Codexis shares surge 48.82% premarket after Q4 revenue jumps 81% on Merck tech transfer deal and positive earnings.

Codexis surged 48.82% in premarket trading following Q4 2025 results that exceeded expectations and a $37.8 million Merck technology transfer agreement. The company reported $38.9 million in revenue, an 81% year-over-year increase, and posted its first quarterly profit of $9.6 million after years of losses. Stifel reaffirmed a Buy rating with a $5.00 price target, while management projected 2026 revenue of $72–$76 million, signaling confidence in sustained growth. The Merck deal and improved margins, driven by ECO Synthesis demand, underscored the turnaround, with cash reserves now sufficient through 2027. Analysts highlighted the shift from a $44 million annual loss to a positive earnings trajectory, though risks remain tied to scaling ECO and RNA programs.