LENZ Therapeutics Reports First Quarter 2026 Financial Results and Recent Corporate Highlights

Rhea-AI Summary

LENZ Therapeutics (Nasdaq: LENZ) reported Q1 2026 revenue of $1.9 million, including $1.7 million in VIZZ sales on about 25,000 paid prescriptions. From launch through Q1, about 46,000 prescriptions were filled by over 10,000 eye care professionals. Cash was $258.4 million; net loss was $41.5 million.

Positive

• Total Q1 2026 revenue of $1.9 million, including $1.7 million product sales
• Approximately 46,000 paid prescriptions and 10,000+ prescribers from launch through Q1 2026
• Sales force expansion from 88 to 117 territories targeted by end of Q2 2026
• European and UK submissions of VIZZ MAA to EMA and MHRA in 2026
• Middle East distribution deal with Lunatus, including $0.2 million upfront payment
• Cash, cash equivalents and securities of $258.4 million, expected to fund operations to post-launch cash flow positivity
• R&D expenses reduced to zero in Q1 2026 following prior FDA approval of VIZZ

Negative

• Q1 2026 net loss of $41.5 million, or $1.32 per share
• SG&A expenses rose to $45.0 million from $11.1 million year over year
• Q1 2026 cost of sales of $1.1 million from non-recurring manufacturing process transition charges

News Market Reaction – LENZ

-20.82%

35 alerts

-20.82% Session close to close

-34.5% Trough in 26 hr 18 min

$315.43M Market Cap

0.4x Rel. Volume

In the May 12 session, LENZ declined 20.82%, reflecting a significant negative market reaction. Argus tracked a trough of -34.5% from its starting point during tracking. Our momentum scanner triggered 35 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -20.8% in the session following this news. A negative reaction despite reporting i...

Analysis

The stock dropped -20.8% in the session following this news. A negative reaction despite reporting initial VIZZ commercialization and $1.9 million Q1 2026 revenue would fit a pattern where prior earnings averaged -9.74% next-day moves. Markets may focus on the $41.5 million quarterly net loss and heavy $45.0 million SG&A needed to build the franchise, even with $258.4 million in cash and growing prescription and prescriber metrics supporting the launch story.

Key Figures

Total revenue: $1.9 million Product sales, net: $1.7 million Paid prescriptions: 46,000 prescriptions +5 more

8 metrics

Total revenue $1.9 million Q1 2026 total revenue

Product sales, net $1.7 million Q1 2026 VIZZ product sales

Paid prescriptions 46,000 prescriptions From launch through Q1 2026

Prescribing ECPs Over 10,000 prescribers From launch through Q1 2026

Cash & securities $258.4 million As of March 31, 2026

SG&A expenses $45.0 million Q1 2026 selling, general and administrative

Net loss $41.5 million Q1 2026 net loss, $1.32 per share

Cost of sales $1.1 million Q1 2026, mainly manufacturing transition charge

Previous Earnings Reports

5 past events · Latest: Mar 24 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 24	Q4/FY 2025 earnings	Positive	-17.9%	Reported Q4/FY 2025 results, first VIZZ revenue and broad prescriber uptake.
Jan 07	Q4 2025 prelims	Positive	-6.6%	Preliminary Q4 2025 results with first commercial sales and >20,000 prescriptions.
Nov 05	Q3 2025 earnings	Positive	-23.5%	Q3 2025 update on FDA approval, launch plans, cash and licensing milestones.
Jul 30	Q2 2025 earnings	Positive	-2.9%	Q2 2025 results with upcoming PDUFA date and international licensing deals.
May 07	Q1 2025 earnings	Positive	+2.1%	Q1 2025 results outlining NDA status, cash position and launch preparations.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have generally highlighted commercial and regulatory progress but were followed by predominantly negative next-day price reactions.

Recent Company History

Over the past year, LENZ’s earnings reports have tracked the evolution from presbyopia candidate to commercial-stage company. In Q2 2025, management highlighted a pending PDUFA Aug 8, 2025 decision and >$195 million in potential deal value. Subsequent quarters featured FDA approval, the October 2025 launch of VIZZ, and Q4 2025 revenue of $1.6 million. Despite growing prescriptions and international partnerships, post-earnings moves averaged about -9.74%, showing a tendency for shares to trade lower after results.

