%	1.55 -60.86%	2.81 -29.04%	4.38 10.61%
Very High Inflation	0.71 -82.07%	0.95 -76.01%	1.39 -64.90%	2.42 -38.89%	3.69 -6.82%

Historical Codexis Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Codexis

View All Filings

Date Filed	Form Type	Document
Mar 17, 2023	4	Insider Trading
Mar 09, 2023	4	Insider Trading
Mar 09, 2023	4	Insider Trading
Mar 09, 2023	4	Insider Trading
Feb 28, 2023	POS AM	POS AM
Feb 27, 2023	10-K	Annual Report
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	POSASR	POSASR
Feb 23, 2023	8-K	Current Report
Feb 21, 2023	4	Insider Trading

Latest Insider Trading transactions for CDXS

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-16	NICOLS JOHN J	sold	-146,681	4.1071	-35,714	-
2023-03-16	NICOLS JOHN J	acquired	70,356	1.97	35,714	-
2023-03-15	NICOLS JOHN J	sold	-146,131	4.0917	-35,714	-
2023-03-15	NICOLS JOHN J	acquired	70,356	1.97	35,714	-
2023-03-08	DILLY STEPHEN GEORGE	sold	-122,931	4.5552	-26,987	see remarks
2023-03-08	Norrett Kevin	sold	-37,616	4.5552	-8,258	chief operating officer
2023-03-08	Fitzgerald Margaret Nell	sold	-35,011	4.5552	-7,686	see remarks
2023-03-07	Norrett Kevin	sold	-39,564	4.6027	-8,596	chief operating officer
2023-03-07	Fitzgerald Margaret Nell	sold	-36,821	4.6027	-8,000	see remarks
2023-03-07	DILLY STEPHEN GEORGE	sold	-129,281	4.6027	-28,088	see remarks

About Codexis

John J. Nicols

www.codexis.com

260

Codexis, Inc. discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver protein engineering technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes. The company's platform is also used to discover novel biotherapeutic drug candidates for targeted human diseases, as well as for molecular biology and in vitro diagnostic enzymes. It sells its products to pharmaceutical manufacturers through its direct sales and business development force in the United States and Europe. The company was incorporated in 2002 and is headquartered in Redwood City, California.

CDXS Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 138,590	$ 104,754	$ 69,056
Costs and operating expenses:
Cost of product revenue	38,033	22,209	13,742
Research and development	80,099	55,919	44,185
Selling, general and administrative	52,172	49,323	35,049
Restructuring charges	3,167	0	0
Total costs and operating expenses	173,471	127,451	92,976
Income (loss) from operations	(34,881)	(22,697)	(23,920)
Interest income	1,441	459	405
Other income (expense), net ($208, $983 and $0 from a related party)	124	1,148	(156)
Loss before income taxes	(33,316)	(21,090)	(23,671)
Provision for income taxes	276	189	339
Net loss	$ (33,592)	$ (21,279)	$ (24,010)
Net loss per share, basic (in dollars per share)	$ (0.51)	$ (0.33)	$ (0.40)
Net loss per share, diluted (in dollars per share)	$ (0.51)	$ (0.33)	$ (0.40)
Weighted average common stock shares used in computing net loss per share, basic (in shares)	65,344	64,568	59,360
Weighted average common stock shares used in computing net loss per share, diluted (in shares)	65,344	64,568	59,360
Product revenue ($514, $0 and $0 from a related party)
Revenues:
Total revenues	$ 116,676	$ 70,657	$ 30,220
Research and development revenue ($1,245, $1,955 and $900 from a related party)
Revenues:
Total revenues	$ 21,914	$ 34,097	$ 38,836

CDXS Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 113,984	$ 116,797
Restricted cash, current	521	579
Financial assets:
Accounts receivable	31,904	24,953
Contract assets	2,116	4,557
Unbilled receivables	7,016	8,558
Total financial assets	41,036	38,068
Less: allowances	(163)	(416)
Total financial assets, net	40,873	37,652
Inventories	2,029	1,160
Prepaid expenses and other current assets	5,487	5,700
Total current assets	162,894	161,888
Restricted cash	1,521	1,519
Investment in non-marketable equity securities ($13,921 and $12,713 with a related party)	20,510	14,002
Right-of-use assets - Operating leases, net	39,263	44,095
Right-of-use assets - Finance leases, net	0	17
Property and equipment, net	22,614	21,345
Goodwill	3,241	3,241
Other non-current assets	350	276
Total assets	250,393	246,383
Current liabilities:
Accounts payable	3,246	2,995
Accrued compensation	11,453	11,119
Other accrued liabilities	15,279	12,578
Current portion of lease obligations - Operating leases	5,360	4,093
Deferred revenue ($0 and $245 to a related party)	13,728	2,586
Total current liabilities	49,066	33,371
Deferred revenue, net of current portion	16,881	3,749
Long-term lease obligations - Operating leases	38,278	43,561
Other long-term liabilities	1,371	1,311
Total liabilities	105,596	81,992
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value per share; 100,000 shares authorized; 65,811 and 65,109 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	566,081	552,083
Accumulated deficit	(421,290)	(387,698)
Total stockholders’ equity	144,797	164,391
Total liabilities and stockholders’ equity	$ 250,393	$ 246,383