By Josh Beckerman

Shares for Codexis were falling after the biotechnology company reported third-quarter earnings and sales that disappointed Wall Street.

The stock fell 21% to $1.60 in after-hours trading Thursday. Ahead of the market close, shares were already down 57% year to date.

Codexis reported a loss of $19.6 million, or 22 cents a share for the quarter ended Sept. 30, compared with a loss of $20.6 million, or 29 cents a share. Analysts polled by FactSet expected a more shallow loss of 15 cents a share.

Revenue declined to $8.6 million in the third quarter from $12.8 million in the year-ago quarter due to variability in customers' manufacturing schedules and clinical trial progression. Analysts expected $18.5 million.

Codexis said it has appointed Alison Moore as its next chief executive, succeeding Stephen Dilly, who will remain chairman. As it enacted leadership changes, the company cut 46 jobs, or about 24% of its workforce in November.

The company also said it signed a $37.8 million supply assurance agreement with Merck that it says will provide "a substantial non-dilutive cash infusion."

"We feel it is the right time to complete our transition to an innovative manufacturing solutions provider in the field of oligonucleotide manufacturing," Dilly said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 06, 2025 17:48 ET (22:48 GMT)

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