The company's capital structure has deteriorated significantly, with the debt-to-equity ratio climbing from 0.19 in 2023Q4 to 1.69 by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 79.65M | 96.82M | 98.77M | 93.47M | 162.89M | 161.89M | 184.42M | 114.2M | 67.2M | 45.04M | 27.23M | 32.84M | 33.01M | 35.78M | 59.77M | 79.23M | 92.19M | 67.38M | 48.33M | 93.35M | 36.64M |
| Cash & Short-Term Investments | 65.56M | 78.21M | 73.46M | 65.12M | 113.98M | 116.8M | 150.12M | 90.5M | 53.04M | 31.22M | 19.24M | 23.27M | 26.49M | 25.14M | 45.53M | 53.48M | 72.4M | 55.56M | 37.13M | 84.07M | 32.25M |
| Cash Only | 37M | 50.79M | 19.26M | 65.12M | 113.98M | 116.8M | 149.12M | 90.5M | 53.04M | 31.22M | 19.24M | 23.27M | 26.49M | 22.13M | 32M | 25.76M | 72.4M | 31.79M | 21.9M | 55.08M | 32.25M |
| Short-Term Investments | 28.57M | 27.42M | 54.19M | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 13.52M | 27.72M | 0 | 23.78M | 15.23M | 29M | 0 |
| Accounts Receivable | 8.03M | 10.73M | 18.88M | 19.93M | 40.87M | 37.65M | 29.29M | 20.16M | 13.5M | 11.8M | 5.92M | 7.33M | 3.87M | 5.41M | 7.54M | 18.92M | 15.33M | 7.25M | 6.19M | 6.43M | 2.75M |
| Days Sales Outstanding | 52.55 | 55.64 | 116.15 | 103.7 | 107.65 | 131.19 | 154.8 | 107.46 | 81.33 | 86.1 | 44.27 | 63.99 | 40.01 | 61.89 | 31.19 | 55.74 | 52.25 | 31.9 | 44.78 | 92.67 | 82.89 |
| Inventory | 2M | 1.82M | 1.8M | 2.69M | 2.03M | 1.16M | 964K | 371K | 589K | 1.04M | 825K | 992K | 1.4M | 1.49M | 1.3M | 4.49M | 2.82M | 2.92M | 2.98M | 1.64M | 970K |
| Days Inventory Outstanding | 56.02 | 71.02 | 40.31 | 76.51 | 19.47 | 19.06 | 25.6 | 8.66 | 17.04 | 26.39 | 30.88 | 54.98 | 52.35 | 37.29 | 15.51 | 39.21 | 36.75 | 63.8 | 82.37 | 71.74 | 196.04 |
| Other Current Assets | 400K | 6.06M | 4.63M | 5.74M | 521K | 579K | 638K | 661K | 0 | 984K | 1.24M | 1.25M | 0 | 2.18M | 5.39M | 0 | 0 | -68.04M | 366K | 1.56M | 0 |
| Total Non-Current Assets | 49.72M | 50.98M | 50.24M | 43.09M | 87.5M | 84.5M | 37.22M | 34.87M | 11.09M | 8.59M | 8.42M | 11.81M | 15.12M | 23.06M | 40.2M | 56.69M | 49.11M | 31.65M | 22.55M | 20.2M | 10.02M |
| Property, Plant & Equipment | 42.15M | 43.52M | 42.9M | 28.62M | 61.88M | 65.46M | 31.18M | 30.39M | 4.76M | 2.81M | 2.15M | 3.11M | 4M | 8.45M | 16.65M | 24.18M | 21.45M | 21.58M | 16.01M | 11.1M | 4.5M |
| Fixed Asset Turnover | 1.85x | 1.62x | 1.38x | 2.45x | 2.24x | 1.60x | 2.22x | 2.25x | 12.73x | 17.77x | 22.66x | 13.45x | 8.84x | 3.78x | 5.30x | 5.12x | 4.99x | 3.84x | 3.15x | 2.28x | 2.69x |
| Goodwill | 2.46M | 2.46M | 2.46M | 2.46M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.14M | 3.1M | 1.93M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.81M | 6.19M | 9.56M | 12.93M | 16.44M | 20.16M | 928K | 1.79M | 2.78M | 2.32M |
| Long-Term Investments | 14.07M | 2.5M | 2.8M | 9.7M | 20.51M | 14M | 1.45M | 0 | 588K | 671K | 1.14M | 1.55M | 688K | 795K | 3.62M | 10.35M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 594K | 2.5M | 2.08M | 2.31M | 1.87M | 1.79M | 1.36M | 1.24M | 2.5M | 1.86M | 1.88M | 1.1M | 1M | 1.02M | 3.75M | 2.48M | 4.26M | 5.9M | 1.61M | 3.21M | 1.26M |