Key Terms

presbyopia, ophthalmic solution, direct-to-consumer, Marketing Authorization Application, +3 more

7 terms

presbyopia medical

"the first and only aceclidine-based eye drop for the treatment of presbyopia"

Presbyopia is the gradual loss of the eye’s ability to focus on close objects as the lens stiffens with age, causing tasks like reading or using a phone to require holding things farther away or using glasses. It matters to investors because it drives steady demand for corrective products and treatments—such as reading glasses, contact lenses, surgical procedures and emerging drugs—much like an aging population consistently needs new or replacement consumer goods and services.

ophthalmic solution medical

"VIZZ® (aceclidine ophthalmic solution) 1.44%, the first and only aceclidine-based eye drop"

An ophthalmic solution is a liquid medicine formulated to be placed in the eye, like eye drops, used to treat conditions such as infections, inflammation, pressure changes, or dry eye. Investors track these products because their approval, safety record, manufacturing quality and patent status determine sales potential and competition—think of it like a packaged household remedy whose shelf life, rules and maker reputation affect its market value.

direct-to-consumer technical

"launched the “Tired of Reading Glasses” direct-to-consumer (“DTC”) campaign"

A direct-to-consumer (DTC) model is when a company sells its products or services straight to customers, skipping middlemen like retailers or wholesalers. For investors, DTC matters because it can mean higher profit margins, closer customer relationships and faster feedback—like a baker who sells directly from the shop instead of through a grocery chain—while also exposing the business to costs for marketing, customer support and logistics that affect growth and profitability.

Marketing Authorization Application regulatory

"LENZ submitted its Marketing Authorization Application (MAA) to the European Medicines Agency"

A marketing authorization application is a formal request submitted to a government regulator asking permission to sell a prescription medicine or medical product in a country or region. Think of it like asking for a business license after showing evidence the product is safe and works; investors care because approval determines whether the product can generate sales, how soon revenue starts, and how much regulatory risk and uncertainty remains.

EMA regulatory

"Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in March 2026"

Exponential moving average (EMA) is a type of trend line that smooths a stream of recent price data while giving more weight to the newest prices, similar to how a spotlight focuses more on what's happening now than what happened long ago. Investors use EMAs to see whether a stock’s short-term direction is changing, to compare fast and slow averages for momentum signals, and to help time entries, exits, and risk controls without overreacting to random day-to-day noise.

View in glossary

MHRA regulatory

"to the Medicines and Healthcare products Regulatory Agency (MHRA) in April 2026"

The MHRA is the United Kingdom’s government agency that checks and approves medicines, medical devices and vaccines before they can be sold, and monitors their safety once on the market. For investors, MHRA decisions act like a building inspector’s sign-off or a traffic controller’s clearance—approval clears the way for sales and revenue, while safety warnings, recalls or delays can slow launches, raise costs or hurt a product’s commercial prospects.

license revenue financial

"License revenue was $0.2 million for the three months ended March 31, 2026"

Income a company earns by granting others the right to use its intellectual property, technology, brand, software, or products—often through contracts that specify fees, royalties, or time limits. For investors, license revenue is important because it can provide steady, often high-margin cash flow and signal how valuable a company’s unique assets are; like renting out a tool instead of selling it, it can create ongoing income with lower ongoing costs and show potential for scalable growth or repeat business.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Q1 2026 total revenue of $1.9 million, including $1.7 million in VIZZ^® product sales

Approximately 46,000 paid prescriptions filled and over 10,000 prescribing eye care professionals from launch through Q1 2026

Together with Sarah Jessica Parker, launched the DTC campaign in Q1 2026

Expanded sales force on-track to be fully deployed by the end of Q2 2026

Management to host conference call today, May 11, 2026, at 4:30 p.m. EDT

SAN DIEGO, May 11, 2026 (GLOBE NEWSWIRE) -- LENZ Therapeutics, Inc. (Nasdaq: LENZ or “LENZ” or the “Company”), a pharmaceutical company focused on the commercialization of VIZZ^® (aceclidine ophthalmic solution) 1.44%, the first and only aceclidine-based eye drop for the treatment of presbyopia, today reported financial results for the first quarter ended March 31, 2026 and recent corporate highlights.

