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CODX on Nasdaq

Co-Diagnostics, Inc.

Co-Diagnostics, Inc. is an American surgical and medical instruments and apparatus company.2 It is headquartered in Salt Lake City, United States.2 Its shares trade on Nasdaq under the symbol CODX.2

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Last updated Oct 21, 2026.

Overview

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  • TickerCODX on Nasdaq2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersSalt Lake City, United States2
  • Incorporated inUT3
  • Business address2401 S Foothill Drive, Suite D, Salt Lake City, Ut 841093
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300Z1JPESYWFM1R932
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o BRIAN BROWN, 2401 South Foothill Drive; Suite D, 84109 Salt Lake City, United States2
  • Registered withUtah Division of Corporations & Commercial Code (Department of Commerce), 8650065-01422

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Nucleotide Polymorphism (“SNP”) detection and enrichment for next generation sequencing.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

64.3%Gross margin6
-8058.8%Operating margin6
-7533.6%Net margin6
-84.1%Revenue growth, 20256
-227.3%Return on equity6
-$29.8MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 67% of the revenue Co-Diagnostics, Inc. broke down this way in fiscal 2025.

  1. Product$418.2K667%down 46% from 2024
  2. Grant$204.3K633%down 94% from 2024
Products and services by year
Products and services20242025
Product$770.0K$418.2K
Grant$3.1M$204.3K

Regions

United States brought in 93% of the revenue Co-Diagnostics, Inc. broke down this way in fiscal 2025.

  1. United States$581.5K693%down 83% from 2024
  2. Outside the United States$40.9K67%down 90% from 2024
Regions by year
Regions20242025
United States$3.5M$581.5K
Outside the United States$391.8K$40.9K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$222.4K
  • Research and development91¢$19.1M
  • Income tax8¢$1.6M

Out of $622.5K in revenue.6 The company lost money this year.

Financial statements

Revenue78910116$622.5K in 2025+190% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $215.0K$215.0K20192020: $74.6M$74.6M2020+34580%2021: $97.9M$97.9M2021+31%2022: $34.2M$34.2M2022−65%2023: $6.8M$6.8M2023−80%2024: $3.9M$3.9M2024−43%2025: $622.5K$622.5K2025−84%
Gross profit78910116$400.1K in 2025+290% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $102.5K$102.5K20192020: $58.0M$58.0M2020+56424%2021: $86.3M$86.3M2021+49%2022: $28.7M$28.7M2022−67%2023: $2.6M$2.6M2023−91%2024: $2.9M$2.9M2024+11%2025: $400.1K$400.1K2025−86%
Operating income78910116-$50.2M in 2025+751% since 2019
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2019: -$5.9M-$5.9M20192020: $41.7M$41.7M20202021: $46.1M$46.1M2021+10%2022: -$27.0M-$27.0M20222023: -$42.7M-$42.7M2023+58%2024: -$40.1M-$40.1M2024−6%2025: -$50.2M-$50.2M2025+25%
Net income78910116-$46.9M in 2025+657% since 2019
-$50.0M-$25.0M0$25.0M$50.0M2019: -$6.2M-$6.2M20192020: $42.5M$42.5M20202021: $36.7M$36.7M2021−14%2022: -$14.2M-$14.2M20222023: -$35.3M-$35.3M2023+148%2024: -$37.6M-$37.6M2024+7%2025: -$46.9M-$46.9M2025+25%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Total revenue$622.5K$3.9M
Cost of revenue$222.4K$999.1K
Gross profit$400.1K$2.9M
Sales and marketing$2.4M$4.5M
General and administrative$9.1M$16.2M
Research and development$19.1M$21.0M
Depreciation and amortization$1.1M$1.4M
Impairment charges$18.9M
Total operating expenses$50.6M$43.0M
Loss from operations-$50.2M-$40.1M
Interest income, net$292.9K$1.1M
Realized gain on investments$683.4K$870.7K
Gain (loss) on disposition of assets-$82.4K$8.3K
Gain on remeasurement of acquisition contingencies$805.9K$714.9K
Loss on equity method investment in joint ventures-$46.3K-$186.1K
Total other income, net$1.7M$2.5M
Loss before income taxes-$48.5M-$37.6M
Income tax provision (benefit)-$1.6M$57.4K
Net loss-$46.9M-$37.6M
Change in net unrealized gains (losses) on marketable securities, net of tax-$418.4K$271.7K
Total other comprehensive income (loss)-$418.4K$271.7K
Comprehensive loss-$47.3M-$37.4M
Basic-$35.25-$37.22
Diluted-$35.25-$37.22
Basic1.3M shares1.0M shares
Diluted1.3M shares1.0M shares

Compare Co-Diagnostics, Inc. with another company

Corporate structure

Co-Diagnostics, Inc. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Co-Diagnostics, Inc.

