Estados financieros detallados de Codexis, Inc. (CDXS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Codexis, Inc. registró ingresos de $70.4M en el último ejercicio fiscal, con un CAGR de 5 años del 0.4%.
Márgenes de los últimos 12 meses: margen bruto 83.7%, margen operativo -31.2%, margen neto -39.6%.
Al precio actual de $1.34, CDXS presenta beneficios negativos (P/E no significativo) y un ROE del -74.36%. La capitalización bursátil es de $144M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $48.8M | $50.0M | $60.6M | $68.5M | $69.1M | $104.8M | $138.6M | $70.1M | $59.3M | $70.4M |
| Coste de Ventas | $9.8M | $14.3M | $12.6M | $15.6M | $13.7M | $22.2M | $38.0M | $12.8M | $16.3M | $9.3M |
| Beneficio Bruto | $39.1M | $35.7M | $48.0M | $52.8M | $55.3M | $82.5M | $100.6M | $57.3M | $43.1M | $61.0M |
| I+D | $22.2M | $29.7M | $30.0M | $33.9M | $44.2M | $55.9M | $80.1M | $58.9M | $46.3M | $52.3M |
| Generales y Administrativos | $25.4M | $29.0M | $29.3M | $31.5M | $35.0M | $49.3M | $52.2M | $53.2M | $55.1M | $47.1M |
| Gastos Operativos | $47.6M | $58.7M | $59.3M | $65.4M | $79.2M | $105.2M | $135.4M | $125.4M | $101.6M | $99.4M |
| Beneficio Operativo | -$8.6M | -$23.0M | -$11.3M | -$12.5M | -$23.9M | -$22.7M | -$34.9M | -$68.1M | -$58.5M | -$38.3M |
| EBITDA | -$4.0M | -$21.9M | -$10.1M | -$8.0M | -$19.4M | -$15.1M | -$26.3M | -$49.3M | -$53.4M | -$33.9M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.8M |
| Beneficio Antes de Impuestos | -$8.6M | -$22.9M | -$10.9M | -$11.9M | -$23.7M | -$21.1M | -$33.3M | -$76.2M | -$65.2M | -$43.9M |
| Impuestos | -$40000 | $81000 | -$37000 | $17000 | $339000 | $189000 | $276000 | $69000 | $34000 | $47000 |
| Beneficio Neto | -$8.6M | -$23.0M | -$10.9M | -$11.9M | -$24.0M | -$21.3M | -$33.6M | -$76.2M | -$65.3M | -$44.0M |
| BPA | $-0.21 | $-0.50 | $-0.21 | $-0.21 | $-0.40 | $-0.33 | $-0.51 | $-1.12 | $-0.89 | $-0.50 |
| BPA Diluido | $-0.21 | $-0.50 | $-0.21 | $-0.21 | $-0.40 | $-0.33 | $-0.51 | $-1.12 | $-0.89 | $-0.50 |
| Acciones en Circulación (Diluidas) | $40.6M | $46.2M | $52.2M | $56.5M | $59.4M | $64.6M | $65.3M | $68.1M | $73.4M | $87.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $8.6M | $38.9M | $15.2M | $14.9M |
| Beneficio Bruto | $6.1M | $35.6M | $11.9M | $11.4M |
| Beneficio Operativo | -$18.9M | $14.0M | -$8.0M | -$11.2M |
| EBITDA | -$16.2M | $11.8M | -$6.4M | -$10.8M |
| Beneficio Neto | -$19.6M | $9.6M | -$8.7M | -$12.0M |
| BPA | $-0.22 | $0.11 | $-0.10 | $-0.13 |
| BPA Diluido | $-0.22 | $0.11 | $-0.10 | $-0.13 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $19.2M | $31.2M | $53.0M | $90.5M | $149.1M | $116.8M | $114.0M | $65.1M | $19.3M | $50.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $1.0M | 0 | 0 | 0 | $54.2M | $27.4M |
| Cuentas por Cobrar | $5.9M | $11.8M | $13.5M | $20.2M | $29.3M | $37.7M | $40.9M | $19.9M | $18.9M | $10.7M |
