Codexis, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF with explicit loss-narrowing path: FCF of -$6.09M, -$3.05M, -$1.52M, -$0.76M, -$0.38M in years 1-5 (losses halving annually from the -$12.18M TTM base as enzyme/biocatalysis licensing scales), then $2M, $6M, $9M, $12M, $14M in years 6-9 and $16M in year 10; 11% discount rate; 2.5% terminal growth; $45.42M net debt ($72.59M debt vs. $27.17M cash); 109.51M shares outstanding.

Reasoning: Codexis is a small-cap enzyme engineering company with fast-growing revenue (+35.9% TTM) but persistent cash burn; valuing it on an explicit path toward breakeven (rather than a simple growth-on-FCF model, which is meaningless with a negative starting FCF) better captures its early-stage, dilution-risk profile while still crediting its underlying licensing/royalty growth.