Codexis [CDXS] vs Third Harmonic Bio [THRD] Detailed Stock Comparison

Codexis Inc.

NASDAQ
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Third Harmonic Bio, Inc.

NASDAQ
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TLDR: Quick Comparison Summary

Based on 20 vital metrics comparison: Codexis Inc. wins in 6 metrics, Third Harmonic Bio, Inc. wins in 8 metrics, with 0 ties. Third Harmonic Bio, Inc. appears stronger overall.

View Metrics Details

Vital Metrics Comparison

Metric Codexis Inc. Third Harmonic Bio, Inc. Better
P/E Ratio (TTM) N/A 12.46 N/A
Price-to-Book Ratio 4.52 0.89 Third Harmonic Bio, Inc.
Debt-to-Equity Ratio 144.88 1.10 Third Harmonic Bio, Inc.
PEG Ratio -11.45 0.17 Third Harmonic Bio, Inc.
EV/EBITDA -6.77 0.40 Third Harmonic Bio, Inc.
Profit Margin (TTM) -62.47% 0.00% Third Harmonic Bio, Inc.
Operating Margin (TTM) 35.89% 0.00% Codexis Inc.
EBITDA Margin (TTM) 35.89% N/A N/A
Return on Equity -74.88% -19.94% Third Harmonic Bio, Inc.
Return on Assets (TTM) -16.14% -14.60% Third Harmonic Bio, Inc.
Free Cash Flow (TTM) $-23.85M $-34.51M Codexis Inc.
1-Year Return 20.43% -53.82% Codexis Inc.
Price-to-Sales Ratio (TTM) 3.25 N/A N/A
Enterprise Value $223.99M $-25.82M Codexis Inc.
EV/Revenue Ratio 3.18 N/A N/A
Gross Profit Margin (TTM) 94.75% N/A N/A
Revenue per Share (TTM) $1 N/A N/A
Earnings per Share (Diluted) $-0.50 $-1.24 Codexis Inc.
Beta (Stock Volatility) 2.08 2.13 Codexis Inc.
Short % of Float 7.76% 5.17% Third Harmonic Bio, Inc.

Codexis Inc. vs Third Harmonic Bio, Inc. Stock Performance Analysis

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CDXS
THRD

Performance Comparison

Short-term Returns

Stock1D1W1M3M6MYTD
Codexis Inc.0.74%3.46%7.17%163.73%63.03%67.08%
Third Harmonic Bio, Inc.0.00%0.00%-1.28%4.47%56.40%56.40%

Long-term Returns

Stock1Y3Y5Y10Y15Y20Y
Codexis Inc.20.43%5.32%-86.34%-29.87%-73.94%-80.27%
Third Harmonic Bio, Inc.-53.82%-70.11%-70.11%-70.11%-70.11%-70.11%

Performance & Financial Health Analysis: Codexis Inc. vs Third Harmonic Bio, Inc.

MetricCDXSTHRD
Market Information
Market Cap i$228.99M$242.79M
Market Cap CategoryMicro capMicro cap
10 Day Avg. Volume i1,228,754173,590
90 Day Avg. Volume i3,001,368175,425
Last Close$2.71$5.38
52 Week Range$0.96 - $3.87$3.18 - $16.02
% from 52W High-29.97%-66.42%
All-Time High$42.01 (Nov 08, 2021)$24.59 (Oct 31, 2022)
% from All-Time High-93.55%-78.12%
Growth Metrics
Quarterly Revenue Growth0.81%N/A
Quarterly Earnings Growth0.81%N/A
Financial Health
Profit Margin (TTM) i-0.62%0.00%
Operating Margin (TTM) i0.36%0.00%
Return on Equity (TTM) i-0.75%-0.20%
Debt to Equity (MRQ) i144.881.10
Cash & Liquidity
Book Value per Share (MRQ)$0.56$6.06
Cash per Share (MRQ)$0.86$6.02
Operating Cash Flow (TTM) i$-19,376,000$-41,687,000
Levered Free Cash Flow (TTM) i$-5,074,125$-28,660,250
Dividends
Last 12-Month Dividend Yield iN/AN/A
Last 12-Month Dividend iN/AN/A

Valuation & Enterprise Metrics Analysis: Codexis Inc. vs Third Harmonic Bio, Inc.

