What is the 13F Pro Quality Score for CDXS?

13F Pro ranks CODEXIS, INC. (CDXS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View CDXS's current score at https://13fpro.ai/research/CDXS (free sign-up required for the full ranking).

Which hedge funds own the most CDXS stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of CDXS include abrdn plc, BlackRock,, Opaleye Management. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/CDXS as soon as new 13F filings post.

Where does 13F Pro source CDXS data?

All CODEXIS, INC. fundamentals and ownership data come directly from SEC EDGAR. CODEXIS, INC. files with the SEC under CIK 1200375. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is CDXS in?

CODEXIS, INC. (CDXS) is classified in the Materials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/materials.

How often is CDXS research updated on 13F Pro?

CDXS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

CODEXIS, INC.(CDXS)Stock Analysis

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13F Pro Quality Score

11.3/100

Rank #2,794 of 2,879 stocks

View Materials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

10.7/100

Profitability

6.6/100

Balance Sheet

4.5/100

Earnings Quality

30.0/100

Free Cash Flow

6.2/100

Institutional Flow

51.0/100

Revenue Scale

10.4/100

Dilution Risk

13.3/100

CDXS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for CODEXIS, INC. (CDXS), a Materials sector company. 13F Pro's AI-powered ranking engine scores CDXS at 11.3/100 on a 32-signal composite quality model, placing it at rank #2,794 of 2,879 stocks — the bottom half of the AI-ranked universe. Areas of concern include balance sheet strength (4.5) and free cash flow (6.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 13.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), CODEXIS, INC. reports quarterly revenue of $15.2M, net income of $-8.7M, an operating margin of -52.8%. Top institutional holders of CDXS by reported 13-F value include abrdn plc, BlackRock,, Opaleye Management, based on the most recent SEC filings. CDXS trades on the Nasdaq exchange and files with the SEC under CIK 1200375. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CDXS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CODEXIS, INC. directly from SEC EDGAR. CODEXIS, INC.'s 13F Pro composite quality score has ranged between 7 and 41 since 2021, currently 11.3 — a declining long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about CODEXIS, INC.

Quirks, history, and lore behind CDXS — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. biotechnology / specialty chemicals company · listed on Nasdaq · headquartered in California · small-cap.
2
The Numbers
Annual revenues in the range of tens of millions of dollars — this is a science-first business, not a blockbuster retailer, with R&D spending that routinely rivals its top line.
3
The History
Spun out of Shell's biofuels research in the early 2000s, it pivoted away from fuel and toward the far more lucrative world of engineered enzymes for pharmaceuticals.
4
The Secret
Its real product isn't a drug or a chemical — it's a protein engineering platform that redesigns enzymes to do chemistry that nature never figured out, faster and greener.
5
The Lore
Its CodeEvolver platform helped Merck's chemistry team build a key step in the synthesis of Januvia (sitagliptin) — a landmark moment that put enzymatic synthesis on the pharma map.
6
The Giveaway
The name is basically a portmanteau of "codex" and "esis" — fitting for a company that literally rewrites the genetic code of enzymes for a living. Ticker: four letters, starts with C.

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Revenue

Q1 2026

$15.2M

Net Income

Q1 2026

$-8.7M

Free Cash Flow

Q1 2026

$-13.3M

Operating Margin

Q1 2026

-52.8%

D/E Ratio

Q1 2026

0.94

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

-57.2% YoY

$59.3MFY 2024

FY19 $68.5MFY21 $104.8MFY22 $138.6MFY24 $59.3M

Net Income

-94.3% YoY

$-65.3MFY 2024

FY19 $-11.9MFY21 $-21.3MFY22 $-33.6MFY24 $-65.3M

Operating Income

-67.8% YoY

$-58.5MFY 2024

FY19 $-12.5MFY21 $-22.7MFY22 $-34.9MFY24 $-58.5M

EPS (Diluted)

