Key Highlights

  • Codexis was trading up 15.73% at USD 1.1088 in pre-market on Friday, November 13, 2026, after reporting third-quarter 2026 results on November 12, 2026.
  • Third-quarter Revenue was USD 19.3 million against USD 8.6 million a year earlier, and nine-month revenue was USD 49.4 million against USD 31.5 million, with product gross Margin of 74.5%.
  • The net loss narrowed to USD 8.1 million, or USD 0.08 per share, from USD 19.6 million, or USD 0.22, while cash and short-term investments stood at USD 72.7 million.
  • Full-year revenue guidance of USD 72 million to USD 76 million was reiterated, and management said cash should fund planned operations through the end of 2028.

Revenue Doubles and the Loss Narrows

Codexis (NASDAQ:CDXS) reported third-quarter results on November 12, 2026, with revenue of USD 19.3 million, about 124% above USD 8.6 million a year earlier. The company makes engineered enzymes and, through its ECO Synthesis platform, an enzymatic route to making RNA drugs such as siRNA. The net loss was USD 8.1 million, or USD 0.08 a share, against USD 19.6 million, or USD 0.22. Research and Development fell to USD 12.6 million from USD 13.9 million, and selling, general and administrative costs fell to USD 10.1 million from USD 11.2 million, mainly on lower headcount and stock compensation. Nine-month revenue of USD 49.4 million compares with USD 31.5 million a year earlier, so growth has held across the year rather than coming from one quarter.

Guidance Held, Debt Refinanced With a USD 60 Million Loan

The company reiterated 2026 revenue of USD 72 million to USD 76 million, implying fourth-quarter revenue of about USD 22.6 million to USD 26.6 million (calculated from nine-month revenue of USD 49.4 million). Gross margin is now expected in the low 70% range, and product gross margin reached 74.5% in the quarter against 64% a year earlier. In November it closed a USD 60 million senior secured term Loan with Trinity Capital, and the first USD 42.5 million Tranche refinanced existing Innovatus debt. A July Equity raise brought in about USD 25 million net. Cash was USD 72.7 million, and management said it funds operations through the end of 2028.

ECO Synthesis Progress and What Could Go Wrong

The company reported producing 100 grams of high-quality oligonucleotide with ECO Synthesis and announced a feasibility study with an siRNA pioneer in October. Retrofit of its ECO GMP Manufacturing Center is expected to begin in the new year, with operations by the end of 2027. Risks include execution on the Facility build, the added debt service from a secured loan, reliance on lumpy partner and license revenue, and dilution after the July raise of about USD 25 million. Collaboration and license income can be uneven from quarter to quarter, so one strong quarter does not set a trend. The stock is low-priced, so quoted pre-market moves can reverse once regular trading starts.

Where Things Stand

A doubling of revenue, a narrower loss, reiterated guidance and a refinanced Balance Sheet explain the 15.73% pre-market gain in Codexis (NASDAQ:CDXS), a result-driven move at USD 1.1088, the pre-market figure of record for Friday, November 13, 2026. The caution is that the company is still loss-making, now carries a secured loan, and has a facility build ahead. Next markers are the January start of the manufacturing center retrofit, fourth-quarter revenue of about USD 22.6 million to USD 26.6 million (calculated) and progress with the siRNA feasibility study.