| Inventario | $825000 | $1.0M | $589000 | $371000 | $964000 | $1.2M | $2.0M | $2.7M | $1.8M | $1.8M |
| Activos Corrientes | $27.2M | $45.0M | $68.2M | $114.2M | $184.4M | $161.9M | $162.9M | $93.5M | $98.8M | $96.8M |
| Inmovilizado Material | $2.2M | $2.8M | $4.8M | $30.4M | $31.2M | $65.5M | $61.9M | $28.6M | $42.9M | $43.5M |
| Fondo de Comercio | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $2.5M | $2.5M | $2.5M |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $35.6M | $53.6M | $79.3M | $149.1M | $221.6M | $246.4M | $250.4M | $136.6M | $149.0M | $147.8M |
| Cuentas por Pagar | $4.2M | $3.5M | $3.0M | $2.6M | $3.0M | $3.0M | $3.2M | $5.9M | $2.8M | $1.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $12.4M | $25.0M | $17.1M | $15.4M | $25.0M | $33.4M | $49.1M | $35.8M | $23.6M | $25.3M |
| Deuda a Largo | $885000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $28.9M | $40.1M |
| Pasivos Totales | $16.5M | $29.1M | $22.0M | $43.6M | $51.5M | $82.0M | $105.6M | $49.9M | $82.1M | $97.3M |
| Reservas | -$292.1M | -$315.1M | -$330.5M | -$342.4M | -$366.4M | -$387.7M | -$421.3M | -$497.5M | -$562.8M | -$606.8M |
| Patrimonio Neto | $19.1M | $24.5M | $56.3M | $105.5M | $170.1M | $164.4M | $144.8M | $86.6M | $66.9M | $50.5M |
| Deuda Total | $425000 | $302000 | $303000 | $26.1M | $25.0M | $47.7M | $43.6M | $16.0M | $59.9M | $73.2M |
| Deuda Neta | -$18.8M | -$30.9M | -$52.7M | -$64.4M | -$125.2M | -$69.1M | -$70.3M | -$49.1M | -$13.6M | -$5.0M |
| Capital Circulante | $14.9M | $20.1M | $51.1M | $98.8M | $159.4M | $128.5M | $113.8M | $57.6M | $75.1M | $71.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $25.8M | $50.8M | $37.0M | $27.2M |
| Activos Totales | $124.0M | $147.8M | $129.4M | $120.1M |
| Pasivos Totales | $85.4M | $97.3M | $86.1M | $87.1M |
| Patrimonio Neto | $38.5M | $50.5M | $43.2M | $33.0M |
| Deuda Total | $68.6M | $73.2M | $72.9M | $72.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.6M | -$23.0M | -$10.9M | -$11.9M | -$24.0M | -$21.3M | -$33.6M | -$76.2M | -$65.3M | -$44.0M |
| Amortizaciones | $4.5M | $1.0M | $1.1M | $4.6M | $4.6M | $5.9M | $10.3M | $9.9M | $4.9M | $5.2M |
| Compensación en Acciones | $5.7M | $7.1M | $7.9M | $6.9M | $7.7M | $11.6M | $14.5M | $10.0M | $13.1M | $9.6M |
| Cambio en Capital Circulante | -$4.3M | $6.3M | -$12.3M | -$12.7M | -$3.9M | -$7.6M | $21.6M | -$18.2M | -$12.0M | $6.4M |
| Flujo de Caja Operativo | -$2.7M | -$8.8M | -$14.1M | -$12.6M | -$16.5M | -$14.3M | $11.3M | -$52.6M | -$49.4M | -$19.4M |
| Inversiones (CapEx) | -$888000 | -$985000 | -$2.8M | -$3.7M | -$3.7M | -$13.8M | -$8.3M | -$4.4M | -$4.3M | -$4.5M |
| Adquisiciones | $42000 | $2000 | $2000 | $3000 | 0 | $36000 | $29000 | $751000 | $87000 | $5000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.6M | -$9.7M | -$16.9M | -$16.3M | -$20.2M | -$28.1M | $3.0M | -$57.1M | -$53.7M | -$23.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$7.7M | $20.1M | -$13.2M | -$9.6M |