  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G on Co-Diagnostics, Inc., latest Aug 14, 2026
  • JANE STREET GROUP, LLC Filed SCHEDULE 13G/A on Co-Diagnostics, Inc., latest Aug 10, 2026 (2 filings since Jun 3, 2026)
  • Ayrton Capital LLC Filed SCHEDULE 13G/A on Co-Diagnostics, Inc., latest Feb 11, 2026 (2 filings since Nov 13, 2025)
  • Orca Capital AG Filed SCHEDULE 13G/A on Co-Diagnostics, Inc., latest Oct 30, 2025 (4 filings since Sep 18, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Co-Diagnostics, Inc., latest Oct 30, 2025 (4 filings since Feb 9, 2022)
  • Co-Diagnostics, Inc. Salt Lake City, Utah, United States
    • Advanced Conceptions, Inc. Subsidiary · Utah, United States
    • DNA Logix, Inc. Subsidiary · Utah, United States
    • Idaho Molecular, Inc. Subsidiary · Idaho, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Co-Diagnostics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$3.9M6 Dec 31, 2025$3.3M6 Dec 31, 2024+19.2%
Property and equipment, net$2.3M6 Dec 31, 2025$2.8M6 Dec 31, 2024−17.7%
Operating-lease assets (leased space)$1.2M6 Dec 31, 2025$2.1M6 Dec 31, 2024−42.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.9M6 Dec 31, 2025$2.9M6 Dec 31, 2024+304.7%
Marketable securities, current$26.8M6 Dec 31, 2024$43.6M11 Dec 31, 2023−38.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$7.2M6 Dec 31, 2025$26.1M6 Dec 31, 2024−72.3%
Finite-lived intangibles, gross$8.3M6 Dec 31, 2025$27.2M6 Dec 31, 2024−69.4%
Accumulated amortization-$1.1M6 Dec 31, 2025-$1.1M6 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$992.4K6 Dec 31, 2025$1.1M6 Dec 31, 2024−7.5%
Raw materials$480.2K6 Dec 31, 2025$505.4K6 Dec 31, 2024−5.0%
Finished goods$512.2K6 Dec 31, 2025$567.3K6 Dec 31, 2024−9.7%

Properties, in its own words

Our headquarters are located at 2401 S. Foothill Drive, Salt Lake City, Utah. Our current facilities have approximately 50,000 square feet of laboratory, manufacturing, storage and office space under leases that expire in 2026 through 2028. We believe the facilities we lease are sufficient to meet our needs for the foreseeable future.

Item 2 of the 10-K filed Mar 31, 2026.5

Leadership

Who has led Co-Diagnostics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dwight H. Egan2017–now

President

  1. Dwight H. Egan2017
  2. Richard David Abbott2024–now

Chief financial officer

  1. Reed L. Benson2017–2020
20202025
Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • SecretaryBrian Brown named Jan 14, 202226

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Advanced Conceptions, Inc. Utah4
  • DNA Logix, Inc. Utah4
  • Idaho Molecular, Inc. Idaho4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares27
  2. Oct 15, 20268-K Shareholder vote28
  3. Oct 13, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares29
  4. Oct 5, 20268-K Shareholder vote30
  5. Sep 25, 20268-K Shareholder vote31
  6. Sep 16, 20268-K Other events32
  7. Sep 16, 20268-K Regulation FD disclosure33
  8. Sep 15, 20268-K Other events34
  9. Sep 4, 20268-K Shareholder vote35
  10. Sep 4, 20268-K Executive or director change36
  11. Aug 13, 20268-K Results of operations; Regulation FD disclosure37
  12. Jul 31, 20268-K Entered a material agreement; Unregistered sale of shares38
  13. Aug 16, 2017New chief executive Dwight H. Egan becomes CEO14
  14. Apr 18, 2013Founded Co-Diagnostics, Inc. is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202639

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results37
  2. May 14, 2026Reported quarterly or annual results40
  3. Mar 31, 2026Reported quarterly or annual results41
  4. Mar 10, 2026Reported quarterly or annual results42
  5. Nov 13, 2025Reported quarterly or annual results43
  6. Aug 14, 2025Reported quarterly or annual results44
  7. May 8, 2025Reported quarterly or annual results45
  8. Mar 27, 2025Reported quarterly or annual results46

