Codexis, Inc. entered into an evaluation agreement with Axolabs on January 7 2026 that grants the contract research and development organization access to Codexis’s ECO Synthesis enzymatic RNA‑synthesis platform. The deal allows Axolabs to assess the technology’s performance and scalability, with the possibility of future licensing and broader adoption if the evaluation proves successful.
The ECO Synthesis platform replaces traditional phosphoramidite chemistry with engineered enzymes, offering higher throughput, lower waste, and a more sustainable manufacturing footprint. Axolabs, which spans discovery to GMP production for oligonucleotide therapeutics, is well positioned to evaluate the platform’s suitability for its own siRNA programs and for potential commercial customers. The partnership therefore serves as a critical validation step for Codexis’s technology in a real‑world manufacturing environment.
Strategically, the agreement expands Codexis’s reach beyond its existing customer base and positions the company to capture a larger share of the rapidly growing siRNA therapeutics market, which is projected to exceed $10 billion by 2030. By partnering with a leading CDMO, Codexis can accelerate the commercialization of its enzymatic synthesis technology, potentially reducing time‑to‑market for new therapeutics and lowering production costs for clients.
Codexis’s financial performance has been challenging, with a net loss of $19.6 million in Q3 2025 on revenues of $8.6 million, down from $12.8 million in Q3 2024. The new partnership is therefore a critical step toward diversifying revenue streams and improving the company’s cash position. Management views the evaluation as a key milestone in its broader pivot from enzyme supplier to full‑service manufacturing solutions provider for RNA therapeutics.
Alison Moore, President & CEO of Codexis, said the collaboration “expands the reach of our ECO Synthesis Manufacturing Platform through partnerships with best‑in‑class CDMOs. Axolabs is an industry‑leading CRDMO, and we are delighted to enter into this partnership to enable more efficient manufacturing of oligonucleotide therapeutics that address large markets.” Kathleen Campau, Senior Director of Operations at Axolabs, added that the technology “has the potential to be pivotal to how therapeutic oligonucleotides are manufactured at scale in the future, enabling more sustainable and cost‑effective production.”
The market reaction to the announcement was muted, reflecting investor caution around evaluation agreements that do not guarantee immediate revenue. While Codexis’s stock rose modestly, peers showed mixed performance, underscoring the need for a clear path from evaluation to licensing and commercial deployment. The partnership’s success will hinge on Axolabs’ assessment and the subsequent licensing terms, which will determine the long‑term financial impact for Codexis.
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