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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $38.3M, roughly 1.0× ImmunityBio, Inc.). CODEXIS, INC. runs the higher net margin — 24.7% vs -161.8%, a 186.5% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 81.3%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-71.3M).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
CDXS vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $38.3M |
| Net Profit | $9.6M | $-61.9M |
| Gross Margin | 94.8% | 99.0% |
| Operating Margin | 27.1% | -169.0% |
| Net Margin | 24.7% | -161.8% |
| Revenue YoY | 81.3% | 407.0% |
| Net Profit YoY | 192.5% | -4.7% |
| EPS (diluted) | $0.13 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $38.9M | $38.3M | ||
| Q3 25 | $8.6M | $32.1M | ||
| Q2 25 | $15.3M | $26.4M | ||
| Q1 25 | $7.5M | $16.5M | ||
| Q4 24 | $21.5M | $7.6M | ||
| Q3 24 | $12.8M | $6.1M | ||
| Q2 24 | $8.0M | — | ||
| Q1 24 | $17.1M | — |
| Q4 25 | $9.6M | $-61.9M | ||
| Q3 25 | $-19.6M | $-67.3M | ||
| Q2 25 | $-13.3M | $-92.6M | ||
| Q1 25 | $-20.7M | $-129.6M | ||
| Q4 24 | $-10.4M | $-59.2M | ||
| Q3 24 | $-20.6M | $-85.7M | ||
| Q2 24 | $-22.8M | — | ||
| Q1 24 | $-11.5M | — |
| Q4 25 | 94.8% | 99.0% | ||
| Q3 25 | 71.3% | 99.4% | ||
| Q2 25 | 86.3% | 99.5% | ||
| Q1 25 | 63.8% | 99.6% | ||
| Q4 24 | 83.0% | — | ||
| Q3 24 | 66.4% | — | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 71.6% | — |
| Q4 25 | 27.1% | -169.0% | ||
| Q3 25 | -220.3% | -173.5% | ||
| Q2 25 | -83.9% | -269.8% | ||
| Q1 25 | -271.6% | -390.1% | ||
| Q4 24 | -34.2% | -919.0% | ||
| Q3 24 | -129.0% | -1314.3% | ||
| Q2 24 | -284.9% | — | ||
| Q1 24 | -69.6% | — |
| Q4 25 | 24.7% | -161.8% | ||
| Q3 25 | -228.1% | -209.8% | ||
| Q2 25 | -86.6% | -350.3% | ||
| Q1 25 | -274.3% | -784.9% | ||
| Q4 24 | -48.4% | -783.4% | ||
| Q3 24 | -160.8% | -1404.0% | ||
| Q2 24 | -285.2% | — | ||
| Q1 24 | -67.4% | — |
| Q4 25 | $0.13 | $-0.06 | ||
| Q3 25 | $-0.22 | $-0.07 | ||
| Q2 25 | $-0.16 | $-0.10 | ||
| Q1 25 | $-0.25 | $-0.15 | ||
| Q4 24 | $-0.12 | $-0.08 | ||
| Q3 24 | $-0.29 | $-0.14 | ||
| Q2 24 | $-0.32 | — | ||
| Q1 24 | $-0.16 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $78.2M | $242.8M |
| Total DebtLower is stronger | $40.1M | — |
| Stockholders' EquityBook value | $50.5M | $-500.5M |
| Total Assets | $147.8M | $501.9M |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $242.8M | ||
| Q3 25 | $58.7M | $257.8M | ||
| Q2 25 | $66.3M | $153.7M | ||
| Q1 25 | $59.8M | $61.6M | ||
| Q4 24 | $73.5M | $149.8M | ||
| Q3 24 | $90.3M | $130.4M | ||
| Q2 24 | $73.2M | — | ||
| Q1 24 | $85.5M | — |
| Q4 25 | $40.1M | — | ||
| Q3 25 | $39.7M | — | ||
| Q2 25 | $39.4M | — | ||
| Q1 25 | $29.2M | — | ||
| Q4 24 | $28.9M | — | ||
| Q3 24 | $28.6M | — | ||
| Q2 24 | $28.4M | — | ||
| Q1 24 | $28.1M | — |
| Q4 25 | $50.5M | $-500.5M | ||
| Q3 25 | $38.5M | $-524.3M | ||
| Q2 25 | $55.6M | $-570.7M | ||
| Q1 25 | $49.6M | $-591.4M | ||
| Q4 24 | $66.9M | $-489.1M | ||
| Q3 24 | $73.4M | $-745.1M | ||
| Q2 24 | $61.4M | — | ||
| Q1 24 | $79.3M | — |
| Q4 25 | $147.8M | $501.9M | ||
| Q3 25 | $124.0M | $519.0M | ||
| Q2 25 | $138.2M | $402.1M | ||
| Q1 25 | $128.9M | $303.8M | ||
| Q4 24 | $149.0M | $382.9M | ||
| Q3 24 | $148.2M | $364.6M | ||
| Q2 24 | $132.0M | — | ||
| Q1 24 | $149.6M | — |
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.35× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $20.1M | $-70.4M |
| Free Cash FlowOCF − Capex | $19.6M | $-71.3M |
| FCF MarginFCF / Revenue | 50.3% | -186.2% |
| Capex IntensityCapex / Revenue | 1.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $-70.4M | ||
| Q3 25 | $-7.7M | $-68.9M | ||
| Q2 25 | $-18.0M | $-79.7M | ||
| Q1 25 | $-13.8M | $-85.9M | ||
| Q4 24 | $-16.5M | $-85.1M | ||
| Q3 24 | $-13.0M | $-98.8M | ||
| Q2 24 | $-12.2M | — | ||
| Q1 24 | $-7.8M | — |
| Q4 25 | $19.6M | $-71.3M | ||
| Q3 25 | $-7.9M | $-69.6M | ||
| Q2 25 | $-20.5M | $-80.8M | ||
| Q1 25 | $-15.1M | $-87.0M | ||
| Q4 24 | $-18.2M | $-87.3M | ||
| Q3 24 | $-14.0M | $-101.6M | ||
| Q2 24 | $-12.6M | — | ||
| Q1 24 | $-8.9M | — |
| Q4 25 | 50.3% | -186.2% | ||
| Q3 25 | -91.7% | -217.2% | ||
| Q2 25 | -133.6% | -305.9% | ||
| Q1 25 | -199.6% | -526.9% | ||
| Q4 24 | -85.0% | -1155.4% | ||
| Q3 24 | -109.0% | -1663.2% | ||
| Q2 24 | -157.5% | — | ||
| Q1 24 | -52.2% | — |
| Q4 25 | 1.3% | 2.4% | ||
| Q3 25 | 2.1% | 2.3% | ||
| Q2 25 | 16.4% | 4.1% | ||
| Q1 25 | 16.7% | 6.8% | ||
| Q4 24 | 8.3% | 28.0% | ||
| Q3 24 | 7.8% | 45.7% | ||
| Q2 24 | 5.0% | — | ||
| Q1 24 | 6.6% | — |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