“We have made significant progress in the early quarters of launch driving high ECP awareness, growing prescriber experience and confidence with VIZZ, and have started to build consumer awareness and engagement through our DTC campaigns as we establish a new market for the treatment of presbyopia,” said Eef Schimmelpennink, President and Chief Executive Officer of LENZ Therapeutics. “VIZZ is delivering the kind of real-world efficacy we believed it could, and the early refill dynamics we are seeing continue to reinforce our confidence in the long-term opportunity. Looking ahead, we are focused on helping ECPs integrate VIZZ seamlessly into their practices, improving the patient path from awareness to activation, and continuing to drive adoption as we build this exciting treatment category.”

First Quarter 2026 and Recent Corporate Highlights

Commercial Launch

• Q1 2026 product revenues of $1.7 million on approximately 25,000 paid prescriptions of VIZZ®, a 19% increase over Q4 2025.
• Approximately 46,000 paid prescriptions filled from launch through Q1 2026 representing approximately 1.2 million daily doses sold.
• Broad uptake by eye care professionals (“ECPs”), with over 10,000 unique prescribers from launch through Q1 2026, with approximately 60% prescribing multiple times.
• To support growing demand and broad prescriber base, LENZ is expanding its sales force from 88 to 117 territories, increasing the frequency and reach of ECP engagement. The expanded sales force is expected to be fully deployed by the end of Q2 2026.
• In April 2026, launched ECP direct sales initiative, enabling ECPs to sell and dispense VIZZ directly out of their practice (where permitted), reducing the time from prescription to order fulfillment and increasing consumer convenience.
  
  

Direct-to-Consumer Campaign Driving Awareness

• In January 2026, launched the “Tired of Reading Glasses” direct-to-consumer (“DTC”) campaign featuring brand spokesperson Sarah Jessica Parker to drive consumer awareness across omni-channel digital platforms.
• Strong initial consumer engagement, with VIZZ.com website traffic increasing as much as 10x following national media activations.
• Launched pilot expansion of DTC campaign into network and cable television advertising in select markets in April 2026.
  
  

Advancing Global Commercialization Strategy and Expanding International Partnerships

• LENZ submitted its Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in March 2026 and to the Medicines and Healthcare products Regulatory Agency (MHRA) in April 2026 for VIZZ, for the treatment of presbyopia in Europe and the UK, respectively. These submissions represent the fifth and sixth ex-U.S. regulatory filings for VIZZ.
• In January 2026, LENZ announced an exclusive distribution agreement with Lunatus for the Middle East. Under the terms of the agreement, LENZ received an upfront payment of approximately $0.2 million, and will receive regulatory and commercial milestones, and a significant share of regional revenue through a pre-determined minimum product supply price. This agreement represents the Company’s fourth ex-U.S. commercialization partnership for VIZZ.
  
  

Financial Results for Three Months Ended March 31, 2026

Cash Position: Cash, cash equivalents and marketable securities were $258.4 million as of March 31, 2026, which is anticipated to fund operations to post-launch positive cash flow.

Product Sales, net: Product sales, net was $1.7 million for the three months ended March 31, 2026, driven by approximately 25,000 paid and filled monthly prescriptions in the period. We had no product sales during the three months ended March 31, 2025.

License Revenue: License revenue was $0.2 million for the three months ended March 31, 2026 due to the upfront payment associated with the Lunatus exclusive distribution agreement. There was no license revenue recognized in three months ended March 31, 2025.

Cost of Sales: Cost of sales was $1.1 million for the three months ended March 31, 2026, comprised primarily of non-recurring events resulting in a charge to cost of sales in the quarter related to a manufacturing process transition and unrelated to product sales. Direct product cost of sales in connection with the sales of VIZZ for the three months ended March 31, 2026 was immaterial. There was no cost of sales during the three months ended March 31, 2025.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $45.0 million for the three months ended March 31, 2026, compared to $11.1 million during the same period in 2025, primarily driven by our planned launch investment, with increases in commercial marketing, advertising, sales infrastructure expenses, and personnel-related expenses due to a growth in headcount, including the hiring of our sales force. These amounts include non-cash stock-based compensation expense of $4.3 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively.

Research and Development (R&D) Expenses: R&D expenses decreased to zero for the three months ended March 31, 2026, compared to $5.8 million during the same period in 2025 due to the FDA approval of VIZZ in July 2025.