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

226 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 99 insider forms, 13 large holders, 1 private raises, 35 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 15, 20268-K/A EDGAR
  3. Oct 13, 20268-K EDGAR
  4. Oct 5, 20268-K EDGAR
  5. Sep 25, 20268-K EDGAR
  6. Sep 21, 2026PRE 14A EDGAR
  7. Sep 16, 20268-K EDGAR
  8. Sep 16, 20268-K EDGAR
  9. Sep 15, 20268-K EDGAR
  10. Sep 14, 20263 EDGAR
  11. Sep 4, 20268-K EDGAR
  12. Sep 4, 2026DEFA14A EDGAR
  13. Sep 4, 20268-K EDGAR
  14. Sep 1, 2026EFFECT EDGAR
  15. Aug 24, 2026S-3 EDGAR
  16. Aug 14, 2026SCHEDULE 13G EDGAR
  17. Aug 13, 202610-Q EDGAR
  18. Aug 13, 20268-K EDGAR
  19. Aug 10, 2026SCHEDULE 13G/A EDGAR
  20. Jul 31, 20268-K EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 20, 2023Brown Brian LeeChief Financial OfficerBuy3,000$1.90$5.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Dwight EganPresident & Chief Executive Officer72$400.0K$528.8K52
2025Brian BrownChief Financial Officer and Secretary50$320.0K$421.2K52
2025Richard AbbottPresident54$290.0K$360.0K52
2024Dwight EganPresident & Chief Executive Officer72$391.7K$716.9K52
2024Brian BrownChief Financial Officer and Secretary50$313.3K$578.1K52
2024Richard AbbottPresident54$276.7K$424.9K52

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 31, 2021Raised $46.6 million in a private offering of equity Form D: $47.2 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Armistice Capital, LLC236,000$731.6K0.0%New
Jane Street Group, LLC89,240$276.6K0.0%New
Vanguard Capital Management LLC58,275$180.7K0.0%New
Private Advisory Group LLC39,387$122.1K0.0%−2,000
Millennium Management LLC31,995$99.2K0.0%New
Susquehanna International Group, Llp31,239$96.8K0.0%New
Geode Capital Management, LLC25,575$79.3K0.0%New
Vanguard Fiduciary Trust Co19,776$61.3K0.0%+19,775
UBS Group AG16,091$49.9K0.0%+8,723
State Street Corp14,800$45.9K0.0%New
Renaissance Technologies LLC12,500$38.8K0.0%New
Morgan Stanley2,877$8.9K0.0%+2,789
Smartleaf Asset Management LLC133$3960.0%No change
Global Retirement Partners, LLC100$3100.0%New
Wells Fargo & Company/mn81$2510.0%No change
SBI Securities Co., Ltd.81$2510.0%+23
Virtu Financial LLC17,612$550.0%New
Heritage Wealth Advisors17$530.0%No change
Osaic Holdings, Inc.10$310.0%No change
Fmr LLC7$210.0%New
NewEdge Advisors, LLC6$190.0%No change
Jpmorgan Chase & Co3$90.0%−47
Harbour Investments, Inc.2$60.0%No change
Northwestern Mutual Wealth Management Co1$30.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Co-Diagnostics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCo-Diagnostics, Inc.1
  • CIK0001692415
  • Employer ID (EIN)46-26093965
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inUtah5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address2401 S Foothill Drive, Suite D, Salt Lake City, UT 841091
  • Phone80143810361
  • Shares outstanding6,252,319 as of Aug 11, 202613
  • Public float$10.0M as of Jun 30, 20255
  • AuditorTanner LLP, Salt Lake City, Utah PCAOB ID 270; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 29, 20161
  • Filings387 in all: 4 (141), 8-K (83), 10-Q (28), 3 (15), 424B5 (11), CORRESP (10), DEF 14A (10), 10-K (9)1
    All 33 form types

    UPLOAD (9), SC 13G (8), EFFECT (7), SC 13G/A (7), S-3 (6), SCHEDULE 13G/A (6), PRE 14A (4), S-1/A (4), SCHEDULE 13G (4), DRS (3), S-8 (3), 4/A (2), 424B4 (2), 8-K/A (2), D (2), DEFA14A (2), 10-Q/A (1), 5 (1), 8-A12B (1), CERTNAS (1), DRS/A (1), DRSLTR (1), FWP (1), S-1 (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jul 21, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common StockCODXNasdaq

