<div id="readability-page-1"><div><h2>Why Codexis Is Back on Investors’ Radar</h2> <p>Codexis (CDXS) has drawn fresh attention after reporting fourth quarter 2025 results, with revenue of US$38.92 million and net income of US$9.6 million, alongside new full year 2026 revenue guidance.</p> <p>The company also recently signed an agreement to manufacture 50 grams of siRNA for a pharmaceutical partner using its ECO Synthesis platform, adding a commercial data point around its RNA manufacturing capabilities.</p> <p>See our latest analysis for Codexis.</p> <p>At a share price of US$1.61, Codexis has seen a sharp 7 day share price return of 30.89% and a 30 day share price return of 35.29%. However, longer term total shareholder returns of 42.09% over 1 year and 92.50% over 5 years highlight how sentiment is only starting to recover following the stronger quarterly results and new siRNA manufacturing agreement.</p> <p>If Codexis has put RNA manufacturing on your radar, it could be a good moment to broaden your watchlist with 33 healthcare AI stocks as potential peers and comparables in the sector.</p> <p>With quarterly profit now on the board but multi year returns still weak, you have to ask yourself: is Codexis quietly mispriced after the recent jump, or is the market already factoring in all the future growth?</p> <h2>Most Popular Narrative: 19.5% Undervalued</h2> <p>With Codexis last closing at $1.61 and the most followed narrative pointing to a $2.00 fair value, the valuation debate centers on how quickly ECO Synthesis and related contracts can scale.</p> <blockquote> <p><em>While the industry wide shift toward siRNA and other genomic medicines is expanding the addressable market for ECO Synthesis, the capital intensive build out of a GMP facility and potential delays in scaling to kilogram production volumes may compress net margins and extend the company’s path to sustainable profitability.</em></p> </blockquote> <p><em>Read the complete narrative.</em></p> <p>Want to know what justifies paying more than today’s price? This narrative leans heavily on accelerating revenue, improving margins and a future earnings multiple that needs the numbers to line up. Curious which specific growth and profitability assumptions have to click into place for that $2.00 figure to hold up?</p> <p><strong>Result: Fair Value of $2.00 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, you still need to weigh up the risk that ECO Synthesis scales more slowly than hoped and that a few large agreements keep revenue and cash flow volatile.</p> <p>Find out about the key risks to this Codexis narrative.</p> <h2>Another Angle on Valuation</h2> <p>The $2.00 fair value narrative says Codexis looks 19.5% undervalued, but the P/S ratio tells a more mixed story. At 2.1x P/S, the stock is cheaper than US Life Sciences peers at 2.7x, yet slightly above its 2.0x fair ratio, which hints at some valuation risk baked in already. Are you comfortable paying a small premium to where that ratio could settle?</p> <p>See what the numbers say about this price — find out in our valuation breakdown.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/9eb00111-250a-4ea6-b86e-75df03731c17/chart/ps-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTE0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/9eb00111-250a-4ea6-b86e-75df03731c17/chart/ps-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTE0"/><figcaption>NasdaqGS:CDXS P/S Ratio as at Mar 2026</figcaption></figure><h2>Next Steps</h2> <p>Mixed messages in the story so far? If you think the clock is ticking on forming a clear view, take a moment to weigh both sides with 1 key reward and 1 important warning sign</p> <h2>Looking for more investment ideas?</h2> <p>If this Codexis update has sharpened your focus, do not stop here. Widening your opportunity set now can matter more than any single stock decision.</p> <ul> <li>Target resilience first by reviewing companies in our 68 resilient stocks with low risk scores that aim to keep risk scores in check while still offering room for growth.</li> <li>Hunt for quality at a sensible price by scanning the 48 high quality undervalued stocks, where solid fundamentals and valuations sit side by side.</li> <li>Spot potential early stage movers by searching through the 29 elite penny stocks with strong financials that pair smaller share prices with business models worth a closer look.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>AI Stock Screener &amp; Alerts</h3><p>Our new AI Stock Screener scans the market every day to uncover opportunities.</p><div><p>• Dividend Powerhouses (3%+ Yield)<br/>• Undervalued Small Caps with Insider Buying<br/>• High growth Tech and AI Companies</p><p>Or build your own from over 50 metrics.</p></div><p>Explore Now for Free</p></div></div></div>

SBIO

LABU

CDXS

IBBQ

<p>Codexis (CDXS) has gained attention after reporting Q4 2025 results with revenue of $38.92 million and net income of $9.6 million, alongside new revenue guidance for 2026. The company signed a manufacturing agreement for siRNA, contributing to its RNA capabilities. The stock price rose 30.89% over 7 days, with a fair value estimate of $2.00, indicating it may be undervalued by 19.5%. However, risks include potential delays in scaling production and volatility in revenue. Investors are encouraged to consider broader opportunities in the healthcare sector.</p>

Simplywall

First Trust NYSE Arca Biotech Index Fd

Proshares Ultra Nasdaq Biotech

VanEck Biotech ETF

ALPS Medical Breakthrough

Invesco Biotechnology & Genome ETF

SPDR S&P Biotech

iShares Biotechnology ETF

Direxion S&P Biotech Bull 3X

Codexi

Invesco Nasdaq Biotechnology ETF

Assessing Codexis (CDXS) Valuation After Strong Earnings And New ECO Synthesis siRNA Agreement