Net Loss: Net loss for the three months ended March 31, 2026 was $41.5 million, or $1.32 per share (basic and diluted) compared to a net loss of $14.6 million, or $0.53 per share (basic and diluted) during the same periods in 2025.

Conference Call Information
The Company will host a conference call and webcast today, Monday, May 11, 2026, at 4:30 p.m. EDT. To participate in the conference call via telephone, dial (800) 715-9871 (Domestic) or (646) 307-1963 (International) and enter code 1358554. The live webcast can be accessed here and on the LENZ Therapeutics website at www.LENZ-tx.com in the Investors & Media section. A replay of the webcast will be available on the Company’s website for 30 days following the event.

About Presbyopia

Presbyopia is the inevitable loss of near vision associated with aging, impacting the daily lives of nearly all people over the age of 45. As people age, the crystalline lens in their eyes gradually hardens and becomes less able to change shape. This loss of elasticity of the lens reduces the ability of the lens to focus incoming light from near objects onto the retina. Adults over 50 years of age lose, on average, 1.5 lines of near vision every six years. Although the progression of presbyopia is gradual, presbyopes often experience an abrupt change in their daily life as the symptoms become more pronounced starting in their mid-40s, when reading glasses or other corrective aids are suddenly necessary to read text or conduct close-up work. Presbyopia is typically self-diagnosed and self-managed with over-the-counter reading glasses, or managed, after evaluation by an ECP, with prescription reading or bifocal glasses or multifocal contact lenses.

About VIZZ (aceclidine ophthalmic solution) 1.44%

VIZZ (aceclidine ophthalmic solution) 1.44% is a once-daily eye drop developed to restore clear near vision for up to 10 hours. Aceclidine is the sole active ingredient in VIZZ and provides rapid and durable near vision improvement. VIZZ is preservative-free and provided in single-dose vials. VIZZ is a predominantly pupil selective miotic that interacts with the iris with minimal ciliary muscle stimulation. VIZZ causes contraction of the iris sphincter muscle, resulting in a pinhole effect that extends depth of focus to improve vision. For more information, please visit www.VIZZ.com.

VIZZ Indication and Important Safety Information

INDICATION

VIZZ (aceclidine ophthalmic solution) 1.44% is a prescription eye drop used to treat age-related blurry near vision (presbyopia) in adults.

IMPORTANT SAFETY INFORMATION

• Do not use VIZZ if allergic to any of the ingredients.
• To help avoid potential eye injury or contamination of the product, do not allow the vial tip to touch the eye or any surfaces. Discard the opened vial immediately after use.
• Contact lenses should be removed before using VIZZ. After dosing, contact lenses can be reinserted after 10 minutes.
• If using more than one topical eye medication, the medicines should be administered at least 5 minutes apart.
• Temporary dim or dark vision may be experienced after using VIZZ. Do not drive or operate machinery if vision is not clear.
• Seek immediate medical care if sudden onset of flashing lights, floaters, or vision loss is experienced.
  
  

ADVERSE REACTIONS

The most common reported adverse reactions of participants were instillation site irritation (20%), dim vision (16%), and headache (13%). Adverse reactions reported in >5% of participants were conjunctival hyperemia (8%) and ocular hyperemia (7%). The majority of adverse reactions were mild, transient, and self-resolving.

For additional information, please see the full Prescribing Information available at http://www.VIZZ.com/full-prescribing-information.pdf

About LENZ Therapeutics

LENZ Therapeutics is a pharmaceutical company focused on the commercialization of VIZZ^® (aceclidine ophthalmic solution) 1.44%, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia, a condition impacting an estimated 1.8 billion people globally and 128 million people in the United States. LENZ is commercializing VIZZ in the United States and continues to establish licensing partnerships internationally to provide access to VIZZ globally. LENZ is headquartered in San Diego, California. For more information, visit www.VIZZ.com and www.lenz-tx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. You can identify forward-looking statements by words such as “may,” “will,” “could,” “can,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “poised,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, but not all forward-looking statements will contain these words. Forward-looking statements in this press release include statements regarding LENZ’s plans to expand its sales force; the ability of LENZ’s sales and marketing activities to increase commercial awareness and adoption of VIZZ; cash runway expectations; the potential market size for VIZZ; its ability to meet patient needs and become standard of care; LENZ commercialization plans, including international partnering plans and expectations under existing commercial arrangements; and the quotations of LENZ management. These statements are based on numerous assumptions concerning VIZZ, target markets and involve substantial risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievement to be materially different from the information expressed or implied by these forward-looking statements, including those risk factors described in the section titled “Risk Factors” in our Quarterly Report on Form 10-Q to be filed for the quarter ended March 31, 2026 and our subsequent filings with the SEC. We cannot assure you that the forward-looking statements in this press release or the assumptions upon which they are based will prove to be accurate. The forward-looking statements in this press release are as of the date of this press release. Except as otherwise required by applicable law, LENZ disclaims any duty to update any forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Contact:
Dan Chevallard
LENZ Therapeutics
IR@LENZ-Tx.com