| Total Assets | 129.37M | 147.8M | 149.01M | 136.56M | 250.39M | 246.38M | 221.65M | 149.07M | 78.28M | 53.63M | 35.65M | 44.65M | 48.12M | 58.84M | 99.97M | 135.92M | 141.3M | 99.04M | 70.88M | 113.54M | 46.66M |
| Asset Turnover | 0.58x | 0.48x | 0.40x | 0.51x | 0.55x | 0.43x | 0.31x | 0.46x | 0.77x | 0.93x | 1.37x | 0.94x | 0.73x | 0.54x | 0.88x | 0.91x | 0.76x | 0.84x | 0.71x | 0.22x | 0.26x |
| Asset Growth % | -12.06% | -0.81% | 9.12% | -45.46% | 1.63% | 11.16% | 48.68% | 90.43% | 45.98% | 50.43% | -20.16% | -7.22% | -18.22% | -41.14% | -26.45% | -3.81% | 42.68% | 39.72% | -37.57% | 143.34% | - |
| Total Current Liabilities | 14.85M | 25.32M | 23.65M | 35.83M | 49.07M | 33.37M | 24.98M | 15.39M | 17.11M | 24.95M | 12.37M | 14.84M | 13.73M | 11.2M | 16.28M | 28.29M | 27.48M | 48.98M | 42.4M | 34.18M | 13.67M |
| Accounts Payable | 2.13M | 1.55M | 2.84M | 5.95M | 3.25M | 3M | 2.97M | 2.62M | 3.05M | 3.54M | 4.23M | 3.4M | 4.67M | 3.96M | 3.65M | 10.36M | 9.21M | 10M | 9.17M | 4.22M | 2.49M |
| Days Payables Outstanding | 55.12 | 60.74 | 63.6 | 169.46 | 31.15 | 49.22 | 78.89 | 61.2 | 88.21 | 90.31 | 158.38 | 188.37 | 175.37 | 99.34 | 43.52 | 90.54 | 120.11 | 218.83 | 253.68 | 185.37 | 503.44 |
| Short-Term Debt | 3.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -425K | -425K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 8.27M | 7.01M | 350K | 10.12M | 13.73M | 2.59M | 1.82M | 57K | 3.94M | 12.29M | 1.71M | 6.1M | 3.5M | 2M | 2.19M | 3.79M | 4.54M | 15.4M | 10.58M | 5.51M | 4.33M |
| Other Current Liabilities | 3.2M | 13.81M | 11.41M | 11.25M | 11.45M | 11.12M | 10.27M | 5M | 5.8M | 4.36M | 940K | 1.06M | 2.62M | 1.61M | 6.95M | 6.79M | 0 | 0 | 1.38M | 1.49M | 623K |
| Current Ratio | 5.36x | 3.82x | 4.18x | 2.61x | 3.32x | 4.85x | 7.38x | 7.42x | 3.93x | 1.81x | 2.20x | 2.21x | 2.40x | 3.19x | 3.67x | 2.80x | 3.35x | 1.38x | 1.14x | 2.73x | 2.68x |
| Quick Ratio | 5.23x | 3.75x | 4.10x | 2.53x | 3.28x | 4.82x | 7.34x | 7.40x | 3.89x | 1.76x | 2.13x | 2.15x | 2.30x | 3.06x | 3.59x | 2.64x | 3.25x | 1.32x | 1.07x | 2.68x | 2.61x |
| Cash Conversion Cycle | 53.45 | 65.92 | 92.86 | 10.75 | 95.97 | 101.04 | 101.52 | 54.92 | 10.15 | 22.18 | -83.23 | -69.41 | -83.01 | -0.15 | 3.18 | 4.41 | -31.11 | -123.13 | -126.54 | -20.96 | -224.51 |
| Total Non-Current Liabilities | 71.29M | 71.95M | 58.44M | 14.12M | 56.53M | 48.62M | 26.56M | 28.17M | 4.86M | 4.13M | 4.18M | 6.93M | 8.08M | 6.16M | 5.24M | 4.94M | 6.46M | 13.22M | 157.6M | 166.83M | 85.75M |
| Long-Term Debt | 40.48M | 40.1M | 28.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -132.75M | 0 | 0 |
| Capital Lease Obligations | 111.68M | 30.16M | 28.16M | 12.24M | 38.28M | 43.56M | 22.32M | 24.95M | 61K | 302K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.57M | 8.49M | 12.9M | 2.51M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -885K | -1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 132.75M | 132.75M | 77.51M |
