Codexis Highlights RNA Medicine Focus in Q4 Earnings Call

Company emphasizes progress on enzymatic siRNA manufacturing platform, commercial engagement, and liquidity position.

Mar. 11, 2026 at 9:51pm

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Codexis (NASDAQ:CDXS) used its fourth-quarter and full-year 2025 earnings call to highlight progress behind its strategic focus on RNA medicines, with management emphasizing technical milestones for its enzymatic siRNA manufacturing platform, growing commercial engagement, and a stronger liquidity position following a technology transfer agreement with Merck.

Why it matters

Codexis is positioning itself as a key player in the rapidly growing siRNA medicine market, which is estimated to reach a $2 billion total addressable annual market in the next five years. The company's focus on scaling its ECO Synthesis platform for enzymatic siRNA production aims to address supply chain challenges and meet increasing demand.

The details

Codexis President and CEO Dr. Alison Moore said the company hit a key technical milestone in 2025 by synthesizing 10 grams of a commercially relevant siRNA using full sequential ECO Synthesis, with plans to scale up to half-kilogram scale by the end of 2026. The company also made progress on building a supply chain for the enzymes required for ECO Synthesis and is moving forward on a capital project to retrofit a new GMP plant to support adoption of the technology. On the commercial front, Codexis reported 55 opportunities in its sales pipeline across 40 companies and recently announced a low seven-figure contract with an emerging biotech to supply 50 grams of siRNA drug substance made using ECO Synthesis.

  • In 2025, Codexis synthesized 10 grams of a commercially relevant siRNA using ECO Synthesis.
  • Codexis aims to reach half-kilogram scale production of siRNA using ECO Synthesis by the end of 2026.
  • Codexis expects to begin construction on a new GMP plant in the second half of 2026 and have the facility fully operational by the end of 2027.

The players

Codexis, Inc.

A leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications.

Dr. Alison Moore

President and CEO of Codexis.

Britton Jimenez

Senior Vice President of Sales and Marketing at Codexis.

Georgia Erbez

Chief Financial Officer and Chief Business Officer at Codexis.

Merck

A large pharmaceutical company that Codexis has a technology transfer agreement with.

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