Codexis (CDXS) risk factors

44 risks, 5 new, 4 dropped, 7 reworded since the prior year. Accumulated deficit reached $606.8 million after a $44.0 million net loss in 2025. Manufacturing relies heavily on specific third-party CMOs abroad. Concentration of revenue remains high at 51% from key customers.

43 risks. Codexis faces significant ongoing net losses with an accumulated deficit of $562.8 million as of December 31, 2024. Revenue is heavily concentrated, with customers contributing 10% or more accounting for 51% of total revenue in 2024. The company relies heavily on unproven novel technologies like the ECO Synthesis manufacturing platform for enzymatic nucleic acid synthesis.