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LENZ

LENZ Therapeutics, Inc.

LENZ

LENZ Therapeutics, Inc. • NASDAQ
$30.52 ▼ -0.65% (-0.20)
Market Cap $851.83 M
52w High $50.40
52w Low $16.54
Dividend Yield 7.21%
P/E -14.82
Volume 93.11K
Outstanding Shares 27.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.5M ▲ $31.262M ▲ $-16.7M ▼ -133.6% ▲ $-0.59 ▼ $-16.575M ▲
Q2-2025 $5M ▲ $21.857M ▲ $-14.912M ▼ -298.24% ▼ $-0.53 $-16.838M ▲
Q1-2025 $0 $16.931M ▲ $-14.619M ▼ 0% $-0.53 ▼ $-16.895M ▼
Q4-2024 $0 $15.225M ▲ $-12.652M ▼ 0% $-0.46 ▼ $-15.2M ▼
Q3-2024 $0 $12.945M $-10.215M 0% $-0.38 $-12.935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $202.172M ▼ $210.704M ▼ $16.777M ▲ $193.927M ▼
Q2-2025 $209.519M ▲ $217.332M ▲ $10.967M ▲ $206.365M ▲
Q1-2025 $193.976M ▼ $201.252M ▼ $9.242M ▼ $192.01M ▼
Q4-2024 $209.03M ▼ $215.304M ▼ $11.22M ▲ $204.084M ▼
Q3-2024 $217.107M $224.007M $8.727M $215.28M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.7M ▼ $-8.588M ▲ $-4.333M ▼ $598K ▼ $-12.323M ▼ $-9.027M ▲
Q2-2025 $-14.912M ▼ $-11.508M ▲ $-414K ▼ $26.488M ▲ $14.566M ▲ $-11.748M ▲
Q1-2025 $-14.619M ▼ $-16.049M ▼ $18.889M ▲ $44K ▼ $2.884M ▲ $-16.159M ▼
Q4-2024 $-12.652M ▼ $-9.078M ▲ $-11.863M ▲ $53K ▼ $-20.888M ▲ $-9.227M ▲
Q3-2024 $-10.215M $-10.581M $-62.226M $29.818M $-42.989M $-10.767M

Five-Year Company Overview

Income Statement

Income Statement LENZ is still essentially a pre‑revenue biotech story. The company has not generated meaningful product sales yet, so all the lines below revenue are driven by research, development, and corporate costs. Losses have been steady over the last several years rather than exploding, which suggests spending has been relatively controlled, but the business is clearly in investment mode and not yet close to profitability. Until commercial sales of its eye drop begin to ramp, the income statement will likely continue to show red ink driven by operating expenses, not by unusual one‑time items.

Balance Sheet

Balance Sheet The balance sheet is small and fairly simple. Assets are modest and heavily tilted toward cash and equivalents, with very little physical equipment or other long‑lived assets, which is typical for a biotech focused on drug development rather than manufacturing. Debt is close to zero, so the company is not burdened by interest payments and does not appear financially levered. Shareholders’ equity is positive and has improved from earlier years, reflecting equity raises and recapitalization around the SPAC transaction. The flip side is that the cash cushion, while meaningful for a company of this size, is not enormous relative to ongoing losses, so future funding needs are a key watchpoint.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, reflecting the cash cost of running trials, building the organization, and preparing for commercialization without offsetting revenue. Capital spending has been minimal, so free cash flow is almost entirely driven by operating burn rather than big factory or equipment projects. This is a lean, asset‑light model, but it also means the company relies on outside capital to fund its roadmap until product sales begin to cover expenses. Investors should expect cash outflows to remain significant around launch and early commercialization, even if reported losses do not spike.

Competitive Edge

Competitive Edge LENZ is targeting a very large and under‑served market: age‑related near‑vision loss. Its main product, VIZZ, is differentiated by a more targeted mechanism that tightens the pupil without heavily engaging the muscle that controls focusing. In plain language, it aims to sharpen near vision while preserving distance vision and comfort, which addresses a key complaint with some existing drops. Clinical data point to rapid onset, long duration through the day, and a tolerability profile that looks favorable. On paper, that gives LENZ a strong story versus current alternatives. However, it will be going up against much larger companies with deep commercial teams and established relationships, and it still needs to prove real‑world adoption by eye‑care providers and patients. Market education, pricing, and convenience of access will be crucial in turning its clinical edge into a durable market position.

Innovation and R&D

Innovation and R&D The heart of LENZ’s value lies in its innovation around pupil‑selective eye drops. VIZZ represents a novel use of aceclidine with a long patent runway, giving the company many years of potential exclusivity if the product succeeds. The underlying science focuses on improving near vision by creating a “pinhole” effect in the eye, and the Phase 3 data underpinning FDA approval validate that approach. Beyond this flagship product, the company has talked about a combination therapy that could fine‑tune performance for specific patient groups, as well as geographic partnerships such as its arrangement in Greater China. That said, the current pipeline is fairly concentrated; most of the R&D value is tied to one main asset, so advancing follow‑on products or new indications over time will be important for diversification.

Summary

LENZ is an early commercial‑stage biotech: no real revenue yet, steady but manageable losses, and a balance sheet funded primarily through equity, not debt. The financial picture is typical for a company just emerging from clinical development, with ongoing cash burn and a limited but meaningful cash reserve that will likely need to be replenished over time. Strategically, almost everything depends on the execution of the U.S. launch of VIZZ and its acceptance by both eye‑care professionals and patients in a large, mostly out‑of‑pocket market. Its scientific differentiation, patent protection, and focused ophthalmology expertise are clear strengths, while key risks revolve around commercial uptake, competition from larger players, the need for additional capital, and the current reliance on a single lead product to carry the story.

NEWS

November 25, 2025 · 4:05 PM UTC

LENZ Therapeutics to Present at Upcoming Investor Conferences

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November 5, 2025 · 8:00 AM UTC

LENZ Therapeutics Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

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September 30, 2025 · 8:05 AM UTC

LENZ Therapeutics Announces Commercial Product Availability of VIZZ™ in the United States

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September 30, 2025 · 8:00 AM UTC

LENZ Therapeutics Announces Commercial Product Availability of VIZZ™ in the United States

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