| Other Non-Current Liabilities | 1.33M | 1.33M | 1.27M | 1.23M | 1.37M | 1.31M | 1.27M | 1.23M | 1.45M | 2.32M | 3.12M | 3.81M | 4.26M | 5.04M | 3.94M | 3.46M | 1.38M | 1.31M | -130.01M | 2.32M | 2.58M |
| Total Liabilities | 86.14M | 97.27M | 82.08M | 49.95M | 105.6M | 81.99M | 51.54M | 43.56M | 21.98M | 29.08M | 16.55M | 21.77M | 21.81M | 17.36M | 21.52M | 33.23M | 33.94M | 62.2M | 200.01M | 201.01M | 99.42M |
| Total Debt | 72.9M | 73.21M | 59.9M | 16.02M | 43.64M | 47.65M | 24.95M | 26.12M | 61K | 302K | 425K | 425K | 0 | 0 | 0 | 0 | 0 | 7.94M | 13.35M | 17.41M | 4.07M |
| Net Debt | 35.91M | 22.41M | 40.63M | -49.09M | -70.35M | -69.14M | -124.17M | -64.38M | -52.98M | -30.92M | -18.82M | -22.85M | -26.49M | -22.13M | -32M | -25.76M | -72.4M | -23.84M | -8.55M | -37.67M | -28.17M |
| Debt / Equity | 1.69x | 1.45x | 0.89x | 0.19x | 0.30x | 0.29x | 0.15x | 0.25x | 0.00x | 0.01x | 0.02x | 0.02x | - | - | - | - | - | 0.22x | - | - | - |
| Debt / EBITDA | -4.21x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -61.09x | - | - | - | - |
| Interest Coverage | -19.55x | -8.13x | - | - | - | - | - | - | - | - | - | - | - | - | - | -24.16x | -6.36x | -8.93x | -17.94x | -14.55x | -24.96x |
| Total Equity | 43.23M | 50.53M | 66.93M | 86.61M | 144.8M | 164.39M | 170.1M | 105.52M | 56.31M | 24.55M | 19.1M | 22.88M | 26.31M | 41.48M | 78.44M | 102.69M | 107.36M | 36.84M | -129.12M | -87.47M | -52.77M |
| Equity Growth % | -94.34% | -24.5% | -22.73% | -40.18% | -11.92% | -3.36% | 61.21% | 87.4% | 129.38% | 28.53% | -16.52% | -13.04% | -36.57% | -47.12% | -23.61% | -4.35% | 191.46% | 128.53% | -47.62% | -65.77% | - |
| Book Value per Share | 0.48 | 0.58 | 0.91 | 1.27 | 2.22 | 2.55 | 2.87 | 1.87 | 1.08 | 0.53 | 0.47 | 0.58 | 0.69 | 1.09 | 2.13 | 2.88 | 4.37 | 14.05 | -47.58 | -32.23 | -19.44 |
| Total Shareholders' Equity | 43.23M | 50.53M | 66.93M | 86.61M | 144.8M | 164.39M | 170.1M | 105.52M | 56.31M | 24.55M | 19.1M | 22.88M | 26.31M | 41.48M | 78.44M | 102.69M | 107.36M | 36.84M | -129.12M | -87.47M | -52.77M |
| Common Stock | 9K | 9K | 8K | 7K | 6K | 6K | 6K | 6K | 5K | 5K | 4K | 4K | 4K | 4K | 4K | 4K | 4K | 3K | 0 | 0 | 0 |
| Retained Earnings | -615.48M | -606.78M | -562.81M | -497.53M | -421.29M | -387.7M | -366.42M | -342.41M | -330.47M | -315.06M | -292.07M | -283.51M | -275.93M | -256.86M | -215.56M | -184.7M | -168.15M | -159.61M | -139.32M | -94.19M | -55.22M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -11K | 8K | 52K | 0 | 0 | 0 | 0 | 0 | 0 | -472K | 0 | 405K | -142K | -32K | -136K | -407K | -34K | -252K | 139K | 537K | -52K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and leverage pressure
As reported in recent financial filings, Codexis has seen its debt-to-equity ratio climb from 0.19 in 2023Q4 to 1.69 by 2026Q1, signaling a concerning trend where the company is increasingly relying on debt financing to sustain operations amidst a persistent, multi-year history of negative retained earnings.