| Inversiones (CapEx) | -$182000 | -$520000 | -$176000 | -$898000 |
| Flujo de Caja Libre | -$7.9M | $19.6M | -$13.3M | -$10.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.5M | $2.2M | $1.4M | $1.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +2.4% | +21.1% | +13.0% | +0.9% | +51.7% | +32.3% | -49.4% | -15.4% | +18.6% |
| Crecimiento Beneficio Neto (anual) | | -168.7% | +52.7% | -9.7% | -101.2% | +11.4% | -57.9% | -127.0% | +14.4% | +32.6% |
| Crecimiento BPA (anual) | | -138.1% | +58.0% | +0.0% | -90.5% | +17.5% | -54.5% | -119.6% | +20.5% | +43.8% |
| Cambio en Acciones (anual) | | +13.8% | +12.9% | +8.3% | +5.0% | +8.8% | +1.2% | +4.3% | +7.7% | +18.7% |
| Crecimiento FCF (anual) | | -171.6% | -73.0% | +3.4% | -24.1% | -39.0% | +110.6% | -2016.6% | +5.9% | +55.6% |
| Margen Bruto | 80.0% | 71.4% | 79.2% | 77.2% | 80.1% | 78.8% | 72.6% | 81.7% | 72.6% | 86.7% |
| Margen Operativo | -17.5% | -45.9% | -18.6% | -18.3% | -34.6% | -21.7% | -25.2% | -97.0% | -98.6% | -54.5% |
| Margen EBITDA | -8.2% | -43.8% | -16.7% | -11.7% | -28.0% | -14.5% | -19.0% | -70.3% | -90.0% | -48.1% |
| Margen Neto | -17.5% | -46.0% | -18.0% | -17.4% | -34.8% | -20.3% | -24.2% | -108.7% | -110.0% | -62.5% |
| Margen FCF | -7.3% | -19.5% | -27.8% | -23.8% | -29.3% | -26.8% | 2.1% | -81.3% | -90.5% | -33.9% |
| Tasa Impositiva Efectiva | 0.5% | -0.4% | 0.3% | -0.1% | -1.4% | -0.9% | -0.8% | -0.1% | -0.1% | -0.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.09 | $-0.21 | $-0.32 | $-0.29 | $-0.34 | $-0.44 | $0.05 | $-0.84 | $-0.73 | $-0.27 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $40.6M | $46.2M | $52.2M | $56.5M | $59.4M | $64.6M | $65.3M | $68.1M | $73.4M | $87.1M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -74.36% |
| Rentabilidad sobre capital invertido | -22.69% |
| Rentabilidad sobre activos | -25.59% |
| Margen bruto | 83.71% |
| Margen operativo | -31.23% |
| Margen neto | -39.55% |
Salud financiera
| Deuda / Patrimonio | 2.20 |
| Ratio corriente | 3.06 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -4.67 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -21.90 | -16.70 | -79.52 | -76.14 | -54.57 | -94.76 | -9.14 | -2.72 | -5.36 | -3.26 |
| P/VC | 9.79 | 15.73 | 15.48 | 8.57 | 7.62 | 12.28 | 2.10 | 2.40 | 5.23 | 2.81 |
| P/V | 3.83 | 7.72 | 14.39 | 13.20 | 18.76 | 19.27 | 2.20 | 2.96 | 5.90 | 2.02 |
| Margen Bruto | 80.0% | 71.4% | 79.2% | 77.2% | 80.1% | 78.8% | 72.6% | 81.7% | 72.6% | 86.7% |
| Margen Operativo | -17.5% | -45.9% | -18.6% | -18.3% | -34.6% | -21.7% | -25.2% | -97.0% | -98.6% | -54.5% |
| Margen Neto | -17.5% | -46.0% | -18.0% | -17.4% | -34.8% | -20.3% | -24.2% | -108.7% | -110.0% | -62.5% |