Codexis Inc

CDXS remains in a Stage 4 decline with clear lower-high/lower-low structure. The medium-term bias is bearish, reinforced by trading below declining EMAs and no evidence of mean-reversion support. Short-term execution conditions align with continued downside, making Sell Now the appropriate posture.

• ↑Q1 2026 revenues $15.2M (+102.7% YoY) driven by Merck agreement
• ↑Product gross margin rose to 71% in Q1 from 55% last year
• ↓Q1 net loss narrowed to $8.7M vs $20.7M prior year, profitability elusive