The rapid expansion of the debt load relative to equity suggests that the company's financial flexibility is narrowing significantly. Investors should monitor whether this trajectory reflects a strategic pivot or a forced reliance on credit markets to bridge the gap between operational cash burn and long-term revenue realization.
According to quarterly balance sheet data, total debt has surged from $16.0M in 2023Q4 to $72.9M in 2026Q1, a development that warrants caution given the company's inability to consistently generate positive operating income to service these mounting obligations without further diluting shareholder value.
The shift toward higher leverage appears to be a necessity-driven response to the company's ongoing cash burn rather than a strategic move to optimize capital structure. This increased debt burden creates a rigid cost profile that may limit the company's ability to invest in its ECO Synthesis platform during periods of market volatility.
Based on the provided figures, cash reserves have fluctuated significantly, dropping from a peak of $65.1M in 2023Q4 to $37.0M in 2026Q1, which indicates that the company's liquidity position is increasingly sensitive to the timing of milestone payments and the pace of its operational expenditures.
While the current ratio remains above 5.0, this metric may provide a false sense of security given the lumpy nature of the company's revenue and the high cash burn rate. The volatility in cash levels suggests that the company may face liquidity constraints if anticipated milestone receipts are delayed or if R&D costs continue to escalate.
As indicated by the company's financial statements, the accumulation of negative retained earnings totaling $615.5M as of 2026Q1 highlights a profound and persistent erosion of shareholder equity that makes the balance sheet appear increasingly fragile despite the presence of high-margin intellectual property assets.
This massive deficit suggests that the company has historically struggled to convert its technological platform into sustainable profitability. Investors should consider that the current balance sheet strength is largely supported by external financing rather than internal value creation, which poses a long-term risk to the company's financial independence.
Quick answers to the most common questions about buying CDXS stock.
As of 2025, Codexis, Inc. (CDXS) had total assets of $147.8M including $96.8M in current assets.
Codexis, Inc. (CDXS) carries total debt of $73.2M, offset by $78.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Codexis, Inc. (CDXS) has total shareholders' equity (book value) of $50.5M ($0.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Codexis, Inc. (CDXS) reported a current ratio of 3.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.