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Co-Diagnostics, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 25 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • We have limited commercial history upon which to base our prospects and are not certain that we will achieve profitability in the future.
  • Our future success is dependent on our development of our Co-Dx PCR platform and securing regulatory approval for the platform including the PCR Pro instrument and related diagnostic tests, demand for infectious disease diagnostics and upon our ability to develop and market other commercially accepted diagnostic tests for our PCR platform.
  • The diagnostic market is highly competitive, and we may not be able to compete effectively against the larger, well-established companies that dominate this market or emerging and small innovative companies that may seek to obtain or increase their share of the market.
  • We depend on a limited number of third-party suppliers for key raw materials used in the manufacturing of our products, and the loss of these third-party suppliers or their inability to supply us with adequate raw materials could harm our business.
  • In order to be successful, we must expand our available product lines by commercializing new product candidates, but we may not be able to do so in a timely fashion and at expected costs, or at all.
  • We are dependent on our senior management team, scientific team, and external advisors, and the loss of any of them could harm our business, including by adversely affecting our ability to effectuate our business strategy.
  • If we experience significant disruptions in our information technology systems, our business, results of operations and financial condition could be adversely affected.
  • Cybersecurity risks and the failure to maintain the integrity of company, employee or customer data could expose us to data loss, litigation and liability, and our reputation could be significantly harmed.
  • Risks Related to Our Capital Resources and Impairments
  • We will require additional financing and our failure to obtain additional funding would force us to delay, reduce or eliminate our product development programs or commercialization efforts.
  • Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements. We may be unable to continue to operate without the threat of liquidation for the foreseeable future.
The other 15 risks
  • Raising additional capital by issuing securities or through debt financings or licensing arrangements will likely cause dilution to existing stockholders, restrict our operations or require us to relinquish proprietary rights.
  • Risks Related to Regulatory Approval of Our Products and Other Government Regulations
  • We received Emergency Use Authorization or EUA for our Logix Smart COVID-19 test in the US. For our existing EUA and any new EUA, the FDA may revoke any EUA where it is determined that the underlying health emergency no longer exists or warrants such authorization, which would adversely impact our ability to market our COVID-19 test in the United States.
  • Our long-term success depends substantially on our ability to obtain regulatory clearance or approval and thereafter commercialize our product candidates; we cannot be certain that we will be able to do so in a timely manner or at all.
  • Our current and future relationships with third-party payers and current and potential customers in the United States and elsewhere may be subject, directly or indirectly, to applicable anti-kickback, fraud and abuse, false claims, transparency, health information privacy and security and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm administrative burdens and diminished profits and future earnings.
  • We are subject to evolving global data protection and privacy laws, and compliance with such laws may be costly and may expose us to liability.
  • Risks Related to Our Intellectual Property
  • If the combination of patents, trade secrets and contractual provisions that we rely on to protect our intellectual property is inadequate, our ability to commercialize our products successfully will be harmed, and we may not be able to operate our business profitably.
  • We could become subject to intellectual property litigation that could be costly, result in the diversion of management’s time and efforts, require us to pay damages, prevent us from marketing our commercially available products or product candidates and/or reduce the margins we may realize from our products that we may commercialize.
  • We rely substantially on our trademarks and trade names. If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be harmed.
  • Risks Related to Litigation from Operating Our Business
  • Current or future litigation, government investigations and other legal proceedings may harm our business.
  • General Risk Factors
  • The price of our common stock may fluctuate substantially.
  • Anti-takeover provisions in our charter documents and Utah law could discourage, delay, or prevent a change of control of our Company and may affect the trading price of our common stock.
  • We do not currently intend to pay dividends on our common stock.
  • We are a “smaller reporting company” and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
  • We incur substantial costs as a result of being a public company and our management expects to devote substantial time to public company compliance programs.
  • We incur substantial costs as a result of being a public company and are subject to the continued listing requirements of the NASDAQ Capital Market, our management expects to devote substantial time to public company compliance programs.

Legal proceedings

In the ordinary course of business, we are at times subject to various legal proceedings and disputes, including the proceedings specifically discussed below. We assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, we do not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available and available insurance coverage, our management believes that it has established appropriate legal reserves. Any incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on our consolidated financial position, consolidated results of operations, or consolidated cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to our consolidated financial position, consolidated results of operations, or consolidated cash flows.

Class Actions and Shareholder Derivative Suits

Shareholder Derivative Lawsuits (District of Utah & Utah State Court)

The opening of Item 3, Legal Proceedings.5

Sources

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