Highlights

  • Signed a USD 37.8 million Supply Assurance Agreement with Merck.
  • Alison Moore appointed CEO, succeeding Stephen Dilly.
  • Company extends cash runway through 2027 amid restructuring and workforce reduction.

Codexis, Inc. (NASDAQ:CDXS), a biotechnology company focused on enzymatic solutions for therapeutic manufacturing, announced its financial results for the third quarter ended September 30, 2025. The company also outlined major operational developments, including a new agreement with Merck and organizational changes aimed at aligning its operations with long-term strategic goals.

“We’ve had a very exciting and important few months that have set us up very well for the changes we are announcing today,” said Stephen Dilly, MBBS, PhD, Chief Executive Officer and Chairman of Codexis. “Our ECO Synthesis and ligase businesses have evolved to the point where we are confident of their market potential. We also signed an important agreement with Merck that provides a substantial non-dilutive cash infusion into the company.”

Business Update: Merck Agreement and Strategic Refocus

In October 2025, Codexis signed a USD 37.8 million Supply Assurance Agreement with Merck, which is expected to provide additional liquidity by year-end. The company also entered a separate evaluation agreement with Nitto Denko Avecia, marking the second external evaluation of its ECO Synthesis technology by a contract development and manufacturing organization (CDMO).

Codexis said these agreements, along with ongoing cost realignment efforts, extend its cash runway through 2027. The company has initiated restructuring measures to streamline operations and concentrate resources on its ECO Synthesis platform, a technology designed to enhance the efficiency of oligonucleotide manufacturing.

Leadership Changes and Organizational Restructuring

In November 2025, Codexis announced several executive changes. Dr. Stephen Dilly will transition to Executive Chair of the Board, while Dr. Alison Moore, previously Chief Technology Officer, will assume the role of President and Chief Executive Officer.

“I am honored to be assuming the CEO role at an exciting time in the company’s progression,” said Alison Moore, PhD. “Our ECO Synthesis technology is a powerful production solution which has the potential to truly expand the use of advanced medicines, such as siRNA and other oligonucleotides.”

Additionally, Dr. Stefan Lutz has been promoted to Chief Scientific Officer, while Georgia Erbez, Chief Financial Officer, will take on the expanded role of Chief Business Officer. Britton Jiminez, Senior Vice President of Sales and Marketing, will now lead commercial operations following the departure of Kevin Norrett, Chief Operating Officer.

As part of its restructuring, Codexis has eliminated 46 positions, representing approximately 24% of its workforce. The company expects to record a related expense of USD 3.5 million in the fourth quarter of 2025.