LENZ Therapeutics, Inc. Selected Balance Sheet Highlights (in thousands)
	March 31, 2026				December 31, 2025
	(unaudited)
Cash and cash equivalents	$	24,772			$	25,179
Marketable securities		233,613				267,168
Total assets		272,535				305,876
Total liabilities		26,043				21,537
Total stockholders’ equity		246,492				284,339

LENZ Therapeutics, Inc. Condensed Consolidated Statement of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited)
	Three Months Ended March 31,
		2026				2025
Revenue:
Product sales, net	$	1,651			$	—
License revenue		250				—
Total revenue		1,901				—
Operating expenses:
Cost of sales		1,076				—
Selling, general and administrative		44,960				11,113
Research and development		—				5,818
Total operating expenses		46,036				16,931
Loss from operations		(44,135	)			(16,931	)
Other income:
Other income (expense)		3				(11	)
Interest income		2,644				2,323
Total other income, net		2,647				2,312
Net loss	$	(41,488	)		$	(14,619	)
Other comprehensive loss:
Unrealized loss on marketable securities		(692	)			(73	)
Comprehensive loss	$	(42,180	)		$	(14,692	)
Net loss per share, basic and diluted	$	(1.32	)		$	(0.53	)
Weighted-average common shares outstanding, basic and diluted		31,352,702				27,526,099

FAQ

How did LENZ (Nasdaq: LENZ) perform financially in Q1 2026?

LENZ reported Q1 2026 revenue of $1.9 million and a net loss of $41.5 million. According to LENZ, product sales contributed $1.7 million, while higher SG&A launch spending drove the quarterly loss and per-share loss of $1.32.

What were VIZZ sales and prescription volumes for LENZ in Q1 2026?

VIZZ generated $1.7 million in Q1 2026 product sales on about 25,000 paid prescriptions. According to LENZ, roughly 46,000 prescriptions have been filled from launch through Q1 2026, with strong engagement from more than 10,000 unique prescribers.

What is LENZ Therapeutics' cash position after Q1 2026 results?

LENZ ended Q1 2026 with $258.4 million in cash, cash equivalents and marketable securities. According to LENZ, this cash balance is anticipated to fund operations through the period required to achieve post-launch positive cash flow from VIZZ commercialization activities.

How is LENZ expanding VIZZ internationally in 2026?

LENZ filed VIZZ Marketing Authorization Applications with the EMA and MHRA in 2026. According to LENZ, the company also signed an exclusive Middle East distribution agreement with Lunatus, receiving about $0.2 million upfront plus potential milestones and regional revenue share.

How did LENZ operating expenses change in Q1 2026 compared to 2025?

Selling, general and administrative expenses increased to $45.0 million from $11.1 million year over year. According to LENZ, the rise mainly reflects planned launch investments in marketing, advertising, sales infrastructure, personnel, and higher non-cash stock-based compensation of $4.3 million.

What caused LENZ cost of sales in Q1 2026 and how material were product costs?

LENZ reported Q1 2026 cost of sales of $1.1 million, driven by non-recurring manufacturing transition charges. According to LENZ, direct product cost of sales related to VIZZ prescriptions during the quarter was immaterial, indicating limited impact from ongoing unit costs in this period.

What are LENZ sales force and DTC marketing plans for VIZZ in 2026?

LENZ is expanding its sales force from 88 to 117 territories by end of Q2 2026 and scaling DTC campaigns. According to LENZ, the “Tired of Reading Glasses” campaign with Sarah Jessica Parker drove up to 10x increases in VIZZ.com website traffic.