MetricCDXS (Apr 24, 2026)THRD (Aug 29, 2025)
Price Ratios
P/E Ratio (TTM) iN/A12.46
Forward P/E i-11.45-3.49
PEG Ratio i-11.450.17
Price to Sales (TTM) i3.25N/A
Price to Book (MRQ) i4.520.89
Market Capitalization
Market Capitalization i$228.99M$242.79M
Enterprise Value i$223.99M$-25,821,452
Enterprise Value Metrics
Enterprise to Revenue i3.18N/A
Enterprise to EBITDA i-6.770.40
Risk & Other Metrics
Beta i2.082.13
Book Value per Share (MRQ) i$0.56$6.06

Financial Statements Comparison: Codexis Inc. vs Third Harmonic Bio, Inc.

Financial Metrics

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Revenue

Operating Margin

Profit Margin

Long Term Debt

Income Flow Analysis

Financial Statements Comparison

Income Statement

MetricCDXS (2025)THRD (2024)
Revenue/Sales i70.39M0
Cost of Goods Sold i9.34MN/A
COGS % of Revenue i13.3%-
Gross Profit i61.05MN/A
Gross Margin i86.7%-
Research & Development i52.31M36.50M
Operating Income (EBIT) i-38.33M-58.87M
Operating Margin i-54.5%-
EBITDA i-30.46M-58.82M
EBITDA Margin i-43.3%-
Pre-Tax Income i-43.93M-45.47M
Pre-Tax Income % of Revenue i-62.4%-
Income Tax i47,000N/A
Income Tax % of Revenue i0.1%-
Net Income (Profit) i-43.97M-45.47M
Profit Margin i-62.5%-

Balance Sheet & Liquidity Metrics

MetricCDXS (2025)THRD (2024)
Cash & Equivalents i50.79M285.06M
Total Current Assets i96.82M290.54M
Total Current Assets % of Revenue i137.5%-
Total Current Liabilities i25.32M7.11M
Total Current Liabilities % of Revenue i36.0%-
Long-Term Debt i70.26M2.35M
Long-Term Debt % of Revenue i99.8%-
Total Shareholders Equity i50.53M285.15M
Retained Earnings i-606.78M-159.69M
Retained Earnings % of Revenue i-862.1%-
Property, Plant & Equipment i69.44M0

Cash Flow Statement Comparison

MetricCDXS (2025)THRD (2024)
Operating Cash Flow i-19.68M-33.88M
Operating Cash Flow % of Revenue i-28.0%-
Capital Expenditures i-4.47M-10,000
Free Cash Flow i-23.85M-34.51M
FCF Margin i-33.9%-
Debt Repayment iN/AN/A
Common Stock Repurchase iN/AN/A

Short Interest & Institutional Ownership Analysis

MetricCDXSTHRD
Shares Short i6.94M1.42M
Short Ratio i1.666.95
Short % of Float i7.76%5.17%
Shares Outstanding i90.48M44.86M
Float Shares i72.95M15.60M
% Held by Insiders i7.57%9.11%
% Held by Institutions i74.75%80.12%
% Held by Public i17.68%10.77%

Dividend Analysis & Yield Comparison: Codexis Inc. vs Third Harmonic Bio, Inc.

MetricCDXSTHRD
Last 12-Month Dividend iN/AN/A
Last 12-Month Dividend Yield iN/AN/A
3-Year Avg Annual Dividend iN/AN/A
3-Year Avg Dividend Yield iN/AN/A
3-Year Total Dividends iN/AN/A
Ex-Dividend DateN/AN/A