-74.5% YoY

$-0.89FY 2024

FY19 $-0.21FY21 $-0.33FY22 $-0.51FY24 $-0.89

Total Assets

-40.5% YoY

$149.0MFY 2024

FY19 $149.1MFY21 $246.4MFY22 $250.4MFY24 $149.0M

Total Debt

$28.9MFY 2024

FY19 —FY21 —FY22 —FY24 $28.9M

Op. Cash Flow

-537.9% YoY

$-49.4MFY 2024

FY19 $-12.6MFY21 $-14.3MFY22 $11.3MFY24 $-49.4M

Metric	FY 2024	FY 2022	FY 2021	FY 2019	FY 2018	FY 2016
Revenue	$59.3M -57.2%	$138.6M +32.3%	$104.8M +53.0%	$68.5M +13.0%	$60.6M +24.1%	$48.8M
Net Income	$-65.3M -94.3%	$-33.6M -57.9%	$-21.3M -78.3%	$-11.9M -9.7%	$-10.9M -27.1%	$-8.6M
Operating Income	$-58.5M -67.8%	$-34.9M -53.7%	$-22.7M -80.9%	$-12.5M -11.1%	$-11.3M -31.9%	$-8.6M
EPS (Diluted)	$-0.89 -74.5%	$-0.51 -54.5%	$-0.33 -57.1%	$-0.21	—	—
Total Assets	$149.0M -40.5%	$250.4M +1.6%	$246.4M +65.3%	$149.1M +88.0%	$79.3M +122.4%	$35.6M
Total Debt	$28.9M	—	—	—	—	$0.00
Operating Cash Flow	$-49.4M -537.9%	$11.3M +179.1%	$-14.3M -13.6%	$-12.6M +10.9%	$-14.1M -657.7%	$-1.9M

AI Insight: CDXS Financial Trends

CDXS achieved profitability in Q4 2025 with $10M net income and $20M operating cash flow, but quickly returned to losses in Q1 2026.

• Revenue volatility persists with quarterly swings from $8M to $39M, showing no clear growth trajectory.

• Company turned profitable in Q4 2025 with $10M net income versus $-20M loss in Q3 2025.

• Total debt increased from $28M in Q2 2024 to $40M in Q1 2026.

• Equity declined from $73M in Q3 2024 to $43M in Q1 2026.

⚠ Operating cash flow turned positive at $20M in Q4 2025 but reversed to $-13M in Q1 2026.

⚠ Q4 2025 profitability appears to be one-time given immediate return to losses in Q1 2026.

AI Insight: CDXS Ratio Trends

Codexis showed dramatic profitability improvement in Q4 2025 with 27.1% operating margin before reverting to losses in Q1 2026.

• Operating margin swung from -83.9% in Q2 2025 to positive 27.1% in Q4 2025, then back to -52.8% in Q1 2026.

• ROIC improved from -96.8% in Q3 2025 to 46.6% in Q4 2025 before declining to -38.4% in Q1 2026.

• Debt-to-equity ratio increased from 0.39 in Q3 2024 to 0.94 in Q1 2026, indicating rising leverage.

⚠ Extreme quarterly volatility in profitability metrics suggests unstable operating performance requiring close monitoring.

⚠ TTM operating margin of -37.5% remains deeply negative despite Q4 2025 improvement, indicating ongoing losses.

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Available Research

13F Pro tracks comprehensive data for CODEXIS, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of CDXS

abrdn plc
$14.1M8,680,368 sh
BlackRock, Inc.
$11.5M7,028,773 sh
Opaleye Management Inc.
$11.1M6,785,000 sh
Nantahala Capital Management, LLC
$6.7M4,123,613 sh
MILLENNIUM MANAGEMENT LLC
$6.5M3,998,130 sh
Telemark Asset Management, LLC
$6.3M3,846,411 sh
VANGUARD CAPITAL MANAGEMENT LLC
$6.0M3,668,507 sh
AMERIPRISE FINANCIAL INC
$5.5M3,400,496 sh
UBS Group AG
$3.6M2,183,775 sh
GEODE CAPITAL MANAGEMENT, LLC
$3.1M1,885,353 sh

Fund	Value	Shares
abrdn plc	$14.1M	8,680,368
BlackRock, Inc.	$11.5M	7,028,773
Opaleye Management Inc.	$11.1M	6,785,000
Nantahala Capital Management, LLC	$6.7M	4,123,613
MILLENNIUM MANAGEMENT LLC	$6.5M	3,998,130
Telemark Asset Management, LLC	$6.3M	3,846,411
VANGUARD CAPITAL MANAGEMENT LLC	$6.0M	3,668,507
AMERIPRISE FINANCIAL INC	$5.5M	3,400,496
UBS Group AG	$3.6M	2,183,775
GEODE CAPITAL MANAGEMENT, LLC	$3.1M	1,885,353

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Is CDXS a good stock to buy?

13F Pro's AI-powered analysis of CODEXIS, INC. (CDXS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Materials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for CDXS are available on the CDXS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own CDXS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling CDXS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of CODEXIS, INC.'s investment landscape.