Codexis is an enzyme engineering company built around its proprietary CodeEvolver directed evolution platform, which it uses to develop high-performance custom enzymes. The company has two businesses. The first, pharma biocatalysis, involves engineering enzymes that large pharmaceutical companies use as biocatalysts in small molecule drug manufacturing, replacing conventional chemical synthesis steps to deliver better yields, higher purity, and lower waste. Codexis currently supplies enzymes used in the commercial manufacturing of 18 approved drugs, generating recurring product revenue that scales with customer production volumes. Revenue also comes from upfront R&D collaboration fees, milestones as customer drugs advance clinically, and technology licensing. The second and strategically prioritized business is ECO Synthesis, a platform that uses enzymes rather than conventional chemical synthesis to manufacture siRNA (small interfering RNA) therapeutics. ECO Synthesis offers two approaches: full end-to-end enzymatic synthesis, or enzymatic ligation, which stitches together RNA fragments. Near-term, Codexis is commercializing its engineered dsRNA ligase as an entry point — CDMOs and drug developers can insert it into existing manufacturing processes without overhauling them. Longer-term, Codexis aims to migrate customers to its full ECO platform. Codexis currently provides ECO Synthesis services at non-GMP scale, relying on CDMO partners for GMP-scale production, but is building its own GMP facility in Hayward, California, targeting clinical-scale production capability by end of 2027.