CDXS · CIK 0001200375
What Codexis, Inc. told the SEC could break it.
Codexis's disclosures lead with how concentrated its revenue is: a single customer accounted for about 51% of total 2025 revenue, with three customers making up the bulk of accounts receivable, so the loss of that top customer would materially hit results. Its balance sheet adds leverage risk — the Innovatus loan is secured by a security interest in substantially all of its assets, which the lender could foreclose on in a default — and it faces regulatory uncertainty in treating its enzyme products as exempt from the Food, Drug, and Cosmetic Act, a position the FDA or other regulators could reject.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Single customer ~51% of total revenuehigh
Revenue is highly concentrated: one customer accounted for approximately 51% of total revenues in 2025, and three customers made up 40%/14%/13% of accounts receivable.
“For the year ended December 31, 2025, one customer accounted for approximately 51% of our total revenues.”
SEC filing →As of 2026
Liquidity & debt
- Innovatus loan secured by substantially all assetsmedium
The Innovatus Loan Agreement is secured by a security interest in substantially all assets; an event of default would let the lender foreclose and liquidate assets ahead of equity holders.
“Pursuant to the Loan Agreement, Innovatus has been granted a security interest in substantially all of our assets.”
SEC filing →As of 2026
Regulatory & policy
- FDA / FDCA classification of productsmedium
Codexis treats its enzyme products as exempt from the Food, Drug, and Cosmetic Act, but the FDA or other regulators could disagree and subject the products to FDCA requirements.
“We believe that our products are exempt from Food, Drug, and Cosmetic Act (“FDCA”) requirements, but FDA or other regulators may disagree and find that our products are subject to such requirements.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“The increase was primarily due to $34.0 million higher revenue from our licensing agreements with Merck entered into during the second and fourth quarters of 2025, and $3.3 million higher revenue from existing and legacy collaboration agreements.”
Cited →
Its suppliers
Sekisui Diagnostics (UK) Ltd. (Maidstone, UK)
“We are dependent on a limited number of third-party contract manufacturers for large scale production of substantially all of our enzymes.”
Cited →ACS Dobfar S.p.A. (ACSD)
“We manufacture our enzymes primarily in four locations: our in-house facility in Redwood City, California, and at three third-party contract manufacturing organizations (“CMOs”): Lactosan in Kapfenberg, Austria, ACS Dobfar S.p.A. (“ACSD”)”
Cited →
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