CODEXIS, INC.
For the period ended Dec 31, 2025. Filed Mar 11, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 11, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(43,974) | $(65,276) | $(76,240) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 5,248 | 4,946 | 5,518 |
| Reduction in the carrying amount of right-of-use assets | 3,044 | 3,184 | 4,405 |
| Stock-based compensation | 9,624 | 13,087 | 9,971 |
| Provision (recovery) for credit losses | (113) | 97 | (65) |
| Asset impairment and other charges | — | 165 | 9,984 |
| Impairment of investment in non-marketable securities | 300 | 6,902 | 12,215 |
| Equity securities earned from research and development activities | — | — | (213) |
| Non-cash interest expense | 1,305 | 885 | — |
| Amortization of discount on short-term investments | (1,234) | (1,380) | — |
| Other non-cash items | 6 | (4) | 4 |
| Changes in operating assets and liabilities: | |||
| Financial assets | 8,507 | 1,252 | 20,247 |
| Inventories | (19) | 886 | (656) |
| Prepaid expenses and other assets | (1,694) | 893 | (865) |
| Accounts payable | (1,286) | (2,567) | 2,287 |
| Accrued compensation and other accrued liabilities | (2,848) | 1,982 | (14,041) |
| Other long-term liabilities | (3,161) | (4,151) | (5,341) |
| Deferred revenue | 6,919 | (10,311) | (19,848) |
| Net cash used in operating activities | (19,376) | (49,410) | (52,638) |
| Investing activities: | |||
| Purchase of property and equipment | (4,471) | (4,305) | (4,418) |
| Proceeds from sale of property and equipment | 5 | 87 | 751 |
| Purchases of short-term investments | (57,158) | (90,235) | — |
| Proceeds from maturity of short-term investments | 85,126 | 35,500 | — |
| Proceeds from sale of short-term investments | — | 1,973 | — |
| Investment in non-marketable securities | — | — | (1,191) |
| Net cash provided by (used in) investing activities | 23,502 | (56,980) | (4,858) |
| Financing activities: | |||
| Proceeds from exercises of stock options | 1,098 | 1,384 | 422 |
| Proceeds from issuance of stock under employee stock purchase plan | 505 | 646 | — |
| Proceeds from issuance of common stock in connection with equity sales agreements | 17,267 | 31,319 | 8,652 |
| Costs incurred in connection with equity sales agreements | (836) | (1,706) | (503) |
| Proceeds from long-term debt | 9,897 | 29,521 | — |
| Payment of debt issuance costs | (3) | (642) | — |
| Taxes paid related to net share settlement of equity awards | — | — | (404) |
| Net cash provided by financing activities | 27,928 | 60,522 | 8,167 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 32,054 | (45,868) | (49,329) |
| Cash, cash equivalents and restricted cash at the beginning of the year | 20,829 | 66,697 | 116,026 |
| Cash, cash equivalents and restricted cash at the end of the year | $52,883 | $20,829 | $66,697 |
| Supplemental disclosure of cash flow information: | |||
|---|---|---|---|
| Interest paid | $3,149 | $2,566 | $44 |
| Income taxes paid | $— | $17 | $194 |
| Supplemental non-cash investing and financing activities: | |||
| Capital expenditures incurred but not yet paid | $31 | $566 | $1,068 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown above (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $50,793 | $19,264 | $65,116 |
| Restricted cash, current and non-current | 2,090 | 1,565 | 1,581 |
| Total cash, cash equivalents and restricted cash at the end of the period | $52,883 | $20,829 | $66,697 |
This table excludes short-term investments of $27.4 million and $54.2 million as of December 31, 2025 and 2024, respectively. Total cash, cash equivalents, and short-term investments as of December 31, 2025 and 2024 were $78.2 million and $73.5 million, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.